Cash America 2002 Annual Report Download - page 10

Cash America International, Inc.
Convenient check cashing with Mr. Payroll® .
check written for the amount of the
loan plus fees. Terms are usually
about two weeks but can be as long
as 45 days. The customer has the
option to come into any Cash
America location and pay off the
loan in cash or allow Cash America
to deposit the check to
satisfy the obligation at the
end of the loan term.
In addition to
being a shorter-term
option, the typical
cash advance is larger,
with an average loan
amount of $284
compared to a pawn
loan’s $75 average. Cash
America offers this product directly
in many of its locations, and in
other Cash America locations the
product is offered by a third-party
financial institution.
Now more than ever.
As traditional lenders are
tightening lending restrictions, as
people’s schedules get more hectic
and the economy places additional
pressure on household budgets,
people are turning to Cash America
in record numbers. We’re
responding with customer-
first service, attractive
lending locations and more
options. It’s been a good year
for our customers, employees and
shareholders. In the specialty
finance industry, Cash America has
developed a unique and successful
strategy. When it comes to
executing it, we’re right on course.
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Cash America’s wholly owned
subsidiary, Mr. Payroll Corporation,
serves our traditional underbanked
customer base in yet another
important way. Mr. Payroll is
positioned as the low-cost provider
of check cashing services and offers
money orders and other services to
customers in convenient, easy-to-use
kiosks. Mr. Payroll kiosks are located
primarily in convenience stores,
which helps limit overhead costs
and pass the savings back to
customers. These convenience store
chains enjoy the benefit of check
cashing services, which have been
proven to increase customer traffic
and generate increases in sales.
Currently there are 135 franchised
and Company-owned Mr. Payroll
locations in 21 states.