Introduction: Study Scope, Sources, Methodology                                   

Executive Overview of Major Findings   ($350)                                      

·         Definition of the components of the U.S. market serving consumers outside of the  

       traditional financial services market (the “unbanked”).  Alternative financial

       services:  Check Cashing Stores, Money Transfer Services, Pawnshops, Payday

       Advance lenders.  Definition of each segment, number of outlets, and reasons for

       growth,  dollar mkt. size 1999-2007, 2008 & 2013 forecasts, major competitors.

·         Major market trends affecting each of four sectors.

·         Discussion of reasons for growth of non-bank services, population living below poverty level.

·         Discussion of family debt levels.

·         Discussion of non-commercial bankruptcy trends.

·         Discussion of annual U.S. immigration

Tables:

- U.S. Population Living Below the Poverty Level (1990-2004)

- Reasons Why Unbanked Families Do Not Have Checking Accounts (1995-2004)

- Debt Service Payments to Family Income (1995-2004)

- U.S. Noncommercial Bankruptcies (1991-2006)

- Annual U.S. Immigration (1992-2007)

- Market potential: 1999-2013 F estimated $ receipts of check cashing outlets, money

    transfers, pawnshops, payday loan services, total industry.

The U.S. Check Cashing Industry   ($395)                                           

Summary & Nature of the Business: How Check Cashing Companies Operate

    Industry definition and size.  Number of outlets.  Check cashers offer convenience for a price. Typical fees charged

    Other services offered: money orders, wire transfers, electronic bill payments, notary signatures, utility bill payments, and lottery tickets

Industry History and Evolution

·         Beginnings in the Great Depression. 

·         Impact of deregulation of the U.S. banking industry.

Customer Demographics (by gender, income, race, etc.)

·         Scarborough Research 2006 study. 

·         Ace Cash Express customer profile. 

·         FISCA 2006 trade group customer profile

Emerging Industry Trends

·         Check cashing fees on the rise, Consumer Federation of America survey

·         2007 Federal Reserve Payments study, data for 2000, 2003, 2006

·         The entry of Wal-Mart into the check cashing market - discussion

·         More competition from: Pay By Touch, 7-Eleven, Wal-Mart

Industry Regulation

·         Federal Regulations, state regulations

·         Definition of: The Bank Secrecy Act, Money Laundering Suppression Act, USA Patriot Act, Gramm-Leach-Bliley Act

Table: Check Cashing Fees, by type check

Table: List of state check cashing fee caps

Table: State Banking Departments for States With Check Cashing Fee Maximums

Industry Size, Growth, Forecasts

·         Industry sales: 1999 through 2007

·         Composition of check cashing revenues by type

·         Industry sales and number of projected units for 2008 through 2013

Check Cashing Industry Structure & Profit Margins

·         Review of the composite financial statements for check cashing outlets in New York State.

Table: Number and Dollar Value of Payments by Check in the U.S. (2007)

Table: The major check cashing franchises at a glance, number, fees, capital needed

Table: Check volume & fees reported: 1993-2006, New York banking dept.

Table: Composite balance sheet of NYS check cashing outlets (2003-2006)

Table: Composite income statement of NYS check cashing outlets (2003-2006)

Major Competitors

Table: The Major Check Cashing chains (no. of outlets)

In-depth Profiles for… (Headquarters location, services, detailed 2005-2007 financials, mergers, history and company profile)

·         Ace Cash Express, Inc.

·         Check Into Cash

·         Dollar Financial Corporation                                                                                                                       

The U.S. Money Transfer Services Industry  ($350)                                                                              

Nature of the Business The transition from the money order to the electronic wire transfers.How electronic transfers work.Industry size.

·         Industry is being driven by the rise in global immigration.

Table: U.S. Immigration by Country of Origin (1999-2003)

Industry Trends

·         International money transfer market is very fragmented.

·         Major players have a small market share.

·         Increased price competition is lowering transmission costs to the consumer.

·         U.S. banks are developing services for the U.S. - Latin America transmission corridor.

Table: Global Wire Money Transfer Market Share, by type network

Table: The Cost to Send $200 to Latin America as a % of Amount (2000, 2004)

Table: U.S. Bank Money Transfer Products

Regulation of the Industry

·         Review of state regulations.

·         Review of federal regulations.

Industry Size, Growth, Forecasts

·         Industry revenues for 1999 through 2004 - discussion & analysis

·         Industry revenue projections for 2005 through 2008

Table: Number of Western Union and Moneygram Agents Worldwide (1999-2004)

Major Competitors

In-Depth Profiles for… (Headquarters location services, detailed 2002-2004 financials).

·         Moneygram International

·         First Data Corporation

·         Vigo Remittance Corporation

The U.S. Pawnshop Industry      ($395)                                                

Nature of the Business

·         Earliest form of consumer lending.

·         Highly fragmented industry that is concentrated in the southeast and southwestern portions of the U.S.

·         The pawn loan process - discussion.

Emerging Industry Trends

·         Pawnshops are entering the payday loan market. 

Pawnshop Customer Demographics (by age, race, gender, income, etc.)     

·         Review of the Georgetown study - major findings

Regulation of the Industry

·         Review of state regulations.

·         Review of federal regulations.

Table: State Regulations on Pawnshop Interest Rates and Fees

Table: State Pawnbroker Associations - contact and phone.

Industry Size, Growth, Forecasts

·         Industry sales and number of units for 1999 through 2004 - discussion

·         Industry sales and number of projected units for 2005 through 2008 - analysis

Table: International Gold Prices (1999-2004)

Major Competitors

In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).

·         Cash America International, Inc.

·         Cash America International, Inc

·         EZCORP, Inc.

·         First Cash Financial Services

The Payday Loan Industry   ($395)                                              

Nature of The Business

·         Fastest growing segment of the alternative financial services industry

·         The standard and bank business models - discussion

·         CFSA industry Best Practices. Guidelines.

Table: Comparison of Standard Payday and Bank Payday Loan Models

Emerging Industry Trends

·         Check cashing services and pawnshops are entering the payday loan market - analysis

End-User Demographics - Who is the Payday Advance Customer?

(by age, income, amount of loan, gender, reasons for loan, etc.)

·         Review of the Georgetown Study - major findings

·         Review of the IO Data study - major findings

·         Advance America’s customer demographics.

Regulation of the Industry

·         Review of federal regulation

·         Review of payday loan terms and interest rates

Table: Comparison of Payday Loan Terms and Interest Rates by State

Industry Size, Growth, Forecasts                                                                   

·         Industry sales and number of units for 1999 through 2004 - analysis

·         Industry sales and number of projected units for 2005 through 2008

Table: Payday Loan Outlets by State - number.

Payday Loan Industry Financials & Profit Margins

·         Review of the Flannery and Samolyk study - major findings.

·         Discussion of composite industry financials.

Table: Payday Loan Outlet Composite Income Statement for a Typical Unit.

Table: Payday Lender Loan Portfolio Characteristics

Table: Customer Loan Activity (no. of customers, loans, other metrics)

Major Competitors

In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).

·         Advance America Cash Advance Centers, Inc.

·         World Acceptance Corporation

·         QC Holdings, Inc.

Reference Directory of Trade Associations & Sources                

·         Address, phone, contacts for major trade groups, consultants, list of industry studies and articles, Wall Street analysts/research reports.

Table of Contents:

Introduction: Study Scope, Sources, Methodology                                   

Executive Overview of Major Findings   ($350)                                      

·         Definition of the components of the U.S. market serving consumers outside of the  

       traditional financial services market (the “unbanked”).  Alternative financial

       services:  Check Cashing Stores, Money Transfer Services, Pawnshops, Payday

       Advance lenders.  Definition of each segment, number of outlets, and reasons for

       growth,  dollar mkt. size 1999-2007, 2008 & 2013 forecasts, major competitors.

·         Major market trends affecting each of four sectors.

·         Discussion of reasons for growth of non-bank services, population living below poverty level.

·         Discussion of family debt levels.

·         Discussion of non-commercial bankruptcy trends.

·         Discussion of annual U.S. immigration

Tables:

- U.S. Population Living Below the Poverty Level (1990-2004)

- Reasons Why Unbanked Families Do Not Have Checking Accounts (1995-2004)

- Debt Service Payments to Family Income (1995-2004)

- U.S. Noncommercial Bankruptcies (1991-2006)

- Annual U.S. Immigration (1992-2007)

- Market potential: 1999-2013 F estimated $ receipts of check cashing outlets, money

    transfers, pawnshops, payday loan services, total industry.

The U.S. Check Cashing Industry   ($395)                                           

Summary & Nature of the Business: How Check Cashing Companies Operate

    Industry definition and size.  Number of outlets.  Check cashers offer convenience for a price. Typical fees charged

    Other services offered: money orders, wire transfers, electronic bill payments, notary signatures, utility bill payments, and lottery tickets

Industry History and Evolution

·         Beginnings in the Great Depression. 

·         Impact of deregulation of the U.S. banking industry.

Customer Demographics (by gender, income, race, etc.)

·         Scarborough Research 2006 study. 

·         Ace Cash Express customer profile. 

·         FISCA 2006 trade group customer profile

Emerging Industry Trends

·         Check cashing fees on the rise, Consumer Federation of America survey

·         2007 Federal Reserve Payments study, data for 2000, 2003, 2006

·         The entry of Wal-Mart into the check cashing market - discussion

·         More competition from: Pay By Touch, 7-Eleven, Wal-Mart

Industry Regulation

·         Federal Regulations, state regulations

·         Definition of: The Bank Secrecy Act, Money Laundering Suppression Act, USA Patriot Act, Gramm-Leach-Bliley Act

Table: Check Cashing Fees, by type check

Table: List of state check cashing fee caps

Table: State Banking Departments for States With Check Cashing Fee Maximums

Industry Size, Growth, Forecasts

·         Industry sales: 1999 through 2007

·         Composition of check cashing revenues by type

·         Industry sales and number of projected units for 2008 through 2013

Check Cashing Industry Structure & Profit Margins

·         Review of the composite financial statements for check cashing outlets in New York State.

Table: Number and Dollar Value of Payments by Check in the U.S. (2007)

Table: The major check cashing franchises at a glance, number, fees, capital needed

Table: Check volume & fees reported: 1993-2006, New York banking dept.

Table: Composite balance sheet of NYS check cashing outlets (2003-2006)

Table: Composite income statement of NYS check cashing outlets (2003-2006)

Major Competitors

Table: The Major Check Cashing chains (no. of outlets)

In-depth Profiles for… (Headquarters location, services, detailed 2005-2007 financials, mergers, history and company profile)

·         Ace Cash Express, Inc.

·         Check Into Cash

·         Dollar Financial Corporation                                                                                                                       

The U.S. Money Transfer Services Industry  ($350)                                                                              

Nature of the Business The transition from the money order to the electronic wire transfers.How electronic transfers work.Industry size.

·         Industry is being driven by the rise in global immigration.

Table: U.S. Immigration by Country of Origin (1999-2003)

Industry Trends

·         International money transfer market is very fragmented.

·         Major players have a small market share.

·         Increased price competition is lowering transmission costs to the consumer.

·         U.S. banks are developing services for the U.S. - Latin America transmission corridor.

Table: Global Wire Money Transfer Market Share, by type network

Table: The Cost to Send $200 to Latin America as a % of Amount (2000, 2004)

Table: U.S. Bank Money Transfer Products

Regulation of the Industry

·         Review of state regulations.

·         Review of federal regulations.

Industry Size, Growth, Forecasts

·         Industry revenues for 1999 through 2004 - discussion & analysis

·         Industry revenue projections for 2005 through 2008

Table: Number of Western Union and Moneygram Agents Worldwide (1999-2004)

Major Competitors

In-Depth Profiles for… (Headquarters location services, detailed 2002-2004 financials).

·         Moneygram International

·         First Data Corporation

·         Vigo Remittance Corporation

The U.S. Pawnshop Industry      ($395)                                                

Nature of the Business

·         Earliest form of consumer lending.

·         Highly fragmented industry that is concentrated in the southeast and southwestern portions of the U.S.

·         The pawn loan process - discussion.

Emerging Industry Trends

·         Pawnshops are entering the payday loan market. 

Pawnshop Customer Demographics (by age, race, gender, income, etc.)     

·         Review of the Georgetown study - major findings

Regulation of the Industry

·         Review of state regulations.

·         Review of federal regulations.

Table: State Regulations on Pawnshop Interest Rates and Fees

Table: State Pawnbroker Associations - contact and phone.

Industry Size, Growth, Forecasts

·         Industry sales and number of units for 1999 through 2004 - discussion

·         Industry sales and number of projected units for 2005 through 2008 - analysis

Table: International Gold Prices (1999-2004)

Major Competitors

In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).

·         Cash America International, Inc.

·         Cash America International, Inc

·         EZCORP, Inc.

·         First Cash Financial Services

The Payday Loan Industry   ($395)                                              

Nature of The Business

·         Fastest growing segment of the alternative financial services industry

·         The standard and bank business models - discussion

·         CFSA industry Best Practices. Guidelines.

Table: Comparison of Standard Payday and Bank Payday Loan Models

Emerging Industry Trends

·         Check cashing services and pawnshops are entering the payday loan market - analysis

End-User Demographics - Who is the Payday Advance Customer?

(by age, income, amount of loan, gender, reasons for loan, etc.)

·         Review of the Georgetown Study - major findings

·         Review of the IO Data study - major findings

·         Advance America’s customer demographics.

Regulation of the Industry

·         Review of federal regulation

·         Review of payday loan terms and interest rates

Table: Comparison of Payday Loan Terms and Interest Rates by State

Industry Size, Growth, Forecasts                                                                   

·         Industry sales and number of units for 1999 through 2004 - analysis

·         Industry sales and number of projected units for 2005 through 2008

Table: Payday Loan Outlets by State - number.

Payday Loan Industry Financials & Profit Margins

·         Review of the Flannery and Samolyk study - major findings.

·         Discussion of composite industry financials.

Table: Payday Loan Outlet Composite Income Statement for a Typical Unit.

Table: Payday Lender Loan Portfolio Characteristics

Table: Customer Loan Activity (no. of customers, loans, other metrics)

Major Competitors

In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).

·         Advance America Cash Advance Centers, Inc.

·         World Acceptance Corporation

·         QC Holdings, Inc.

Reference Directory of Trade Associations & Sources                

·         Address, phone, contacts for major trade groups, consultants, list of industry studies and articles, Wall Street analysts/research reports.