Information
About Lender
Advance America, founded in 1997 in Spartanburg, SC, quickly grew to become one of the largest payday lenders in the U.S. through early expansion and acquisitions. By 2012, they went public and were listed on the New York Stock Exchange.
Over the years, the company has faced legal and regulatory challenges due to concerns over payday lending practices, yet they have continued to grow and serve millions of customers annually.
Despite increasing scrutiny from consumer advocates regarding high fees and the cycle of debt, Advance America remains a major player in the payday lending industry, offering a variety of financial services to meet customer needs.
Key Features
Ease. Fast and easy application process, some loans available same day.
No credit checks. No hard credit check for some loans.
Repayment. Repayment options include automatic deductions on payday or fixed installment payments.
Convenience. Convenient locations and fast transactions.
Pros and Cons
Pros
Cons
Reliability
How to Apply For an Advance America Loan?
Apply for a Loan. Customers can apply for a loan online or in person at one of Advance America's retail financial service centers. Applicants need to provide information such as name, address, employment details, and financial information to apply.
Review and Accept Loan Terms. If approved for a loan, they will provide the applicant with the loan terms and conditions, including the loan amount, rate, fees, and repayment terms. Applicants need to review and accept these terms to receive the loan.
Get Funds. Once the loan terms are accepted, Advance America will provide the loan funds. This can be done through direct deposit to the customer's bank account or by obtaining cash at one of their retail centers.
Repay the Loan. As per the loan agreement, customers need to repay the loan on the due date. Advance America may automatically deduct the loan repayment from the customer's bank account on the due date, or repayment can be made in person at one of their centers.
Conditions and Requirements
Conditions
Requirements
Ways to Receive the Money
Products
Other Personal Loans
Reasons for Loan Refusal
Advance America may deny a loan due to low credit score, insufficient income or high debt. While the specifics may vary, these are the financial factors that will be considered in the loan application. Advance America does not disclose your credit report; you need to contact the credit bureau directly. If there’s an error on your credit report you can dispute the error with the credit bureau to possibly improve your chances of loan approval with Advance America in the future.
How to Repay an Advance America Loan?
At Advance America loan repayment is generally due on your next pay date. They offer multiple payment options for your convenience, in-person or online, although availability may vary by state. Online loan payments will auto-debit from your bank account on the due date or you can log in online or call 877-505-0701 to make a payment. For in-store loans you’ll need to return on the due date to pay the full amount. For early payment contact the originating store or call (844) 562-6480; in some states you may be eligible for a partial refund of your loan fee.
Loans like Advance America
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Advance America is a big name in the lending industry and offers financial solutions to individuals who need cash fast. While their services are convenient and accessible, there’s more to the story. Critics say while short term loans can be a lifeline in emergencies, they come with high interest rates and fees that can trap borrowers who are already financially strapped.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Advance America Account Review
- How to Apply For an Advance America Loan
- How to Repay an Advance America Loan
- Advance America Reviews
- All Advance America Coupons and Promo for July 2025
- Advance America Loans for July 2025
