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What exactly is the definition of an Amscot Cash Advance?

An Amscot cash advance a loan on your next pay-check that does not require a credit check. You can borrow from $500 to $50, which you repay using your next paycheck with a charge. The fees are typically between 10 percent and 14 percent of the loan, an APR of between 271.14 percentage and 365 percent. The fee includes a $2 verification fee.

Amscot is a traditional payday lender. Applying in person and then writing unpostdated checks to pay to get the loan is required. You must also pay any charges. When payday comes around, Amscot cashes the check as a repayment.

What are the advantages of the benefits of an Amscot payday loan?

Storefronts that are open 24 hours a day, and no credit checks, many advantages come with borrowing money from Amscot:

  • Some branches are open 24 hours. Amscot is among the few payday loan companies that you can go to at any time of the night or day — to receive funds in a crisis.
  • There are no automatic renewals. This could prevent you from falling into an endless cycle of debt simply rolling your loan over instead of repaying it.
  • Doesn’t affect your credit. Although Amscot does not look into your credit score when applying, paying back the cash advance won’t affect your credit score.
  • The verification fee is less than the state caps. Amscot’s fee for verification of $2 will be less than 50% off of the legal amount for this type of cost in Florida.

What to look out for

Be aware of these possible drawbacks before making the cash advance Amscot loan:

  • It would be best if you visited a shopfront. While you can get early on the application process on the internet, you must go to a branch to obtain the advance.
  • Accounts with a checking account are necessary. It is recommended to explore other lenders if you don’t have an existing bank account.
  • The potential for better rates elsewhere. Loans that don’t require credit checks tend to think that they know the best about your creditworthiness and are therefore more costly.
  • Arbitration agreement. The contract with Amscot requires you to abstain from the jury trial or to take action against the company in any dispute. These are commonplace, and you may have signed one when you first set up Internet or phone service. However, they limit the actions you can take in the event of a problem.

Beware of loans with no credit check.

While some of Amscot’s charges are less than the legal minimum, most no-credit-check loans are more costly than loans that look into your credit. If you’re worried about the cost, you may be interested in more affordable alternatives, such as payday loans (PALs) provided by federal credit unions.

Florida credit unions that provide PALs include:

  • FRSA Credit Union
  • South Florida Educational Federal Credit Union
  • First Coast Federal Credit Union
  • Compass Financial Federal Credit Union

Can you make an application for the Amscot Cash Advance?

Generally, yes. There is no requirement to share any personal data online, and it is something that even secure websites aren’t able to protect 100. It’s also a part of the Community Financial Services Association of America (CFSA) and is licensed by the Florida Office of Financial Regulation.

Be aware of scams

Amscot may be secure. Beware of scammers pretending to be Amscot employees. The payday lender has a scam alert on its website, which warns of scammers who have stolen personal information from a number of customers.

To ensure you don’t get caught, Avoid answering or clicking on any unwelcome messages or calls. Amscot cautions against signing in to any other website that isn’t the company’s site regardless of whether somebody claims to be a representative advises you to. Don’t divulge any information about your account or other personal details over the phone.

What do borrowers have to say about Amscot?

As of June 2019, Amscot has relatively favorable reviews, especially as the short-term lending provider. Amscot has the A+ rating with the Better Business Bureau (BBB) concerning transparency and the length of time it has been in operation. It also scores a 9.2 out of 10 with Trustpilot with over five thousand customer reviews.

Some reviewers have complained about the customer service. Most were satisfied with their overall experience. Some reviews mentioned low costs and fast service as the main reason for their excellent ratings.

Am I eligible?

To be eligible to receive the Amscot cash advance you must meet the following conditions:

  • Verifiable income. You must work or earn other regular income that is documented.
  • I was checking my account. It should be an active checking account that is in good standing.
  • The number for the phone. You’ll need a landline or mobile number so that Amscot can contact you.
  • Florida resident. You must reside in Florida to be eligible for this loan. Sunshine State to qualify for this loan.
  • Over 18. The legal age to lend in Florida is 18 years old.

How do I apply?

After confirming your eligibility, you can begin your application on the internet. The steps to follow are:

  1. Visit the Amscot website
  2. Click Get Started Now
  3. Start Now to Get Started with Your Cash Advance
  4. Choose a branch close to you
  5. Complete the form by filling in the most basic personal details

When you’ve completed the online application and submitted it, an Amscot employee will contact you in under 20 mins to guide you through the process. In general, they will direct you to go to your branch in person with the necessary documents. In the branch, typically, you compose a check with a postdated date for the payday to come in to sign the contract, then take your cash.

What documents do I require to submit my application?

Take the following documents with you to the branch nearest to you:

  • Income proof. In most cases, clients present a bank statement or payslip.
  • Government-issued ID. It could include a passport, driver’s license, or state ID card.
  • Checkbook. This is required to make a post-dated check.

I obtained a cash advance from Amscot. So, what’s next?

Because you’ll be paying the loan using a post-dated check, there’s nothing to do when you receive the cash advance. Make sure you monitor your account at the bank to ensure that you have enough funds to pay off your loan by the time it’s due. If the loan does not show on your statement, you can contact customer service at the branch closest to you.

Bottom line

An Amscot cash advance has very few requirements, and it’s a lower risk of becoming entangled in a debt cycle because you aren’t able to renew it. Although the charges are lower than Florida max, they’re an expensive option. Before you get a payday loan, you should read the guidelines for what to be expecting when you get a payday loan from Florida payday loans.

A frequently asked question

How do I locate an Amscot branch close to me?

Use these guidelines to locate the nearest Amscot Location close to you:

  • Visit the Amscot website
  • Scroll down until you can see Branch Locator
  • Enter your city and ZIP code.
  • Utilize the map to locate the branch closest to your location.