Cash America 2000 Annual Report Download - page 8

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worldwide. Their hard work and dedicated
e ff o rts to make Cash America the best are
the primary reasons the Company has
achieved its status as market leader.
Base Lending Business
At the heart of Cash America’s
lending activities is the secured non-
recourse loan, known more commonly as a
pawn loan. Small loans to individuals
s u p p o rted by items of personal assets have been a part
of history since currency was first accepted in
exchange for goods and services. The origination of
the pawn loan transaction can be traced back over two
thousand years to Romans and Greek traders. Today it
is estimated that there are over 10,000
businesses offering pawn loans in the
United States alone and
similar business
transactions are conducted in almost every
c o u n t ry in the world.
Customers enjoy the fast, efficient and
confidential nature of the pawn loan. On
the occasion of an immediate need for
cash, such as an automobile repair bill,
doctor visit or work interruption, Cash
America provides the customer a
convenient opportunity for a short - t e rm
loan to meet that need. In all cases, the
customer simply brings a common item
of personal pro p e rty to a Cash America
location where it will be held in the
c u s t o m e r ’s name as collateral for a
s h o rt - t e r m loan. Loans made in
the United States are typically for ninety
days, but the average days outstanding is about fort y -
five days. Loans originated in foreign lending locations
a r e for six months. The item of collateral is safely