We founded Advantage Cash Advance as Cash Now in 1999. Since 1999 we have successfully launched 27 retail locations. In 2005 we are rolling out our national brand, Advantage Cash Advance, opening several additional stores and selling master franchises in 37 states.
One of the unique ways we have successfully grown Advantage Cash Advance is through our partnership program. This partnership program allows qualified entrepreneurs to partner with Advantage Cash Advance and own their individual store(s) without any upfront license fees. This is the fastest and easiest way to jump into the lucrative payday lending and check cashing business.
Products & Services
How a payday advance works
Customers who have a short-term cash problem must have the following items in order to qualify for a payday advance:
1) Current bank account statement
2) Two current paycheck stubs
3) Two current home bills
4) A home telephone number
5) A valid drivers license.
Customers who are approved will then write a post dated check to Advantage Cash Advance and receive cash on the spot.
Example of $100 payday advance.
If the applicant qualifies for a $100 payday advance, Advantage Cash Advance issues them cash in the amount of $100. The customer then repays the advance and service fee totaling $116.50 within 14 days. (Different service rates may vary based on State regulations)
Advantage Cash Advance issues cash to its qualified customers. We offer the most convenient business model in the industry today. Many payday advance competitors only issue checks to their customers. The customer then needs to go their bank or some other location to cash the check.
Training & Support
Advantage Cash Advance provides comprehensive training to its new Franchisees. New Franchisees will attend an existing store to be trained on the processes and methods of which
payday advances are issued. Once the new Franchisee is trained, a mentor will be assigned so that a contact is in place for future questions. The Area Representative is also available to answer any questions that Franchisees may have during their daily operations.
Advantage Cash Advance also provides market data, news letters, legislative information and overall Advantage Cash Advance performance on a quarterly basis.
If there are changes to the Advantage Cash Advance processes or business practices, the Area Representatives and Franchisees will be contacted and trained accordingly.
Advantage Cash Advance will also provide a training manual to the Area Representatives and Franchisees for reference and to assist in the training of store personnel.
Why Advantage Cash Advance?
The payday advance market is now entering the growth stage of the industry. In 2004, there were 22,000 active payday advance stores operating in the US. The market is expected to grow to 60,000 stores by 2010 which would represent market maturity. The following chart illustrates the growth of payday advance stores since 2001. Evolution and Potential From 2003 to 2004 there was a 16% increase in the amount of stores that were opened in the US. Since 1999 there has been year over year growth in this market which confirms the increasing demand for the payday advance industry.
The demographic for this market is primarily made up of people 18-55 years of age, have a household income of less than $50,000.00, have at least one child and live paycheck to paycheck.
Customers use the payday advance service to avoid excessive costs associated with having insufficient funds in their bank accounts or "bouncing" a check. The costs associated with "bouncing" a check can be as high as $70 after the bank and merchant penalties are assessed. The payday advance service provides a viable alternative to avoid these excessive penalty costs.
Category: Payday loans