On Tuesday, seven banks renewed their credit agreement with World Acceptance. The new $630 million line of credit runs through November 2016. While BB&T had been party to the previous relationship, it declined to participate this time. As well, TD North says that it will drop out in June of next year.
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A recent story in the Washington Post may have given the wrong impression about Wells Fargo's recent epiphany on their relationship with payday lenders.
In an April 11th story entitled "Banks to Payday Lenders: Quit the business or we'll close your account," the Post
IRS Delays Filing Season: The Internal Revenue Service says that it will push back the start of the filing season until January 31st, 2014. The IRS is putting this one on to Congress and there is probably some validity to that position, given that the duration of the shutdown mirrors the period of the filing delay. People will still be able to prepare their taxes, of course, but
High-cost consumer finance companies can still access capital without having to get a loan from a bank. There are other lenders out there that will meet their needs for financing. But unlike the case with banks, those other sources of credit can be very expensive.
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