You Can Receive Cash Quickly but Beware of the High Charges
It charges outrageous costs and interest rates on loans. Advance America probably 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 targeted unsuspecting customers in the past.
The real company is legit and specializes in payday loans or installment loans and title loans in certain states throughout the United States.
Yet, Advance America doesn’t have an impeccable reputation. The firm provided $18.75 million for North Carolina consumers to settle a class-action lawsuit which 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 that has more than 2000 locations across the U.S. It is the leader in cash advances which are short-term loans and are well-known for its high-interest rate.
As well as cash advances Advance America also offers two kinds of loans:
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.
One benefit of borrowing money from Advance America is that you can be able to 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.
Advance America installment loan, you’ll have to input your zip code before the time you can look through the available options.
For instance, the installment loans of 650 with an initial term of 6 months in South Carolina come with a 348.04 percent APR.
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. 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 loan application 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.
Before you take out a loan from Advance America, make sure you read the conditions and terms. If you don’t plan to pay back, these fees and interest rates could lead to you being more in 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’re unable to go to a store or prefer applying on the internet, you can apply via an online form. Begin the process by selecting “Apply in advance” at the Advance America homepage.
Based upon the specific state you reside in and the benefits it provides depending on your state, you can decide which kind of loan you could apply for.
For example, in the case of South Carolina, we can observe that you can apply for a payday loan and an installment loan, which includes the following limitations for loans.
When you click “Apply Now” for a loan, you will be capable of seeing 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 provide how much you’ll spend on interest during the life you take out the loan.
If you decide to go ahead with this lender, you will begin filling out the application form. The application will request basic personal information, as well as Social Security numbers.
Additionally, you’ll have to enter your earnings and employment information in addition to indicating the amount you’re paid.
After that, you’ll have to enter the information into the checking account you have. The due date is coming up, Advance America will automatically debit your account with the funds.
If you think this is a risky proposition, it’s because it is. If you’re not able to pay the bill, the company could take a substantial amount of cash from your account. It is likely to continue until the money is repaid in full, including the interest and the total amount.
A benefit of applying online is that the customer service representative is available via chat to answer any questions you may have as you fill out 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. A majority of applicants will receive funds in their accounts when they have submitted their applications.
Payday and Installment Credit Terms for Eligibility
Advance America doesn’t have strict criteria to obtain an installment loan or payday loan.
One advantage for some consumers is that Advance America has a low line of credit criteria for loans. A poor credit score 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. If you’re seeking an advance loan and need to make an application, you’ll be able to make use of its chat service as well.
To locate a shop near you, you can visit the site’s “Locations” webpage. Enter the zip code for your area.
It is also possible to learn details about Advance America by studying Advance America reviews from customers, including reviews written by ConsumerAffairs.
Advance America is a leading lender of payday loans, but its loans have extremely high prices. Take your time before deciding the costs of an installment loan. You don’t want to pay more in payday loans than you were at the time you began.
Notification: eCreditDaily Online has independently gathered the information about Advance America loan rates, fees, and terms. Advance America has neither disclosed nor examined the data provided in this article.
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I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.