Cash America 2004 Annual Report Download - page 6
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20 Years of Service
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Advancingintonewterritory.
Ourcashadvancelocationsreach
customerswithaproductthatisin
hugedemandandcontinuestogrow
inpopularity.Unlikepawntransactions,
acashadvanceisanunsecured
loan.Customersbringinproper
paperworksuchastheircurrentpay
stubs,bankstatementsandutility
billsandapplyforashort-termloan.
Weareabletoaccessourcentralized
underwritingnetworktoapprovethe
loaninminutes.Onceapproved,the
customersignsapromissorynote
andrelateddocumentsandleavesa
personalcheckfortheloanamount
plusfees.
Thecustomerhasthe
optionofpayingofftheloanincash
orallowingthelendertodepositthe
Purchased 18-store chain
of pawnshops – Express
Cash International Corp.
based in San Antonio, Texas.
1993 Cash America loaned
its one billionth dollar.
1994
Entered check
cashing business
through the acquisition
of Mr. Payroll
Corporation.
1994
International presence
expanded to two foreign
countries through the
acquisition of a 10-store chain
based in Stockholm Sweden –
Svensk Pantbelåning.
Completed the
implementation of fully
integrated proprietary point
of sale system in all U.S.
locations.
1994
Company purchased
15% of outstanding shares
in Dutch Tender Offer
for total investment of
$40 million.
1995
Company expanded into
the rent-to-own industry through
the 2-store acquisition of
Rent-A-Tire Corporation.
1995
“
Cash America offers
training and development
programs oriented to
enhancing customer service
and building on successful
business practices.”
checkattheendoftheloanterm.
Mostcashadvanceloansarefor
approximatelytwoweeks,although
theycanextendaslongas45days.
Theaveragecashadvanceamountis
about$336,comparedtotheaverage
pawnloanofabout$74.
Thegrowthinpopularityof
thisproductmirrorsCashAmerica’s
growthstrategyforthisyear.Inorder
tobringthecashadvanceproduct
toourcustomers,especiallyinareas
notwellsuitedforafullpawnlocation,
in2004we’veadded27newCash
AmericaPaydayAdvancelocations.
We’vealsoreachedouttonewmarkets
throughacquisitions,including121
Cashlandstorespurchasedin2003.
8 9
Opened 300th
pawnshop in Kansas City,
Missouri; operating 271
stores in 13 states and 29
locations in the United
Kingdom.
1994
1994