LAS VEGAS, Nov. 17, 2011 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (OTCQB:IFSL.PK - News), a fully reporting company listed on the OTCQB, creator and provider of various financial products and services for businesses and individuals reports that Dollars West, Inc. a wholly owned subsidiary of the Company has filed an application to become a lender in the $42 billion payday loan sector of the financial services market.
"It is time for Ideal to take the next step in the payday loan vertical and to combine direct lending with our existing financial software platform," stated Steve Sunyich, Chief Executive Officer. "We have been providing our financial software that helps Americans better manage their debt and income to a multitude of payday loan lenders and we now have the resources and ability to provide direct loans to our customers. After our application is approved, which we anticipate happening within the next thirty days, we will then be able to offer a borrower both the short term funds they need to help them avoid the pitfalls of having limited cash and incurring expensive bank fees while providing to them the long term guidance to potentially prevent such a need in the future."
"Our entry into this market is not just about adding additional revenue for Ideal Financial and our shareholders, but also helping those who need to take a high interest short term loan and giving them the tools to improve their personal financial condition," Sunyich added. "The payday loan industry is clearly becoming the convenience store of lending, providing individuals unable to secure much-needed loans from risk adverse traditional banks with an opportunity to obtain the funds to pay their bills. We believe that the lending market is evolving and short term lenders will continue to provide an important service."
According to a 2011 article in the Nashville Ledger, payday loans have become a $42 billion-a-year industry.
