First America Cash Advance is a subsidiary of Cash America, both of which are part of Grupo elektra, a banking, consumer finance, and specialty retailing conglomerate.
The core products of the brand, which has been in operation since 1997,
include payday loans, which are short-term consumer loans, to cover
often unexpected, emergency expenses.
For many, these loans are an alternative to paying high fees on bouncing checks or fees on late payments.
These are NOT, however, solutions to long-term financial problems and money worries, but rather, as a short-term bridge, typically over a couple of weeks, until the next payday.
First America, as part of Cash America, is a founding member in Community Financial Services Association (CFSA), a leading payday loan industry association.
Due to this, they follow the association's "Best Practices" guidelines, which you should read through from the association's website, to get a feel on how the company operates.
Although the brand is most often associated with payday cash advances,
they also offer MoneyGram services (money transfers, money orders, and
bill payments), tax services and gold buying to their customers.
Their loan products are available as regulated under both federal and state laws.
Even people with bad credit may apply for the firm's payday loans, as the application process does not consider the customer’s FICO score.
However, they may evaluate the customer's creditworthiness by using a custom scoring model, developed by Experian.
According to the firm's website, after an approved loan, you write the company a check for the loan amount plus the fees.
Then, they give you the approved loan amount on the spot, and you return to the store on the due date for repayment, to pay off the loan in cash and to get the personal check back.
The requirements for getting a loan, maximum available loan amounts, and fees associated with the loan vary from state to state, because of the individual state laws.
You can find out these details from the company's official website.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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