The acquisition will catapult money America in to the distribution that is internet for temporary payday loans

The acquisition will catapult money America in to the distribution that is internet for temporary payday loans

FORT WORTH, Texas ( BUSINESS CABLE ) July 10, 2006 money America Overseas, Inc. (NYSE: CSH) announced today it has signed a definitive agreement for the purchase associated with assets of CashNetUSA. The acquisition will catapult money America to the distribution that is internet for short-term payday loans, complementing its community of 717 financing areas that provide payday loans in 20 states.

“By expanding our item distribution platform to add internet access, we believe our company is placed to provide a new consumer section beyond the reach of our present bricks and mortar lending places. This car will let us satisfy clients who look for temporary payday loans in the place of more expensive options to meet up their credit requirements with simplicity and convenience,” remarked Daniel R. Feehan, President and ceo of Cash America Overseas, Inc.

CashNetUSA has emerged as a frontrunner into the online cash loan company since its initial entry in to the market during the early 2004. It offers grown dramatically while offering payday loans in 27 states under relevant state guidelines and regulatory needs in each market so it acts. Using its proprietary computer software and distribution platform, CashNetUSA’s gross advance loan profile recently reached $22 million also it estimates so it has offered over 250,000 clients since inception.

The transaction enables money America to ascertain a significant existence when you look at the quickly growing online cash loan market. “We treat this as a way to leverage and instantly build regarding the success and momentum of CashNetUSA. The integration with this distribution channel provides us by having a essential foundation in this brand new opportunity for development in the money advance industry,” commented Mr. (suite…)