DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to additionally deliver cash, settle payments or purchase a money order in one convenient location, utilizing MoneyGram’s vast international system and payment services. QC Holdings, Inc., among the country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at a lot more than 300 of its retail places after significantly more than a 20-year affiliation with a competitor that is leading.
“Our company is stoked up about our brand new relationship with MoneyGram. Its strong network that is global technology solutions will deliver excellent value to your customers and also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings operates shops in 23 states, utilizing the presence that is strongest in Ca, Missouri and sc. The business’s primary customer brands are Quik money and National Quik Cash, however the business also incorporates Ca Budget Finance, Express Check Advance of South Carolina, First Payday Loans, QC Finance and AutoStart United States Of America.
“we have been delighted to own received ecommerce, as QC Holdings is an established and reliable company when you look at the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president associated with Americas and appearing areas. “Additions like QC Holdings give MoneyGram an existing amount and income base from where to create in, plus these are typically our most useful product sales tool. Their footprint and client base is a strategic complement to MoneyGram’s system.”
QC Holdings, Inc. joins Mid-State Ventures, LLC d/b/a Friendly always check Cashing and Rite Check Cashing, Inc., that also joined MoneyGram previously this year after long associations (15 years and 40 years, respectively) with a money transfer company that is competing. 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 america and Canada and cash transfer services around the world through an international community in excess of 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 nations and regions. To understand more about money transfer or bill repayment at a representative location or online, http please visit://www.moneygram.com or relate solely to 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 us, operating 499 branches in 23 states. With over 25 many years of running experience with the retail customer finance industry, the business joined the short-term loan market in 1992 and, since 1998, has exploded from 48 branches to 499 branches through a mixture of de novo branch openings and purchases. In addition, the organization runs five automotive dealerships within the Kansas City metropolitan area. During financial 2010, the company advanced around $1.0 billion to clients and reported total profits of $188.1 million.
A anti-consumer that is staggeringly bad that allows check-cashing shops to start making loans is quietly winding its means through their state Legislature, advanced by lawmakers whom should be aware of better вЂ” 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 another 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 http://cartitleloans.biz/payday-loans-vt/ ages been clearly prohibited under state legislation.
Customer advocates state it’s a effort that is backdoor bring the profitable, predatory payday financing company into ny.
“when they kick the door available to become loan providers, it gets easier for just what they genuinely have been salivating for вЂ” small-dollar, high-interest loans,” states Sara Ludwig, executive manager associated with the brand new Economy venture, a advocacy organization that is nonprofit. “we do not have payday financing in ny, therefore many people hardly understand just what a plague it’s.”
Outside nyc, an incredible number of Us americans fall target to your plague each year, borrowing against their particular paychecks and not getting up вЂ” with numerous having to pay just as much as 700% interest on loans that roll over for many weeks to come, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and foreclosure.
“a lot of borrowers seeking a short-term money fix are saddled with loans they can’t pay for and sink into long-lasting debt,” is how Richard Cordray, manager associated with Consumer Financial Protection Bureau, place it, comparing payday advances with “getting into a taxi simply to drive across city and finding yourself stuck in a ruinously expensive cross-country journey.”
Cordray recently announced that the government that is federal to produce laws needing payday loan providers to restrict the attention prices they charge and review the power of borrowers to settle the cash.
Here in nyc, we could thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous services that are financial, for keeping payday lenders away from our state. Lawsky not just vowed to enforce ny’s 25% usury limitation against online payday lenders, he shut a loophole by declaring that loan companies will be forbidden from collecting out-of-state payday loans in nyc.
But who hasn’t stopped ny’s check cashers from hoping to get to the company. Between 2010 and 2014, the industry’s PAC and check that is individual showered a lot more than $370,000 in contributions on users of the Legislature, including $42,500 to Bronx Sen. Jeffrey Klein and their Independent Democratic Conference and $10,000 into the Bronx Democratic company, led at that time by Assemblyman Carl Heastie, that is now the Assembly speaker.
The leaders that are legislative introduced a bill in 2013 that will have allow the check cashers start lending at rates as high as 200%. The bill got killed because of Lawsky and vocal advocates like Ludwig.