Leading Payday Lender QC Holdings, Inc. Makes the Change To MoneyGram

Pr Release

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 cash purchase from one convenient location, making use of MoneyGram’s vast international system and repayment solutions. QC Holdings, Inc., one of many 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.

“we have been stoked up about our brand new relationship with MoneyGram. Its strong network that is global technology solutions will deliver exemplary value to the consumers and also to our business,” stated Darrin Andersen, QC Holdings’ president.

QC Holdings operates shops in 23 states, utilizing the strongest existence in Ca, Missouri and sc. The business’s main customer brands are Quik money and National Quik money, however the ongoing business also contains Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.

“we’re delighted to own gained ecommerce, as QC Holdings is a well established and reputable company within the payday lending and check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president regarding 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 readily useful sales device. Their impact and client base is a complement that is strategic 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 MoneyGram earlier in the day this year after long associations (15 years and 40 years, correspondingly) with a competing cash transfer business. MoneyGram’s representative system also contains Advance America, ACE money Express and Speedy Cash.

About MoneyGram International MoneyGram Overseas, a prominent cash transfer business, allows customers that are maybe not completely offered by old-fashioned finance institutions to meet up their economic requirements. MoneyGram provides bill payment solutions in america and Canada and cash transfer services all over the world through an international system greater than 244,000 agent locations–including retailers, worldwide post workplaces and financial institutions–in 192 nations and regions. To master more about money transfer or bill repayment at a real estate agent location or online, http please visit://www.moneygram.com or relate genuinely to us on Facebook.

About QC Holdings, Inc. Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a leading provider of short-term loans in the usa, operating 499 branches in 23 states. The company entered the short-term loan market in 1992 and payday loans bad credit Arkansas, 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 when you look at the Kansas City metropolitan area. During financial 2010, the ongoing business advanced level roughly $1.0 billion to clients and reported total revenues 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 policy change that is economically dangerous

A anti-consumer that is staggeringly bad that will allow check-cashing stores to start out 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 another explanation more and more people state things in Albany are rigged.

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

Customer advocates state it is a backdoor work to 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 obviously have been salivating for — small-dollar, high-interest loans,” claims Sara Ludwig, executive manager for the brand new Economy venture, a nonprofit advocacy company. “we do not have payday financing in ny, therefore many people do not understand just what a plague it’s.”

Outside nyc, an incredible number of Us americans fall target into the plague each year, borrowing against their very own paychecks and not getting up — with numerous having to pay up to 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 searching for 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 for the customer Financial Protection Bureau, place it, comparing payday advances with “getting into a taxi merely to ride 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 restrict the attention prices they charge and review the capability of borrowers to settle the amount of money.

Here in nyc, we could thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous services that are financial, for maintaining payday loan providers 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 collectors will be forbidden from collecting out-of-state payday advances in nyc.

But which includesn’t stopped ny’s check cashers from hoping to get in to the company. Between 2010 and 2014, the industry’s PAC and individual check cashers showered more than $370,000 in donations 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 legislative leaders dutifully 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 advocates that are vocal Ludwig.