Advance America offers short-term loans including payday loans, installment loans, title loans and lines of credit. These loans are for quick cash for immediate needs. Payday loans from Advance America have short repayment terms and high interest rates. Installment loans have longer repayment terms with fixed monthly payments.

Pros and Cons

Pros

1. Bad Credit OK. Even with bad credit you can be approved, for those who get denied by traditional banks.

2. Fast Funding. The application process is quick, approved borrowers can get funded the same day, for urgent needs.

3. Small Loan Amounts. Advance America offers small loan amounts, for minor unexpected expenses without borrowing more than you need.

Cons

1. High Interest Rates. The loans, especially payday loans, have high interest rates, so be careful if you don’t manage properly.

2. No Credit Building. Payday loans don’t help build your credit score since payments are not reported to credit bureaus.

3. Limited Availability. Advance America loans are not available in all states, so check if they are available in your state.

How to Apply for an Advance America Loan?

1. Choose Your Application Method. You can apply online or in-store, whichever is more convenient for you.

2. Fill Out The Application Form. Fill out the application form with all required personal and financial information.

3. Have Documents Ready. Make sure you have the following documents government-Issued ID, proof of income and bank account information.

4. Submit Your Application. After filling out the application and all documents, submit your application.

5. Wait For Approval. The review process is quick, you will be notified soon.

Terms and Conditions

Terms

1. Loan Amounts. Payday loans start at $100. Minimum and maximum loan amounts vary by state.

2. High Interest Rates. Interest rates at Advance America are very high. Rates vary by loan type and state but can be triple digits. For example in California, these loans have fees that are equivalent to an annual percentage rate (APR) of 460%.

3. Installment Loans. Interest rates for installment loans are slightly lower but can still be above 200%.

4. Short-Term Repayment. Advance America’s payday loans are short-term loans due on your next payday, usually 2-4 weeks. Extending these loans longer can be very costly.

Requirements

1. Age. You must be 18 or 19 years old to apply.

2. Residency. You must be a resident of the state where you are applying.

3. Government-Issued ID. A valid ID like driver’s license or passport to verify your identity.

4. Proof Of Income. Pay stubs or bank statements to prove your income.

5. Active Checking Account. You must have an active checking account where the loan funds can be deposited and from which payments can be withdrawn.

How to Choose a Lender

1. Confirm Licensing. Make sure the lender is licensed in your state. Check with your state regulator or attorney general to verify this information. This is important to avoid illegal lenders and protect your consumer rights.

2. Check Membership In Reputable Associations. Look for lenders that are members of reputable associations like the Community Financial Services Association of America. Membership in these organizations means they are reliable and follow industry standards.

3. Review Terms And Conditions. Review all the terms and conditions of the loan agreement. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.

4. Examine Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a detailed breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission which usually allows you to rescind the loan within 3 days after signing the agreement. Or use the “cooling-off” period to review the contract thoroughly and make an informed decision before committing to the loan.

Advance America. Apply Online