When you read customer reviews of Advance America, the word “scam” might pop up.
However, this financial services company is not actually a scam. Instead, scammers pretending to be from Advance America have targeted unsuspecting customers in the past.
The real company is a legitimate one that specializes in payday loans, as well as title and installment loans, in certain states across the country.
That being said, Advance America doesn’t have a spotless reputation. In 2010, it paid $18.75 million to North Carolina consumers to settle a class-action lawsuit that alleged the lender charged illegal fees and interest.
Plus, the company charges sky-high fees and interest rates on its loan products. Unless you have no other options, Advance America probably isn’t the best choice for a loan. Read this full Advance America review to learn more.
Advance America loans overview
Advance America is a financial services company with over 2,000 stores across the U.S. It specializes in payday loans, which are short-term loans known to have high interest rates.
Besides payday loans, Advance America also offers two other loan types:
- Title loans: These are secured by the value of your car.
- Installment loans: Advance America’s form of personal loans. These are similar to payday loans, but you can borrow a greater amount and pay it off over a longer period of time.
Advance America’s installment loan product is the one that most closely resembles a personal loan. You can pay off a loan over three to 36 months.
One benefit of borrowing with Advance America is that you can get access to money quickly. If you live near one of its stores, you could walk in and out on the same day with the funds you need.
Advance America interest rates and fees
Interest rates and fees vary depending on what state you live in. When you apply for an Advance America installment loan, you’ll be asked to provide your zip code before you can view offerings.
For example, an installment loan of $650 with a six-month term in South Carolina comes with a 348.04% APR. That rate is current as of April 12, 2018, so be sure to check the latest available rates on the Advance America website.
If you choose to move forward with a loan from Advance America, you can apply online. It’ll show you a preview of rates and fees based on your state, loan amount, and repayment terms. That $650 loan from South Carolina, for example, would cost you $1,341.12 to pay back.
Before borrowing from Advance America, make sure to read over the terms and conditions. Without a solid plan for repayment, these high fees and interest charges could leave you more in debt than when you started.
Using the Advance America online platform
Advance America lets customers apply in person or online for a loan. It has stores in over 25 states.
If you’re not close to a store or prefer to apply online, you can use its online application. Simply get started by clicking on “Apply for a loan” on its homepage.
Depending on what your state offers, you can choose what type of loan to apply for. In South Carolina, for example, we see that you can choose a payday loan or an installment loan with the following loan limits.
Before clicking on “Apply Now” for a loan, you can preview what your repayment will look like by selecting “Learn more.”
Besides using Advance America’s repayment estimator, you can also crunch the numbers with our personal loan calculator. This will show you exactly how much you’ll pay in interest over the life of your loan.
If you decide to go forward with this lender, you can start filling out the application. It’ll ask for basic personal information, along with your Social Security number.
You’ll also fill out your employment information and income, as well as indicate how often you get paid.
Finally, you’ll provide your checking account information. When your payment is due, Advance America will automatically withdraw money from your account.
If that sounds risky, that’s because it is. If you can’t pay, the company could overdraw from your account. Plus, it can continue to do so until the entire loan is paid back, interest and all.
One positive note about the online application experience: A customer service representative pops up via chat to answer your questions as you go. They answer your questions right away, so it’s easy to clear up any confusion while you apply.
Once you finish the application, you’ll soon learn whether or not you’re approved. Some applicants even get funds in their bank account the same day they apply.
Advance America payday and installment loan eligibility requirements
Advance America doesn’t have strict eligibility requirements to qualify for a payday or installment loan.
In fact, an advantage for some customers is Advance America’s lax credit requirements for loans. Having a poor credit score or even a history of bankruptcy won’t necessarily disqualify you from borrowing.
To apply for a loan, borrowers are required to provide the following:
- Social Security number
- Email address
- Active bank account information
- Proof of income
- Government-issued ID
Besides meeting these requirements, you must also be a resident of a participating state to apply for a loan. In certain states, you might be asked to provide a check, as well.
Advance America customer service
For more information, you can reach Advance America customer service by calling 844-562-6480 or by using its contact form. If you’re applying for a loan, you can use its chat feature, as well.
To find a nearby store, head to the website’s “Locations” page and type in your zip code.
You can also learn more by reading Advance America customer reviews, including those from ConsumerAffairs.
Advance America is a leading lender of payday loans, but all of its loan products come with seriously high fees. Think twice before borrowing a high-cost loan. You don’t want to find yourself in more debt with a payday loan than when you started.
Note: Student Loan Hero has independently collected the above information related to Advance America loan rates, terms, and fees. Advance America has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|