Community Financial Services Association
“Just as you understand that taxi services are valuable and convenient when used for short-term travel needs but are inefficient to use for long-term travel needs, payday advance services are economical and convenient when used for short-term cash needs. But they are inappropriate to use for long-term or continuing cash needs.”
The Virginia-based payday lender trade association compares their product to a taxi…
On the consumer information page of the Community Financial Services Association (CFSA) website, the payday loan product is referred to as a dignified financial taxi:
“The payday advance product is a dignified and cost-efficient ‘financial taxi’ to get from one payday to another when you are faced with an unexpected cash need.”
Established in 1999, the CFSA is the payday loan industry’s national trade association.
Source: Consumer Information (Community Financial Services Association Website)
Please visit our Payday Loan Pitfalls category for more information on the dangers of deferred presentment loans.
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