First Cash Advance Review

This First Cash Advance Review will look at the benefits and drawbacks to doing business with them. It is important to remember that no payday loan company is a savior, and all of them serve to set you back financially. The game then becomes which one will provide the best service while they’re taking advantage of you. First Cash Advance seems to do a good job of providing a disservice.

They were first founded in 1988 giving them a good history of successful business practice. They are also publicly traded, giving much insight into how well they are performing. Their stock price is currently trading near it’s all time high, and it shows sure and steady growth since they first started offering it. Compare that to Advance America’s stock price that is hovering a few dollars higher than it’s 52-week low and shows a steady decline over the last six years.

First Cash Advance: Direct From the Source

First Cash Advance is an actual lender, not a middle man like so many services found online. They operate brick-and-mortar locations in six different states: Michigan, Maryland, Oklahoma, Texas, South Carolina and Illinois. The importance of having physical locations is that they must abide by the business laws of the city they are located in, as well as the payday loan regulations of the state they are in.

First Cash Advance

Standard Payday Process
When you hear the term payday advance, this is what it entails. They will hold your personal check until your next payday and then you must return to the store and repay the loan in cash. At that time you should be able to re-loan the money until the following payday. The maximum loan amounts will vary by state and will be state-regulated. The other details, like how many concurrent loans you can have, how many times you can re-loan, as well as if there is a repayment plan available will all be state-mandated.

No Flashy Website
Their website design is simple and not flashy. Other payday loan sites have attractive women waving fans of hundred dollar bills, and logos of cash rolls sprinkled around the site. First Cash Advance has a brochure style site with images of the actual locations. No wads of cash adorning their home page. The rest of their site is fairly simple. They simply direct you to a location that is in your state and nearest you.

No Sales Pitch
Rather than go on and on about why you need a payday advance, or how it’s smarter than paying late fees or overdraft fees, they just tell you about the things you’ll need to bring with you in order to get a loan, and they highlight the best features of their service. This is a breath of fresh air from other payday loan companies that try to convince you that you need a cash advance. If you’re already at a loan company’s website then you’ve pretty much determined that you want to get a loan. It shouldn’t be their job to sell you on it.

Pawn Stores
First Cash Advance also operates a line of pawn shops. This might be a better alternative than a payday advance because you’re putting up anything of value before just getting straight cash with your next payday as collateral. By putting an item that you’d like to get back you are creating a sense of urgency in making the payments. If you end up not getting the item back, it will perhaps teach you a valuable lesson in saving up for unexpected emergencies.

Other Services
Payday lenders are getting wise to the fact that if you need a payday loan, you probably need other financial services like money orders, bill payment, and check cashing. Some of the smaller payday loan companies out there do not offer these peripheral services and do not capitalize on this extra revenue source.

Final Review for First Cash Advance: Recommended
If you’re getting a payday loan you’re already in trouble. Choosing a payday lender is like choosing which shark you want to swim with. First Cash Advance is not so big that you’ll get impersonal service like you do at the bigger lenders, and not so small as to not have the latest financial services available for you. Give them a try, but first try your best to not get a payday advance at all.

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First Cash Advance Review, 3.5 out of 5 based on 2 ratings You May Also Like:

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