The Community Financial Services Association of America (CFSA) came about in 1999 as concerns about the virtually unregulated payday loan industry started to grow. The intention of the CFSA is to ensure consumer confidence and the long-term success of the industry. Quick cash loans are the fastest growing financial industry in the United States. In late 2010, there were nearly 24,000 locations and more than half are members of the CFSA.
What is a Payday Cash Loan?
It is a short-term loan, generally under $1500, with a payback time of between 7 and 30 days. Payday lenders are usually independent financial services and aren't regulated in the same way as a bank or credit union. These small loans are designed to provide a cash bridge to cover an unexpected expense before the next employment-related paycheck arrives. They can be used for any purpose.
