Advance America is one of the largest payday loan lenders in U.S. with more than 2000 stores. You can also choose a cash advance online from their secured website. This is a review of Advance America instant decision cash loans if you are deciding whether to sign up.
Even with a stable job and income, we still face situations where we need some extra money to pay for purchases or monthly bills etc. If you do not want to wait until your pay check at the month’s end, what many people choose to do is take a monthly payment cash advance. These are convenient loans where the lenders do not question your personal reasons to borrow money, and the process is very quick. You can get your online loan approval within minutes of submitting your request. You can receive the cash in your checking account by the next business day. Alternatively, you can also choose to receive cash directly or a check.
Legal Loan Lender Requirements
We recommend to choose an authorized moneylender such as Advance America, which is also a member of the Community Financial Services Association of America (CFSA). Many U.S. states do not regulate payday loans, but most do pass laws to limit the interest rates customer pay for such loans, the maximum amount that can be borrowed, number of concurrent loans you can have etc. Choosing a legitimate loan company helps to protect yourself from predatory lenders and unfair loan costs.
Advance America and CashNet USA do not discriminate against borrowers, so you can get a loan even with bad personal credit. Some of their borrowers are discharged bankrupt and still their loans are approved. However, there is indeed an in-house creditor scoring system used to determine your eligibility.
Rather than wondering whether you can get a cash advance approved, simply submit a simple form at any of the Advance America loan centers or at their website. It will take you less than 15 minutes to know whether you can borrow money directly. Getting a loan online is more convenient and actually faster since the entire process is automated with no faxing or paperwork required.
Photo Identification, such as a state or federal photo ID.
Social Security Number (SSN).
Most recent checking account statement.
Most recent paycheck stub.
As you see above, most of the verifications are to ensure the borrower’s identity and prevent frauds such as using another person’s SSN to borrow money. You need to make sure you can pay off the loan on time though, as that is your obligation. You can choose to arrange for the loan payment to be deducted from your checking account or give a personal check to be paid on the due date.
The cost for a paycheck advance depends on which state you live in, their to the specific laws and restrictions applicable. For consumers in Minnesota, you can only borrow up to $200 at 250% APR. For consumers in Kansas, you can only borrow up to $500 at 390% APR. For consumers in Nevada, you can borrow $1000 for 650% APR. Generally, the loan rates depend on how much you borrow. For smaller loans, the effective APR is higher due to the fixed administration costs involved, so bigger loans tend to have some discounts on the rates. Similarly, online non-bank lenders can be cheaper.
What If I Cannot Pay Back My Loans?
If you are facing any financial difficulties such as loss of income, contact Advance America to arrange a new payment schedule. They can waive certain fees if you have lost your job and need more time to pay back the loan. In some states, the payday loan laws may restrict you to a maximum of number of debt rollovers and CFSA loan companies are only allowed to a maximum of 4 rollovers. They will also not report missed payments to the credit bureaus, so your credit score will not be affected. Otherwise, do make sure there are sufficient funds in your checking account on the payment date. You will have to pay the returned check fee and NSF fees to your bank. For larger loans, we recommend installment loans for 24 months so that it is easier to meet the minimum payment obligations.