Advance America Payday Loans Review

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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;

Payday Loans

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

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.

Title Loans

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.

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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
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  • Credit or Debit card
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Are There Any Rates or Fees That I Should Be Aware Of?

If we compare Advance America to other lenders, they fall on the high side of interest. The average amount of APR paid back on a single loan is around 390%. Anything over 300% is considered a significant amount of interest.

As for other fees, their payday loans do come with a “hidden” fee. For every $100 borrowed, there’s a $15 charge. Aside from this, if you miss a payment, you can expect them to increase their interest rates.

What Happens If You Don’t Pay Advance America Payday Loans?

You should contact Advance America right away. They have a policy that states they will work with you to establish a payment timeline. The company needs to collect its funds still.

They want to do it professionally and won’t report to credit agencies. So, the sooner you contact them, the better. If you think you’ll miss a payment or have a late payment schedule them right away.

Is Advance America Loans a Legitimate Company?

Yes, Advance America is a legitimate business with thousands of loans. Their company has worked hard to obtain official licensing in multiple states. According to the Better Business Bureau, the company is in good standing.

They do have a few filed complaints. However, most of these don’t have to do with getting a loan or fraud. Instead, they are about either interest rates, late payment, or people signing their name to take out a loan with the company.

How To Apply For Loan From Advance America Payday Loans

Filling out an application only takes a few minutes. Advance America has both physical locations and a secured online form. To fill out an online application, you’ll have to do the following;

  1. Head to the Advance America main page.
  2. Scroll until you see the words “apply for a loan” and click on it.
  3. After being prompted to fill out an application, click on the “use my current location” to either find a physical store or to continue filling out the online form.
  4. From there, you’ll want to create your account.
  5. After creating an account, input the designated fields with your personal information.
  6. Once everything is put into the secured application, read their licensing agreement. You’ll need to accept the terms to submit the application.

Advance America Payday Loans Requirements

The United States has strict regulations put in place for borrowers and lenders. To even qualify for applying, you will need to meet a set amount of criteria. When signing up for Advance America, make sure that you pass the following;

  • Valid government-issued ID
  • An active checking account
  • Proof of income
  • Social security number
  • A physical copy of your check

States Where Advance America Payday Loans Does Offer Loans

Advanced America is available in 28 states across America. To find a location near you, consider using their store locator online. We’ll also list the states in which Advance America operates down below;

  • Alabama, California, Colorado, Delaware, fluoride, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Advantages of Advance America Payday Loans
  • Widespread Coverage ;
  • Multiple Loan Options ;
  • Title loans ;
Disadvantages of Advance America Payday Loans
  • Multiple complaints ;
  • Not Transparent ;
  • Government Involvement ;

Required Documentation to Get a Payday Loan Online

Filling out an online application requires that you have specific personal information on hand. The loan process only takes a few minutes to fill out. To make the process go smoothly, you should have the following information ready;

  • Personal information (age, date of birth, full name)
  • Proof of identity (driver’s license, state-issued ID, SSN)
  • Proof of income (bank stubs, paychecks, certified records)
  • If applicable title/deed to your motor vehicle

The online application only takes a few minutes to fill out if you have the information on hand. Otherwise, the secure online form could take up to an hour to complete. If you want to get approved quickly, we suggest filling out your application earlier in the morning for same-day or two-day approval.

How to Apply for an Application Through Walk-ins?

To get a loan in-person, you’ll need to bring all the information we listed in the online section. A representative will require official documents instead of you containing your personal information. Bringing physical papers and documents can help make the process smooth. So, make sure you have;

  • Personal information (age, date of birth, full name)
  • Proof of identity (driver’s license, state-issued ID, SSN)
  • Proof of income (bank stubs, paychecks, certified records)
  • If applicable title/deed to your motor vehicle

Bringing all the documents to a walk-in can ensure you get same-day funds. The walk-in method is faster than applying online and can get you funds within an hour of you walking into the store. As long as you meet the minimum requirements, you’re almost guaranteed a loan.

Advance America Payday Loans Hours of Operation & Contact Info?

Advance America has multiple locations across America. That being said, this means their hours of operation are always different. For most of the branches, they are open during the following hours;

  • Monday through Friday from 9 am until 7 pm
  • Saturday open from 9 am until 7 pm
  • Sunday’s they are closed.

If you have an urgent matter, we suggest heading to their “Contact us” page. This will give you a few options on how you can contact the company. They have customer support reps waiting to respond via email, phone, or in person.

Our Conclusions

Advance America Payday Loans is one of the best options for a variety of loan types. They have flexible repayment schedules and varying title loans to help you afford the funds you need. Although the biggest issue is that the funding amount varies by state.

Other than that, they have fast approval speeds and can get you an answer quickly. If you require a big loan amount of up to $1,000, they can get it to you. But, if you’re looking for bigger funds for a surprise or project, you may want to look elsewhere.

Overall, we think that they are an excellent company that can help you in a time of need. The only issue we see is that they do require a lot of personal information to approve a loan. This isn’t necessarily a bad thing, as it means that they are doing their job right.

( 172 votes, average: 7.6 out of 10)