New PLS Choice Loan a Victory for Consumers

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What happens when Illinois’s leading consumer micro-lender works in concert with Illinois lawmakers? Illinois consumers win. PLS today introduced its PLS Choice LoanSM, a new loan product developed in response to new legislation governing consumer lending in Illinois. The new PLS Choice Loan is a short-term installment loan that has 40 percent lower fees than the PLS Smart Loan, which the new PLS Choice Loan replaces.

The PLS Choice Loan brings Illinois consumers the best rate PLS Loan Store has ever offered.

What happens when Illinois’s leading consumer micro-lender works in concert with Illinois lawmakers? Illinois consumers win.

PLS today introduced its PLS Choice Loan(SM), a new loan product developed in response to new legislation governing consumer lending in Illinois. The legislation, signed into law by Governor Pat Quinn last June, caps rates for nearly every short-term credit product in Illinois.

The new PLS Choice Loan is a short-term 180-day installment loan that has 40 percent lower fees than the PLS Smart Loan, which the new PLS Choice Loan replaces.

Working closely with Illinois legislators

PLS, a company whose mission is to provide innovative and convenient financial services delivered with the respect that hard-working consumers deserve, welcomed the opportunity to work with Illinois lawmakers to help draft the legislation.

Bob Wolfberg, President, PLS, is also the President of the Illinois Small Loan Association, which consulted with lawmakers in their deliberations. “We believe the new legislation is fair,” noted Wolfberg. “It will migrate consumers toward short-term installment loans.”

A better choice for customers

With the PLS Choice Loan, the company is one of the first Illinois micro-lenders to market with a new product that conforms to the standards specified in the new law.

“The PLS Choice Loan brings Illinois consumers the best rate PLS Loan Store has ever offered,” said Jeff Bendy, Vice President of Lending Operations, PLS. “PLS is an innovator in providing financial products and services that consumers demand. With the PLS Choice Loan, we’re providing better options to our customers.”

The PLS Choice Loan will be offered through the 46 Illinois PLS Loan Store locations in Chicago and throughout Cook, Lake, DuPage, Kane and McHenry Counties.

About PLS: People. Location. Service.
Chicago-based PLS Financial Services, Inc., manages more than 300 financial service centers in Alabama, Arizona, California, Illinois, Indiana, Mississippi, New York, Texas and Wisconsin, with more than 3,100 employees. PLS is one of the largest, fastest growing and most distinguished organizations in the check cashing industry, and is a Western Union money transfer network.

PLS is listed on Inc. magazine’s “5000 Fastest-Growing Private Companies in America,” and has been named one of Chicago’s “101 Best and Brightest Companies to Work For” by the National Association of Business Resources. For the past three years, PLS was named one of Chicago’s Largest Privately Held Companies by Crain’s Chicago Business®, and was a member of Crain’s “Fast 50” (Fastest Growing Companies). Bob and Dan Wolfberg, PLS Presidents, have been named finalists for Ernst & Young’s 2010 Entrepreneur of the Year Award. The company has also been honored with the Activa Award from the Financial Service Centers of America (FiSCA) in recognition of its charitable efforts.

The PLS brands include PLS Check Cashers, which offers check cashing, money transfer services, money orders and bill payments; PLS Loan Store, which provides consumer micro-loans and tax-preparation services; and PLS Motor Vehicle Services.

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Barb Wolf
PLS
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