Business partners Michael G. Rinoldo of Flushing and Paul Stark of Fenton have become the master franchisee for Michigan. They said their first Michigan unit will open this month at 2885 Bay Rd. in Saginaw. Philip Locke, president of Royal Oak-based Advantage Cash Corp., announced the agreement.
"Our concept is based on good customer relations and loans at competitive rates," Rinoldo says. "The business model was used by Phil with Cash Now, a chain of similar stores he built in metro Detroit from zero to 30 in six years and doubled his number of stores last year by adding 14 stores. Payday advances are one of the fastest growing segments of our economy. Just last year, four more national payday loan companies moved into Michigan."
Locke says the company plans to open some 1,800 Advantage Cash Advance units in 36 United States where payday loans are legislated.
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