The finance company said that it will provide this cash service through its existing internet platform. It will offer online cash advances for short-term unsecured loans to consumers who reside throughout the UK.
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, CEO Daniel 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 UK 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 US market, and we expect a more moderate level of initial growth, but with attractive long-term potential.
