Pawn and payday lender First Cash Financial Services Inc said it pared down its payday lending operations, as it adjusts to the increased regulation of its core business. U.S. payday lenders -- who offer loans that cover a borrower's expenses till the next payday -- are hurting as states begin to implement laws limiting the interest rates that can be charged on the short-term high interest loans. First Cash, which owns and operates 614 stores in eight U.S. states and 21 states in Mexico, sold its payday lending operations in Illinois before new laws are enacted in late March that would make the business less profitable in the state.
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