What you should know about Advance America loans
Advance America is really a large lender that provides online loans and in-person lending at more than 1,400 physical locations. It offers payday loans, quick installment loans, car title loans and personal lines of credit to people with less-than-perfect credit.
Payday loan amounts can begin at as little as $100, but both the minimum and maximum loan amounts can differ by state.
High interest rates
Interest rates at Advance America can be quite high. Rates vary by loan type assuring, but nonetheless often exceed triple digits. For instance, pay day loans in California include fees that equate to a yearly percentage rate, or APR, close to 460%.
Interest rates for installment loans could be a bit lower, however, many have APRs greater than 200%.
Short loan terms
Advance America's payday loans are short-term loans due on your next payday, typically within 2 to 4 weeks. Extending these loans for a longer period can be quite expensive.
Installment loans from Advance America have longer terms available, which vary based on where you reside and just how much you're borrowing.
Good credit might not be needed
You may qualify for funding America loan even if you do not have good credit. The company's payday loans, also known as payday loans, require a government ID, Social Security number, proof of income and an active checking account to apply, and may need a credit assessment. Installment loans require a credit check, though.
A closer look at Advance America loans
Advance America says it has issued 134 million loans over 22 years. Here is a closer take a look at another important features of Advance America.
- Many physical locations: Advance America has 1,400 locations over the U.S.
- Not available in all states: Pay day loans are illegal in some states. Depending on your local laws, Advance America might not operate where you reside.
- Potentially immediate access to cash: For out a payday loan at a location, you may be in a position to leave with cash in you. Online applications produced by 10:30 a.m. EST on weekdays may be funded for your banking account the same day. Advance America says approval decisions are made in minutes.
- Rollovers might be available: Depending on your state, you may be in a position to renew your pay day loan and extend it for a number of months. While this may seem like an advantage, the fees and interest could be incredibly costly.
Who an Advance America loan is nice for
If you are able to avoid financing that charges an APR within the triple digits, you need to. Payday loans are costly and should be used only like a last measure when you really need cash and don't have other options.
The Consumer Financial Protection Bureau warns that payday loans can frequently become debt traps, with people dealing with new debt to repay that old debt.
But it isn't always realistic to forgo payday loans. If you decide to apply for a high-interest loan from Advance America, it's important to be aware of the potential costs with time and create a budget to ensure that you can repay the loan.
How to use with Advance America
Applying for a financial loan from Advance America is fast and easy. The in-store and online application processes are very similar.
Here's what you will need to provide to apply for a payday loan or installment loan from Advance America. If you are trying to get a payment loan, you may want to provide more information.
- Government ID
- Proof of income
- Checking account
- Social Security number
- Personal check (for in-store applications)
- Valid email address (for online applications)
To apply in person, bring the necessary information to an Advance America location near you. To have an online application, you can enter the information on the Advance America website.
Not sure if Advance America is right for you? Think about these alternatives.
Payday loans aren't for everybody. If you're struggling financially and searching to borrow, here are a few other available choices you might like to consider.
- Earnin:
- Upstart:
- Payday alternative loans:
Earnin is an alternative choice for emergency cash. It's an app that permits you to borrow against your paycheck without fees or interest.
Upstart might be ideal if you prefer a lender with a prequalification option that considers not only your credit scores.
Federal bank members are able to consider these emergency cash options, that have limits on fees.
