Consumer Credit Counseling Service of Seattle/Oregonand Fast Cash Loans Team Up for Consumer...

SEATTLE--(BUSINESS WIRE)--Aug. 31, 1999--

In a strategic alliance that's believed to be the first of its kind in the nation, Consumer Credit Counseling Service (CCCS) of Seattle has joined with Fast Cash Loans (FCL) to help educate consumers on how to deal with their debts and to manage

The strategic alliance announcement coincides with recent U.S. Department of Commerce reports that the nation's savings rate is at a record low, with spending rising faster than incomes.

Under the alliance, FCL branches will make available through CCCS financial education, planning and counseling services to its customers free of charge. Consumer Education is the first joint initiative between CCCS and FCL. The two companies are currently exploring other mutually beneficial client initiatives.

"When Mike Alderson and I compared notes, we found that there is a strong overlap in our client demographics," said Mike Humphries, Chief Executive Officer, PFH, Inc. d.b.a. Fast Cash Loans. "We determined that an alliance of our services would better meet our respective clients' needs. Despite our successful regional economy and strong capital markets, there is a growing number of people who are not sharing in the wealth that's being created; many have a limited capacity to save for emergencies, and when the unexpected happens, people need money quickly and simply."

"Fast Cash Loans has a unique service approach, differentiating itself from other cash advance lenders. FCL's philosophy and caring spirit for their clients and the community makes this an excellent corporate alliance fit," said Mike Alderson, President & Chief Executive Officer of CCCS of Seattle.

"We have a robust economy, but there are troubling signs on the horizon. Many Americans are falling deeper and deeper into debt, especially young people in their late 20s and early 30s. We are extremely pleased to have additional outlets for providing access to our educational materials, workshops and counseling services through Fast Cash Loans branches, as we see a growing need for education," added Alderson.

Currently CCCS services include confidential financial counseling with a certified counselor. The company also provides free workshops on such topics as: "Manage Your Money," "Credit: Using It, Losing It" and "Master Your Money." Other services include confidential financial counseling with a certified counselor.

Specializing in short term loans for $500 or less, Fast Cash Loans has been a leader in the cash advance industry in Washington state for the past four years. Fast Cash Loans has been distributing CCCS brochures since it began its operations. The company will now provide additional CCCS educational materials to each customer. All FCL employees have attended CCCS workshops and are trained to recognize at risk borrowers and refer them directly to CCCS for assistance.

"While FCL serves the short term financial needs of consumers, we also actively provide our clients with an avenue to learn more about their options. Our goal is to help our neighbors move to a positive savings position for the long term and to continue to serve their financial services needs with an expanding array of products. The alliance with CCCS of Seattle provides those learning avenues," said Humphries.

"When consumers are in the driver's seat with financial information and education, the community is strengthened for everyone in the Northwest," said Alderson.

CCCS of Seattle is the pre-eminent non-profit consumer debt counseling and education agency in the Northwest with over 12 locations and more than 100 employees. Operating since 1965, CCCS of Seattle is a professional, accredited agency that has helped over 100,000 consumers find solutions to debt problems and get their lives back on track through education, counseling and advocacy.

Established in 1995, Fast Cash Loans offers accessible, short-term loans through its 10 branches in western Washington. The rapidly growing FCL plans to open six more sites in Puget Sound area between now and January 2000. The company fills the void left by traditional lenders who have moved away from offering, fast and easily obtainable, small consumer loans. Offering personalized service and treating clients with dignity and respect, Fast Cash Loans conducts lending on a handshake and a promise to repay, the way lending used to be done.

Solutions, a nonprofit corporation PFH, Inc. d.b.a. Consumer Credit Counseling d.b.a. Fast Cash Loans

Service of Seattle/Oregon 34507 Pacific Highway South 4220 Aurora Avenue North Suite 3 Seattle, WA 98103-7308

Federal Way, WA 98003