About lender
Advance America was founded in 1997 and is headquartered in Spartanburg, South Carolina. The company was one of the pioneers of the payday lending industry and has grown to become one of the largest providers of payday loans and other financial services in the United States.
In the early 2000s, Advance America expanded its operations through a series of acquisitions and opened hundreds of new retail financial service centers across the country. In 2012, the company went public and became traded on the New York Stock Exchange.
Throughout its history, Advance America has faced a number of legal challenges and regulatory hurdles related to its payday lending practices. Despite these challenges, the company has continued to grow and expand its operations, serving millions of customers each year.
In recent years, the payday lending industry has come under increased scrutiny from consumer advocacy groups and regulators, who have raised concerns about the high fees and interest rates associated with payday loans, as well as the potential for borrowers to become trapped in a cycle of debt.
Despite these challenges, Advance America remains one of the leading providers of payday loans and other financial services in the United States, offering a variety of loan products to help customers meet their financial needs.
Its offers include payday loans, installment loans, online loans, personal lines of credit, and title loans. The main focus of the lender is short-term, small loans, taken to cover unpredicted expenses or to get extra money until the next paycheck.
Key Features
Advance America offers a range of financial products, including payday loans, installment loans, title loans, and other services such as check cashing and money transfers. Key features of these products include:
- Quick and easy application processes, with some loans available on the same day;
- No credit check required for some loans;
- Repayment options that may include automatic deductions on payday or fixed installment payments;
- Convenient locations and quick transactions;
- Enhanced security features.
It's important to carefully consider all the features and terms of any financial product before applying, and to be aware of state and local regulations that may impact loan terms and conditions.
Pros and Cons
Pros
- Convenience. Advance America has a large network of retail financial service centers across the country, making it easy for borrowers to access cash quickly in an emergency.
- Quick Cash. For borrowers who are approved for a loan, cash is typically available the same day, making Advance America an attractive option for those who need money quickly.
- No Credit Check. For some of Advance America's loan products, no credit check is required, making it possible for borrowers with poor credit to access cash.
Cons
- High Costs. Advance America's loan products are often associated with high fees and interest rates, which can make it difficult for borrowers to repay the loan on time and avoid a cycle of debt. Maximum annual percentage rates of up to 664%.
- Short-Term Repayment. Advance America's payday loans are typically due on the borrower's next payday, which can be a tight repayment timeline for some borrowers.
- Potential for Debt Cycle. Borrowers who are unable to repay their loan on time may be charged additional fees and interest, making it even more difficult to get out of debt.
- Regulations. Some states have enacted strict regulations or have banned payday lending altogether, which may impact a borrower's ability to access a loan from Advance America in their area.
Before taking out a loan from Advance America or any other lender, it's important to carefully consider the pros and cons, as well as your own financial situation and ability to repay the loan. Borrowers should also be aware of state and local regulations regarding payday lending and other financial services, as these may impact the terms and conditions of the loans available to them.
Such micro-loans are just a good option if you take them for the first time. Companies appreciate new customers and provide discounted "test" loans. In all other circumstances, Advance America may not be a good option unless you have no others and a clear strategy in place to repay the loan and your obligations on schedule.
Products
Advance America offers a variety of financial products and services, each with its own set of key features. Some of the key features of Advance America's products include:
- Payday Loans. Payday loans are short-term, unsecured loans that are typically due on the borrower's next payday.
- Installment Loans. Installment loans are longer-term loans that are repaid in equal payments over a set period of time.
- Title Loans. Title loans are secured loans that use the borrower's vehicle as collateral.
- Other Products. Advance America also offers other financial products and services, such as check cashing, money transfers, and prepaid debit cards.
It's important to carefully consider all of the features and terms of any financial product before applying. Borrowers should also be aware of state and local regulations regarding payday lending and other financial services, as these may impact the terms and conditions of the loans available to them.
Reliability
The reliability of Advance America as a lender depends on a number of factors, including the terms and conditions of the loans offered, the borrower's ability to repay the loan, and the lender's reputation and customer service.
In terms of the terms and conditions of the loans offered, it's important to carefully review the fees, interest rates, and repayment terms before applying. Some of Advance America's loan products have been criticized for their high fees and interest rates, which can make it difficult for borrowers to repay the loan on time and avoid a cycle of debt.
In terms of the borrower's ability to repay the loan, it's important to only borrow what you can afford to repay, taking into account your income, expenses, and other financial obligations. Borrowers who take out a loan they cannot afford to repay may find themselves in a cycle of debt and unable to access credit in the future.
Finally, in terms of Advance America's reputation and customer service, the company has faced criticism from consumer advocacy groups and regulators in the past over its payday lending practices. However, Advance America has also received positive feedback from some customers for its convenient locations and quick loan application processes.
Overall, the reliability of Advance America as a lender will depend on a variety of factors, and borrowers should carefully consider their own financial situation and the terms and conditions of the loan before applying
Funding a loan
To fund a loan from Advance America, you typically need to follow these steps:
- Apply for a loan. You can apply for a loan from Advance America online or in-person at one of their retail financial service centers. You'll need to provide information such as your name, address, employment information, and financial information to apply.
- Review and accept loan terms. If you're approved for a loan, Advance America will provide you with the loan terms and conditions, including the loan amount, interest rate, fees, and repayment terms. You'll need to review and accept these terms to receive the loan.
- Receive funds. Once you've accepted the loan terms, Advance America will provide you with the loan funds. This can be done through direct deposit to your bank account, or by receiving cash at one of their retail centers.
- Repay the loan. You'll need to repay the loan on the due date, as specified in the loan agreement. Advance America may automatically deduct the loan repayment from your bank account on the due date, or you may need to repay the loan in-person at one of their centers.
It's important to carefully consider the loan terms and conditions, as well as your own financial situation and ability to repay the loan, before accepting a loan from Advance America or any other lender. Borrowers should also be aware of state and local regulations regarding payday lending and other financial services, as these may impact the terms and conditions of the loans available to them.
If you get a payday loan in person, you might walk out with cash in your hand. On weekdays, if you fill out an online application by 10:30 a.m. EST, the money could be transferred to your bank account the same day. Advance America says that decisions about whether to approve are made in minutes.
Terms and conditions
Interest rates and fees vary from one state to another. When you apply for an installment loan from Advance America, you'll be asked for your zip code before you can see what offers are available. Once you know what rates are available in your area, compare them to the fixed interest rates on personal loans from other lenders.
Advance America's interest rates might be rather expensive. Rates vary by loan type and state but are frequently in the triple digits. Payday loans in California, for example, include costs that amount to an annual percentage rate, or APR, of roughly 460%. Installment loans feature lower interest rates, but some have APRs that exceed 200%. For example, in South Carolina, an installment loan of $650 with a six-month term has an APR of 348.0%. You would have to pay back that $650 loan from South Carolina with $1,341.12. Check the Advance America website for the latest rates.
If you wish to get a loan from Advance America, you can fill out an application online. It will give you an idea of the rates and upfront fees based on your state, loan amount, and how long you have to pay it back.
Advance America vs Amscot
Advance America and Amscot are both financial services companies that offer short-term loans, check cashing, and other financial services. However, there are some differences between the two companies.
One major difference is the geographic locations where each company operates. Advance America has over 1,500 stores in 28 states, while Amscot has over 240 locations in Florida only.
Another difference between the two companies is the types of loans they offer. Advance America offers payday loans, installment loans, and lines of credit, while Amscot offers payday loans and installment loans.
In terms of fees and interest rates, both companies charge high rates due to the short-term nature of their loans. However, specific rates and fees can vary by state and by loan type. It's important for borrowers to carefully read and understand the terms of any loan they are considering.
Advance America vs Speedy Cash
Advance America and Speedy Cash are both financial services companies that offer short-term loans, check cashing, and other financial services. However, there are some differences between the two companies.
One major difference is the geographic locations where each company operates. Advance America has over 1,500 stores in 28 states, while Speedy Cash has over 200 locations in 14 states, primarily in the western United States.
Another difference between the two companies is the types of loans they offer. Advance America offers payday loans, installment loans, and lines of credit, while Speedy Cash offers payday loans, installment loans, title loans, and lines of credit.
In terms of fees and interest rates, both companies charge high rates due to the short-term nature of their loans. However, specific rates and fees can vary by state and by loan type. It's important for borrowers to carefully read and understand the terms of any loan they are considering.
Advance America vs CashNetUSA
One major difference is the geographic locations where each company operates. Advance America has over 1,500 stores in 28 states, while CashNetUSA is an online lender available in more than 20 states.
Another difference between the two companies is the types of loans they offer. Advance America offers payday loans, installment loans, and lines of credit, while CashNetUSA primarily offers payday loans and installment loans.
In terms of fees and interest rates, both companies charge high rates due to the short-term nature of their loans. However, specific rates and fees can vary by state and by loan type. It's important for borrowers to carefully read and understand the terms of any loan they are considering.
One advantage of CashNetUSA is that it's entirely online, making it a convenient option for borrowers who may not have a physical Advance America store nearby. CashNetUSA also offers 24/7 customer support, which may be appealing to some borrowers.
