CFSA firmly believes that payday advance transactions should be conducted in a safe and responsible manner, with appropriate consumer protections. To that end, CFSA members must abide by mandated industry Best Practices that ensure responsible conduct among lenders, protect borrowers’ rights, and encourage self-governance of the payday advance industry.
Among the Best Practices are requirements to display fees in large type on posters in all store locations and offer customers the option of an Extended Payment Plan, at no additional charge, if they cannot repay their loan when due. CFSA member companies are required to comply with industry Best Practices that ensure consumer protections and responsible lending to all customers. As a condition of membership, members must abide by all CFSA Best Practices and pledge their commitment to them annually.
In addition, member companies are required to affix the CFSA Member Seal to the window of each store and prominently display CFSA Best Practices counter cards. Members also encourage the responsible use of payday loans by providing new customers with a 'Your Guide to Responsible Use of Payday Advances' brochure, both in English and Spanish.