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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
[edit]Cash 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)
[edit]The 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
[edit]Instaloans 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
[edit]In 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].