Dollar Financial Rolls Out New Loan Product
By Paul RizzoPayday Loan Writer
Dollar Financial Corp. announced the introduction of a new short-term loan product for its Texas stores. The company will be using a "credit services organization" model as it phases out activities as a marketer and servicer of bank-funded payday advance loans.
"Today's announcement is a continuation of our commitment to offering a diverse set of products that meet the needs of our growing customer base," Jeff Weiss, the Company's Chairman and Chief Executive Officer, said.
"Customers at our Texas locations look to Dollar to provide financial products, which assist them in meeting their short-term financial obligations. Furthermore, this arrangement enables us to do this with the speed and convenience our customers have come to expect."
On June 20, the Company began acting as a credit services organization at its six payday loan stores in Texas. As a credit services organization, the Company receives a fee from customers for completing loan applications and issuing letters of credit for loans of up to $1,000 from a third party lender.
