The payday advance service is a cost-efficient “financial taxi” to get from one payday to another when a consumer is faced with a small, short-term cash need. Just as a taxi is a convenient and valuable service for short distance transportation, a payday advance is a convenient and reasonably-priced service that should be used to meet small-dollar, short-term needs. A taxi service, however, is not economical for long-distance travel, and a payday advance is inappropriate when used as a long-term credit solution for ongoing budget management.
A payday advance should be used responsibly and for only the purpose for which it is intended: To solve temporary cash-flow problems by bridging the gap between paydays. A payday advance is designed to provide short-term financial assistance. It is not meant to be a long-term solution. Some states have no-cost extended payment plans for customers that are unable to repay an advance. In all other states, CFSA member companies provide an Extended Payment Plan for customers who are unable to repay an advance when due, at no additional cost to the borrower. If you find that it is difficult to fulfill your financial obligations, or if you repeatedly fall short between paydays, we encourage you to visit a reputable, nonprofit credit counselor.
The National Foundation for Credit Counseling is a national network of nonprofit financial care centers dedicated to helping people learn how to budget better and use credit wisely. One toll-free call to 800.388.2227 will connect you to the center nearest you, or you can find more information at www.nfcc.org.