Initiative helps customers who involuntarily lose their income
SPARTANBURG, S.C., April 21 /PRNewswire-FirstCall/ -- Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today announced the introduction of a new program, the Worry-Free Advance, to accommodate customers who involuntarily lose their source of income during the time they have an outstanding loan with the company.
The Worry-Free Advance allows customers to forego repayment of the initial loan fee (typically about $15 per $100 borrowed, depending on state regulations) when they provide proof of the loss of income during the loan period. This assistance is offered in addition to the Extended Payment Plan, which allows customers more time to repay a loan at no additional cost.
'We are proud of the valuable service that we provide for hardworking Americans to help them manage short-term financial challenges,' said Ken Compton, Advance America's President and Chief Executive Officer. 'In this period of economic uncertainty for all Americans, we understand that it may be difficult for some customers who have lost their income to be able to immediately pay back their loan. The Worry-Free Program is part of Advance America's long-standing and evolving effort to serve customers and foster healthy personal financial choices.'
The League of United Latin American Citizens (LULAC), a valued partner of Advance America, expressed its support of the company's initiative. 'Many of our members use cash advances to help them weather short-term financial difficulties and to protect their credit,' said Rosa Rosales, National President of LULAC. 'We are pleased that Advance America has introduced the Worry-Free Advance, especially in this difficult economy, which aligns with our mission of advancing the economic condition of the Hispanic population in the United States.'
A cash advance, when used responsibly, is a sensible, reliable and transparent short-term credit option without long-term consequence, and the demand for the product is indisputable. Advance America served approximately 1.4 million Americans in the last year alone.
The steady demand for short-term credit options like cash advances reflects the financial pressures that our customers face every day. Advance America offers them a tool to manage cash shortfalls with dignity and privacy. In addition to serving its customers, Advance America is also committed to helping the communities in which it serves.
