Business & Finance
Business and Finance
Business and Finance
Fri, February 6, 2009 Money Mart Believes Proposed Ontario Rate Will Balance Industry Viability with Consumer Protection
BERWYN, Pa.--([ BUSINESS WIRE ])--National Money Mart Company, a subsidiary of Dollar Financial Corp (NYSE:DLLR) and Canada's leading convenience financial services provider, today said it believes that the upper limit on the total cost of borrowing for payday loans of $21 per $100 borrowed proposed by the Ontario Government's "Maximum Total Cost of Borrowing Advisory Board" should enable a continuing competitive industry, while ensuring effective consumer protection.
Money Mart is a founding member of the Canadian Payday Loan Association (CPLA) that has been working for five years towards provincial regulation in the industry.
About Dollar Financial Corp
Dollar Financial Corp is a leading international financial services company serving under-banked consumers. Its customers are typically service sector individuals who require basic financial services but, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. To meet the needs of these customers, the Company provides a range of consumer financial products and services primarily consisting of check cashing, short-term consumer loans, Western Union money order and money transfer products, currency exchange, reloadable VISA® and MasterCard® branded debit cards, electronic tax filing, bill payment services, and legal document processing services.
At December 31, 2008, the Company's global store network consisted of 1,370 stores, including 1,078 company-operated financial services stores and 292 franchised and agent locations in 28 states, Canada, Republic of Ireland and the United Kingdom. The financial services store network is the largest network of its kind in each of Canada and the United Kingdom and the second-largest network of its kind in the United States. The Company's customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the convenient neighborhood locations, extended operating hours and high-quality customer service. The Company's financial products and services, principally check cashing and short-term consumer loan programs, provide immediate access to cash for living expenses or other needs. For more information, please visit the Company's website at [ www.dfg.com ].
Forward Looking Statement
This news release contains forward looking statements, including statements regarding the following: the Company's future results, growth, guidance and operating strategy; the global economy; the effects of currency exchange rates on reported operating results, the developing regulatory environment in Canada; the impact of future development strategy, new stores and acquisitions; the implementation and expected results of restructuring initiatives; and of the performance of new products and services. These forward looking statements involve risks and uncertainties, including uncertainties related to the effects of changes in the value of the U.S. dollar compared to foreign currencies, risks related to the regulatory environment, current and potential future litigation, the integration and performance of acquired stores, the performance of new stores, the implementation and expected results of restructuring initiatives, the impact of debt financing transactions, the results of certain ongoing income tax appeals, and the effects of new products and services on the Company's business, results of operations, financial condition, prospects and guidance. There can be no assurance that the Company will attain its expected results, successfully integrate any of its acquisitions, attain its published guidance metrics, or that ongoing and potential future litigation or that the various FDIC, Federal, state, Canadian or foreign legislative or regulatory activities affecting the Company or the banks with which the Company does business will not negatively impact the Company's operations. A more complete description of these and other risks, uncertainties and assumptions is included in the Company's filings with the Securities and Exchange Commission, the Company's annual reports and form 10-Q's and 10-K's. You should not place any undue reliance on any forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
