Payday loan in kansas city

QC Holdings Inc. on Tuesday announced that it has completed the purchase of 20 payday loan stores in Oklahoma.

The stores, which have been open for less than one year, currently operate under the trade name Check First. They are located throughout the state, including four in Oklahoma City and four in Tulsa.

QC expects to integrate and rebrand the stores over the next six months. QC's stores are branded as Quick Cash.

The transaction was an asset purchase for $1.4 million in cash.

With the acquisitions, QC now operates 350 stores in 22 states. QC, based in Kansas City, Kan., had two stores in Oklahoma before the purchase - one in Tulsa and one in Sand Springs.

We are excited about the opportunity to continue our growth in Oklahoma by gaining market share through this transaction, said Darrin Andersen, QC's president and chief operating officer. Because each of these 20 stores has been operating for less than one year, we believe we can quickly implement our convenient lending approach to drive volumes and increase revenues.

QC entered the payday loan market in 1992 and, since 1998, has grown from 48 stores to 350 stores. The company had revenues of $98.5 million during its most recent fiscal year and advanced more than $590 million through payday loans.

Copyright 2004 Dolan Media Newswires
Provided by ProQuest Information and Learning Company. All rights Reserved.