The Cash Store Financial Inc. (Cash Store Financial) is a Canadian financial services company founded in Edmonton, Alberta in 2001. The Company operates two separate brands within the alternative financial services market - The Cash Store (Canada) and Instaloans - offering customers an option to traditional lending institutions. It currently owns over 500 branches across Canada. The head office is located in Edmonton, AB[1].
History
editCash Store Financial was founded in Edmonton, Alberta in 2001 under the original name of Rentcash Inc. It is the only broker of short-term advances and provider of other financial services in Canada publicly traded on the Toronto Stock Exchange (TSX:CSF). The Company also trades on the New York Stock Exchange (NYSE:CSFS). Cash Store Financial is a Canadian corporation and is not affiliated with Cottonwood Financial Ltd. or the outlets Cottonwood Financial Ltd. operates in the United States under the name "Cash Store".
Products
edit- Lines of Credit
- Bank Accounts
- Payday Loans
- Prepaid MasterCard
- Cheque Cashing
- Title Loans
- Money Transfer Service
- Prepaid Phone Cards
The Cash Store (Canada)
editThe Cash Store (Canada) operates branches in nine provinces and two territories. It's key markets include Alberta, Saskatchewan, Ontario, the Atlantic Provinces, and rural Canada.
Instaloans
editInstaloans was founded in 1990 and acquired by Cash Store Financial in 2005. It currently operates branches in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia.
Lawsuits
editIn 2004, a class action lawsuit commenced in Ontario concerning brokerage fees and interest charged to customers of the Cash Store and Instaloans[2]. The lawsuit was settled on Dec 5, 2008, with no admission of wrongdoing from Cash Store Financial. Cash Store Financial agreed to pay approximately C$1.5 million in cash and C$1.5 million in vouchers[3].