Amscot Loans Review

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.

Amscot charges a late fee if you don’t pay on time. We understand that sometimes it’s hard to pay the money back, especially on a short schedule. However, the late fee is not disclosed on their website. If you don’t have sufficient funds, then your bank will also charge you for the transaction.

To avoid late fees, attempt to contact the company. Amscot doesn’t have any policies to help extend payment, but you may be able to convince them not to have a check bounce and cause extra fees from your bank.

Is Amscot Loans Safe to Use?

Yes, Amscot Loans is a legitimate company. They only have physical stores in one state, but their reach is nationwide. They can help assist you in getting a quick loan approved. For a better idea of the company, check out previous customer reviews.

We’ve searched and found that the results are mixed. Some people had no problem with the company, while others had bad experiences with late fees and bounced checks. Overall, we think you should use your best judgment and understand that you’re responsible for their payment schedule when you sign a loan.

Loan Application Process for Amscot Loans

To apply for a loan from Amscot, you will need to fill out an online application. Filling out an application requires that you pass a few requirements. If you do, then you will need to fill the form with personal information. After that, you’ll apply for a review.

Amscot will bill you $2 to do this, and if approved, they will add 10% to your loan as a charge. Once you sign the agreement, then the funds will be deposited into your account.

What Are the Requirements for Applying to Amscot Loans?

Most lenders have set requirements that vary by state. With Amscot, you must meet the minimum standards even to submit an application. If you don’t, then your application will be instantly rejected. Here are the following requirements (which vary by state);

• Have verifiable income – you must be able to provide official documents of your income. This includes pay stubs, bank statements, etc.
• Updated contact info – they need a constant source of contact. So, email is not enough. They require you to give you your phone number when applying.
• Open Checking Account – must be in good standing and be active. It can’t be a newly opened account. Otherwise, you will get denied.

After that, you’ll move onto filling out the personal information page about yourself:

• Valid ID – this must be a government-issued photo. This includes your driver’s license, state identification card, passport, etc.
• Checking account info – must have the routing number and account number. If you don’t, you’ll need to contact your bank to provide those numbers. They should be listed on your physical checkbook as well.

As we’ve listed before, Amscot Loans states they are a nationwide site but mainly operate in Florida. If you’re not a Florida resident, you may have a hard time getting a loan from them. Plus, in most cases, they want you to go into a physical store to confirm or complete the rest of the loan process.

Amscot Loans Online Application Process

Applying online is similar to any other online application. You will need to gather the requirements and personal information necessary for filling out the form. Once you have that, you can head to their website and apply now for a loan.

Input all the necessary information into the application before submitting it. Once approved, you can read over their contract and eSign, or you may be asked to confirm details in person.

Amscot Loans Walk-In Application Process

While they don’t state what you’ll need for a loan when you do a walk-in, it’s best to bring all the necessary information. Bring any sort of documents, paperwork, or identification if you’re heading to the physical store. This ensures that you have all the required information for filing for a loan.

Contact & Customer Support for Amscot Loans

Amscot doesn’t have an exact listing of their operation or contact hours. For some of their stores, they are open 24 hours a day. However, there are no official listings of their service hours.

Because of this, we suggest that you head to the Contact Us page on their website. If you need to contact them, they have a list of their phone numbers and services.

The Bottom Line

Amscot Loans works to provide you with quick and easy approval. The loan process is hassle-free, and you’ll be able to get funds within a few days. If you’re worried about not being able to get approved, then rest assured. They set the bar low so that people who need it can get funds.

However, their interest rates are in the medium to high range. While this can be ideal for some, it could potentially put people into harder financial debt if they can’t afford the extra payments each month. Luckily Amscot works to ensure that you don’t encounter late fees or charges.

Overall, we believe that Amscot is an excellent potential lender for borrowers in a time of crisis. They get the money to you fast, with meager income requirements. If you’re ever in need of cash, we can recommend them as a company you should consider.