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What is the Community Financial Services Association of America?

This trade organization also strives to empower consumers.

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Aliyyah Camp
Updated
Fact checked
If you’ve seen the CFSA seal at the bottom of short-term lender sites, you might’ve wondered what it means and just whom this organization represents.

The Community Financial Services Association of America (CFSA) is a national trade organization for payday and short-term lenders that also strives to promote laws and protections for consumers.

What is the Community Financial Services Association of America?

Founded in 1999, the CFSA is a trade organization built to protect short-term lenders by lobbying for the right to provide small-dollar, short-term and payday loans to Americans. Though it exists to protect the interests of the industry, it also holds its members to a series of best practices designed to keep short-term borrowers informed through transparent disclosures, truthful advertising and the dangers of taking on too much debt.

But keep in mind that it’s still run by lenders, meaning some of its policies may conflict with consumers’ financial interests.

Which lenders are members of the CFSA?

  • 1-2-3 CA$H
  • Advance America Cash Advance Centers
  • Advance Cash
  • Amscot Financial
  • AT Financial Services
  • Axcess Financial/Check ‘n Go
  • Cash 1
  • Cash 2-U Loans
  • Cash Depot of MS
  • Cash Factory USA
  • Check City
  • Check Into Cash
  • Check on Hold
  • CMM/Cash Tyme
  • Community Choice Financial DBA CheckSmart Financial
  • Consumer Lending Associates
  • Curo Financial Technologies Corp.
  • Dollar Financial Group
  • EC Holding (EmergiCash)
  • EMG Acquisition Group
  • Financial Service Centers of Ohio
  • Harpeth Financial Services (Advance Financial)
  • Instant Cash Advance Corp.
  • Ivy Funding Company
  • JD Finance
  • Speedy Cash/Lending Bear
  • Main Street Personal Finance (ACAC)
  • MoneyKey
  • Moneytree
  • National Check Cashers
  • NCP Finance
  • Northstate Check Exchange
  • Payday America
  • PH Financial Services
  • Power Finance Texas
  • QC Holdings
  • Speedee Cash Management Co.
  • Speedy Cash (Florida)
  • Thrifty Loans
  • USA Cash Services
  • Westrock Financial LTD
  • Xtracash

That’s a long list. Which lenders should I look at first?

We’ve put together a short list of CFSA members we’ve reviewed below.

  • Advance America. A founding member of the CFSA, Advance America offers payday loans, installment loans and auto title loans.
  • Check ‘n Go. Apply for a loan online or in person if you live in an eligible state.
  • Check City. Offers services that depend on your state of residence, but you can count on it being licensed to operate in every state it conducts business in.
  • Check Into Cash. Offers payday loans, auto title loans, installment loans and lines of credit for its online and in-store applicants.
  • MoneyKey. Also a member of the Online Lenders Alliance, MoneyKey operates in less than a dozen states while abiding by laws protecting consumers from predatory lending practices.
  • Speedy Cash. Apply in person or online for a payday loan, installment loan, auto title loan or line of credit with the option to load your approved funds onto a prepaid debit card.

What if the lender I’m interested in isn’t a member of the CFSA?

A CFSA membership might mean something to you when comparing lenders, but it’s not a requirement for transparent practices. Plenty of legit lenders out there aren’t members of the CFSA.

If you’re worried, confirm that a lender’s site includes:

  • Contact information. A legit lender will display their contact information posted clearly online. If you have questions before or after you apply, you shouldn’t hesitate to call or email someone to confirm facts. It can save you time and money in the long run.
  • Transparent terms. Know how much it will cost to borrow before you apply. Every state has different laws about payday loans that businesses need to abide by, so a lender presenting the potential APR and loan cap is a sign of good practices.
  • FAQ section. A reputable lender’s site should include a clearly defined section that answers your most general questions. If it doesn’t, look into a lender that does to avoid signing a loan agreement blind to how it works or what it costs.
  • Reviews and accreditation. Many lenders include reviews on their websites, but a legit lender is also easy to find in an online search, with a good rating from the Better Business Bureau (BBB). Because it’s your financial future on the line, this information can be an important factor when taking out a short-term loan.

Think a lender might be running a scam? Protect yourself by knowing what to avoid

Compare legit online loans

Select your state of residence to view your options. Sort by loan amount, turnaround time and requirements, or choose the Go to site button for more information about a particular lender.

1 - 0 of 0
Updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
BadCreditLoans.com
BadCreditLoans.com
$500 to $10,000
As soon as next business day
Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
Go to site
More Info
MoneyLion Instacash advances
MoneyLion Instacash advances
$250, $300 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
Go to site
More Info
OppLoans Installment Loans
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Go to site
More Info
CashNetUSA Loan
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Go to site
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
More Info
LendYou Short-term Loans
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
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Compare up to 4 providers

1 - 0 of 0
Updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
BadCreditLoans.com
BadCreditLoans.com
$500 to $10,000
As soon as next business day
Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
Go to site
More Info
Fast5kLoans Short-term Loans Connection Service
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
More Info
LendYou Short-term Loans
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to site
More Info
CashUSA Installment Loans
CashUSA Installment Loans
$500 to $10,000
As fast as same business day
Regular source of income, Bank account, US citizen or permanent resident, Age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Go to site
CashAdvance.com Payday Loans
CashAdvance.com Payday Loans
$100 to $999
Varies by lender
Employed, at least $1,000 in monthly take-home pay, valid checking account, US citizen, over 18, valid home and work phone number, valid email address, resident of eligible state.
Use its repayment calculator to see how the loan term and amount you borrow affects the overall cost.
Go to site
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Compare up to 4 providers

I heard about the Online Lenders Alliance (OLA). Is this the same organization?

No. But both organizations claim to hold short-term lenders to quality standards, which might be a way to determine if your lender is legit.

OLA mainly comprises short-term loan brokers, whereas the CFSA works mainly with direct payday lenders.

These aren’t firm categories, though. Some lenders, like MoneyKey, we review are members of both. Each organization advertises different best practices for its member lenders, which might help you to feel more confident about your decision.

Find out more about the Online Lenders Alliance (OLA)

What to watch out for

Payday loans can become a source of major debt if you don’t handle them responsibly. When considering a member of the CFSA to service your loan, keep in mind that its best practices listed are in place to protect lenders as well as consumers.

Never rely on one source of information when reviewing a possible lender. Instead, compare costs and repayment terms to make sure you can afford to borrow the loan, and consider the alternatives before you apply.

What are the best practices outlined by the CFSA?

Although many of the best practices listed on CFSA’s site sound like common sense, many disreputable lenders don’t follow the laws or try to skirt them. Because predatory practices can harm consumers and lenders, the CFSA claims to enforce basic ideas about transparency to make it clear what short-term loans should do.

Even if you decide to go with a lender outside the CFSA, keep these best practices in mind when choosing a provider.

Full disclosure

An important aspects of finding a lender is making sure they list all costs of the loan as dictated by the Federal Truth in Lending Act. CFSA members participate y outlining the terms of the loan in addition to listing the APR as both a dollar amount and a percentage rate.

Compliance to state law

CFSA members are required to obey the laws of the states in which they operate, adjusting terms depending on regulations in place.

Truthful advertising

Whenever a CFSA member makes an advertisement, they do so without engaging in deceptive tactics that encourage irresponsible borrowing practices.

Encourage consumer responsibility

The CFSA’s Customer Notice included on its marketing materials states that payday loans are designed for short-term financial struggles, rather than a long-term solution. This notice should contrast with the rest of the document, not nestled in the fine print, where it can be missed.

Rollovers

Rollovers or refinancing are against the policy of the CFSA. In states where refinancing is legal, the number of rollovers a lender can offer is limited to four or your state’s maximum, whichever is less.

Right to rescind

Customer who borrow from a CFSA member has the right to cancel their loan at no cost before the close of the following business day. In practice, this means that if you borrow from a CFSA member on a Monday, you can cancel your loan and return the funds by the end of the business day (usually 5 p.m.) on Tuesday.

Appropriate collection practices

The Fair Debt Collection Practices Act (FDCPA) outlines the ways in which a business can collect on consumer debt. The CFSA abides by the FDCPA, requiring its members to collect all debts professionally.

No criminal action

CFSA members can’t make threats to pursue criminal action against a consumer for not paying a loan. Keep in mind that no short-term lender can pursue criminal action against consumers. While you can be sued for damages in civil court, you can’t be jailed for defaulting.

Enforcement

CFSA members are required to maintain and post a toll-free number for consumer complaints. Members are also required to report violations of the CFSA best practices.

Support balanced legislation

Some states ban payday loans outright, but the CFSA hopes to work with states to create a set of standards that all short-term lenders follow — even those that aren’t members. To do this, the CFSA supports increasing consumer protections and requires all members to strictly abide by rules, adapting as the laws change.

Extended payment plan

While not available in all states, the extended payment plan is designed for people who find themselves unable to pay back the original loan by contract’s deadline. The customer pays the remaining loan balance off in four equal payments, with no charge or fee to enter into this plan.

Internet lending

Every CFSA member that offers online loans is required to be licensed by each state it operates in.

Display of the CFSA membership seal

CFSA members must display the membership seal in their stores and on their website. The seal alerts consumers to the lender’s affiliation with the CFSA and best practices the lender should be following.

Bottom line

When you’re looking for a way to prevent financial disaster, it can feel impossible to find a reputable lender with affordable loans in a pinch. Payday loans have a reputation for predatory practices, but the CFSA is working to change that perception.

You’ll still need to research any lender to confirm it abides by the laws of your state. But knowing that it participates in an organization like the Community Financial Services Association of America might help you determine its legitimacy.

Are payday loans available in my state?

Frequently asked questions

What is a short-term loan?

A short-term loan is a small amount of money borrowed from a lender that typically comes at a high cost relative to the amount you borrow. You may see terms like “payday loan” or “installment loan,” which are specific types of short-term loans.

Payday loans typically give you access to less than $500, often due in one lump sum by your next payday. They’re meant to be used in emergencies or in a time of crisis, like when your car breaks down and you can’t afford the repairs until the end of the month. Installment loans are similar but usually come in larger amounts and can be paid back in monthly payments.

What are the risks of short-term loans?

All types of financing come with risks. But because of high interest rates and multiple fees attached to short-term loans, they are viewed as riskier than other types of credit. If you can’t afford to pay on the loan due date, you’ll face nonsufficient funds fees and could fall into a debt spiral.

One way to combat the risks associated with short-term loans is to borrow with purpose. Make sure you budget and are able to afford whatever you take out, and always repay on time.

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