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  • Finance business QuickFee (QFE) has increased its existing debt facilities in the U.S. and Australian markets to meet the growing demand for payment plans
  • QuickFee’s U.S. lender has agreed to double its existing debt facility to US$10 million (around A$14.53 million) and increase the borrowing ratio from 80 per cent to 85 per cent
  • Meanwhile, the company’s Australian debt provider has increased the company’s facility limit by $5 million
  • Now, the total Australian facility limit sits at $25 million
  • Company shares are up 7.69 per cent on the market today, trading for 56 cents per share

Finance business QuickFee (QFE) has increased its existing debt facilities in the U.S. and Australian markets to meet the growing demand for payment plans.

United States

QuickFee’s current U.S. lender, Global Credit Investments, has signed agreements to double its existing US$5 million (roughly A$7.26 million) debt facility and increase the borrowing ratio from 80 per cent to 85 per cent.

“This increase in the facility was necessary given the narrowing of existing headroom on the back of strong U.S. loan growth in recent months,” the company said.

The facility has been enhanced by allowing loans from clients of law firms, which comprises up to 20 per cent of the utilised facility balance.

The US$10 million (around A$14.53 million) will help QuickFee capitalise on the strong demand for its payment plans in the U.S. market.

Australia

The company’s Australian debt provider, Lease Collateral (LC), has increased the facility limit of debt funding of Australian receivables by $5 million. The total facility limit now sits at $25 million.

QuickFee says this shows the long-standing relationship it has with LC and will allow it to fund the anticipated further growth in its loan book across the Australian market.

Company shares are up 7.69 per cent on the market today, trading for 56 cents per share at 2:00 pm AEST.

QFE by the numbers
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