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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.0
(20 Ratings)

Advance Financial Review

Advertiser Disclosure

About Lender

Advance Financial is renowned for its reliability and commitment to providing exceptional financial services. As a Nashville-based Fintech company, it has earned recognition for its rapid growth and outstanding service, being listed by Inc. 5000 as one of the fastest-growing companies for eight consecutive years. Further accolades include being featured on Forbes' list of ‘Best Employers for New Graduates’ and ranking 8th by Indeed for compensation and benefits. Serving more than one million satisfied customers, Advance Financial's dedication to customer satisfaction and financial innovation underscores its reliability and trustworthiness in the financial services sector.

Advance Financial offers a range of financial services and products tailored to meet the needs of its customers. These services include Lines of Credit Loans, check cashing, free money orders, bill-pay services, $2 ATM Services, Western Union wire transfer services, and Prepaid Debit Cards. Its loans vary from $25 up to $4,000, catering to a wide range of financial needs. The company operates over 100+ stores in Tennessee and provides 24/7 online loan services in several states, including Alabama, Delaware, Florida, Idaho, and many others, ensuring accessibility and convenience for borrowers across various regions.

The conditions and requirements for obtaining a loan from Advance Financial are designed to be straightforward and user-friendly. Applicants can apply in minutes through a quick online application process, which leads to quick approvals and instant funding, with money credited into a debit card or bank account instantly, subject to bank participation. This simple and efficient process emphasizes the company's commitment to providing fast and flexible financial solutions, encouraging borrowers to borrow responsibly and only take out loans they can afford to repay. Advance Financial's approach to lending is rooted in transparency and responsibility, ensuring that customers have access to the financial support they need with terms that are clear and manageable.

Advance Financial

Key Features

  1. 24/7 Availability. One of the unique features of Advance Financial is its 24/7 availability. This allows customers to access their services anytime, which is particularly useful for those with urgent financial needs.

  2. Financial Services. Advance Financial offers various financial services, including payday loans, installment loans, and title loans. The company also offers prepaid cards, bill payment services, and money orders.

  3. Easy Application Process. Customers can apply for loans through the company's website or mobile app, making the process quick and convenient.

  4. Personalized Service. Advance Financial prides itself on providing personalized service to each customer. The company's customer service representatives are knowledgeable and helpful and can assist customers with any questions or concerns they may have.

  5. Community Involvement. Advance Financial is committed to giving back to the community. The company supports a variety of charitable organizations and initiatives, including food banks, animal shelters, and education programs.

  6. Fast Funding. Advance Financial offers fast funding options, with funds available within minutes of loan approval.

  7. No Hidden Fees. Advance Financial is transparent about its fees and charges, and no hidden fees are associated with its financial services.

Pros and Cons

Pros

24/7 Availability. Advance Financial is available to customers around the clock, which is particularly helpful for those needing access to financial services outside regular business hours.

Fast Funding. The company offers fast funding options, with funds available within minutes of loan approval.

Easy Application Process. Customers can apply for loans through the company's website or mobile app, making the process quick and convenient.

Personalized Service. Advance Financial prides itself on providing personalized service to each customer, with knowledgeable and helpful customer service representatives available to assist with any questions or concerns.

Transparent Fees. The company is transparent about its fees and charges, with no hidden fees associated with its financial services.

Community Involvement. Advance Financial is committed to giving back to the community and supporting a variety of charitable organizations and initiatives.

Cons

High Interest Rates. Advance Financial's payday loans and title loans come with high-interest rates, which can make them expensive for customers who are unable to pay them off quickly.

Limited Availability. Advance Financial is currently only available in a few states, which may limit its accessibility for some customers.

Short Repayment Terms. The company's loans typically have short repayment terms, which can make them difficult for some customers to repay on time.

Risk of Debt Cycle. Like all payday and title loans, Advance Financial's loans come with the risk of trapping customers in a cycle of debt if they are unable to repay them on time.

Reliability

  1. Established Legacy. Since its inception in 1996, Advance Financial has established itself as a reliable institution in the financial sector.

  2. Regulatory Compliance. The company operates within the framework of state regulations, ensuring legal adherence and reinforcing its reliability.

  3. Positive Reviews. The company boasts high ratings on customer review platforms such as Trustpilot, with a commendable score of 4.5 out of 5 stars based on over 7,000 customer reviews.

  4. Exceptional Customer Service. Known for its knowledgeable and helpful representatives, Advance Financial prioritizes customer satisfaction and transparency in its dealings.

  5. Transparent Fee Structure. Advance Financial maintains transparency regarding its fee schedules and charges, ensuring customers are well-informed about the costs associated with their financial transactions.

  6. Ethical Business Practices. The company upholds ethical business standards, emphasizing integrity and accountability in all aspects of its operations.

How to Apply for an Advance Financial?

Apply for a Loan

  1. Visit the Website. Once on the homepage, look for the "Apply Now" button, to start the application process.

  2. Select Loan. Select the type of loan you are interested in applying for. Advance Financial offers various loan options including Lines of Credit Loans among others. The availability of loan types may vary by state.

  3. Start application process. Fill out the online application form with your personal information, such as name, address, email, phone number, employment details, and any other required financial information.

  4. Submit your application. You may need to wait for a quick approval decision. The site mentions that the application process is simple and approvals are quick.

  5. Wait approval. Upon approval, review the loan terms carefully. This includes interest rates, repayment schedule, and any fees associated with the loan.

  6. Sign the documents. If you agree to the terms, follow the instructions to finalize your loan. This might involve signing electronic documents and providing any additional information or verification documents requested.

  7. Get your fund. Once everything is finalized, the funds may be credited into your debit card or bank account instantly, subject to bank participation. Make sure you understand when and how you will receive your funds.

Conditions and Requirements

Conditions

  1. Credit Limit. The amount of credit available to customers with a flex loan is determined by Advance Financial based on the customer's creditworthiness and other factors. The credit limit can range from $25 to $4,000.

  2. Interest and Fees. Interest is charged only on the amount of credit that is actually used, not on the entire credit limit. The APRs vary from 250% to 450%.

  3. Repayment. Flex loans are repaid in installments, with minimum payments due every two weeks. The repayment term is flexible and can be extended as needed as long as minimum payments are made on time.

  4. Credit Score. Flex loans can be a good option for customers who may not have a high credit score, as the creditworthiness criteria are more flexible than with traditional loans.

Requirements

  1. Eligibility. Customers must be at least 18 years old and be a resident of the state where they are applying for the loan.

  2. Documentation. You must have a valid government-issued ID, such as a driver's license or passport.

  3. Bank Account and Income. Customers must also have a steady source of income and have a valid checking account.

  4. Bank Participation. Instant funding into a debit card or bank account is available, requiring bank participation. This means your bank must support instant funding transactions.

Ways to Receive the Money

Advance Financial offers a streamlined and efficient method for customers to receive their loan funds, emphasizing instant funding as a key feature. Once approved, borrowers can have the loan amount credited directly into their debit card or bank account almost immediately, subject to the participation of their bank. This instant funding mechanism is designed to provide quick financial relief to borrowers, ensuring that they have access to the funds they need without unnecessary delay. This feature underscores Advance Financial's commitment to offering convenient and accessible financial solutions, catering to the urgent needs of their customers with minimal hassle.

Products

  • Lines of Credit Loans. These are flexible loans that allow you to borrow up to a certain limit and pay interest only on the amount borrowed.

  • Check Cashing. A service for cashing various types of checks without needing a bank account.

  • Free Money Orders. Providing free money orders as a secure payment method.

  • Bill-Pay Services. Allowing you to pay your bills conveniently at their locations.

  • $2 ATM Services. Access to ATM services at a flat rate of $2.

  • Western Union Wire Transfer Services. Offering the ability to send money quickly and securely through Western Union.

  • Prepaid Debit Cards. Offering prepaid debit cards for convenient access to funds without a traditional bank account.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

Generally loan refusals can occur due to various factors such as insufficient credit history, low credit scores, inadequate income to support the requested loan amount, existing debt levels, or discrepancies in the application information. Advance Financial emphasizes the importance of borrowing responsibly and only applying for amounts that one can afford to pay back, suggesting that failure to meet these criteria might also lead to loan application denial. For precise reasons related to Advance Financial's policies on loan refusals, it would be best to consult directly with them as lending criteria can vary significantly between different states.

How to Repay an Advance Financial?

Repay

To repay an Advance Financial loan, when you receive your billing statement, you have the flexibility to choose between making a minimum payment, paying off the entire balance, or selecting any amount in between. It's important to note that the interest rate is high, and interest, coupled with fees, accumulates daily for as long as the funds are retained. Since there's no grace period on the loans, it's necessary to settle the entire loan amount before the end of its term. Advance Financial offers payment options both online and at its physical locations. Payments made in-store can be directed towards over 100 vendors and utilities, albeit with a $2 fee for bill payments at the physical location. Notably, there are no prepayment penalties, enabling borrowers to pay off their loans early without any additional charges. This early repayment not only keeps the line of credit open for future withdrawals without the need for reapplication but also translates into savings on interest, ultimately reducing the total cost of the loan. Therefore, opting for early repayment can be a prudent financial decision, particularly for those looking to minimize interest expenses and manage their finances effectively.

Loans like Advance Financial

OppLoans

Apply for a Loan

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.

Opploans

Rise Credit

Apply for a Loan

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.

Rise Credit

OneMain Financial

Apply for a Loan

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.

OneMain Financial

Universal Credit

Apply for a Loan

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.

Universal Credit

Editorial Opinion

The financial products and services offered by Advance Financial reflect a commitment to accessibility and convenience for a broad range of financial needs. With a portfolio that includes online lines of credit, installment loans, check cashing, and more, Advance Financial appears to position itself as a versatile financial partner for individuals seeking quick and flexible financial solutions. Their emphasis on a simple application process, quick approvals, and instant funding options, subject to bank participation, underscores a customer-centric approach aimed at reducing barriers to financial access. Additionally, the company's recognition by Inc. 5000 and Forbes highlights its growth and dedication to serving its customers effectively. While these services can provide essential financial support, it's crucial for potential borrowers to consider the responsibilities that come with these financial products, including interest rates and repayment terms, to ensure they make informed decisions that align with their financial well-being.

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

  1. 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.

  2. 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.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. 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.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

Sources

FAQ

How Do you Qualify For an Advance Financial Loan?

To qualify for an Advance Financial loan, customers must meet certain eligibility requirements, which may vary depending on the type of loan they are applying for. Here are some of the general requirements that must be met to qualify for a loan from Advance Financial:

  1. Age: Customers must be at least 18 years old to apply for a loan.
  2. Residency: Customers must be a resident of the state in which they are applying for the loan.
  3. Income: Customers must have a steady source of income, such as a job or government benefits. The amount of income required may vary depending on the loan amount and other factors.
  4. Checking Account: Customers must have a valid checking account that is at least 90 days old.
  5. Identification: Customers must have a valid government-issued ID, such as a driver's license or passport.

    In addition to these general requirements, specific loan products may have additional eligibility criteria. For example, customers who apply for a title loan must own a vehicle that is fully paid off and have the title in their name.

    Customers can apply for an Advance Financial loan online, in person at a physical location, or through the company's mobile app. The application process typically involves providing personal and financial information, such as income and employment details and may require a credit check.

    How Much Can You Borrow From Advance Financial?

    The amount that you can borrow from Advance Financial depends on the type of loan you are applying for and your eligibility. Here is a breakdown of the borrowing limits for each loan product offered by Advance Financial:

    1. Flex Loans: Flex loans act as a line of credit, with borrowing limits ranging from $25 to $4,000, depending on the borrower's creditworthiness and other factors.
    2. Title Loans: Title loans allow customers to borrow money using their vehicle as collateral. The amount that can be borrowed depends on the value of the vehicle and varies by state.
    3. Installment Loans: Advance Financial offers installment loans with borrowing limits of up to $4,000, depending on the borrower's eligibility and state regulations.

      It is important to note that the borrowing limits may vary based on a variety of factors, including the customer's creditworthiness, income, and the state in which they are applying for the loan. Additionally, customers should carefully consider the terms and costs associated with any loan before agreeing to it and ensure they have the ability to repay the loan in a timely manner.

      Does Advance Financial Approve Everyone?

      No, Advance Financial does not approve everyone who applies for a loan. The company has eligibility requirements that must be met in order to qualify for a loan. These requirements may vary depending on the loan type and the state in which the customer is applying.

      Some of the eligibility requirements for Advance Financial loans include:

      1. Age: Customers must be at least 18 years old to apply for a loan.
      2. Residency: Customers must be a resident of the state in which they are applying for the loan.
      3. Income: Customers must have a steady source of income, such as a job or government benefits. The amount of income required may vary depending on the loan amount and other factors.
      4. Checking Account: Customers must have a valid checking account that is at least 90 days old.
      5. Identification: Customers must have a valid government-issued ID, such as a driver's license or passport.

        In addition to these requirements, Advance Financial may consider other factors, such as the customer's credit score, when evaluating loan applications. However, Advance Financial may be able to offer loans to customers who do not have a high credit score or have been turned down by other lenders.

        Overall, while Advance Financial has eligibility requirements that must be met in order to qualify for a loan, the company may be able to offer loans to a wide range of customers, depending on their financial situation and creditworthiness.

        Is Advance Financial a Legitimate Company?

        Yes, Advance Financial is a legitimate company that provides a variety of financial services to customers, including payday loans, flex loans, title loans, installment loans, and other financial products.

        The company was founded in 1996 and is licensed and regulated by the states in which it operates. Advance Financial has a strong reputation for providing reliable and convenient financial services to its customers, and the company is transparent about its fees and charges.

        Advance Financial is also a member of various industry organizations, including the Community Financial Services Association of America (CFSA), which promotes responsible lending practices in the payday loan industry.

        Additionally, Advance Financial has received high ratings from customer review sites such as Trustpilot, where it has a rating of 4.5 out of 5 stars based on over 7,000 customer reviews.

        Overall, Advance Financial is a legitimate and reputable financial services company with a strong commitment to customer service and ethical business practices. However, as with any financial product, customers should carefully consider the terms and costs associated with any loan before agreeing to it and ensure they can repay the loan promptly.

        Is Advance Financial a good lender?

        Advance Financial has a strong reputation for providing reliable and convenient financial services to its customers, and the company is transparent about its fees and charges. The company has been in business since 1996 and is licensed and regulated by the states in which it operates.

        Customers who have used Advance Financial's services have generally provided positive feedback about the company's customer service, ease of application, and fast loan disbursement. Additionally, the company offers a variety of financial products, including flex loans, installment loans, and other financial services, which can be helpful for customers who need access to credit.

        However, as with any lender, customers should carefully consider the terms and costs associated with any loan before agreeing to it and ensure they can repay the loan promptly. While Advance Financial may be a good option for some customers, it may not fit everyone's financial needs best. It's always a good idea to compare loan options from different lenders and consider the costs and benefits of each before making a decision.

        Company documents

        Patriot Act
        Privacy Policy
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        Terms of Use

        We are in the business of serving others … that is what we do, who we are, and why we are here; therefore, we will strive to always serve our customers with courtesy, efficiency and integrity. 

        © Advance Financial
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        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        2.99
        (20 Ratings)
        Recommended FinScore™
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        300
        650
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        25.00 – 3000.00 $
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        Interest rate

        to 658.11 %
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        Loan term for the financial product

        to 6 months
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        Recommended FinScore™
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        25.00 – 4000.00 $
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        Interest rate

        250.00 – 450.00 %
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        Recommended FinScore™
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        2000.00 – 100000.00 $
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        Interest rate

        6.34 – 35.89 %
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        Loan term for the financial product

        2 months – 72 months
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        Rating by Finanso®
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        Rating by Finanso®
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        3.93
        (20 Ratings)
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        450.00 – 12000.00 $
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        Interest rate

        27.50 – 81.29 %
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        6 months – 1399 days
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        Advance Financial reviews 2024
        Leave feedback
        4.6
        Pros
        They made sure I could go through with my weekend plans, which I wasn't sure about initially.
        Complain
        4.6
        Pros
        I'm genuinely grateful for their exceptional customer care and the support they provided. Their kindness and dedication to their customers have made a significant financial difference in my life. Thank you so much for all you've done.
        Complain
        2.2
        Cons
        If you're seeking a loan to manage debt or to have some extra cash on hand, I strongly advise against using Advance Financial. They extended a $2,100 line of credit offer to me, which I accepted to address my financial needs. However, I ended up utilizing the entire amount and could only afford to make the minimum payment of $143 per month, and the balance kept growing each day.
        When I finally managed to pay it off in full, I was astonished to discover that I had paid nearly $3,000 in total. What I wasn't aware of was that only a fraction, maybe 10-20%, of each payment actually went toward reducing the line of credit. To make matters worse, the annual percentage rate (APR) was a staggering 276%! Such high APRs should arguably be considered illegal for any loan company.
        Complain
        2.6
        Cons
        I initially borrowed $300 and diligently made weekly payments on time. Surprisingly, despite having already paid around $1,300, I still owe approximately $500. This situation feels exorbitant, and it's hard to justify paying nearly $2,000 for a loan that started at $300. It might be more reasonable to endure some hardship rather than accepting such terms.
        Complain
        4.6
        Pros
        My card was stolen, which caused me to fall behind on my payments. Fortunately, the company was understanding and allowed me to set up payment arrangements. The customer service I received was excellent, and I wouldn't hesitate to work with this company again in the future.
        Complain
        1.4
        Cons
        I purchased a small piece of real estate, and the agreement was for them to deduct my payments from my account on the first of each month. However, it's now the third, and there's been no progress. When I contacted their customer service, the representative requested my bank account number and routing number. This request felt highly unprofessional, as they should already have that information on file. I'm concerned that they might impose substantial late charges or fees on top of this situation.
        Complain
        2.8
        Cons
        Advance Financial is by far the most frustrating loan company I've ever had to deal with. I took out a relatively small $1,500 loan, and despite making substantial payments, the principal balance only decreased by a measly $30. It feels like only about 1.5% of each payment is chipping away at the loan, while the bulk is devoured by interest. This setup makes it nearly impossible to pay off the loan.
        Complain
        2.2
        Cons
        Think twice before proceeding with this! I borrowed $1,450 and ended up having to repay $3,350. Shockingly, a significant portion of my middle payments, about two-thirds, went towards the CAB fee, making it seem like the system is intentionally designed to trap you into paying the maximum amount. It's frustrating that even when making substantial payments, you can't seem to make headway in reducing the principal balance. This practice needs to be reported, as I believe many people face financial hardship due to this kind of loan structure, which feels exploitative. It's simply not right—consider getting a loan from a different source.
        Complain
        2
        Cons
        Their behavior is highly unprofessional and discriminative, even though I've always maintained a respectful demeanor. I've documented these issues, and my attorney is prepared to send a legal notice of a lawsuit unless their supervisor takes appropriate action.
        Complain
        2.2
        Cons
        In just three months from the date I borrowed the money, the interest had accumulated to an astounding total of $3,360! I aimed to pay off the loan in three months, but it appeared that hardly anything was reducing the principal balance, even after making my initial payment of $600. When I initially borrowed $4,000, I had hoped to clear it within three months, but the final tally amounted to a staggering $7,135 in payments.
        Complain
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        Company rating
        3.0
        / 5
        20 reviews
        Application
        3.0
        Support service
        3.0
        Mobile App
        3.1
        Service quality
        3.0
        Your satisfaction level
        2.9
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