Advance America ReviewsAdvance America is a state regulated short-term loans provider. For two decades, the company has been committed to offering easy and fast cash to Americans. With a quick turnaround time, the lender has been a favorite to millions of borrowers. Their widely spread stores and an excellent customer service has made the lender be associated with convenience. Website:https://www.advanceamerica.net/
Advance America is a payday loan lender offering financial services to customers since 1997. As a subsidiary of Groupo Elektra, the company has been associated with one of the leading financial service providers. With over 2100 locations across the US, Company specializes in payday loans but also offers installments loans and title loans.
Advance America provides loan services from an online platform as well as in their physical stores. Regardless of the platform you choose, the application process is simple and takes a few minutes. The lender supports full online applications in some states while in others, you have to finalize the application in a store after starting online.
To apply for the online loan you are required to fill out an online form with your personal information. The details required may include:
- Your full names
- Exact date of birth
- Your social security number
- Details of your checking account and routing number
- Details of your income
Because the lender uses the details you provide on the application to process the request, it is wise to be accurate. While some people may argue that doctored information gives them an advantage, it can easily land you in trouble.
After the application, a lending decision will be made almost instantly and you will be informed soon. Loans that are approved before 8:00 pm ET will be funded on the next business day.
One the online platform, Advance America offers both payday loans and installments loans to the eligible states.
For in-store applications, you will be required to carry the documents that prove you meet all the requirements. Besides a government issued ID, a recent pay stub and a valid document to verify your social security number are required. Normally, a bank statement is a preferred option to verify social security numbers.
The application takes just 15 minutes and the loan decision is made as you wait in the store. On loan approval, you are required to sign the agreement and write a postdated check for the total amount borrowed plus the fees before you can walk out with your cash.
The normal term for advanceamerica.net payday loans is 14 days. The principal amount, as well as the fees, is expected to be paid on the due date.
Although the lender will not check your credit score during the application, they will use a customized scoring model to evaluate your credit eligibility. Nevertheless, none of this will affect your credit score.
To qualify for a loan, you have to meet some basic requirements, which may include:
- You must be at least 18 years of age
- You must have a stable source of income and have a valid proof
- You must provide a government issued ID as a proof of identity
- Have a social security number
- Have an active checking account
- You must not be involved in bankruptcy
- You must not be on active duty in the military or be a dependent of an active member
Depending on your state of residence, you can qualify to borrow between $100 and $5000. Most states have limits to the amount you can borrow, for instance; Washington residents are allowed to borrow up to 30% of their monthly income while in Texas the limit is 35% of the total monthly income.
Payday loans are short-term loans with a term from 14 days to one month. Normally, the amount loaned in due on the next payday.
Advance America offers payday loans online and all approved applications are funded on the next business day. However, if you make the application in one of their stores in person, the money is available instantly. This is the quickest way to access a loan when you have emergency expenses to deal with.
As a member of CFSA, the lender allows their customers to rescind a loan if they have had a change of mind. However, there is no direct disclosure of the specific period to rescind the loans. To know the exact returning terms, you have to contact the lender for specific conditions applicable to your loan.
The lender also allows early repayments and in some states, you can get a refund on part of the loan fees charged. However, this will strictly follow the regulations in your state of residence.
In selected states, this company offers installments loans both online and in the stores. Installment loans differ from their payday loans in that you are given a bigger amount of money that can be repaid over a predetermined period. This is a suitable option for people who need large amounts of money at flexible terms. The due dates and payment schedules are determined by the frequency of your pay dates.
Title loans are determined by the value of your car after an appraisal. Typically, the loans are quick and easy to access and with a lien placed on your vehicle; you can continue using the car as you repay the loan. To apply for a title loan, you need to accomplish the following requirements:
- Have a free and clear vehicle title
- Have a government issued ID
- Have a valid proof of your residence
- Drive your vehicle to the store for inspection
- Have current vehicle insurance and a proof of income
The car in question must be registered in your name but if it bears two owners, both must be present during the application. Although you can keep the car, you have to pay the loan consistently and in full to redeem the title back.
The rates and fees vary depending on your state of residence and the loan amount. The lender will provide a breakdown of all charges on approved loans. However, expect to pay between 143.29% APR and 688.28%APR.
Advance America loans come with a few benefits that make it more attractive.
They have an easy and fast process that takes a few minutes whether you opt for an online application or in store. Loans applied at one of their locations are funded instantly but the online application is convenient since you can apply from home. However, you’ll have to wait until the next business day to get the money.
The lender allows a customer to make early repayments to any loan. In addition, there is a provision to rescind the loan if there has been a change of plans.
Currently, Company offers their services in 29 states with over 2100 physical stores spread across the states.
Alabama, California, Colorado, Florida, Delaware, Iowa, Indiana, Illinois, Idaho, Kansas, Kentucky, Louisiana, Missouri, Michigan, Mississippi, Nevada, Nebraska, Ohio, Rhodes Island, Oklahoma, South Carolina, Texas, Tennessee, Utah, Washington, Virginia, Wisconsin, and Wyoming.
From their website, Company doesn’t seem to be offering any discount codes to their customers.