Cash America 2007 Annual Report Download - page 8

Cash America International, Inc.
6
Advances in convenience
Cars break down. Unexpected bills arrive. Children
need medical care. Whatever the reason, Cash America
customers need money, and they need it now. Easy-to-use
and understand, fast and convenient solutions are what
our customers seek. Cash America has advanced its loan
products to include both traditional pawn loans and cash
advances – also called payday loans – because not all
customers choose a traditional pawn loan to satisfy
their needs.
Like a pawn loan, a cash advance is quick and easy. A
customer chooses this convenient solution by bringing in
paperwork such as a current pay stub, bank statements
and utility bills, and applies for a short-term loan. The
customer signs a promissory note and related documents
and, in many cases, leaves a personal check for the loan
amount plus fees. The customer has the option of paying
off the loan in cash or allowing Cash America to deposit
the check or electronically process the payment at the end
of the loan term, which is oriented to the customer’s future
pay date – usually about two weeks.
Unlike a pawn loan, a cash advance is based on the
Company’s assessment of a customer’s personal credit,
with no collateral, and is typically larger than the average
pawn loan. A customer with an active checking account
who qualifies under our applicable internally developed
proprietary scoring models has access to this
option for quickly getting the funds needed.
In 2007, Cash America extended over $2 billion in cash
advances – up from $1.2 billion in 2006. As with pawn
loans, Cash America leads the way in advancing the
industry standard of “fair practices” in an effort to make
the cash advance product as equitable and beneficial for
our customers as possible.
To further advance customer convenience, Cash America
began offering cash advances over the Internet in late
2006 through its wholly owned subsidiary CashNetUSA,
a leading provider of online cash advances. Through
CashNetUSA, customers in 32 states can arrange cash
advances via the Internet. It’s another quick and easy tool
to access funds – customers submit an online application
and are typically notified of approval within minutes.
Funds are electronically deposited into the customer’s
bank account, eliminating the need to travel to
a lending location.
The first “horseless carriages”
outperformed their equine contenders
in terms of speed – and man didn’t
stop there. Through the years, we’ve
pressed for advances in sleek, swift
ways to reach our destinations.
Destinations are paramount to Cash
America customers, and our options
ensure that they can find the right
product to get them there. Vehicles
Advances
C
O
M
M
U
N
I
T
Y
F
I
N
A
N
C
I
A
L
S
E
R
V
I
C
E
S
A
S
S
O
C
I
A
T
I
O
N
O
F
A
M
E
R
I
C
A
A
C
o
m
m
u
n
i
t
y
o
f
R
e
s
p
o
n
s
i
b
l
e
L
e
n
d
e
r
s
Member 2007