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DFC Global Corp. (NASDAQ: DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today welcomed news that the Province of Prince Edward Island has passed a set of payday loan regulations that include a maximum cost of borrowing of $25 per $100 loaned. The Company currently has only franchise locations in Prince Edward Island.
Commenting on the announcement, Jeff Weiss, the Company’s Chairman and Chief Executive Officer, stated, "We are very pleased with the significant steps that Prince Edward Island has taken, which should serve to maintain this important industry for the consumers in that province. Money Mart, the Company’s Canadian subsidiary, is a founding member of the Canadian Payday Loan Association (CPLA), which has been working closely with the province for several years to introduce such a law that will allow for a viable industry while providing strong consumer protections. With the passage of this important legislation, Prince Edward Island represents yet another future development opportunity for our Company in Canada.”
About DFC Global Corp.
DFC Global Corp. is a leading international diversified financial services company serving primarily unbanked and under-banked consumers who, 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. Through its over 1,400 retail storefront locations and multiple Internet, mobile phone and other remote platforms, the Company provides a variety of consumer financial products and services in nine countries across North America and Europe—the United Kingdom, Canada, the United States, Sweden, Finland, Poland, Spain, Czech Republic and the Republic of Ireland. The Company believes that its customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the range of financial services it offers, the convenience of its products, the multiple ways in which they may conduct business with the Company and its high-quality customer service.