Dollar Financial Corp. said Tuesday that it plans to offer 5 million shares of its common stock to help fund its purchase of a payday loan company in England.

Dollar Financial which offers financial services like check-cashing mostly to lower-income customers, didn't say in its news release how much it expects the offering to raise.

But it said it plans to lend the money to its subsidiary Dollar Financial U.K. Limited, which bought payday lender Purpose U.K. Holdings on Friday for $195 million using revolving credit.

Dollar Financial will grant the underwriters an option to buy up to 750,000 additional shares to cover over-allotments, if any. Credit Suisse Securities LLC and Nomura Securities International Inc. are serving as joint book runners.

The offering was announced after the markets closed Tuesday, and Dollar Financial's shares initially fell more than 4 percent after hours. They settled around $21.77, down 38 cents, or less than 2 percent