Company Information
Advance America Cash Advance is one of the nation's leading payday loan companies. The company was founded in 1997 and since then has helped millions of hardworking Americans overcome financial challenges.
Since 1997, the company has grown in size and scope, developing a strong national presence based on consumer demand, responsible management and a corporate culture that promotes accountable lending and courteous customer service. As guidance for daily business, all Advance America employees follow the Company Creed. Respect Your Customers: We treat our customers with dignity and courtesy at all times. Respect Your Associates: We treat our associates as we would like to be treated. Respect Yourself: We work hard and use good, ethical judgment in everything we do. Respect the Law: The Law is there to protect us and our Customers.
Advance America is listed on the New York Stock Exchange and is a founding member of the Community Financial Services Association (CFSA), an industry trade group. As a leader in the payday lending industry, we hold ourselves to the highest standards and serve as an example of the professional benchmark that financial services companies can achieve.
About our service. Advance America Cash Advance provides convenient access to funds that help working people meet their financial obligations. Our customers choose a cash advance as a dignified, discreet and often less-costly option for addressing cash flow problems, without asking family or friends for money or risking personal items as collateral. About 70 percent of our customers choose payday cash advances for convenience; only 6 percent do so because they feel there are no other alternatives. Approximately 92 percent of our customers say a cash advance is a useful service and 90 percent say they are satisfied with their understanding of the terms and costs.
Many of our customers choose payday advances as a cash-flow solution which most financial institutions find difficult to offer. Our customers say they appreciate having access to a product that has a one-time fee compared to the costs and other consequences related to bouncing a check, missing a credit card payment or neglecting an outstanding bill.
Advance America recognizes the importance of providing safeguards around our product that are in the best interest of our industry and customers. While preserving access to funds for thousands of consumers who need it, Advance America has worked with state and local officials across the country to craft reasonable regulations to address customers who may have existing financial difficulties, misuse our product and put themselves in financial jeopardy. And we strongly support programs that raise consumer's awareness about financial literacy, and efforts to educate them about making sound long-term decisions related to their money. We also believe that consumers should always carefully consider their options and ability to repay when they take out a payday advance or use any kind of credit.
Advance America seeks to promote laws that provide substantive consumer protections and to encourage responsible industry practices. Thirty-seven states and the District of Columbia have approved regulations on the industry.
How a payday loan works. To secure a payday loan, a customer visits a cash advance location, presents identification, a pay-stub or other evidence of income and a bank statement. After completing an application form, the customer signs an agreement and writes a personal check for the amount of the cash advance plus a fee. The customer receives cash or a check for the advance amount and returns on an arranged date to repay it and reclaim his or her personal check.
A payday advance must be paid back within a specified time period, typically two weeks, and unlike other financial services, the fee does not compound interest. Our product provides a proportionate remedy to meeting working people's financial needs; in turn, our customers report that they are happy with our services, registering very few complaints.
About our customers. The median household income of an Advance America customer is $41,000, and the average age of a cash advance customer is 39. More than 85 percent of our customers have a high school diploma or better, and 52 percent have some college experience (or a degree). Nearly half of our customers own their own homes. And 100 percent of them have a steady income and active checking account-requirements for a cash advance.
