Source: Cash America
Cash America International (NYSE: CSH) announced today that it will begin offering online cash advances to customers who live in the United Kingdom.
The Company will provide this service through its existing Internet platform for online cash advances to offer short-term unsecured loans to consumers who reside throughout the United Kingdom. This product offering is expected to launch in the third quarter of 2007, following final regulatory approvals. Management expects loan volumes to accumulate gradually and provide only nominal levels of asset increases throughout the remainder of 2007.
Commenting on the entrance into the new market for Cash America, Chief Executive Officer, Daniel R. Feehan said, "The flexibility to reach new markets quickly is an important attribute of Cash America's online cash advance distribution platform. We see our entrance into the United Kingdom as a demonstration of our ability to touch new markets where we determine that the customer demand is sufficient to generate long-term opportunities for our Company. The UK market for online cash advance services does not appear to be as well developed as the U.S. market, and we expect a more moderate level of initial growth, but with attractive long-term potential."