QC Holdings Inc. said it will close four Montana lending offices on Jan. 1 after voters in the state approved a rate-cap measure that could restrict short-term loans.Mislead? Really? It is QC that is misleading. There business model is in direct conflict with scripture.
The Overland Park-based finance company said Wednesday that the Montana law mandates a 36 percent annual percentage rate cap on short-term loans. The law takes effect on Jan. 1.
"Montana voters were misled into believing that a 36 percent APR cap would lower the cost of short-term loans," said QC president Darrin Andersen. "Today's hard reality is that that cap is forcing cash-strapped Montana consumers to more costly and credit-damaging options like bounced checks, late bill payment penalties and unregulated, offshore Internet lenders."
- Kansas City Star
He who increases his wealth by interest and usury, gathers it for him who is gracious to the poor.
- Proverbs 28:8
Let's face it, even 36% is way to much interest. It just goes to show, that QC is more interested a fast buck, rather then actually helping the poor as they claim.
QC said it has extended loans to more than 14,000 consumers in Montana.That is good news. If it pans out, to see that many of these horrible companies to close down.
QC said in its statement that finance companies are expected to close 113 short-term lending offices as a result of the new law.
For fiscal year 2009, QC reported total revenues of $220.6 million. It said it advanced more than $1.3 billion to customers last year.
- Kansas City Star
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