You Can Receive Cash Quickly but Beware of the High Charges
It charges outrageous costs and interest rates on online loans. Advance America, a loan company, isn’t the best choice for a cash advance.
If you look through the reviews of the customers who have used Advance America, the word “scam” may pop up. But this financial services company isn’t in any way fraudulent. Fraudsters who appear to be representing Advance America have previously targeted unsuspecting customers.
The real company is legit and specializes in payday loans, installment loans, and title loans in certain states throughout the United States. It’s important to note that Annual percentage rates can vary greatly among different providers.
Yet, Advance America needs an impeccable reputation. The firm provided $18.75 million for North Carolina consumers to settle a class-action lawsuit that claimed Advance America imposed an illegal fee and charge.
Check out this extensive Advance America review to learn more.
Advance America Loans Overview
Advance America is a financial services company with more than 2000 locations across the U.S. It is the leader in cash advances, which are short-term loans, and is well-known for its high-interest rate. These cash advances are a short-term solution for financial needs.
As well as cash advances, Advance America also offers two other types of loans:
- Title loans: These loans are secured by the value of your car.
- Online installment loans are the Advance America alternative to Personal loans. They’re similar to payday loans, but you can take out more cash and pay it back over a longer period.
The cash advance provided by Advance America is one of the loans that are similar to personal loans. It lets you repay the loan over 3 to 36 months.
As one of the Online lenders, Advance America offers different loan amounts and loan types to cater to your financial needs. One benefit of borrowing money from Advance America is that you can access funds quickly. If you live near one of the locations, you can go in and out on the same day and get the funds you need.
Advance America Interest Rates and Charges
The fees and interest rates differ based on the state in which you reside. If you’re applying for Advance America installment loans, you’ll need to enter your zip code.
For an Advance America installment loan, you’ll have to input your zip code before you can look through the available loan types and loan amounts offered by this Online lender.
For instance, the installment loans of 650 with an initial term of 6 months in South Carolina come with a 348.04 percent APR.
Advance America website. This rate was in effect at the date of publication on March 12, 2018. Make sure to check the most current rates on the Advance America website.
Once you’ve identified the rates for your area, you’ve compared them against a fixed interest rate for individual loans from other lending institutions such as SoFi. They offer rates from 2.49 percent up to 6.94 percent.
If you’re interested in pursuing assistance with the assistance of Advance America, you can apply online. The application process will offer information about the fees and fees according to the state you reside in, the amount of the loan, and the repayment conditions. A loan of $650 is available in South Carolina; for example, it will cost $1,341.12 to pay back.
During the approval process, Advance America will assess your eligibility for the loan. You will be informed about your loan’s terms, conditions, and monthly payments upon approval.
Before you take out a loan from Advance America, make sure you read the conditions and terms. If you don’t plan to repay, these fees and interest rates could lead to more debt than when you first started.
Advance America lets customers apply online or in person to get loans. Advance America has branches across 25 states.
If you cannot go to a store or prefer applying on the Internet, you can apply via an online form. Begin by selecting “Apply in advance” on the Advance America homepage.
You can decide which kind of loan you could apply for based on the specific state you reside in and the benefits it provides depending on your state. Consider whether a business day service is essential for your needs and if the company offers effective money solutions.
For example, in the case of South Carolina, you can apply for a payday loan and an installment loan, which includes the following limitations for loans. These options may serve as a long-term financial solution for those seeking stability.
When you click “Apply Now” for a loan, you can see what your repayment will look like when you click “Learn More.”
Alongside the Advance America calculator for estimating your loan’s payment, you can also analyze your numbers with the Personal Loan Calculator. The calculator will show how much you’ll spend on interest when you take out the loan.
If you proceed with this lender, you will complete the application form. The application will request basic personal information and Social Security numbers.
You must also enter your earnings and employment information to indicate your paid amount. This is where you’ll need to provide details about your source of income and any proof of income required by the lender.
After that, you must enter the information into your Active checking account. The due date is approaching; Advance America will automatically debit your account with the funds.
If you think this is risky, it’s because it is. If you cannot pay the bill, the company could take a substantial amount of cash from your account. It will likely continue until the money is fully repaid, including the interest and total amount.
A benefit of applying online is that the customer service representative is available via chat to answer any questions as you complete the application. They will respond to your inquiries quickly, making it simple to resolve any doubts you might have when applying.
Once you’ve filled out the application, you’ll soon know whether or not you’re approved. Most applicants will receive funds in their accounts after submitting their applications.
Payday and Installment Credit Terms for Eligibility
Advance America doesn’t have strict criteria for an installment or payday loan. Even those with a fair credit history can apply, as Advance America focuses more on the ability to repay the loan rather than a thorough Credit Check.
One advantage for some consumers is that Advance America has a low line of credit criteria for loans. A poor credit score, several late payments, or even bankruptcy isn’t a reason to stop borrowers from obtaining loans.
Credit-worthy customers might not be eligible for loans from bank verification such as Citizens Bank or Upstart. However, they might not be eligible for loans from Advance America.
To apply for a loan, applicants must supply the following details:
- Social Security number
- Email address
- Active bank account information and credit card
- Income documentation and debit card
- Government-issued ID
- Contact information
In addition to meeting these requirements, you must also meet the following conditions. Additionally, you must be a resident of a participating state to be eligible for a loan. In certain states, you could be required to present an official cheque along with the application.
For more information, contact Advance America customer service by calling our phone number, 844-562-6480, or using our contact us page. You can also use its chat service if you’re seeking an advance loan and need to apply.
You can visit the “Locations” webpage to locate a shop near you. Enter the zip code for your area.
It is also possible to learn details about Advance America by studying Advance America customer reviews, including reviews written by Consumer Affairs.
Advance America is a leading lender of payday loans, but its loans have extremely high prices. Take your time before deciding on the costs of an installment loan. You don’t want to pay more in payday loans than you were at the time you began.
If you need a quick loan, try cash advance apps like Dave. To learn more about Advance America, call their customer service or visit their website. You can also find nearby stores by entering your zip code. Remember to read customer reviews and carefully consider loan costs before deciding. Note that the information in this article about Advance America’s rates and terms was gathered independently by Green Day Online.
Frequently Asked Questions
What are the key features and eligibility criteria for Cash Advance America payday and installment loans?
Key features include high approval odds for bad credit but very high interest rates. You’ll need ID, income, and a checking account. State restrictions apply.
Can you provide a detailed comparison between Cash Advance America and other payday loan providers in terms of interest rates and fees?
Cash Advance America APRs typically range from 179% to 1304%, consistent with rates from major payday lenders like Check ‘n Go and CashNetUSA.
What do customers say about their experiences with Cash Advance America payday and installment loans? Are there any common complaints or positive reviews?
Many complaints cite extremely high fees. Positive feedback mentions quick approval and funding but warns to only borrow what you can repay quickly.
How does the application process work for Cash Advance America loans, and how quickly can I expect to receive the funds if approved?
The online application takes minutes. Funds may be deposited as soon as the next business day after approval. Speed depends on your bank.
What are the pros and cons of using Cash Advance America for payday and installment loans, and are there any alternative lending options worth considering?
Pros are fast cash and flexible credit. Cons are astronomically high rates. Lower cost alternatives include credit unions and peer-to-peer lending.