About Crusader Cash Advance

ABOUT CRUSADER CASH ADVANCE

In December of 1995, Larry and John Kugler along with John Tacker opened their first cash advance location in Dayton, Tennessee. In just over seven years, First American Holding grew into 325 remote locations throughout Tennessee, Arkansas, Ohio, North Carolina, South Carolina, Alabama, Florida, Colorado, Georgia, Indiana, Kentucky, and West Virginia. In July of 2002, having already sold a substantial interest in First American in 1999, the 3 entrepreneurs left the company amid negotiations to sell their remaining interest in First American. This transaction was completed in April 2003.

In August of 2002, the 3 partners along with Jack Fromm, a 20+ year veteran executive of Fortune 500 companies, developed Crusader Management, LLC. The Crusader Management groups mandate, being, to develop two separate but complimentary businesses. With both Larry and John Kugler having spent a combined 30 years in the Rent To Own business as executives of a company that operated in multiple states, it was a natural opportunity to pursue after the tremendous success enjoyed in the Cash Advance business.

In November of 2002 Crusader Management began operations in the cash advance industry opening ten locations in Virginia and Tennessee. The operational procedures are simple: The customer issues a check from their personal checking account that Crusader agrees to hold until an agreed upon time before deposit. Crusader provides the customer with the cash they need instantly without the worry of overdraft charges at the bank and/or insufficient fee charges of a typical retail establishment. This service is performed for a one-time flat fee. The product has been well received since inception and the industry continues to grow at a remarkable pace with over 10,000 locations opening since the early 1990’s.

In November of 2002 Crusader Management began operations in the Rent To Own industry opening its first location in Cookeville, Tennessee. With leases, either signed or committed in two additional cities, Crusader Rent To Own has laid the foundation for a very successful company. The operational procedures are simple: The customer completes a basic application which details personal information, chooses the product of their choice, decides on payment options and terms and in most instances the item will be delivered the same day to the customer with no long term obligation. The RTO industry is a billion dollar industry that includes over 10,000 locations nationwide.

In January 2005 the Crusader Management team began negotiations to sell the 100+ remote Cash Advance locations. The FDIC had been increasing pressure on its banks to exit any relationship it had with any company who offered short term loans on their behalf. Crusader, in the state of Michigan offered this type of product. The management team decided amidst this uncertainty that this would be a good time to exit the industry. At the time Crusader sold its interest in the Cash Advance business there were approximately 2000 locations operating with such an arrangement. Today there are less than 200 locations operating as a Marketing/Servicing agent for a FDIC chartered bank.

In July of 2006 Crusader Management operated 16 Rent To Own locations. The Crusader Management team, buoyed by the solid support that the Cash Advance industry enjoys from state legislators, had signed 4 leases to once again operate in the Cash Advance industry. The groups’ thoughts are that they will operate a small chain of Cash Advance locations with a goal of 50 RTO and Cash Locations by the end of 2008. As always we want to have the best operation, not necessarily the biggest.

It is Crusader’s philosophy that our employees are professionally trained and our branches are designed for efficiency, comfort and convenience. We are extremely proud of the reputation that we have earned in both industries.