Advance America Employees, Supporters Speak Out
More than 50 employees of Advance America and other cash advance providers, customers and other supporters recently attended a public meeting of the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board in Los Angeles.
Wearing stickers that read "My Credit, My Decision," supporters of short-term credit options packed the meeting room. During the public comment portion of the meeting, they explained the value of cash advances to the customers and communities we serve, and shared positive personal experiences.
Some attendees recounted a time when a short-term loan helped them through a medical emergency; others shared how short-term credit helped them take control of their financial lives.
A representative from Cash America Payday Advance summarized the diverse nature of the payday loan service and our customers in her comments before the advisory board:
We are not a one-size fits all society. Payday loans are a choice; it is diverse. We see people from many different walks of life and cultures. From many pay ranges, from hundreds of dollars to thousands. We see people that work in our schools and on our medical facilities, to those who work in our restaurants. We see young and old. We are a diverse option.
Our employees and advocates helped to challenge criticisms of short-term lending, and educated the advisory board and audience about the important role companies like Advance America play in the consumer financial services marketplace.