Introducing Cash America Pawn
Cash America pawn is an international financial service for special needs loans. Cash America International offers its services to almost all of the United States with close to 1,000 branches nationwide. Cash America Pawn is one of the services of Cash America International. This service is available to more than 500 branches over 21 states. Also known as SuperPawn, Cash America Pawn seeks to give individuals the financial tools that are seen by many as the last recourse. Aside from Cash America Pawn, the service also offers short term pay day advances. Cash America International holds a considerable financial network of high-risk loan providers not only in the United States but in the United Kingdom as well. In addition, Cash America also owns online services like Cash Net USA (www.cashnetusa.com) and Quick Quid (www.quickquid.co.uk).
Cash America USA was established in Irving, Texas in 1983. This company started with only one pawnshop in operation. A dramatic one-year growth in 1984 allowed the company to be incorporated as Cash America Investments Inc. After 6 years, the company was listed in the New York Stock Exchange with generous capitalization which allowed them to acquire Harvey and Thompson in the UK. After opening its 300th store in 1994, the service which was once a pawnshop market has now extended to payday advance loans. Cash America opened its 500th pawnshop in 2008.
Cash America Pawn
Cash America Pawn is one of the most successful services of Cash America. Pawn loans are last recourse loans where collateral is given value so that the lender can borrow money. The collateral can be almost anything from gold and diamond jewelry, bracelets, brand watches, and coins. Aside from jewelry, you can also surrender tools and equipment, electronic gadgets, appliances, cameras, and firearms. You can talk to a customer service representative on what specific items can qualify as collateral.
Cash America Pawn offers quick loans so that borrowers will not be left stressed with credit checks. The value of the loan is based on your collateral and depending on individual state laws. You may have a loan term up to 30 days, plus another 30 days grace period. If you cannot pay back the loan within the loan term, you can apply for an extension or renewal of the loan so that you can buy extra time. As a last recourse, you can surrender the collateral in full in order to repay the loan, in which you need to rescind your claim to the collateral.
Extending or Renewing the Loan Term
Depending on your individual's state law, you have three options to consider if you cannot pay the loan fully by the due date. First you may get an extension for the pawn loan. An extension essentially increases the length of the loan so that you can have more time to pay. In an extension, the borrower is required to pay a part of the accrued interest on the loan. The portion of the interest that needs to be paid varies by state.
A loan renewal means that a new loan is handed out on the same item. With a renewal, the full interest is paid on the current loan before a new loan is written. The value of the principal remains the same and the date of the loan term is adjusted like it is a new loan. If you cannot extend or renew the loan, you may choose to surrender the item, in which case the claim of the borrower is forfeited.
Knowing the Value of Your Collateral
The amount of the loan that you can get will be based on the value of the item. The value of the item is depends on the appraised value, the condition of the item, and the risk or the ability to sell the item. Cash America Pawn uses state of the art tools to give fair value to the item and get the client the most money.
The value-labeling of collateral depends on what kind of item is surrendered to the lender. As an example, jewelry is assessed differently than DVD players. Appraisers will find the probable resale value of the item and base the loan value from it. Cash America Pawn has an in-house research department to assess thousands of items and ensure that the true value of the item will be given.
Pawn Loans and Regulations
Pawning is a regulated financial service in the United States and it has been regulated for decades. Local authorities have their own set of regulations on top of the laws such as the Truth in Lending Act, Equal Credit Opportunity Act, Patriot Act, Fair Credit Reporting Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. The Federal Firearms Licenses deals with shops that have firearms. This battery of laws is implemented by government agencies like the Federal Trade Commission, Bureau of Alcohol, Tobacco, Firearms and Explosive, and the Treasury Department.
Cash America Pawn is a duly licensed pawn loan and cash advance provider. They continue to serve people by giving another financial avenue so that individuals can cope with their expenses. Visit their website at www.cashamerica.com or you can contact them in their Field Support Center Office by calling (817) 335-1100. You can also e-mail them at email@example.com. You can also visit their contact page (/www.cashamerica.com/ContactUs.aspx) for specific matters such as career opportunities, franchising, and support for other financial products.