Archive for December, 2012

Cash advance store ordered to pay refunds for overcharging clients

Monday, December 24th, 2012

A CASH advance company with outlets in Terrace has been ordered to refund money to customers who were overcharged and to stop charging illegal fees.

The order comes from Consumer Protection BC against Cash Store Financial Inc., the parent company of pay day lenders Instaloan and Cash Store.

The order first came through in March 2012 but the company did not follow through so a supplemental compliance order was put out November 30, saying the refund period would start December 11 and repayments were expected to start at least by February 2013, according to Manjit Bains, vice-president of Consumer Protection BC.

Cash Store Financial chose to ignore a 2009 law regarding fees and other charges, said Bains.

“They were charging for cash cards and more than the maximum legal amount of $23 for every $100 they were lending,” she said.

Charging for a cash card, which is like a credit card where the loaned money goes onto instead of having cash to carry around, is against the new law, she explained.

The company had 90 days to repay but chose not to, so a supplemental order was made to provide information on how to go about repaying the money, she said.

“Were remaining optimistic they will comply with the law and our order,” said Bains about Cash Store Financial.

The provincial government gave Consumer Protection BC enforcement powers that include working with businesses to ensure compliance, issuing compliance orders, charging fees for violations, taking a business to court for non-compliance and pulling business licences.

Cash Store Financial did pay the violation fees of $27,500 for administrative penalty and after new issues were discovered, paid another $6,200, also in administrative penalties, she said.

Cash Store Financial estimated that of its 96 stores in BC that it owes customers about $1 million as it has issued 68,000 loans since November 2009, said Bains.

“Keep in mind some people have multiple loans so we think the average amount somebody is owed ranges from $7 to $18 but if its multiple loans, it starts to add up,” said Bains.

Cash Store Financial is supposed to send out a package to its customers with a claim form and advertise the refunds with the goal to get as many people reimbursed as possible, said Bains.

Thats why the refund period has begun but the expectation for payouts isnt until February, she explained.

“Were optimistic the first cheque will be cut in February,” she said.

And it could take time to contact customers who might have moved so another mailout package might be needed.

A fail safe is that if Cash Store Financial doesnt contact a customer successfully, it cannot keep the money.

The money will be transferred to Consumer Protection BC, which will hold the money for six years in case the rightful person comes forward for it.

Any money left over after the six years will go into its consumer advancement fund which is used for consumer education, said Bains.

If consumers receive any inconsistent information, they should contact Consumer Protection BC.

Its important for consumers to understand what their rights are under the law and what businesses can or cannot charge to protect themselves, said Bains.


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Govt to offer scheme to firms for repaying loan – Indian Express

Sunday, December 23rd, 2012

The Industrial Reconstruction Department of West Bengal government will offer a scheme to some private companies with an aim to recover loan which the government had given to them over the last decade.

A senior official of the department said the state government had provided financial assistance of Rs 173 crore to 48 sick industrial houses so that they could revive. The assistance was provided in two phases. In the first phase, 19 industrial units were given Rs 30 crore cash loan. This was followed by sales tax exemption to 29 industrial houses which amounted to Rs 143 crore.

Out of Rs 173 crore, only 48 crore have been recovered from the industrial units. Some of the companies did not repay the principal loan and the interest accrued, the official said. It was also found that the industrial houses that were given cash loan used the monetary assistance to repay bank loan they had taken earlier. “The assistance was given to revive the industries. But it was used to repay bank liabilities,” the official said.

The sales tax exemption facility was given to them on condition that they will repay the amount within a definite period. While some of the companies were asked to repay the loan with interest by 2009, the deadline for repayment for some other companies were 2010 and 2011.

“After the deadline expired, it was found that several companies did not return the money. Despite persuasion, they did not respond to the state’s appeal to repay the loan. If we serve legal notice, they might move the court. So we are preparing an interest waiver scheme which would be offered to them,” the official said.

… contd.

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Direct Merchant Cash Advance Explains Why Businesses Are Better off … – SBWire

Sunday, December 23rd, 2012

Direct Merchant Cash Advance Explains Why Businesses Are Better off Resorting to Merchant Cash Advance Instead of Traditional Loans

With banks tight money policy and challenging economy, small businesses have started looking elsewhere to find quick and reliable funding for their immediate needs. Direct Merchant Cash Advance explains why a merchant cash advance has more benefits compared to traditional funding options.

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New Merchant Cash Advance Service Designed for Small Business Owners who …

Saturday, December 22nd, 2012

Merchant Money has released a new site specifically designed to serve the small business owners merchant cash advance needs have not been met by local banks. Merchant Money has been funding millions over the years.

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Loan fraud in Utah brings prison sentence

Friday, December 21st, 2012

Sifton, formerly of Collinwood, Ontario, was convicted by a jury in August of five counts of wire fraud and aiding and abetting in a crime. He was found guilty of participating in the fraudulent scheme with Park City resident Jason Howard Lawson, who pleaded guilty to one count of wire fraud and was sentenced in 2009 to 18 months in prison.

According to court documents, Lawson solicited investors to fund what he said was a short-term hard cash loan that would pay 15 percent interest. But the loan never existed, and he forged documents to make it appear there were actual borrowers.

Sifton helped Lawson by offering his mother’s condo in Colorado as collateral, even though he had no ownership interest in it, court records show. Sifton also allowed the use of his bank accounts to move money, lied to investors, helped forge records and tried to get Lawson to destroy evidence, records show.

Sifton and Lawson were both made responsible for restitution.

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Que. ag agency sweetens ASRA cash advances

Thursday, December 20th, 2012

Quebecs farm finance agency will put up interim interest-free loans to bump up the cash advances available from a program meant to help farmers through changes to the provincial ag income stabilization plan (ASRA).

La Financiere agricole du Quebec (FADQ) on Thursday said it would enhance the interest-free cash advance program launched last November as part of the Strategie de soutien a ladaptation, allowing eligible farms to get the added loans to provide more short-term liquidity.

Farms that took part in the advance program in the 2011-12 program year will be able to get a larger advance, as the amount available will increase to 40 per cent of what an eligible farm paid in ASRA premiums for 2011, up from 20 per cent.

The maximum advance of $30,000 available in 2011 will increase to $40,000, FADQ added, and the deadline for the first repayment on the 2011-12 advance will be bumped ahead a year, to March 31, 2014.

A farm that only becomes eligible for the cash advance program this year will be able to apply soon for an advance equal to 40 per cent of its 2011 ASRA premium for livestock production, and of its crop production premium from the 2011-12 insurance year.

For those farms just joining the advance program, the maximum available advance will now be $40,000 and repayment can be spread out at 25 per cent per year from 2014 onward.

Farmers will be able to benefit from the additional loans available starting in January, FADQ president Robert Keating said in a release.

In the past program year, he noted, 608 farms took advantage of the advances on offer, for total loans of over $6 million. FADQ last year projected about 1,500 farms would be eligible.

FADQ said it plans to release more details on the terms of the expanded program in the coming weeks.

Related story:
Que. to offer advances on ASRA transition funding, Nov. 24, 2011

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December is alive and kicking

Thursday, December 20th, 2012

The festive hype is alive and well, December mode is in full swing I am sure performance at work these last days of 2012 is gravitating towards shutdown.

My biggest concern however is the fact that most of us are getting paid before the 20th it makes me wonder whether that so-called bonus will indeed reach Xmas.

I am sure Namibia Breweries is the happiest business during December, because it is obvious all guzzlers, me included, will empty truckloads full of Windhoek Lager and other bottled and canned intoxicants.

Like my good friend Jesaja would say: Since January, we have been saying lsquo;Oshina okweenda nawa aike (things will go well), but in December we change it to lsquo;I dont give a damn.

However, I still fail to understand why every young person wants to flock to the coastal and northern regions to party, while there are so many other tourist attractions located all over the Land of the Brave.

I am sure foreigners in the form of tourists know our country better than we do.

I am contemplating spending my holidays in Rundu, just to experience what all the fuss is with Rundu Beach.

Rundu has so much to offer many of my friends who come here leave with a different perception.

Upon their arrival, they will be like lsquo;my friend you must ask for a transfer to the capital! I normally laugh it off.

Those conversations normally take place before I take them around on boat cruises, to New World, Ngandu and Omashare Lodge and a well-deserved lunch at Rocky Car Wash.

After a few days stay, you hear them saying, lsquo;Bra, lets go to that other lodge again man, I must go back to Windhoek tomorrow but Ill just come up with an excuse to tell my boss so that I can stay longer.

I dont blame them I had the same mindset when I got here in February but now I do not even miss the capital anymore.

Apart from work commitments and some personal administration errands I need to run there now and then, Rundu has become my fortress.

Well, 2012 has been a year of new beginnings for some of us; my personal watershed congress is slated for December 23 where I will be reviewing all my policies and set recommendations for the coming year that will be implemented ASAP.

January is mos the month when most of the big spenders walk without their IDs and ATM cards in their wallets till after payday, when they can go and collect them at the various cash loan outlets.

To my friends who are planning to spend non-stop, I am not going to play Mr Cash Loan in January. Sorry ngo!

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The Cash Store Australia Holdings Inc. announces resignation of Gary Holden …

Thursday, December 20th, 2012

EDMONTON, Dec. 10, 2012 /CNW/ – The Cash Store Australia Holdings Inc.
(Cash Store Australia or the Company) (TSXV:AUC) today announced
that effective today, Gary Holden has resigned as a Director of Cash
Store Australia.

Mr. Holden and the board agreed in September 2012 that his management
services contract and his position as Chief Executive Officer of the
Company would not be extended past December 2012 and, as a result, over
the past three months he has been overseeing the transition of the
day-to-day management of the company to the Australian executive team.
 This has now been completed and a new CEO will be announced in the
very near future.

The company wishes to thank Mr. Holden for his stewardship through a
challenging time as the company repositioned itself in the Australian
market and managed its way through comprehensive regulatory reform.

About Cash Store Australia

Cash Store Australia is the only payday advance broker in Australia
publicly traded on the TSX Venture Exchange (TSXV:AUC). Cash Store
Australia operates 67 payday advance branches in the Australian States
and Territories of Victoria, Queensland, Tasmania, Northern Territory,
New South Wales and South Australia under the banner The Cash Store.

Cash Store Australia acts as a broker to facilitate payday advance
services to income-earning consumers who may not be able to obtain them
from traditional financial institutions.

Forward Looking Information

This News Release contains forward-looking information within the
meaning of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, information with respect
to our objectives, strategies, operations and financial results.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as plans, expects, or does not
expect, is expected, budget, scheduled, estimates,
forecasts, intends, anticipates, or does not anticipate, or
believes or variations of such words and phrases or forward looking
statements indicate that certain actions, events or results may,
could, would, might, or will be taken, occur, or be
achieved.  Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Cash Store
Australia, to be materially different from those expressed or implied
by such forward-looking information. All material assumptions used in
making forward-looking statements are based on managements knowledge
of current business conditions and expectations of future business
conditions and trends. Although we believe the assumptions used to make
such statements are reasonable at this time and have attempted to
identify in our continuous disclosure documents important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. Certain
material factors or assumptions are applied by us in making
forward-looking statements, include without limitation, factors and
assumptions regarding our continued ability to fund our pay day loan
business, rates of customer defaults, relationships with, and payments
to, third party lenders, demand for our products, as well as our
operating cost structure and current consumer protection regulations.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. We do not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE: The Cash Store Australia Holdings Inc.

For further information:

on Cash Store Australia, please contact:
Bill Johnson, Chief Financial Officer
(780) 732-5695; e-mail:

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Wednesday, December 19th, 2012

Jacksonville, FL — (SBWIRE) — 12/12/2012 — has just released a new, free online informational article on cash loans. The article “Get Money When You Need It With an Easy Payday Loan” lets readers know how quickly and easily they can get one of these short-term loans. It also explains why the loans are a good financial choice, even for consumers with bad credit. After reading the article, it is expected that consumers will understand how the online cash loan process works and know important details about fast cash loans.

“Deciding to take out a loan to cover the cost of unexpected bills is a big responsibility, and we want consumers to feel empowered so they can borrow money with confidence,” says spokesperson Ellen McCormick. “We’re determined to make sure that people know why cash loans are a good option and what happens during the entire loan process. That way, they don’t have to worry about paying more than they expected in the end. We also want them to understand why cash loans are a better option than traditional bank loans.”

When bills unexpectedly show up in the mail, it’s common for people to look into getting a loan from a bank. For those who need to get money within a matter of days instead of weeks, bank loans usually do not help. The application process can be lengthy, and they might have to wait even longer for their money. Fast cash advance loans, however, make it possible for consumers to obtain funds quickly.

To get the cash loan process started, a prospective borrower only has to fill out a brief online application, which does not require them to submit extensive paperwork and is usually approved within minutes. Following that, they are redirected to online lenders with loan offers waiting. Once the consumer selects a particular offer and electronically signs for it, they get their money within one business day. The loan funds are deposited electronically into their checking account. As long as the loan is paid back the next time the consumer gets their paycheck, there are no additional fees involved.

To be eligible for a cash loan, a consumer must meet just a few basic requirements, including being at least 18 years old, being either a US citizen or legal resident, having a checking account, and earning at least $1,000 per month after taxes. There is no particular credit score requirement, meaning that individuals who do not have good credit can also qualify for assistance.

About is not a lender. Rather, the company acts as a means for people to find reliable lenders who provide quick cash loans. This cuts down on the amount of time that consumers spend searching for a lender, which in turn helps them get their money faster.

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TitleMax Opens New Location in Mesa, Arizona

Tuesday, December 18th, 2012

Mesa, AZ (PRWEB) December 13, 2012

TitleMax, one of the nation’s largest and most reputable title lending companies, opened a new location on Tuesday, Dec. 1, 2012. This is the second TitleMax location in the Mesa, AZ area.

This new branch is located at 1423 S. Country Club Drive, Suite 15, Mesa, AZ 85210. Store hours are Monday – Friday from 9:00 am to 7:00 pm and Saturday from 10:00 am to 4:00 pm The store can be reached at 480.253.4121

“We pride ourselves on providing an exceptional level of customer service in our stores and our new branch is no different,” said Otto Bielss, Senior Vice President of Operations for TMX Finance. “We are excited to be able to offer a second location to the residents of Mesa.”

Getting a car title loan through TitleMax is a fast way for credit-challenged individuals to obtain the short-term cash they need. To secure a car title loan with TitleMax an individual must have a clear, or lien-free, car title, a government-issued ID and proof of income. With these items an individual can obtain a loan up to $5,000 while still maintaining the use of their vehicle. No insurance is required, there are no credit checks and most loans can be completed within 30 minutes.

Residents in need of a short-term cash loan are encouraged to visit one of the many TitleMax locations in the greater Phoenix area. Locations are available in Mesa and Phoenix, AZ. Visit to find a location near you.

About TitleMax

TitleMax, a subsidiary of TMX Finance, provides financial products to people without access to traditional credit alternatives. TitleMax has been a trusted consumer lender for over 13 years, helping hundreds of thousands of people in getting cash when they need it. Since its inception in 1998, TitleMax has grown to over 800 stores, spanning 12 states and provides car title loans to over 2,000 people each day.

Please visit for more information on car title loans and how TitleMax can be of service.

Read the full story at

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