Financial emergencies happen in the blink of an eye. In these times, we understand that getting funds fast and efficiently is your priority. Personal loans can help you get the funds without having to wait days on end. One company that we’ve come across is Advance America Payday Loans. They are an online company that operates in a few states across the United States. Their mission is to provide quick cash for those in need.
But, before you go and apply, it’s good to get an idea of what this company is all about. We’ve delved a bit deeper to see if Advance America Payday Loans is worth signing with. Here’s what we’ve found;
If you’re expecting your paycheck around the corner, then a payday loan might be right for you. With a payday loan, you’ll be borrowing money and expected to pay it back within seven to 30 days. This is a good option for those who can pay back the loan plus interest.
However, if you don’t think you’ll be able to pay it back, you might want to consider an alternative. Luckily, Advance America Payday Loans provides other loan options.
Installment loans are an excellent alternative to payday loans. Instead of having to pay the money back in one go, you can set up a payment plan. This payment plan extends the repayment schedule and ranges from a few weeks to a year or two.
This is an excellent option for people who won’t have the money to pay back on their next payday. The monthly installments are generally smaller than payday loans. Although, you may have to pay more interest over the course of the loan.
If you don’t have the money or the income to qualify, there may be another option. Title loans are where the loan company will hold onto collateral. Generally, lenders hold onto the title of your motor vehicle.
You’ll be able to qualify for a loan even if you don’t have the income or the credit. This is useful for people who are unsure of themselves financially. However, you need to understand that they will repossess your car if you don’t pay back on schedule.
Line of Credit
The last type of “loan” that Advance America Payday Loans offers is credit lines. These credit lines work similarly to a credit card. You’ll be able to use the credit to your desire, including taking out cash.
Each month you’ll have to make a payment, similar to a credit card. This minimum does include interest that’s added each month. The only difference is that the credit line doesn’t report to credit bureaus unless you miss a payment.
What You Can Expect From Borrowing From Advanced America Loans
Borrowing from Advance America Payday Loans is similar to borrowing from any other lender. It only takes a few minutes to fill out the online application, and you can get approval within two days. Overall, we’d say that if you need quick cash, Advance America is the way to go.
To fill out an application, you’ll have to head to their website. From there, you’ll be prompted to fill out their secured online form. The application requires that you have all your personal information to help verify your identity.
Once you’ve filled out the application, you’ll need to wait to be approved. Their approval takes at least 48 hours. After being approved, your funds can be deposited in less than 24 hours. Same-day of approval if it’s early in the morning.
What Are the Maximums and Minimums of Borrowing From Advanced America Payday?
Advance America has different loans depending on where you live. Each state has a set maximum, which can’t be changed. For most states, the maximum amount you can borrow per loan is $1,000.
However, just because the maximum is set at $1,000 doesn’t mean you’ll qualify for that amount. The amount lent is based on a few factors: the main factor being your monthly income and motor vehicle.