Cash America 2010 Annual Report Download - page 15
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Whether for a medical bill, an
unexpected home repair or a set of new
tires, our customers need fast access to
emergency funds. The solution
can be a short-term secured non-
recourse loan, commonly known as
a pawn loan, or it may be a short-term
unsecured consumer loan.
At Cash America, our traditional
pawn loan has always been a quick
and easy option for a financial challenge.
The customer simply offers an item
of personal property as collateral in
exchange for a small, short-term loan
of typically less than $100.
Within minutes, the customer
receives a loan based on the property’s
expected resale value. The customer
may then return and pay the loan
balance, plus fees and service charges,
to redeem the item at any point during
the loan period – or the customer may
choose to surrender the collateral as
payment in full, with no negative effects
on personal credit scores. Cash America
offers loans on a variety of items,
including gold and diamond jewelry,
electronics, musical instruments, tools
and more.
Our professional and friendly
customer service associates use all
the research tools at their disposal to
determine an item’s value and allow
customers to get the loans they need.
We also have an internal pricing and
research department that reviews
thousands of items to ensure that our
loan values are in line with the general
marketplace for pre-owned merchandise.
Our associates are professionals who
are trained in all aspects of our business,
including extensive education on the
products we receive and sell.
Roughly 70 percent of our pawn
customers come back to reclaim their
items, but in the cases of
those who don’t, our retail
customers then find a selection
of attractively priced merchandise.
In fact, our pawn stores are
bright, appealing environments for
bargains on everything from jewelry
to musical instruments and electronics.
Our products carry a 30-day satisfaction
guarantee, and our stores offer a layaway
program that only requires a 10-percent
down payment with small monthly
installments.
Depending on the customer’s specific
need, our unsecured consumer loan
process is also a simple and effective
option. Customers provide paperwork in
our lending locations, such as current pay
stubs and bank statements, in order to
apply. Once they’ve signed a promissory
note and related documents, they may
also leave a personal check for the loan
amount plus fees. At maturity, customers
may choose to pay off the loan in cash
or allow Cash America to deposit their
personal check or electronically process
their payment – usually within two weeks.
Unlike a pawn loan, the consumer
loan is based on the Company’s
assessment of the customer’s personal
11
U.S. Pawn
Collateral/Merchandise Mix
(as of December 31, 2010)
Jewelry 62%
Electronics 15%
Tools 7%
Musical Instruments 3%
Other 13%