Payday Loan Company Expands

Payday loan company CashNow is expanding into Hong Kong, China and Taiwan. The expansion will be managed through its office in Adelaide, Australia. The company currently operates joint ventures in the US, UK, Canada and Australia in the cheque cashing and payday loan sector. Payday loans are offered online through its internet lending portal.

The Asian expansion will take advantage of a growing credit card sector in China, which is expanding the use of credit cards in preparation for the 2008 Beijing Olympics. Current figures from Chinese officials suggest that there are just 5 million credit cards in the country and more than 50 million people who might be eligible for a credit card.