About Advance America
Advance America is one of the US leading payday companies, offering full-service operations both in-person and online. The company was founded and started conducting its business in 1997. According to their official website, they are growing in line with the changing industry.
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.
Pros and Cons of Advance America
Pros
Loans are accessible to borrowers with poor credit.
Quick access to cash.
Small loan amounts are available.
Cons
The website may be temporarily unavailable.
Interest rates are rather high. Maximum annual percentage rates of up to 664%.
Payday loans do not aid in the development of credit.
Payday loans are prohibited in some states. Advance America may not operate in your area because of local laws.
If you use your vehicle as collateral for a loan, it may be confiscated.
Lack of adjustable payment terms.
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.
Terms and Conditions of Advance America
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.
Funding a Loan
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.
