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Leading Payday Lender QC Holdings, Inc. Makes the Switch to MoneyGram

Leading Payday Lender QC Holdings, Inc. Makes the Switch to MoneyGram

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DALLAS, Oct 31, 2011 (BUSINESS WIRE) — employees across 23 states whom use check cashing services is now able to additionally deliver cash, settle payments or purchase a cash purchase in one convenient location, utilizing MoneyGram’s vast international community and repayment solutions. QC Holdings, Inc., one of several country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at significantly more than 300 of the retail places after a lot more than a 20-year affiliation with a competitor that is leading.

“we have been worked up about our new relationship with MoneyGram. Its strong network that is global technology solutions will deliver excellent value to your customers and also to our business,” said Darrin Andersen, QC Holdings’ president.

QC Holdings operates shops in 23 states, with all the presence that is strongest in Ca, Missouri and South Carolina. The business’s main customer brands are Quik Cash and National Quik Cash, however the ongoing business also contains California Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart USA.

“we have been delighted to own gained ecommerce, as QC Holdings is an established and reliable company within the payday lending and check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president for the Americas and appearing areas. “Additions like QC Holdings give MoneyGram a proven amount and income base from where to create in, plus they’ve been our most useful product sales device. Their impact and client base is a strategic complement to MoneyGram’s community.”

QC Holdings, Inc. joins Mid-State Ventures, LLC d/b/a Friendly always check Cashing and Rite Check Cashing, Inc., that also joined up with MoneyGram earlier in the day this year after long associations (15 years and 40 years, correspondingly) with a competing cash transfer company. MoneyGram’s representative system also contains Advance America, ACE money Express and Speedy money.

A leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs about MoneyGram International MoneyGram International. MoneyGram provides bill repayment services in the usa and Canada and cash transfer services globally through an international community of greater than 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 countries and regions. To understand more about money transfer or bill repayment at a real estate agent location or online, please visit or interact with us on Facebook.

About QC Holdings, Inc. Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a provider that is leading of loans in the usa, operating 499 branches in 23 states. The company entered the short-term loan market in 1992 and, since 1998, has grown from 48 branches to 499 branches through a combination of de novo branch openings and acquisitions with more than 25 years of operating experience in the retail consumer finance industry. In addition, the business runs five automotive dealerships within the Kansas City area that is metropolitan. During financial 2010, the ongoing business advanced approximately $1.0 billion to clients and reported total profits of $188.1 million.

Keep pay day loans away from N.Y.: Politicians are pocketing campaign funds through the check-cashing industry and considering an economically dangerous policy modification

A anti-consumer that is staggeringly bad that will allow check-cashing shops to begin making loans is quietly winding its method through their state Legislature, advanced by lawmakers whom should be aware of better — and who occur to have obtained hefty contributions through the check-cashing industry.

It is a example that is prime of bad ramifications of profit politics, and something explanation a lot of people state things in Albany are rigged.

If authorized, the proposed Community Financial solutions Access and Modernization Act would bestow a new designation on check cashers as “financial solutions providers” and present them the capability to expand credit, that has for ages been clearly prohibited under state legislation.

Customer advocates state it is a backdoor work to bring the profitable, predatory payday financing company into ny.

“after they kick the door available to become lenders, it gets easier for just what they genuinely have been salivating for — small-dollar, high-interest loans,” states Sara Ludwig, executive manager of this brand new Economy venture, a nonprofit advocacy organization. “we do not have lending that is payday ny, therefore many people hardly understand just what a plague it really is.”

Outside http://cartitleloans.biz/payday-loans-de nyc, an incredible number of Americans fall target towards the plague each year, borrowing against unique paychecks and not getting up — with several spending just as much as 700% interest on loans that roll over week on week, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and property foreclosure.

“a lot of borrowers looking for a short-term money fix are saddled with loans they can not pay for and sink into long-lasting debt,” is how Richard Cordray, manager regarding the customer Financial Protection Bureau, place it, comparing pay day loans with “getting into a taxi merely to drive across city and choosing yourself stuck in a ruinously expensive cross-country journey.”

Cordray recently announced that the government that is federal to generate laws needing payday loan providers to limit the attention prices they charge and review the power of borrowers to settle the cash.

Right here in ny, we are able to thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous monetary solutions superintendent, for keeping payday loan providers away from our state. Lawsky not just vowed to enforce nyc’s 25% usury limit against online payday lenders, he shut a loophole by declaring that loan companies could be forbidden from collecting out-of-state payday advances in ny.

But which haven’t stopped ny’s check cashers from looking to get in to the company. Between 2010 and 2014, the industry’s PAC and check that is individual showered more than $370,000 in contributions on people in the Legislature, including $42,500 to Bronx Sen. Jeffrey Klein and their Independent Democratic Conference and $10,000 into the Bronx Democratic company, led during the time by Assemblyman Carl Heastie, that is now the Assembly presenter.

The leaders that are legislative introduced a bill in 2013 that will have allow the check cashers begin lending at prices up to 200%. The balance got killed because of Lawsky and vocal advocates like Ludwig.

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