Cash Advance Fact Sheet

Brand Names: Cash America, Payday Advance, Cashland, Cash America Pawn and SuperPawn
 
A cash advance is a small, unsecured, short term loan typically due on the customer’s next pay period. Customers choose this option to cover small expenses or to avoid costly bounced checks, overdraft protection fees or late payment penalties for bills or credit card balances. This is a convenient option for customers who need quick access to money when facing unexpected expenses.
 
Cash Advance Locations 1
Cash America offers cash advances in 14 states in the United States: AK, AL, CA, FL, IN, KY, LA, MI, MO, NV, OH, OK, TN and UT

Typical Cash Advance Customer
  • A typical cash advance customer is 35 years old or younger
  • On average, cash advance customers earn up to $50,000 per year
  • More than 90 percent of cash advance customers repay their loans on time and use the product responsibly
  • Approximately 32 percent of cash advance customers are homeowners
  • 56 percent of cash advance customers have some college education or a degree
  • A cash advance customer’s average time in current employment is four years
Cash Advance Facts
  • The average cash loan is $350
  • Cash advance loans are used by more than 25 million Americans annually
  • Typically, a cash advance has a two week loan term and is regulated by state laws (they are not designed to be used as annual loans)
  • Cash America abides by all federal and state laws when refinancing loans
  • Cash America and its affiliates are members of the Community Financial Services Association (CFSA) and licensed in each state where business is conducted
  • The typical fee for a cash advance is $15 per $100 borrowed (15 percent for a two-week duration)
Items Needed to Obtain a Cash Advance *
  • A valid driver’s license or other form of state−issued photo ID
  • A preprinted check
  • Most recent bank statement
  • Valid phone number and proof of street address
  • Proof of income, recent pay stub or another form showing Social Security number and take home pay
How a Cash Advance Works *
  • Cash America confirms that the customer has all items needed to obtain a cash advance
  • A nationwide credit database is used to assess the customer’s ability to repay the loan
  • If approved, Cash America explains the terms of the cash advance
  • The customer reads and signs an agreement containing disclosures, including those required by the Truth in Lending Act
  • The customer writes a postdated personal check for the amount of the advance plus the fee
  • Cash America advances the borrower’s funds, but holds the check until the agreed upon date (typically two weeks)
  • The customer returns with cash to reclaim the check, the check is deposited or the customer’s account is debited
*May vary by state. See http://www.cashamerica.com/LoanOptions/CashAdvances.aspx for more details.

1As of May 2012

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