I have noticed some hastily made banners going up at check cashing stores in Northern California offering "payday loans." I feel this trend is not good for Cash America unless they jump on the bandwagon in a big way. Basically these are non-secured loans, based on a previous pay stub, and verification of employment. The location I went in to seemed to be offering loans under $250. Traditional pawn operations take merchandise to secure the loan, which essentially becomes a liability if the person doesn't reclaim the item. I was pretty shocked at the junk that FirstCash is selling on its web site - coffee makers, telephones, etc. All of this stuff can be bought new at WalMart for less than $25. I have to presume that Cash America also has an inventory of rapidily depreciating goods. (considering the rapidly falling prices of manufactured goods from China, Korea, etc with devaluating currencies).
Bottom line - If these payday loans are the future, then perhaps Cash America should take a big write-off on inventory, and offer these loans in pawn stores - not just their check-cashing stores.