When you’re in a difficult financial situation, it’s crucial to weigh your loan options. While many people try and use payday loan companies, it’s critical to understand the borrowing and lending process. One company that borrowers consider is Amscot. Amscot Loans is a payday loan company that works to get you fast funds. The only issue is that they charge astronomical interest rates for quick funding. If you’re looking to consider them for your next loan, you must understand the company.
We don’t want you to get yourself into a tighter financial situation. So, we’ve taken the time to research the company. We’ve checked user reviews, customer complaints, and found info from their website. Here’s what we’ve found;
Cash Advance
A cash advance is a small short-term loan that is designed to help you out financially. If approved, you can see the funds in your account in as little as three days. These services can be useful for making payments for emergencies or small bills.
The only downside is that cash advances require you to pay back interest. With interest, the amount you pay back may be more than what you took out. Due to this, it’s essential to consider the borrower/lender process carefully.
Amscot Loans’ Borrowing Process
Borrowing from Amscot Loans requires that you fill out an online application or walk-in. They ask for some personal information that can help qualify you for a loan. Don’t worry if you don’t have good credit, and they mainly check your income. As long as it’s verifiable and you can pass an identity check, you can get approved.
After filling out and submitting the application, you’ll get a decision the next day. Once you’re approved, you’ll be asked to sign an agreement. The agreement highlights the terms and conditions of the loan.
If these conditions are suitable, you will sign your name. Once they have gotten your approval/signature, you can expect a written check for the loan amount/fees, have it deposited into your bank account, or receive it in person at their physical locations.
Are There Maximum and Minimum Amounts You Can Borrow From Amscot Loans?
Amscot is not meant for big projects. Instead, it’s supposed to be for instant cash to cover small expenses. This can range anywhere from paying bills to providing groceries for your family. Just know that whatever you borrow, you will be paying the amount back plus interest.
For Amscot, they can lend you a maximum of $500 for a loan. If you don’t need that big of an amount, then you can get a smaller loan. The smallest loan they can provide is $50.
Are There Are Associated Fees & Rates With Amscot?
When you take out a loan, there will be associated fees for the transaction. To even process your application, they charge a flat fee of $2. Aside from that, they also charge an additional “finance charge.” The Finance charge covers any other processing. This fee can range from $7 to $52, depending on loan size.
Aside from the fees, there’s also an interest that is charged to the loan. It starts at 271.14% and then increases to $365.00%. The lower your loan, the higher the APR rate will be. This is mainly because there is only one payment date for the loan.