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12

May

The Dollar Financial Group Company

Global Entity

This is a US-based group that deals in financial groups and brags giant ability, setting up in almost seven countries with over 1000 locations. Its headquarters are in Malvern, Pennsylvania. Their sole motivation of operation is their quest to offer financial solutions to low income or customers that are very green and poor at credit handling. It is by this that they provide loans to be repaid over short periods of time; payday loans. They also deal with the brokerage of pawns and the most coveted entity of purchasing gold. They adopted a change of name in the 1990 from the Monetary Management Corporation after it was subject to privatization into an equitable brand by one Lone Star Funds and have never looked back since to say. It is safe to say that their well-crafted title has walked their talk.



Affiliate Branches

Dollar Financial Group Branches include Money Mart that runs its operations in Canada, The Money Shop that enjoy the location of two giant countries; the UK and Ireland, Loan Mart, Insta- Cheques and We The People, that work coherently and in solidarity to be able to sell out as an organization that supports individuals with low income. When it comes to matters that deal with the brokerage of pawns then the group took the bold move, marked by the acquisition of the highly-established Suttons & Robertsons in the year 2010. This marks the positivity by which their ideologies were receiving in the financial market.

Milestones

DFG has registered milestones in their term of operation as a private financial and retail services industry. It operates internationally and also has the selling of expensive jewelry such as gold. 2009 marked their recognition in the financial world as the largest provider involved in payday loans in the whole of UK and had captured and retained at least a quarter of the market. Two years later, they sought the expansion way and acquired a previously acknowledged British payday lender that used internet as its main source of operation, Month End Money which was a collective operant with Payday UK as part of it. This purchase caused them a fortune but has since been their epitome of pride. This huge achievement motivated their activities henceforth that registered an increase in The Money Shop’s Network to 1200 up from 350.

Setbacks

Just like any other fast growing organization, they have experienced a fair share of setbacks. Upon the introduction of controversial scheme and the ideology of lending out money to low income persons subject to repayment after a short period of time, the United States Consumer Financial Protection Bureau was forced to step in and issue a consent order within their discretion condemning the making of false statements by the entity. This is regarding their provision of automatic loans to soldiers and veterans.2013 saw to it that the group had to refund closes their customers close to £3.3million. A public announcement was made regarding the closure of the project and their rejection on recruitment of new members.

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