You have financial issues such as expenses and bills, and you heard that Advance America may help you acquire a loan, which is correct; you can receive a loan with their assistance.
However, in addition to them, there are a multitude of additional lenders who offer loans.
In addition, if you live in one of the 24 states where Advance America operates, you have a decent chance of being approved. If this is not the case, you have other options to consider
Advance America Overview
Advance America is a direct lender that provides payday loans, installment loans, and title loans to individuals with poor credit.
Although loans from Advance America can be funded fast, the exorbitant interest rates and costs make these loans a last choice that you should avoid if possible.
Advance America has been working hard for more than 25 years to establish itself as one of the most reputable providers of consumer financial services in the United States. They currently offer online loans and have over 900 locations across the country.
At Advance America, they believe that failures are simply opportunities for heroic recoveries, and they want to do everything we can to assist make those recoveries a reality.
Advance America Loans Highlights
- Loan amounts: $100 - $25,000.
- Loan types: Payday Loans, Installment Loans, Title Loans.
- Available states: Alabama, California, Colorado, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nevada, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Wisconsin, Wyoming.
- Credit check: Hard credit inquiry.
- Minimum credit score: No minimum credit score.
- Funding time: Same or next business day after approval.
- Repayment terms: 14 Days (Payday Loan), 3 to 36 months(Installment Loan).
- Interest rate: Rates vary by loan type and state, but still often exceed triple digits, 200%-460%.
- Fees: May charge a personal loan origination fee and will not charge you a late fee.
- BBB Rating: A+.
- Bad credit considered.
- Fast funding.
- BBB rating A+.
- High-interest rates.
- Hard credit check.
- Only available in 24 states.
Advance America provides quick access to cash. In certain instances, you can receive your money within one business day. You can apply either online or in-store.
Where Advance America Lonas Stand Out
Bad credit considered
Even if your credit isn't the best that is, it is poor there's still a chance you could get a loan from Advance America.
To apply for one of the company's payday loans, which are also known as cash advances and require a government-issued ID, a Social Security number, proof of income, and an active checking account, and may demand a credit check as well.
However, installment loans do require a credit check to be completed.
Fast funding
If you get a payday loan from a physical place, you might be able to walk out of there with the cash you borrowed already in your possession.
If your online application is submitted on a weekday before 10:30 a.m. Eastern Standard Time, there is a chance that the money will be deposited into your bank account on the same day.
The choice to approve something is reportedly made within minutes, according to Advance America.
BBB rating A+
Advance America is an accredited business by BBB plus ther 25 years experience and serving customers well.
It is no easy feat to attain these two stages written above. Most businesses find it hard to get an A+ rating with BBB+.
Where Advance America Loans Fall Short
High-interest Rates
There is a possibility of extremely high interest rates with Advance America. Although the rates can change depending on the type of loan and the state, they often remain in the triple-digit range.
For instance, the fees associated with payday loans in California carry an annual percentage rate (APR) that is equivalent to almost 460%.
The annual percentage rates (APRs) for some installment loans are significantly more than 200%, despite the fact that the interest rates can be slightly lower.
Hard Credit Check
Advance America is a reliable direct lender; nonetheless, they do a thorough check on their customers' credit. This will be reflected on your credit report, which may, in the short term, have a detrimental effect on your credit score.
Hard credit checks are public information and can be viewed by anybody who pulls your credit report.
Only Available in 24 States
Advance America is a direct lender that provides loans within 24 states only. It is important to know that they have the state license for all the 24 states.
There are several states that do not allow payday loans. It's possible that Advance America doesn't do business where you reside due to the laws in your area.
Compare Advance America to other lenders.
Now, to the comparison between Advance America, Personal Loans and cashusa.com. In terms of interest rate, Advance America charges up to 200-460% while the rest have minimal risk with a loan amount of $100-$25,000.
As a community lender, Advance America does hard credit check and offers a 14-day loan term for payday loans and 3 to 36 months for installment loan. Without forgetting to add that they only operate in 24 states in the US.
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200%-460%
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Est. ARP
5.99% to 35.99%
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5.99% to 35.99%
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$100 - $25,000
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Loan Amount
$1,000 to $35,000
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$500 - $10,000
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Hard
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Credit Check
Soft
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Soft
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14 Days (Payday Loan), 3 to 36 months(Installment Loan)
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Loan Terms
3 - 72 months
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3 - 72 months
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Only 24 states
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Available Areas
All states
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All states
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Non-residents of the 24 eligible states should look elsewhere. There are a plethora of different low-interest loan providers available who are willing to offer more money over longer periods of time with fewer stringent stipulations, such as good credit.
Advance America vs. Personal Loans™
Payday loan services can be a necessary and easy solution to preserve your financial condition, but only if you can get your money back quickly. If you are able to get your money back quickly, then you should consider using these services.
In the event that you make the decision to obtain a payday loan, the criteria that you have taken into consideration will enable you to select a reputable online lender who will supply you with reasonable terms and will not cause you to become even further submerged in debt.
The purpose of this comparison between Advance America and Personal Loans is to highlight the similarities and differences between the two.
Personal Loans are offered around the country and do not charge interest rates as high as those of Advance America.
On the other hand, consumers of Advance America are subjected to rigorous credit checks and the company's services are only offered in 24 states.
Advance America vs. cashusa.com
Although the interest rate offered by Advance America is higher than the one offered by cashusa.com, the loan amounts that may be obtained through Advance America are much higher, ranging from $100 to $25,000 as opposed to $10,000 for cashusa.com.
However, in contrast to Advance America, which does a comprehensive credit check, cashusa.com does not.
Additionally, the services offered by Advance America are only available in 24 states. Borrowers who obtain financing from cashusa.com have the option of selecting repayment terms anywhere between three to seventy-two months, in contrast to the option provided by.
At the same time, you'll be able to collect the money very quickly if you use cashusa.com. The procedure of submitting an application will just take ten minutes.
In addition to that, you will receive the money on the very same day. Even if a customer has a poor credit history, they are still able to take out a loan with cashuas.com.
This results in a number of challenges, the most significant of which is that the customer does not know who to speak to in the event that there are discrepancies in the service they have received.
Requirements for Advance America Loans
When it comes to the people it will lend money to, Advance America is highly adaptable when it comes to the category of people to which it will provide financial aid.
This is demonstrated by the availability of many loan choices for individuals who have a low credit score.
Please make sure that you take the time to properly evaluate the criteria, as not everyone will be qualified for a loan through Advance America because the standards must be met.
The following is a list of the criteria that Advance America considers when determining whether or not to approve an application, including yours:
Reliable Approaches to the Acquiring of Funding
In order to be eligible for Advance America, you will need to "Have money that is routinely put into a checking account." One of the prerequisites includes doing this.
Even while the majority of lenders prefer candidates with full-time work, people whose primary source of income comes from benefits or a pension may still be eligible for financing even though applicants with full-time jobs are given preference.
Information Regarding Banking That Has Been Checked to Ensure That It Is Authentic
Your application will be rejected by Advance America if you do not provide evidence of a checking account that is capable of processing transactions at the present time.
This step is essential in order for the lender to be able to credit the proceeds of the loan directly into your account.
It is important to keep in mind that Advance America will accept repayment through a variety of options, such as debit cards, cheques, and much more.
The services offered by State Advance America are now accessible in only 24 of the 50 states that comprise the United States of America.
Age
In some countries, individuals must be at least 19 years old before they are permitted to purchase alcohol.
For us to be in compliance with the state's lending rules, we absolutely need to do this. In the remaining 10 states that it serves, mandates that its customers have reached the age of majority in order to be eligible for membership.
Documentation issued by the state in addition to the Social Security number
Following the submission of your loan application through Advance America, they will conduct an identification check in order to finalize the process of applying for a loan.
As a direct consequence of this, we will want both your Social Security number and proof that you reside in this country.
How to Apply for Advance America Loans
The process of requesting a loan from Advance America is quick and simple. Both the in-person and online application processes are extremely similar to one another.
To apply for a payday loan or an installment loan through Advance America, you will need to provide the following information. There is a possibility that you will be asked for additional information in the event that you apply for a loan that is paid back in installments.
- Proof of income and government-issued identification.
- Social Security number verification for the account.
- Cashier's check or personal check (for in-store applications).
- Valid email address (for online applications).
Bring the necessary information with you to an Advance America shop near you in order to submit your application in person. You are able to submit an application online by entering the information on the Advance America website.
How CreditYelp rates Advance America
| Overall | 3.6/5 | Explanation |
|---|---|---|
| Requirements & Application | 4.5/5 | It accepts bad credit and the requirements are easy to meet, and can apply online or in-store. |
| Loan accessibility | 3.5/5 | Limited to residents of 24 states. |
| Loan flexibility | 3/5 | Limited upfront info about terms. |
| Affordability | 2.5/5 | It charges an origination fee, and has high-interest rates. |
| Customer experience | 4.5/5 | BBB Rating A+. |
According to CreditYelp's rating, in terms of requirements and application, Advance America is given a 4.5 rating because they accept people with poor credit and do not have hard requirements.
However, they are not considered affordable because of their high APR and they charge an origination fee. However, they have an A+ rating with BBB.
Advance America FAQs
Q1: Is Advance America legit?
The majority of the loans offered by Advance America fall under the category of being short-term. The organization makes it simple to submit an application and moves the money around swiftly.
If you are in need of cash for an unexpected need, check the website of Advance America to determine whether or not you are eligible for the loan programs it offers.
Q2: Does Bank of America run a hard credit check?
At least one of your credit reports will almost certainly be subjected to a rigorous inquiry by Bank of America.
You should go through the pre-approval process offered by Bank of America to have a good notion of whether or not you should go through with a hard inquiry. In most cases, a preapproval will not require a hard inquiry to be made on your credit report.
Q3: Can I skip/defer payment?
One of your payments cannot be skipped or delayed in any way. On the other hand, if you meet the requirements, they might be able to include you in a repayment plan and/or push out the date when your payment is due.
Q4: When I pay off my Line of Credit, do I need to reapply the next time I need money?
You are free to keep using the Line of Credit you had previously established.
As long as the payments that you make on the money that you take are always made on time, you will be able to continue withdrawing funds up to your maximum permitted credit until the time that your Line of Credit expires.
