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Free Loan-Repayment Processing Helps Microfinance Nonprofit Grameen America Increase Macro Impact on Women

SUNNYVALE, CA and LOS ANGELES, CA–(Marketwired – March 04, 2015) – Grameen America, a nonprofit microfinance organization that helps women in poverty start and expand small businesses, and PayNearMe, the electronic cash transaction network, today announced implementation of PayNearMe as a free new loan repayment option for Grameen America’s borrowers.

After a successful launch in Charlotte, North Carolina, the organization will now roll out the electronic cash transaction network in branches across the country beginning with Oakland, California and Brooklyn, New York.

Many of Grameen’s 43,000 members use their loans to start sole-proprietor businesses such as jewelry resale and nail design, which allows them to support their families while also giving them a flexible schedule to take care of their children. The majority of these businesses operate in cash. Using PayNearMe, borrowers are able to repay their loans using cash at their local 7-Eleven store.

“This innovative partnership is a remarkable advancement for our program that benefits our borrowers and staff alike,” said Andrea Jung, Grameen America’s president and CEO. “PayNearMe has made the payment collection process easier and more efficient. PayNearMe’s cutting-edge technology allows us to expand opportunities and extend access to financial services to thousands of aspiring entrepreneurs from New York to California.”

By eliminating the need to count, collect and deposit cash repayments, Grameen staff gain 40 minutes each day that they can spend with borrowers, providing financial education and facilitating problem-solving for the borrowers’ businesses. Using PayNearMe streamlines Grameen’s accounting processes while enhancing financial controls and efficiencies, which will allow the organization to build capacity to reach 150,000 women by 2018.

“We no longer stress about the amount of cash we are carrying to the bank, and the borrowers feel safer not having to congregate in one place every week with large chunks of cash,” said Ursula Lalone, Grameen’s Charlotte, North Carolina center manager. “With PayNearMe, we don’t have to count and collect cash. It’s a huge advantage to focus our meetings on helping the women invest, save and grow their businesses.”

Most of the 7,800 participating 7-Eleven stores nationwide are open 24 hours a day, seven days a week, making it easy and convenient for borrowers with even the most complex schedules to stay on top of their loan repayments.

To make a payment, a borrower simply walks into the 7-Eleven, hands the cashier their PayNearMe payment code and the cash payment. Additionally, if they choose to pick up some groceries while they are in the store, they can pay for everything in one easy transaction.

“Grameen America is living proof that the term ‘micro’ is relative,” said Danny Shader, PayNearMe’s founder and CEO. “A microloan to one person can make a macro impact on another. We’re proud to support Grameen’s work by offering this payment option at no cost to the borrowers. Everyone should have a right to pay the way they are paid, without having to jump through hoops.”

About PayNearMe
PayNearMe is the electronic cash transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations, including 7-Eleven® and Family Dollar® stores across the United States. For more information, please visit: http://www.PayNearMe.com.

About Grameen America
Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen America is a 501(c)3 nonprofit microfinance organization dedicated to helping women who live in poverty build small businesses to create better lives for their families. Grameen America offers microloans, training and support to transform communities and fight poverty in the United States. Since opening in January 2008, Grameen America has invested over $230 million in more than 43,000 women. Started in Jackson Heights, Queens, Grameen America has expanded across New York City and in Indianapolis, IN, Omaha, NE, Oakland, CA, Charlotte, NC, Los Angeles, CA, San Jose, CA, Austin, TX, Union City, NJ, San Juan, PR and Boston, MA. Learn more at www.grameenamerica.org.

Image Available: http://www.marketwire.com/library/MwGo/2015/3/4/11G034841/Images/Grameen_Open_Sign-757360835081.jpg

[…]

PayNearMe(R) Triples Its Payment Volume in 2013

SUNNYVALE, CA–(Marketwired – Feb 6, 2014) – PayNearMe, the electronic cash transaction network, today announced that it has closed a $20 million round of financing led by GSV Capital. August Capital, Khosla Ventures, Maveron and True Ventures also participated in the round. PayNearMe will use the funds to continue expansion into existing categories while launching into new vertical markets.

PayNearMe is the simplest, quickest, and most convenient way for consumers to pay bills and rent, repay loans, buy tickets and make online purchases with cash. PayNearMe caters to the 60M to 100M Americans who need or prefer to pay with cash. To make a PayNearMe payment, consumers simply bring their payment code to one of over 17,000 participating retail locations, including 7-Eleven® stores nationwide, and pay with cash at the register. In contrast to outdated, alternative payment methods, consumers don’t have to fill-out any forms or wait in long customer-service lines. They can make cash payments 24/7 in less than 60 seconds and have their payments posted immediately to their biller’s account. Additionally, PayNearMe offers the only mobile cash-payment option for consumers.

“At PayNearMe, we have made it a priority to level the playing field by making it easy for every consumer to participate in the digital economy, even if they prefer to pay for goods and services with cash,” said Danny Shader, CEO of PayNearMe. “Our powerful transaction platform adapts to suit the specific needs of a variety of businesses and organizations that want to accept cash payments remotely.”

PayNearMe Expands its Presence

Over the past year, PayNearMe has tripled its payment volume by growing in the following categories:

Rent – Property management companies that use software like AppFolio and RentPaidOnline can now use PayNearMe to make it remarkably simple for property managers to accept rent deposits and monthly rent payments from their cash-preferring tenants. With PayNearMe, property managers never have to manually count, process or reconcile cash or money orders. This efficient solution also eliminates the security risks associated with operating a dropbox, holding cash on-site or carrying it to the bank. Utility agencies – Nine California agencies including Glendale Water and Power, Padre Dam Municipal Water District, City of Tracy, Park Water Company, City of Fairfield, City of Santa Rosa, City of Oxnard, Mission Springs Water District and Helix Water District offer their customers the convenient option of making water bill payments in cash. These customers can now pay their bills 24/7 in a matter of seconds instead of taking the time to travel to the water district’s office on a weekday to make their payments in person. Auto-lending – Hundreds of financial institutions that use loan-servicing software from Shaw Systems, Megasys and Nortridge Software Company can now accept cash payments from millions of borrowers. The integration of PayNearMe into loan servicing software enables cash payments to be processed in the same automated manner as other electronic payments methods.

In addition to strengthening its presence in these markets, PayNearMe is gaining significant traction in new categories such as self-storage, direct selling, auto insurance and banking. PayNearMe is also negotiating with leading companies in healthcare, airlines, tolling, child support and online entertainment.

“PayNearMe’s success can be attributed to its unique ability to respond to the latest trends and adapt its solution, giving businesses the options they need to efficiently service a broad economic range of consumers — not just those who can swipe a credit or debit card,” said Michael Moe, Chairman and CEO of GSV Capital. “This additional funding will help accelerate PayNearMe’s growth and open the door to even more consumers who need the invaluable option of cash payment.”

To learn more about PNM please visit www.paynearme.com

About PayNearMe

PayNearMe is the electronic cash-transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations including 7-Eleven®, Family Dollar® and ACE Cash Express® stores across the United States. For more information, please visit: www.PayNearMe.com

Finance Contact:

Media contact for PayNearMe:

Amber Moore
GMK Communications for PayNearMe
amber@gmkcommunications.com
503-943-9381

[…]

Encore Payment Systems Now Offering a Loan Alternative to Merchants for Small Business Growth

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Addison, TX (PRWEB) December 12, 2013

Economic news is rife with uncertainty for the future and worry for small business owners. The dream of a small business growing into something big is why entrepreneurs open a business, but getting there can be a challenge. Now during the busy holiday season, as merchants scramble to prepare for the busiest time of year, gaining access to capital can be even more challenging because the rest of the economy is struggling. Through a partnership with Merchant Capital Access, Encore Payment Systems is now offering a loan alternative by offering merchants the opportunity to grow their businesses and finance with their own revenues.

A merchant cash advance is a distinctive finance option which simply doesn’t exist in traditional financial institutions such as a banks and credit unions. A merchant cash advance is not a loan. It is a funding option which provides a cash advance to small and medium-sized businesses secured by a portion of future credit card receipts.

The merchant funding process is fast and easy. MCA converts a percentage of future credit card receipts into cash which can be received in as little as 72 hours. The agreed upon percentage is deducted from your daily credit card receipts until the total amount has been repaid. This program is a timely solution for merchants that may not qualify for bank loans or may not want to personally guarantee credit lines.

Partners are committed to the growth of partners, and as a small businesses partner – not just a provider – Encore is no different. Small business owners generally do not open a business just to sell it off down the road; they start a business based off a passion for what they do and helping their customers.

Encore works to give its merchant partners every advantage and the MCA funding program is just one example of many of their commitment to helping their partners grow.

The preferred merchant cash advance program is offered exclusively through Encore Payment Systems and its affiliated companies.

For further information visit http://encoreps.com

About Encore Payment Systems

Encore Payment Systems was established for the purpose of providing electronic payment processing solutions and other value-added services to small and medium-sized merchants throughout the United States. Encore is a leader in the electronic payment processing field providing credit card, debit card, ATM card, gift card, prepaid card, EBT and check processing services. Encore maintains a sincere dedication to superior customer service and an honest and ethical approach to acquiring new customers. This vision has enabled Encore to become one of the fastest growing companies in the industry excelling in all aspects of merchant services. Encore Payment Systems is located at 3801 Arapaho Road, Addison, Texas 75001. Visit Encore Payment Systems online at http://www.encoreps.com.


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Bad Credit Payday Loans – Offering Financial Assistance to People …

Image payday-loans-24.jpg

There may come a time, no matter how careful we are with our monthly finances when we may come up short on funds before our next paycheck. A medical emergency, an unplanned repair or even a forgotten bill can be all it takes to deplete some budgets, leaving us unable to meet our other financial obligations. And unfortunately, obtaining a loan with less than sterling credit can be nearly impossible for many people.

The advanced technologies of the internet along with the conception of bad credit payday loans have made it possible for most people to be approved and also receive a loan all within a few days time. This is a major benefit in a day and age when even the slightest financial upset or setback can cause one to find themselves drowning in debt, and permanently damaging their credit rating in the process.

The bad credit payday loan enables people to be approved quickly and easily, when in most cases they normally wouldn’t have been granted approval at all by other lenders such as banks or credit unions. There are numerous reputable lenders offering online financial assistance making it simple to obtain a loan right from the convenience of your home. Another bonus to the bad credit payday loan is that there are no lengthy forms to complete and perhaps the most beneficial of all, there are no embarrassing personal questions or credit checks to endure.

There are a few basic requirements set forth by lenders in order to be approved for bad credit payday loans. These requirements are necessary to protect the interests of the lender, as well as those of yours, the borrower. First, the potential borrower must be at least 18 years of age and also have a verifiable form of income with a steady paycheck, hence the name payday loan. Many lenders will require that the borrower must have been employed at their current job and also living at their current residence for at least the last three months in order to be qualified.

There may also be minimum monthly income requirements that a borrower must meet that will vary by lender but are usually around $800 to $1,000 per month. Another important criterion to be approved for bad credit payday loans is that the borrower has a valid bank account that is capable of electronic transactions. There are two reasons for this; the first is that your money will be transferred directly to your bank account upon approval, and secondly, the funds will then be debited from your account on the agreed upon repayment date.

If for some reason you find that you are unable to repay your loan on your next payday, most bad credit payday loans will offer extensions for an additional fee. Most loans are about two weeks in length, which is the average time of a pay period, but some can even be as long as three or four weeks.

Electronic transactions make it possible for people to receive approval or denial of bad credit payday loans within minutes and most will receive their money in 24 hours, or usually by the end of the next business day. This makes it so simple to obtain assistance in times of financial emergencies and also allows us to avoid further bad marks on our credit reports. And once you’ve established a “history” with bad credit payday loan lenders, you will be eligible to borrow higher amounts of money as well.

[…]

No Credit Check Payday Loans – Money Matters Resolved – Simply …

Every salaried individual runs his family based on a budget that consists of his fixed monthly income. Now, if he suddenly runs out of funds in between two consecutive paydays and the next payday is still far off, it could create a financial crisis in his life that would make his life come to a standstill. Many urgent payments need to be met with during a month like bill payments, medical emergencies and so on. At times like this, the financially broke individual would require immediate access to ready cash to meet his short term expenses.

Getting financial loans from a reliable source might be the most feasible option, but if the potential borrower already has a bad credit to his name, he may find it difficult to get a reliable source to lend him the necessary funds. The lenders in the money market, however, have come up with an apt solution for these situations and no credit check payday loans are the specific category of loans, which have been designed to cater to the needs of individuals with bad credit, needing immediate financial assistance in the form of a loan.

As the name suggests, no credit check payday loans do not require any credit verification of the borrower by the lender, before the loan is approved. Hence, even if you have had bad debts in the past or have a poor credit ranking, you could still meet emergency financial needs through no credit check payday loans. Also, as the loans are for short term needs only, mainly used as an advance payday payment, therefore, there is no need to even place collateral against the loan, making the process even more convenient for the borrower. However, simplifying the loan conditions for the borrowers makes them a high risk category for the lenders and to cushion their risk of loss due to non repayment, the lenders may attach a higher fee on the loans.

When you opt for the no credit check payday loans, you must realize that these loans act as an advance payment on your pay and the loan must be repaid within a week or two, as soon as your next pay cheque has been credited to your account. So, before taking the loan, ensure that you will be having sufficient funds to repay the loan as well as the fee charged on the loan on the pre-determined date of repayment. A borrower could otherwise be penalized by the lender due to non repayment or late repayment, even though these loans are unsecured in nature.

No credit check payday loans are available to every potential borrower through the online medium of electronic transfers. Most of the lenders have their own websites on which a borrower could get every information that he requires about these loans. The application, approval, transfer of funds and even repayment can be carried out online, without the need to move out from your home or office. So, the next time you fall short of funds to sustain your expenses in between paydays, you may consider taking the help of these cash advance loans.

[…]

Analyzing The Knowledge Of A Payday Loan | Unstructured Snippets

Get instant $ 350 2000 dollar loan no credit check Atlanta, GA direct lender instant approval 10 minute approval. You can also apply instant $ 200 payday loans online Memphis, TN direct lender

Sometimes crisis situations take place, and you want a fast infusion of cash to acquire through a hard week or month. A complete sector providers people like you, by means of online payday loans, that you borrow funds towards your next paycheck. Keep reading for several items of information and guidance you can use to cope with this method with little hurt.

There are plenty of companies that could offer you a pay day loan. Investigation all of the specifics of an organization so that you will will not get swindled. Ensure that there has been pleased consumers previously. Begin by doing a search online and read over any testimonials that you just find.

Investigation different pay day loan companies well before deciding on a single. There are several companies available. A few of which may charge you critical costs, and fees compared to other alternatives. Actually, some could have short-term deals, that actually really make a difference within the total price. Do your persistence, and ensure you are obtaining the best deal feasible.

You will find various factors that perform into how much you can borrow coming from a pay day loan. The amount of your weekly paycheck determines the dimensions of the pay day loan that you qualify. It is the lender who evaluates just how much you make and establishes how much of a loan you will be entitled to. Should you need a pay day loan, it is really an essential truth to take into consideration.

The More Effective Business Bureau consists of specifics of pay day loan companies and should be consulted before you make a decision in which pay day loan organization you are likely to use. Some paycheck creditors are using deceitful procedures to fraud consumers. Take the time to understand in case the organization you’re enthusiastic about might be trustworthy.

Will not believe the procedure is practically over once you have received a pay day loan. Be sure to continue to keep your entire documentation, and tag the date the loan arrives. Breakdown to meet the due date can lead to enormous fees and in many cases selections courtroom proceedings.

Maintain your private safety in your mind when you have to bodily go to the paycheck lender. These places of business deal with huge amounts of cash and so are usually in financially impoverished aspects of town. Try to only check out during daylight several hours and recreation area in highly obvious spaces. Go in when other clients will also be about.

Take into account paycheck creditors with straight down payment. The cash will likely be transmitted directly into your checking account, often inside of twenty four hours. In addition to being very handy, it also enables you to prevent needing to go walking about with all of the funds you lent.

An incredible suggestion for anyone searching to get a pay day loan would be to prevent supplying your details to lender corresponding web sites. Some pay day loan web sites match you with creditors by expressing your details. This can be very risky and also guide to many spam e-mails and undesired calls.

Contact the pay day loan organization if, there is a problem with the repayment plan. Anything you do, don’t vanish. These firms have reasonably competitive selections divisions, and can often be difficult to cope with. Before they look at you delinquent in settlement, just contact them, and let them know what is going on.

To spend less to your pay day loan, attempt marketing items from your own home you in no way use any more by means of websites on the internet like auction web sites and Amazon. However, you might not believe there are many useful things to market, you probably do. Examine your publication collection, compact disk collection, and also other electronic devices. Even though you are only able to come up with a few 100 money, it might nonetheless aid.

There are many issues which should be considered when obtaining a pay day loan, which include interest rates and fees. A returned check or inadequate cash payment can substance the expense of a high priced pay day loan a lot more.

Remember that if you do not pay out your pay day loan again promptly, the amount you go will go into selections. Using a loan in selections will significantly decrease your credit ranking, also. Be sure to have enough cash inside your checking account to protect your pay day loan financial debt.

As mentioned initially of the report, there is far more to getting a pay day loan than simply being give funds involving paychecks. Now that you have look at the over report, you might be well informed sufficient about online payday loans. Now you may get the best selections feasible, for yourself distinct case.

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Deposit Advance Loans–Another Name for Payday Loans : The …

Posted on July 11, 2013 by Karen K. Harris

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We often hear stories of people taking out payday loans to pay off previous payday loans thus becoming trapped under a pile of debt. A recent study released by the Consumer Financial Protection Bureau (CFPB) shows that these stories are not just rare anecdotes: payday loans truly do trap people in a cycle of debt. Moreover, the study also found that mainstream banking loans known as “deposit advance loans” are basically payday loans with a different name.

Payday Loan Findings
The median income of a payday loan borrower is $22,476, and the average loan amount is $350 with a 14-day term and an Annual Percentage Rate (APR) of 322%. The median borrower in the study took out 10 loans per year paying $458 in fees on top of the principal amount of the loan. In fact, two out of three payday loan borrowers took out over 7 loans per year, and 48% of borrowers took out more than 10 payday loans. Among those who took out 10 or more loans in a year, most loans were taken out the same day a previous loan was closed. Extrapolating from this, it seems clear that most people are taking out payday loans to pay for other payday loans.

The CFPB report’s data is consistent with other research. The Pew Charitable Trust’s series of reports on payday lending in America reveals that the average borrower takes out 8 loans of $375 per year and spends $520 on interest. Additionally, the Center for Responsible Lending’s 2009 report on payday lending reveals that 75% of the payday loans are generated by borrowers who, after meeting the due date of the initial loan, must re-borrow before their next pay period.

Deposit Advance Loan Findings
In addition to examining payday loans, the CFPB study also looked at deposit advance loans. Deposit advance loans are offered by mainstream financial institutions and function similarly to payday loans. Consumers who need a quick infusion of cash can request a deposit advance from their bank; once the request is approved, the bank will deposit the money into the consumer’s account immediately. Typically, there is no fixed repayment date when the advance is taken, but if the advance is not repaid by the consumer’s incoming direct deposits within 35 days, the consumer’s account will be debited for the amount due even if it results in an overdraft. For an example of a deposit advance product, see the one offered by Wells Fargo.

According to the CFPB study, the median deposit advance loan was $180 with an APR of 304%. However, because most deposit advance borrowers take out multiple loans, they tend to have outstanding balances from previous loans at the same time that a new deposit advance loan is taken out. Thus the CFPB study determined that, during an advance balance episode the average consumer had an outstanding account balance of $343. The average user of deposit advance products took out 8 deposit advance loans per year totaling $3,000 in loans per year.

The CFPB study also compared users of deposit advances to consumers who are eligible for deposit advance but do not use the product. Nearly two-thirds (64.6%) of deposit advance users incurred overdraft fees compared to just 14.4% of nonusers. While the average person from each group had almost the same income (about $3,000 per month), nonusers had a significantly higher daily bank account balance compared to deposit advance users ($1,702 compared to $396).

Deposit Advance Loan Guidance
In April 2013, federal banking regulatory agencies, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of Currency (OCC), issued guidance for banks in offering deposit advance loans. This guidance discusses the results of the CFPB study and acknowledges that deposit advance products “share a number of characteristics seen in traditional payday loans, including high fees; very short, lump-sum repayment terms; inadequate attention to the consumer’s ability to repay.” While the FDIC and OCC “encourage banks to respond to customers’ small dollar credit needs,” the guidance states that banks must engage in appropriate underwriting when issuing deposit advance loans so as not to jeopardize the safety and soundness of the institutions. In addition the guidance states that the OCC and FDIC will conduct examinations in order to ensure that banks offering deposit advance loans are complying with the Federal Trade Commission Act, Truth in Lending Act, Electronic Fund Transfer Act, Truth in Savings Act, and the Equal Credit Opportunity Act.

While the OCC and FDIC guidance is a step in the right direction, it does not go far enough. Now that the CFPB has provided objective data that deposit advance products are no better than payday loans, these agencies should jointly issue regulations limiting these types of loans.

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Loan service for P40-B doleouts to cost $1B

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Payday loan bill hurts the vulnerable, helps the lenders – Statehouse …

Editorial Board | The Olympian • Published March 21, 2013 Modified March 21, 2013

A bipartisan group of state senators is trying to undo the restrictions placed on high interest-rate payday lending four years ago. If passed, Senate Bill 5312 would once again permit payday lenders to prey on our state’s poorest and most vulnerable citizens.

The bill should have died in committee, because it is so contrary to Washington state values. Instead, it cleared the Senate on a vote of 30 to 18. All the South Sound senators voted in favor, including Sens. Randi Becker, Karen Fraser, and Tim Sheldon.

Payday lenders profit on the misfortune of those who cannot pay their everyday expenses by offering advances on future paychecks at excessive rates of interest. Payday loans help fuel the downward spiral often associated with substance and gambling addictions.

The industry was getting out of hand in 2009, causing the Legislature to pass reforms that protected people from getting trapped in a cycle of inescapable debt.

Those reforms successfully reduced payday loan debt statewide by 75 percent.

But Senate Bill 5312, introduced by Democrat Sen. Steve Hobbs, would undermine the 2009 Payday Lending Reform Act by reclassifying payday lending as installment loans, and permitting loan costs of up to 220 percent. It would strip away the protective restrictions for military families under federal law, and make them eligible for these unreasonable high-interest loans.

The Seattle-based moneylender, Moneytree, is pressing legislators to allow this end-run around the 2009 restrictions because online money lending is cutting into its business, and an assertion that consumers want a longer period of time to pay back short-term loans.

But that’s no reason to expose our state’s most vulnerable to what the Statewide Poverty Action Network called “payday lending on steroids.”

It is a reason to attack predatory lending on a national scale, including the rampant online operators. Oregon Sen. Jeff Merkley has done just that. The Stopping Abuse and Fraud in Electronic Lending Act would shut down the most egregious schemes of the online payday industry.

Our state senators and Moneytree should support that effort, rather than reopening the floodgates in our state.

One of the bill’s strongest critics, Sen. Sharon Nelson, says, “As a former banker, I view this legislation as a return to the dark days of predatory payday lending, and a money machine for those who profit on other’s indebtedness.”

According to the Pew Charitable Trusts, online loans will total 60 percent of the total payday loan market by 2016, almost doubling its share in 2011. Americans borrowed $13 billion on payday loans in 2011, up 120 percent from 2006.

We’re surprised that Democratic senators sponsored this bill. Perhaps they were under the false impression created by SB 5312’s supporters that it would generate new state revenue from licenses and fees. The state budget office, however, has said it would cost the state more to implement than the revenue it would generate.

Perhaps senators saw this as a consumer advocacy bill by creating more choice for individuals. But enabling bad financial choices will cost us all in the end.

We understand that Moneytree wants to protect its business, but the Legislature should not enable one industry to succeed on the backs of low-income people trying to survive on a financial edge.

Legislators interested in protecting consumers and the most financially vulnerable will let SB 5312 die in the House and stand firm in their continued support for the 2009 Payday Lending Reform Act.

[…]

FNI Arranges Additional US$5.0 Million Loan

TORONTO, ONTARIO–(Marketwire – Mar 6, 2013) – First Nickel Inc. (“First Nickel” or the “Company”) (FNI.TO) announces that it has entered into a loan agreement with a fund managed by West Face Capital Inc. (“West Face”) in the aggregate principal amount of US$5.0 million (the “Loan”). The Loan matures on December 31, 2013 and the proceeds will be used for working capital and corporate requirements. The Loan closed on March 6, 2013 and is subject to the satisfaction of certain post-closing conditions.

Description of the Loan

The Loan is on substantially similar terms to the loan agreement entered into by the Company with Resource Capital Fund V L.P. (“RCF V”) announced on January 21, 2013. The Loan will bear an interest rate of 12.0% per annum, paid quarterly in cash or, at West Face”s option, common shares of the Company valued at the volume weighted average market price for the five days prior to the date the payment is due. The Loan will be secured by a senior ranking perfected encumbrance over all assets associated with the Company”s projects, all shares or equity interests of the Company and all intercompany debt, which security interest will rank pari passu with the security interest of RCF V. In connection with the Loan, a 3.0% Establishment Fee will be paid to West Face in common shares of the Company valued at the volume weighted average market price for the five days prior to the closing date.

Additional Financing

Further to the Company”s press releases dated January 3, 2013 and February 7, 2013, FNI will be seeking to restructure outstanding indebtedness and to obtain additional, longer-term sources of financing in the near term in order to improve liquidity and continue the build-out of the Lockerby Mine.

About FNI

FNI is a Canadian mining and exploration company. The Company”s mission is to be the most dynamic North American emerging base metal mining company in which to work and invest and to be respected in the communities in which we operate. FNI operates the Lockerby nickel / copper mine in the Sudbury Basin in northern Ontario. In addition to the Lockerby Mine, the Company owns exploration properties in the Sudbury Basin, the Timmins region of northern Ontario, and the Belmont region of Eastern Ontario. FNI”s shares are traded on the TSX under the symbol FNI.

Forward-Looking Statements

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including the cash flows, working capital, future financings, metal prices, costs, output, grades, expected development and production, and expected exploration expenditures. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating metal prices, the ability to obtain financing on terms satisfactory to the Company, if at all, lower unit costs and other factors described in the Company”s most recent Annual Information Form under the heading “Risk Factors” which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval (“SEDAR”) located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

Contact:

First Nickel Inc.

Paul Davis

VP, Exploration

416 362 7050 x 226

pdavis@firstnickel.com

CHF Investor Relations

Robin Cook

Senior Account Manager

416 868 1079 x 228

robin@chfir.com […]