Not all financial setbacks can be solved with a payday loan. But if you’re like most Americans, you may not be able to pay back what you owe by your next check. That’s where Advance Financial 24/7 comes in with a different kind of short term loan that offers more flexibility and accessibility.

Pros and Cons

Pros

1. Flexibility in Borrowing. Unlike payday loans, flex loans from Advance Financial work like lines of credit. You can borrow what you need and only pay interest on what you take out. This flexibility can help you manage your cash flow better.

2. No Late Fees. One of the best things about Advance Financial is no late fees. If you miss a payment, you won’t get hit with extra charges. However, the bigger your balance the more interest you’ll owe.

3. In-Store Services. For Tennessee residents, Advance Financial 24/7 offers more than just flex loans. You can pay your bills, make copies and send faxes at their store locations, all under one roof.

Cons

1. High Interest Rates. Like most short term loan options, Advance Financial loans have high interest rates. These rates are much higher than traditional loan options so you’ll pay much more in interest over time.

2. Limited Online Info. The FAQs on the Advance Financial website covers basic info, but loan terms and repayment details are scarce. To get full info you’ll need to call Advance Financial 24/7.

3. Limited State Availability. Advance Financial loans are only available in 11 states. If you don’t live in one of those states you won’t be able to apply.

How to Apply for an Advance Financial Loan?

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

2. Fill Out The Application. Fill out the application and provide all required personal and financial info.

3. Have Everything Ready. Make sure you have the following documents: government issued ID, proof of income and bank account info.

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

5. Wait to Hear Back. The review process is fast and you’ll be notified soon.

Conditions and Requirements

Conditions

1. Maximum Loan Amount. The maximum you can borrow from Advance Financial is $4,000. This cap ensures you don’t borrow more than you can handle but it also limits the amount of emergency cash available.

2. Loan Term. The loan term for Advance Financial loans varies. This means the repayment period can be different based on the amount borrowed and your repayment ability. The flexibility in the loan term allows you to choose a repayment schedule that fits your financial situation.

3. Annual Percentage Rate (APR). The APR for Advance Financial loans is 279.50%. This is a high APR that includes the interest rate and any fees associated with the loan. You should consider this high cost when deciding if you should borrow with Advance Financial.

Requirements

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

2. Residency. You must be a resident of the state you’re applying in.

3. Government Issued ID. A valid ID such as a 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 can be deposited and payments can be withdrawn.

How to Choose a Lender

1. Verify Licensing. Make sure the lender is licensed in your state. Check with your state regulator or attorney general to confirm. 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. Carefully review all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your responsibilities as a borrower.

4. Look At Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract includes a 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. Know Your Right Of Rescission. Take advantage of your right of rescission which is usually 3 days after signing the agreement. Or use the “cooling-off” period to review the contract and make an informed decision before committing to the loan.

Advance Financial. Apply Online