Dollar Financial Corp. has announced its purchase of Purpose U.K. Holdings Ltd. has been given the green light by the British Office of Fair Trading.

The acquisition will cost Dollar Financial $195 million. Purpose U.K. Holdings operates the online lender PaydayUK. The deal was initially unveiled in December, 2010.

Dollar Financial says it will combine cash and its recently expanded $200 million revolving credit facility to fund the purchase.

PaydayUK was launched in 2003 and provides short-term loans to U.K. resdents through the Internet and by telephone.

Dollar Financial, has more than 350 U.K. stores in Britian that provide payday loans and pawn loans. The company also buys gold and offers a check cashing service.