Cash America 2012 Annual Report Download - page 21

As a leader in the short-term cash advance industry
and a member of the Community Financial Services
Association of America (CFSA), Cash America acts as a
responsible lender and applies the industry’s best practices
as it serves customers.
These best practices include:
1. Full disclosure of terms and conditions to each
customer and abiding by all requirements of each state,
including the Federal Truth in Lending Act;
2. Compliance with all applicable laws;
3. Truthful advertising;
4. Encouraging customer responsibility;
5. Limiting rollovers by the customer to four or the state
limit, whichever is less;
6. A one-day right to rescind at no cost to the customer;
7. Adherence to appropriate collection practices,
including applicable provisions of the Fair Debt
Collection Practices Act;
8. No threat of criminal action against a customer who is
delinquent on his or her account;
9. Enforcement of the industry’s self-policing best
practices and reporting violations to the proper
authorities;
10. Support for responsible legislation of the industry that
incorporates these best practices;
11. Offering customers an extended payment plan;
12. Internet lending licensed under state law where
customers reside, where required; and
13. Display of the CFSA membership seal to alert
 customersofthestore’safliationwiththeCFSAand
the store’s adherence to these best practices.
To review a full description of these best practices, visit the
CFSA’s website at www.cfsaa.com.
Cash America strives to provide its customers with
borrowing options that best t the individual customer’s
needs. Research indicates that the cash advance option
is typically the lower-cost option for the customer when
compared to certain other alternatives, provides an
important source of much-needed capital from a licensed
and regulated provider, and enhances the welfare of the
community. To review additional research papers, please
refer to the Cash America website at
www.cashamerica.com.
We are also a member of the Online Lenders
Alliance (OLA) and Consumer Finance Association (CFA),
and we apply a similar set of best practices established
by OLA and CFA to our online lending activities.
The OLA and CFA best practices may be found at
www.onlinelendersalliance.org and www.cfa-uk.co.uk.
$410
$390
$370
$350
$330
$310
Comparative Data
Average Insufficient Funds/Overdraft Protection Paid
Per Banked Household
USA States
w/o Cash
Advance
States
with Cash
Advance
Source: Bretton Woods, Inc.; 2009 Analysis of Bank and Credit Union NSF/ODP Programs,
published February 2010.
$376
$407
$361
$60
$50
$40
$30
$20
$10
$0
Consumer’s Choice
A Comparison of the Alternatives: Payday Loans (PDAs) Are Cheaper;
The Consumer Gravitates to the Best Deal
$100 Payday
Advance
Overdraft
Protection Fee on
$100 Transaction
Credit Card
Late Fee on
$100 Bill
Bounced Check +
NSF Merchant Fee
on $100 Transaction
Source: Community Financial Services Association of America.
$15 Fee
$29 Fee
$58 Fee
$37 Fee
Acting responsibly and serving customer needs
Proud Members Of:
Community Financial Services
Association of America (CFSA)
www.cfsaa.com
Online Lenders Alliance (OLA)
www.onlinelendersalliance.org
Consumer Finance
Association (CFA)
www.cfa-uk.co.uk
CASH A M E RICA INTER N A T I ONAL, INC .
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