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The Berwyn, Pa., payday lender and check casher Dollar Financial Corp. said its board approved a plan to buy back up to $7.5 million of stock, the maximum allowed under its credit facility.

Jeff Weiss, Dollar's chairman and chief executive officer, said in a press release Monday that his company's "strong balance sheet provides ample cash to finance our various growth initiatives." The buyback plan "reflects our confidence in the markets that we serve."

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