Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.

Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.

Mexican billionaire Ricardo Salinas Pliego is starting for company into the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest lender that is payday the U.S.

Stockholders authorized the $780 million cost Grupo Elektra available in February, a figure that features all outstanding stocks associated with the US firm and payment associated with organization’s financial obligation. You will have no instant changes to your US firm’s operations, and CEO Patrick O’Shaugnessey has consented to remain on board, states Elektra spokesman Daniel McCosh.

Grupo Elektra ranks 802 on our selection of the planet’s Biggest Public Companies, and its particular latest acquisition appears a normal complement Salinas’ portfolio of profitable companies. In Mexico, Salinas oversees their family-founded Elektra retail chain, which offers washers and dryers at low regular prices plus interest, along with a respected bike scooter plant, a television section, a mobile phone business, along with his bank. 10 years ago, Salinas exposed Banco Azteca branches inside their Elektra stores that are retail began providing economic solutions to Mexico’s bad. Lendees can sign up for credit to get a dishwasher, or perhaps a loan that is personal pay money for medical expenses–at 50 to 60 per cent interest levels.

Demonstrably, those rates that are high would not travel at banking institutions in the us.

However in Mexico, they are pretty standard, when I composed in my own magazine that is recent story Salinas’ and Elektra.

The only destination in which the US regulatory system has permitted crazy interest levels is payday loan providers like Salinas’ latest purchase. A lot in common in fact, Advance America and Banco Azteca share. Both make use of individuals who do not usually have lots of cash, and both cost really high interest levels. 继续阅读“Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.”