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Sams Club To Start Offering Online Cash Advance

September 5, 2010 by Ryan · Leave a Comment
Filed under: Loans 

Sam’s Club, a division of Wal-Mart, will start offering online cash advance through Superior Financial Group LLC. The loans are for small company owners and entrepreneurs. Superior Financial Group is a Small company Administration lender, and Sam’s Club is partnering with them for a trial run in expanding available services to small companies that are Sam’s Club members. Resource for this article - Sams Club to start offering online payday loans by Personal Money Store.

Wall Mart getting into financial services

Wal-Mart has previously tried to get to the banking sector. Congress passed a law in 2007 that blocked non-bank entities from launching banks of their own, including retailers. According to the Wall Street Journal, Sam’s Club is giving this pilot program a lash after experiencing some shrinking revenue. Sam’s Club members that are small company owners or small company accounts with Sam’s Club can apply for loans from $ 5,000 to $ 25,000, with a 10 year, 7.5 percent interest term.

Trying to attract greater membership

Sam’s Club has had a contraction in revenues. Sam’s Club closed 10 of their stores recently. Small business owners are a significant portion of their customer base, and a business loan program would serve to attract or retain small companies as customers. Check cashing and VISA check cards are already accessible at Wal-Mart stores, and MoneyGram locations with pay day loan, cash advances, and money orders available there.

Is this the start of a beautiful friendship?

This is only slated as a pilot program for Sam’s Club. According to Business Week, the loans could be for start up companies, and especially for businesses run by women and minorities. If Sam’s Club can make a success of this program, it will definitely make it hard for small companies to pass up a membership.

Additional details at these websites

online.wsj.com/article/BT-CO-20100706-710011.html

businessweek.com/news/2010-07-06/wal-mart-s-sam-s-club-to-test-online-loans-to-members-update2-.html

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