Advance America Loan Review: Get Cash Fast, Beware of High Fees

When you read customer reviews on Advance America, the word “scam” may appear.

However, this financial services company is not actually a scam. Instead, crooks claiming to be from Advance America have targeted unsuspecting customers in the past.

The real business is a legitimate business that specializes in payday loans, as well as title and installment loans, in some states across the country.

That being said, Advance America does not have an impeccable reputation. In 2010, he paid consumers in North Carolina $ 18.75 million to settle a class action lawsuit alleging the lender charged illegal fees and interest.

In addition, the company charges exorbitant fees and interest rates on its loan products. Unless you have no other option, Advance America is probably not the best choice for a loan. Read this full Advance America review to find out more.

Advance America Loan Overview

Advance America is a financial services company with over 2,000 stores in the United States. She specializes in payday loans, which are short term loans known for their high interest rates.

Besides payday loans, Advance America also offers two other types of loans:

  • Securities lending: These are guaranteed by the value of your car.
  • Installment loans: Advance the form of America’s personal loans. These are similar to payday loans, but you can borrow a larger amount and pay it back over a longer period of time.

Advance America’s installment loan product is the most similar to a personal loan. You can pay off a loan over three to 36 months.

One of the advantages of borrowing with Advance America is that you can access cash quickly. If you live near one of its stores, you can get in and out on the same day with the funds you need.

Advance America Interest Rates and Fees

Interest rates and fees vary depending on the state in which you live. When you apply for an Advance America installment loan, you will be asked to provide your zip code before you can view the offers.

For example, a $ 650 installment loan with a six-month term in South Carolina has an APR of 348.04%. This rate is in effect as of April 12, 2018, so be sure to check the latest rates available on the Advance America website.

Once you know the rates available in your area, compare them to the fixed interest rates on personal loans from other lenders, such as SoFi. It offers prices from 2.74% – 6.74%.

If you choose to go ahead with an Advance America loan, you can apply online. It will show you an overview of rates and fees based on your condition, loan amount, and repayment terms. That $ 650 loan from South Carolina, for example, would cost you $ 1,341.12 to repay.

Before borrowing from Advance America, be sure to read the terms and conditions. Without a solid repayment plan, those high fees and interest could leave you more in debt than you started out with.

Use of the Advance America online platform

Advance America allows clients to apply for a loan in person or online. It has stores in over 25 states.

If you are not near a store or prefer to apply online, you can use its online application. Simply start by clicking “Apply for a Loan” on its Advance America home page.

Depending on what your state offers, you can choose the type of loan to apply for. In South Carolina, for example, we see that you can choose a payday loan or an installment loan with the following loan limits.

Before you click “Apply Now” for a loan, you can preview what your repayment will look like by selecting “Learn more”.

In addition to using Advance America’s repayment estimator, you can also calculate the numbers with our personal loan calculator. This will show you exactly how much interest you will pay over the life of your loan.

If you decide to go ahead with this lender, you can start filling out the application. It will ask you for basic personal information, as well as your social security number.

You will also fill in your employment information and income, as well as how often you get paid.

Finally, you will provide your current account information. When your payment is due, Advance America will automatically withdraw money from your account.

If that sounds risky, that’s because it is. If you can’t pay, the business could overdraft your account. Plus, he can keep doing it until the entire loan is paid off, interest and everything.

A positive note about the online application experience: A customer service representative appears via the chat to answer your questions as they arise. They answer your questions immediately, so it’s easy to clear up any confusion while you apply.

Once you complete the application, you will soon know if you are approved or not. Some applicants even get funds in their bank account the same day they apply.

Eligibility Requirements for Advance America Payday and Installment Loans

Advance America does not have strict eligibility criteria to qualify for a payday or installment loan.

In fact, a benefit for some clients is Advance America’s lax credit requirements for loans. Having a bad credit rating or even a history of bankruptcy won’t necessarily stop you from borrowing.

Customers with below average credit may not be eligible for a loan from a lender such as Citizens Bank or Upstart. But they may not have a hard time borrowing from Advance America.

To apply for a loan, borrowers are required to provide the following:

  • Social Security number
  • E-mail adress
  • Active bank account information
  • Proof of income
  • government issued identification document

In addition to meeting these conditions, you must also be a resident of a participating state to apply for a loan. In some states, you may also be asked to provide a check.

Advance America Customer Service

For more information, you can reach Advance America Customer Service by calling 844-562-6480 or using their contact form. If you are applying for a loan, you can also use its chat feature.

To find a store nearby, go to the “Locations” page of the website and enter your zip code.

You can also find out more by reading reviews from Advance America customers, including ConsumerAffairs.

Advance America is one of the leading payday loan lenders, but all of its loan products come with very high fees. Think twice before borrowing a high cost loan. You don’t want to find yourself in more debt with a payday loan than you did at the beginning.

Note: Student Loan Hero has independently collected the above information regarding Advance America loan rates, terms, and fees. Advance America has neither provided nor reviewed the information shared in this article.

Forget about filling out tons of forms. Finding your best personal loan rate is now easier than ever.

Disclaimer: Student Loan Hero is a subsidiary of LendingTree.

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Student Loan Hero is indemnified by the companies present on this site and this compensation may have an impact on how and where the offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the market.

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How is the student loan hero paid

How is the student loan hero paid

Student Loan Hero is indemnified by the companies present on this site and this compensation may have an impact on how and where the offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the market.

Advertiser Disclosure

Hero Student Loan Advertiser Disclosure

Student Loan Hero is an ad-supported comparison service. The site presents products from our partners as well as institutions that are not advertising partners. While we endeavor to include the best offers available to the general public, we do not guarantee that this information represents all products available.

PRICES (APR) Amount of the loan
5.99% – 18.85%1 $5,000 To $100,000
6.46% – 35.99% $1000 To $50,000
5.94% – 35.97%* $1000 To $50,000
99.00% – 199.00%2 $500 To $4000
5.99% – 24.99%3 $5,000 To $40,000
7.99% – 29.99%4 $7,500 To $40,000

NMLS # 1136: general conditions apply

1 Includes AutoPay discount. .
2 Includes AutoPay discount. .
3 Includes AutoPay discount. .
4 .
* .

About Monty S. Maynard

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