Wells Fargo Inks New Commercial Payday Loan Agreement

Wells Fargo has announced a new agreement with Dollar Financial (DFC Global Corp a/k/a Dollar Financial Corp.) to provide a non-recourse line of credit to support the firms global payday lending operation.

Dollar Financial (“DLLR”) is the parent of National Money Mart Company, Instant Cash Loans Limited, and Dollar Financial, U.K.

Wells Fargo is the bank at the heart of the contract. Wells is acting as not only the lender, but also as the administrative agent and the security trustee. US Bank, Bank of Montreal, Barclays, Deutsche Bank, Nomura International, and Credit Suisse are also listed as lenders in the agreement.

The original terms of the obligation were reached in 2011. The agreement was modified in Spring 2012. In the beginning the contract called for a total revolving credit line of $200 million.