Amscot Loan Review | Green Day Online
Amscot can help you out if you are in financial trouble. Be careful not to beat yourself up about being in this situation in the first. Money can be difficult to find. Many people, including millionaires, find themselves in difficult financial situations from time to time.
Before you sign up for a loan, do you think Amscot is an excellent company to be with financially? Is it a fraud? Are the loan fees excessive? Are they responsive and understanding?
These questions are crucial because scam companies are often hidden in the crowd, and they are well-known for taking advantage of borrowers during their lowest moments.
We have put together a detailed guide to everything you can expect from Amscot to answer these questions and many more.
What is Amscot?
Amscot was founded out of a passion for helping clients with their financial needs. This noble path led to the creation of a new type of financial services company.
It all began in 1986, when Ian MacKechnie moved to Tampa, Florida. At the time, he owned a small bakery. He noticed that his employees were making long queues at convenience stores to cash their payroll checks.
He didn’t like this, and Amscot, a mix of ‘America’ and ‘Scotland,’ was born in three years. In the hopes of creating a new way of doing business, the company paid tribute to the country.
Amscot started as a small business solving employee problems. Today, it is a large company with revenues of $220 million and serves more than 2.5 million customers.
Amscot offers various services, including wire transfers, cash advances (payday loans), check to cash, and free money orders.
The company offers competitive rates and is open every day of each week. Although the company has evolved over the years, they insist on providing convenient financial services for borrowers.
Amscot provides payday loans between $50 and $500 that you can pay on your next payday. To keep the business afloat and profitable, they charge a small fee as well as interest.
It was founded in the 1980s, and some aspects are still traditional. Borrowers still need to submit applications and write postdated checks to cover the loan and fees.
What are the pros and cons of Amscot’s?
- Amscot is open all day, unlike other emergency loan companies. Amscot also has physical stores that are open seven days a week. Some shops are open 24 hours a day. Business owners have the advantage of quick loan applications, thanks to the convenience of their opening hours.
- Multiple payment options – If you cannot pay the cash in full, you can request a grace period or an extension of the loan. Amscot is a member of CFSA, so it has to offer reasonable payment plans. Amscot does not offer automatic renewals. For assistance, contact customer service.
- It won’t affect your credit score. However, if you fail to repay the loan within 30 days with other same-day lenders, your information will be updated on the US credit bureau websites. This can have a negative impact on your credit score. Amscot won’t’ snitch on’ you. However, they recommend that you make timely payments and read through the late payment policies before agreeing to the loan.
- Flexibility – If you have a change of heart about the loan or find another source of income, you can return it without paying any fees the next day.
- The state recommends that the verification fee be lower. Amscot charges $2 to verify. This fee is significantly lower than the Florida legal fee limit.
- Online applications – While you can apply online, it is not possible to complete the application. Online loans are not available from Amscot. To complete your application, you must visit the branch nearest to you. This process means that your decision to take out a loan or not will be affected by the quality of customer service and overall experience. This could be detrimental to the company, particularly if customer service is slow.
- Only available in Florida. Unfortunately, Amscot can only be accessed by borrowers in Florida, where the company was founded.
- Amscot payday loans can be expensive if you compare them with other companies. Amscot loans come with a $2 verification fee and a 10% finance cost.
- Amscot cannot work without a checking account.
- Arbitration agreement – When you sign Amscot’s contract, you effectively deny your right to a jury and sue Amscot if there is a dispute. These conditions are not uncommon, and you have agreed to them on your internet or phone plan. These conditions limit your recourse in the event of a bad relationship with the company.
How Amscot Works
First, Amscot doesn’t check your credit score. Amscot offers bad credit loans. It’s a positive, but it’s also a drawback, as bad credit loans can be riskier for the company. Amscot charges high fees to obtain small loans amounts.
Amscot will review your application online and get back to you within minutes. You will need to send them a check for the entire amount you owe. They will keep the check until you repay.
The amount of a loan you can obtain depends on whether it is your first or second loan. With each subsequent loan, the loan amount increases by $50 to a maximum limit of $500. You can request an extension if you are unable to repay the loan by the due date.
What is the loan application process?
Visit Amscot’s website to get started with the cash advance application. Select your location and click on “Get Started.” The page won’t open if you are not in the US. It doesn’t work outside of Florida.
Answer several questions, then submit the form. If you submit the form during business hours (until 9:59 pm), a company representative will call you within 20 minutes. This is a follow-up call, and they will answer any questions.
If you meet the following criteria, you may be eligible for the loan
- More than 18 years
- A Florida resident
- Maintain a good standing bank account
- Verifiable recurring source
- A phone number
After making the call, go to the Amscot branch nearest you and bring the following documents.
- Identification – A Valid Government I.D
- Evidence of Income – such as the most recent bank statement or pay stub
- Checkbook – A bank statement containing the information
If all goes well, you will sign an agreement. You will then write a check for the loan amount plus 10% and a $2 verification fee. The money will be transferred immediately and held until your next payday to repay the loan.
Wait, are you sure that you want a loan with no credit check? Amscot’s fees may be lower than other same-day loan companies, but they are still affordable.
However, these fees are much more expensive than traditional loans and can lead to a vicious cycle of debt. Amscot recommends looking into other options to payday loans from federal institutions such as;
- South Florida Educational Federal Credit Union
- First Coast Federal Credit Union
- FRSA Credit Union
- Compass Financial Federal Credit Union
What types of loans can Amscot loan-borrowers get through Amscot?
Amscot offers many financial services under one roof. Payday loans are one of the many financial services offered by Amscot. Unsecured loans include payday loans.
Because the company is willing to take a higher risk by offering you a loan without checking your creditworthiness, the interest rates on payday loans are much higher than traditional loans. The maximum loan amount is $500. A single loan can be taken at a given time.
Payday loans can be used for any purpose. Amscot only cares about when you pay back the loan. They will give you another loan if you can repay the loan in a timely manner.
What is Amscot’s Fee Structure?
Amscot is subject to the laws of both the state and federal governments. Amscot, a Florida-based company, adheres to all US protection laws.
The company adheres to these laws and doesn’t break cost laws. They will charge a $2 verification fee, not the $5 maximum fee that the State has set. They also charge 10% of the loan amount in addition to the verification fee.
To get a better understanding of the charges, let’s say that you borrowed 0. You will have to pay a $2 verification fee and $10 for the cash advance on your next payday. For 31 days, this totals $112.
What countries does Amscot accept?
Amscot currently accepts Florida residents as borrowers. It is not yet available in other parts of the country.
Amscot’s customer support is good?
Amscot’s business model is all about customer support. Payday loan companies are known for their excellent customer service.
Many past clients have praised Amscot’s professional customer service team. It is responsive to your calls and questions quickly and will ensure that you are satisfied before moving on to the next ticket.
You can reach support via a toll-free number at 1-800-801-4444 if you have any questions not answered in the FAQ section.
If your question isn’t related to payday loans, you may call support at other toll-free numbers such as (813) 637-6100. You can also email us through several different toll-free numbers.
Is Amscot safe?
The website is generally safe because you don’t have to enter any personal information via an online application. Although payday loan websites can be protected with SSL and encryption technology, it is still better to use paper applications.
Amscot is also a member of CFSA, the Community Services Association of America. Amscot also has a Florida Finance Regulation license.
You should avoid clicking on links in unsolicited email messages or answering unsolicited phone calls to protect yourself.
Even if the caller claims they are a representative of Amscot, they warn against accessing any other website than Amscot’s. Don’t give out account information by phone.
Amscot requires several things. It offers payday loans, which means its interest rates can be high. If you don’t take care, you could end up in a vicious cycle of debt.
Consider what the company has to offer before you apply for a loan. Compare it with other loans. The government offers a few loans that are much cheaper than you might think.
Where can I find Amscot locations near me?
To find a branch near you, go to the Amscot official website. Scroll down to the “Branch Locator” section and enter your ZIP code.
All branches are open 24 hours
No. Different branches are open at different times. Some branches are open from 8 to 9 PM, while others are open throughout the day. For more information, contact your local branch.
How can you calculate the loan amount?
Amscot’s offer of a loan depends on your income, past loans you have repaid, and any other financial information you provide. Amscot doesn’t conduct a credit check.
Can I get a payday loan from another company if I have one?
Florida loan laws limit the number of loans you can have at one time. You can only take out a payday loan from Amscot if you have repaid your existing loan or terminate any payday loan offered by your provider. You must wait 24 hours after paying off the loan before another payday loan can be processed.
What happens if I have a different opinion about the payday loan?
Ascot follows the CFSA and Florida state rules, especially regarding rescission. If you return your loan within one day of the loan being offered, you can cancel your payday loan without additional costs.
What can the loan do to your credit score?
Amscot does not report clients to the US credit bureaus. This doesn’t impact your credit score. This is bad if you don’t pay your loan on schedule and want a good credit score.
What discounts can I receive for paying on time?
Borrowers who pay before the deadline can get discounts from other companies. However, Amscot does not. Amscot offers a grace period and extension of 30 days to repay the loan if you have problems.
What is the fastest time I can get my money?
Amscot, unlike other payday loans, requires that borrowers make an appearance in person at their nearest store. The staff will confirm the documentation, and you will sign an agreement.
If all goes well, the money is immediately available to you. If you do not have the required documents, your application will be rejected, and you may be sent to jail.
Although it may not be instant, if the process is followed, the money can be available in a matter of hours.
What are the best ways to repay my loan?
You must write a check for the loan amount, the verification fee, and the interest fee to the company when you apply.
When the company cashes the check, the amount due is automatically deducted from your bank account. You can request an extension if you don’t receive money by your next payday.