Cash Advance Industry and RegulationsMany working Americans turn to a cash advance company to meet their financial obligations when money is tight. We are a cash advance company that can provide you access to the funds you need quickly. Obtaining a cash advance is an option many Americans turn to when they are having a cash flow problem and find that this is a much better choice than writing a check to cover a bill only to have it bounce and incur even more expenses. Rather than missing an important payment, many Americans opt to take out a cash advance instead. Millions of people just like you have benefited from our products and have been able to avoid late fees and interest on their credit cards. Obtaining a cash advance can also help you to avoid penalties for non-sufficient funds and other penalties associated with missing payments.
At some time or another, everyone experiences financial difficulty and when that time comes, consumers have the option of obtaining cash advances to see them through the rough times. Perhaps you have a medical emergency or your car breaks down; anything can happen to upset your cash flow and cash advances can be used to pay for these unexpected expenses and help you to get back on your feet. If consumers use cash advances in a responsible manner and repay the advance in a timely manner, they can have the peace of mind that this option is intended to provide. Cash advances need to be repaid within a predetermined amount of time; usually two weeks. The good news, however, is that cash advances do not compound interest in the same way that other financial products do. What this means for consumers is that cash advances can offer the solution they are looking for that is also affordable when short-term unexpected needs arise.
Most consumers who use cash advances to meet their short term obligations do so in a responsible manner and repay them on time. Those who would criticize the cash advance industry are often surprised to learn that our clients have active bank accounts and regular paychecks. Our products make our customers extremely happy; in fact, few customers ever file any complaints.
The cash advance industry welcomes regulations that have been put in place to protect our customers. While customers can rest assured that their interests have been protected by legislation, this same legislation has also preserved their access to the solutions that short term cash advances offer. This should set well with the thousands of customers who find themselves in need of a cash advance each month. The cash advance trade association that we are a part of, the Community Financial Services Association of American (CFSA) willingly supports the kind of legislation that has been put in place to protect consumers and encourage cash advance companies to use sound business practices. There are 37 states as well as the District of Columbia that currently regulate the cash advance industry.
We encourage consumers to think carefully before they obtain loans or use their credit cards. However, thousands of hardworking Americans who go to work every day and make a positive difference in our society find themselves struggling just to pay their bills. Most Americans have little if any money to fall back on when hard times strike. We realize that our customers are facing mounting financial pressures every day and it is our goal to serve their needs in a responsible manner. Any responsible cash advance company will desire to offer hardworking people the solutions they need to manage their cash flow problems and keep their credit scores clean. At the same time, responsible cash advance companies will offer their customers the privacy and self-respect they deserve.
All a consumer needs to do in order to obtain a cash advance is to bring ID, proof of income, and a bank statement to a cash advance company. The consumer will need to complete an application and sign the cash advance agreement. The customer will then need to write a personal check for the amount of the cash advance along with the fee that the cash advance company charges. Generally, consumers can expect to pay about $15 for a $100 loan. Once all of the paperwork is completed, the cash advance company will issue a check for the amount of the advance. When the consumer receives their paycheck they will return to the cash advance company and repay the advance. At that time, the cash advance company will return the consumer's personal check to them.