Monday, January 29, 2007

Cash Now Corporation, a public payday loan company engaged in the design, manufacturing, marketing and distribution of customized cash advance and check cashing software and white or private label back end systems, Internet based payday loans, and other sub prime financial utility tools, annouced today after the market closed, the completion of the regional training transaction.

The trainee, a Maryland based mortgage broker, plans on adding additional services to their clients via the Internet such as online payday loans and other sub prime financial services made available by Cash Now and its vendors.
Cash Now’s CEO Garr Winters said:

“This is a bit of a different twist from our traditional model, however, as more and more states and provinces change the laws on payday loan lending we are noticing an increase in the media scrutiny and the need for [easy payday loan] and check cashing operators to stay on top of the current laws and regulations that affect our industry.”

Case in point, the recent soon-to-be-released San Francisco Chronicle expose on the payday loan industry that is comparing traditional bank fees to those charged by cash advance payday loan companies. The company confirms that it did contribute to the payday industry support cause, as it did participate with the journalist inquiry.

Mr. Winters continued:

“We are not a bit surprised that most consumers and journalists alike did not realize that in most cases, taking out a short term payday advance is less expensive than the fees charged by some traditional banks.”

In other company news, the company remains concerned about the erosion of its share price. The company plans on issuing a “President’s Message” press release to its shareholders, that will address this and many other frequently asked payday advance loan questions of its shareholders.

This entry was posted on Monday, January 29th, 2007 at 6:06 am and is filed under National.