Payday Loan Company Increases Stock Repurchasing Program

Historical archive, first published 2006 — payday-lending laws and rates have changed since. Preserved for the record.

QC Holdings, Inc., a major payday loan company in the U.S., had announced its Board of Directors has increased the authorization limit of the company's common stock repurchase program to $30 million. The program would have otherwise been completed upon reaching $20 million.

During August 2006, the quick and online payday loan firm has repurchased 850,000 shares of its common stock, for approximately $10.3 million. With these transactions, the company has repurchased approximately 1.6 million shares at an aggregate price of $19.8 million overall.

QC Holdings is based in Overland Park, Kansas. It's a leading provider of bad credit payday loans in the United States, operating 558 stores in 25 states at August 23, 2006.