What is the CFSA?
The CFSA is also known as the Community Financial Services Association of America, and it was established in order to ensure the success of, and consumer confidence in the payday loan market. Today, over half of America's payday advance centers are members of the CFSA. The CFSA's focus is to bring about regulations that protect customers, while keeping their short term finance options open.
The CFSA works at all levels to help lawmakers learn about the payday advance industry's role in the country's financial services market. Most states have enacted legislation governing the payday loan industry, and to help regulate itself, the CFSA introduced a "best practices" set in 2000. To become a CFSA member, a payday loan outlet has to abide by these practices, among which are full disclosure of fees and the offering of an extended payment plan. The CFSA's best practices make sure that companies help their customers make more sound financial decisions.
These days, everyone is banking online, and security is a very important consideration. The payday loan industry faces a lot of misconceptions as to its safety and confidentiality, and the CFSA seeks to refute those misconceptions. The CFSA is the sole national advocate for the payday advance industry and its customers. It was founded in 1999, and it strives to provide a standardized experience for customers while promoting laws that protect their rights.
Companies that abide by the CFSA's best practices promise to provide professional and courteous service, privacy, full disclosure of fees, the right to change your mind within 24 hours, and the right to refuse subsequent payday loans after the first one is paid off. The CFSA tries to make sure its customers know the facts about payday loans, because they believe that education is the best way to protect their interests.