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ORANGE, Calif.--(BUSINESS WIRE)--July 22, 1999--

On Friday, Payday Loan(SM) Corp. will open its 10th store inside a South Gate, Calif., Texaco gas station under the banner of its sister company, Check Cashing Etc.

Consumers can now get a cash advance (deferred deposit loan) where they buy their gas. The concept is the result of a strategic alliance between Payday Loan(SM) and Zelado Inc., which owns and operates the Texaco South Gate franchise at 5651 East Imperial Highway in South Gate.

Offering deferred deposit loans, check cashing, and pre-paid residential telephone services, Check Cashing Etc. joins Subway, TCBY Yogurt, and Mama Ilardo's at the Texaco South Gate facility in bringing customers an array of "fast and fresh" services. Payday Loan(SM) is also moving forward to open at least five more stores in gas stations throughout Southern California by the end of 1999.

"We have seen ATM systems in grocery stores become a mainstay," said Cameron Krisfalusi, president of Payday Loan(SM), "and this inspired us to investigate venues where we could make our package of financial services more accessible to the public. Highly trafficked gas stations fit our criteria.

"By being where the cars are," explained Krisfalusi, "we can appeal to a wider, more fluid customer base, especially since we have the ability to process a completed loan application form in the time it takes to fill a gas tank.

"This alliance will enable us to capture a significant share of the growing deferred deposit loan market that travels beyond the confines of our own fixed-location service centers and to reach those not yet hooked into the Internet. Fortunately for us, Tom Zarifpour, who heads Zelado, Inc., is a real visionary and worked closely with us to turn this idea into reality."

Payday Loan was established in 1997, and provides deferred deposit loans for customers with short-term cash needs, as well as check cashing, money orders, utility bills payment, and pre-paid residential telephone service through its In-Touch Communications partner. The company has headquarters in Orange, with stores in Anaheim, Buena Park, Downey, Fullerton, Lake Forest, Los Alamitos, Orange, and Westminster, Calif.; and in Las Vegas, Nev.

Check Cashing Etc. at Texaco South Gate will be open Monday-Friday, 10 a.m.-7 p.m. and Saturday-Sunday 10 a.m.-4 p.m.; telephone 562/622-7711. For more information, call the company's toll-free number at 888/729-3295 or visit the Web site at www.paydayloan.com.

COPYRIGHT 1999 Business Wire
COPYRIGHT 2000 Gale Group


 
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