Cash America Pawn ReviewsCash America Pawn is an NYSE-registered company licensed to provide secured, non-recourse loans in the United States. The company has built its reputation for over three decades to become the largest provider of pawn loans in the United States under the parent company - Cash America International. This reputation has been built through the company’s core values of selflessness, honor, and excellence. Company also prides itself in openness with the client while upholding confidentiality. Website: www.cashamerica.com
Founded in 1983, Company works in partnership with sister brands, Cashland and Cash America SuperPawn, to provide pawn loans and related financial services. Company shops are found in over 900 locations spread over 20 states in America. The corporate offices, however, in Fort Worth, Texas.
Cash America Pawn’s focus is to serve individuals that cannot access financial services in traditional financial institutions. The company works in collaboration with other institutions such as the New York Stock Exchange, Community Financial Education Foundation, and Association of Credit and Collections Professionals to this end.
Short-term money are really helpful in case of emergency and for those whose credit status is less than perfect. The rates are also attractive but only for the short-term period. If accumulated in the long term, the loans are very expensive. As such, you should not try to rely on pawn loans as a long-term solution.
Cashamerica.com offers an array of financial services but their primary business is providing secured non-recourse loan. The loans are ideal for individuals that either have bad credit rating and those that require small, quick loans.
The loans are in four categories:
Jewelry and household items such as tools, game systems, firearms, musical instruments, electronics, cameras, and DVDs/CDs can be used to secure this category of loans. The loan application process takes as little as 10 minutes.
Auto title loans
This is a new addition for the company. Organization’s auto title loan feature allows you to borrow between $500 and $1500 on your car. Unlike in the Pawn loan option, you get to keep the car as you pay the principle amount in monthly installments. In addition, the monthly installments are negotiated to a suitable amount based on your income.
Cash advances/Short-term Loans
Cash advances are designed to bail you out those times that the paycheck does not last the entire month. This option ranges from $100 to $1500 depending on regulations of the state in which the borrower resides in. Proof of income, proof of physical residence and bank statements are among the major requirements for cash advances.
Upon the approval of the application, you just need to a personal check to Cash America Pawn. Alternatively, you can authorize them to debit your deposit account electronically for the agreed amount. Your account, however, will not be debited or check cashed out till set period is over.
In the cash advances option, one pays the amount during the next payday. With installment loans, however, the borrower works with the lender to set installments that are paid regularly over a relatively long period of time. The installment amounts are also small and the terms are can be renegotiated. The requirements are similar to those of short-term loans and the amount also ranges from $100 to $1500.
The beauty of such loan system is that the imperfection of your credit score does not matter. However, for ease of repayment and in line with legal regulations, there are minimum requirements for one to be eligible for a loan.
For pawn loans, you only require a valid identification document such as driver’s license, passport, or other state-issued photo ID.
In addition to the identification document, you require the following in order to access other categories:
Proof of income
Other proofs of take-home pay, recent pay stubs or Social Security number are also admissible
- Most recent bank statement
- Valid checkbook containing pre-printed checks
- For short-term and installment loans
- Valid phone number and proof of physical residence
Company has designed its application and repayment system to suit the client’s needs and ability to repay. The borrower discusses with the employees to set appropriate installment amounts and repayment period.
It has also liaised with banking institutions to make the repayment process much easier for the client. That clients’ ability to repay using debit cards and checks further simplifies the process.
The application process is also very client friendly. Once the documents have been verified, the client receives the loan in cash in a matter of minutes.
Cash America Pawn has different APR rates and fees depending on the state the pawn shop is located. In California, for instance, the APR rates are 460% and the fees range between $9 and $45.00. On the other hand, Texas has a 14 day APR of 533.42% and fees ranging from $20.00 to $300.00.
Smaller Payments, longer repayment period
The borrower can pay small installments over a long period of time. The repayment period may be as long as several months.
During the application process the client can negotiate for terms of repayment that best suit his or her budget.
The Installment Loan plan allows the borrower to ask for bigger loans that thy can repay in installments. The short-term loan amount is also relatively bigger.
No Early-repayment Penalty
Company does not penalize borrowers for paying the amount earlier than stipulated. In fact they encourage you to pay off as early as possible. If one pays early, the Cash America may credit some amount of the fees.
Keep the Car While Servicing Auto Loan
The auto-loan plan allows the borrower to keep the car and continue using it while he or she continues to service the loan.
After the first payments, the client may take another loan on top of the owed amount.
Website has over 100 shops in 20 states. The headquarters are in Fort Worth, Texas.
The cash advance services, however, are in 11 states: Alaska, California, Indiana, Kentucky, Louisiana, Michigan, Missouri, Nevada, Ohio, Tennessee, and Texas.
(Choose One )The various Cash America Pawn offer temporary promotional discounts. Quality pre-owned merchandise is sold for up to 70% off marked retail prices.