FirstCash
Corporate brand
UnclaimedAmerican pawnshop and consumer-finance company operating pawn stores, retail finance programs, and related payment services.
Last updated August 22, 2026
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Overview
FirstCash is a publicly traded American company whose principal business is the operation of pawn stores in the United States and Latin America. Its stores provide collateral-based pawn loans, buy and sell second-hand merchandise, and offer related retail services. The company serves customers who may need short-term liquidity without using conventional bank credit, while also generating revenue from the resale of pledged or purchased goods such as jewelry, electronics, tools, musical instruments, and other consumer products. The company traces its origins to First Cash, a pawn business founded by John R. Payne, Sr. in 1988 after his experience owning pawnshops in the Dallas–Fort Worth area. First Cash expanded through acquisitions and became publicly traded after reincorporating in Delaware in 1991. It also pursued adjacent financial-services activities, including check-cashing technology and stores, and in 1998 became an early major pawnbroker to sell merchandise over the Internet. A major transformation came in September 2016, when First Cash Financial Services combined with Cash America International in a merger described as a merger of equals. The resulting company adopted the FirstCash name and combined First Cash's pawn operations with Cash America's larger pawn and consumer-finance platform. The transaction made the company one of the largest organized pawn operators in the United States and expanded its geographic presence in Latin America. FirstCash later broadened its activities beyond traditional pawn services. In December 2021, it completed the acquisition of American First Finance, a provider of lease-to-own and retail-finance payment solutions. Through the American First Finance subsidiary, FirstCash offers payment programs for consumer goods and services through a nationwide network of participating merchants. This business gives retailers an alternative financing channel and gives consumers access to structured payment or lease-to-own arrangements, although the company's consumer-finance activities have also attracted regulatory scrutiny. Today, FirstCash's business is centered on two related areas: pawn retail and consumer finance. Pawn stores combine lending, merchandise acquisition, and resale, while American First Finance provides financing and lease-to-own products through third-party merchant locations. The company's public-market identity is linked to the Nasdaq-listed FCFS ticker. Its positioning is that of a specialized, accessible financial-services and value-retail operator rather than a conventional bank or general merchandise chain. Regulatory compliance, lending-cost restrictions, merchandise sourcing, and the economic condition of lower-income consumers are important factors affecting its operations.
History
FirstCash developed from the consolidation of regional pawn businesses and related consumer-finance operations. Its direct corporate predecessor, First Cash, was founded in 1988 by John R. Payne, Sr., who had previously owned pawnshops in the Dallas–Fort Worth area. Payne expanded the business to six stores by 1991, reincorporated it in Delaware, and took it public to raise capital for further growth. He left the chief executive role in 1992, when company president Rick Powell became CEO, and Payne subsequently left to pursue other interests. Under Powell, First Cash continued to grow by acquiring smaller pawnshop chains and adding services adjacent to traditional collateral lending. In 1998, it acquired California-based Miraglia Inc., a company associated with check-cashing software and 11 check-cashing stores. That same year, First Cash became one of the first major pawnbrokers to sell merchandise through the Internet, reflecting an early effort to connect pawn retail with emerging electronic commerce. Powell remained chief executive until 2004 and continued as chairman until 2010. The broader corporate story also includes Cash America, founded by Jack Daugherty in the early 1980s after he had worked in the pawn business and pursued an unsuccessful oil-hunting venture. Daugherty reinvested business earnings into additional pawn locations, growing Cash America from an initial operation to dozens of stores during the 1980s. He relinquished the CEO position in 1999 in favor of Daniel R. Feehan, remained chairman for a period, and later left the chair while continuing to serve on the board. Cash America expanded through acquisitions, including the 2010 purchase of Maxit Financial for cash and stock. First Cash and Cash America completed a merger of equals in September 2016. The combined company used the FirstCash name and unified two established pawn networks, creating a larger public company with operations in the United States and Latin America. The merger was a central turning point because it shifted FirstCash from a regional or mid-sized pawn operator into a substantially broader platform combining retail pawn stores and consumer-finance capabilities. The company subsequently pursued a further expansion into point-of-sale consumer financing. In October 2021, FirstCash announced an agreement to acquire American First Finance, a provider of lease-to-own and retail-finance payment solutions. The transaction closed in December 2021. American First Finance became a wholly owned subsidiary and gave FirstCash access to a nationwide network of participating retail merchants offering financing for consumer goods and services. The acquisition also moved the company closer to the broader buy-now-pay-later and alternative-payment market, while retaining pawn retail as its core business. FirstCash's history has included regulatory and legal challenges. In 2010, former chairman Rick Powell resigned after receiving notice of an insider-trading investigation involving a share purchase before a company repurchase announcement. A court dismissed the SEC claim in 2012. In 2021, the CFPB sued FirstCash and Cash America West, alleging violations of the Military Lending Act and a prior agency order in connection with loans to servicemembers and their dependents. In 2022, the company settled Seattle employment-law claims concerning wages, breaks, and leave. These matters illustrate the compliance exposure associated with short-term lending, consumer finance, and a large distributed retail workforce. FirstCash remains an active Nasdaq-listed company under the FCFS symbol. Its operating model combines lending against pledged goods, resale of second-hand merchandise, and alternative financing delivered through merchant partners. The company therefore occupies an intersection between specialty retail and nonbank consumer finance.
- 2021
American First Finance acquisition closes
[1]FirstCash completed its acquisition of American First Finance, expanding into lease-to-own and merchant-based retail finance.
- 2016
Merger with Cash America International
[1]First Cash Financial Services and Cash America International completed a merger of equals and formed the FirstCash company.
- 2010
Cash America acquires Maxit Financial
[1]Cash America acquired Maxit Financial in a transaction involving cash and stock.
- 1998
Expansion into check-cashing and Internet merchandise sales
[1]First Cash acquired Miraglia Inc. and became an early major pawnbroker to sell merchandise online.
- 1992
Rick Powell becomes chief executive
[1]Powell succeeded Payne as chief executive as First Cash continued its expansion.
- 1991
First Cash reincorporates and goes public
[1]The company reincorporated in Delaware and became publicly traded to support expansion.
- 1988
First Cash is founded
[1]John R. Payne, Sr. founded First Cash after operating pawnshops in the Dallas–Fort Worth area.
Products and positioning
Accessible short-term liquidity, value-oriented second-hand retail, and alternative consumer financing for customers and merchant partners.
Collateral-based consumer finance · 1988
Pawn loans
Pawn loans provide short-term funds secured by customer pledges such as jewelry, electronics, tools, musical instruments, and other personal property. Customers generally retain the ability to reclaim pledged goods by repaying the loan and applicable charges within the contractual period. If a loan is not redeemed, the pledged item may enter the company's resale inventory.
Specialty retail · 1988
Second-hand merchandise retail
FirstCash stores sell previously owned goods obtained through pawn forfeitures and direct purchasing. Merchandise commonly includes jewelry, watches, consumer electronics, tools, musical instruments, sporting goods, and other durable products. The model combines inventory acquisition with lending and gives customers access to lower-priced goods than comparable new products.
Lease-to-own and retail finance · 2021
American First Finance
American First Finance provides lease-to-own and retail-finance payment solutions for consumer goods and services. Its programs are delivered through participating merchant locations, allowing retailers to offer alternative payment arrangements to consumers who may not use traditional revolving credit or bank financing.
Financial services · 1998
Check-cashing services and software
Through its historical acquisition of Miraglia Inc., First Cash added check-cashing technology and a group of check-cashing stores. This represented an earlier attempt to extend the company's pawn-focused model into adjacent transaction and consumer-finance services.
Controversies
2022
Seattle employment-law settlement
FirstCash paid amounts to employees and the City of Seattle to settle claims concerning alleged violations of local minimum-wage, break-time, and leave requirements.
2021
CFPB Military Lending Act lawsuit
The Consumer Financial Protection Bureau sued FirstCash and Cash America West, alleging that the companies made thousands of loans to servicemembers and their dependents at annual interest rates as high as 200%, contrary to the Military Lending Act's 36% limit, and violated a prior CFPB order.
2010
SEC insider-trading case involving former chairman Rick Powell
The SEC alleged that Rick Powell bought 100,000 First Cash shares shortly before the company announced a three-million-share repurchase. The agency alleged that the trade produced a profit and caused the company to overpay for repurchased shares. A court dismissed the claim in October 2012, finding that the disclosed repurchase program and Powell's conduct did not satisfy the legal standard for material nonpublic information.
Brand decisions
2021
Acquire American First FinanceM&ABackground
FirstCash sought to expand beyond store-based pawn lending into merchant-based consumer finance and lease-to-own payments.
Action taken
FirstCash announced the acquisition in October 2021 and completed it in December through its wholly owned subsidiary.
Aftermath
American First Finance became FirstCash's platform for lease-to-own and retail-finance payment solutions through participating merchants.
Reported transaction value. Approximately $1.17 billion announced value → Approximately $916 million final closing value (Announced October 2021; closed December 2021)
2016
Combine with Cash America InternationalM&ABackground
First Cash Financial Services and Cash America International were both established operators in pawn and consumer finance, and a combination offered greater scale and geographic reach.
Action taken
The companies completed a merger of equals and adopted the FirstCash name.
Aftermath
The transaction created a larger pawn and consumer-finance company operating across the United States and Latin America.
Recent events
Sources3 sources
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