QC Fast Facts

Founded in 1984 and headquartered in Overland Park, KS, QC Holdings provides short-term consumer loans or payday loans for middle-income, working individuals in the United States.

• 2,000 employees; 140 at the company's Overland Park headquarters
• 588 branch offices in 25 states as of March 31, 2007
• 2006 Revenue: $172.3 million (up from $152.9 million in 2005)

Customer Profile

• All customers have checking accounts and jobs or steady incomes
• 25 percent have annual incomes of more than $50,000; 77 percent have annual incomes of more than $25,000
• 64 percent have children; 68 percent are under 45 years of age
• 94 percent have a high school diploma; 20 percent have a college degree

Products

• Small, short-term loans averaging about $300 for two-week terms
• Cost averages $15 per $100 borrowed
• Check-cashing services, title loans, money transfers and money orders

Competitive Credit Products

• $100 bounced check with $48 insufficient funds/merchant fees equals 1,251 percent APR
• $100 credit card balance with $26 late fee equals 678 percent APR
• $100 utility bill with $50 late/reconnect fees equals 1,304 percent APR

Industry

• Approximately 23,000 locations nationally
• More than 50,000 employees earning $2 billion per year
• Served more than 15 million households in 2005
• $40 billion in transaction volume generating $6 billion in fees
• The Community Financial Services Association (CFSA) represents more than half of the industry and supports laws and regulations with substantive consumer protections

Regulation

• Regulated in 37 states, up from six in 1996
• Applicable Federal regulations include TILA (Truth In Lending Act), FCRA (Fair Credit Reporting Act), FDCPA (Fair Debt Collections Practices Act), Privacy or GLBA (Graham-Leach-Bliley Act), ECOA (Equal Credit Opportunity Act), BSA/AML (Bank Secrecy Act/Anti-Money Laundering), OFAC (Office of Foreign Assets Control)

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