Advance America

• Simple Application Process
• Easy to Extend Payment Plan
• Scam Alert Page

Simple Application Process

Advance America enables you to apply for its financial services either in-store or online. If you are applying in-store, you will need to bring two forms of ID, your most recent proof of income, your checkbook, latest checking account statement, and verification of your social security number.

The loan application process only takes a few minutes to complete. If approved, you will write a personal check for the loan amount plus the fee, which will be held as collateral. The lender will then give you cash in return.

Repayment is due on the agreed-upon date, at which time you will need to return to the store to pay back your loan and fee in cash. Advance America will then return your check to you.

Applying online for an Advance America short-term loan is even simpler. For online applications you will need your social security number, checking account number, routing number, and income information. Approval takes a few minutes and the funds are generally deposited the next business day. Online loans processed before 10:30 AM Eastern, Monday–Friday may be eligible for a same-day deposit of your loan. 

Easy to Extend Payment Plan

With this service provider, repayment of your loan is also easy: Advance America will automatically debit your account on the agreed-upon date for the full amount of the loan plus the fee. 

In-store cash advance loans can be repaid via cash, money order, or a cashier's check. Payday loan payments (not installment or title loans) can also be made with a debit card in-person or over the phone, except in Kentucky, Michigan, Nebraska, or Virginia. 

Online payday loan payments can be made via your Advance America account or by calling customer service. 

If you are unable to make your full repayment on the scheduled date, Advance America makes it easy to do a partial payment or extend the schedule. You can log in to your account and fill out a request form at least two days before your due date.

As a courtesy, a reminder email is sent before your payment is due. The customer login area of the Advance America website is easy to navigate; you'll be able to see what you owe or when you paid your loan off. It also gives you the option to renew your new loan if needed: you can renew or ask for increased loan amounts once you have repaid your current loan and applicable fee, and the funds have cleared the bank.

Scam Alert Page

A benefit of using Advance America's website is their Scam Alert information page. When you open the "Apply for A Loan" page, there is a yellow box that says Scam Alert. Clicking it brings you to a page with information to help you learn about how to recognize fraudulent loan offers and collections actions, and how you can protect yourself.

Advance America's Worry-Free Advance policy guarantees customers that their loan fees will be waived if they lose their jobs while they have an outstanding loan with Advance America. This is a benefit of using getting a payday loan from this lender. You will be relieved of some financial strain if you have to face the hardship of unemployment.

• Lack of Transparency
• Online Loan APR Higher Than In-Store
• Possible Additional Fees

Lack of Transparency

Advance America's website is not clear about its loan terms, fees or interest rates. The APR rates vary based on your state and whether you are applying for the loan in person or online. It is difficult to find a minimum and maximum interest rate for each state's cash advance or personal loans. 

Online Loan APR Higher than In-Store

Like all payday lenders, Advance America payday loans have high interest rates, especially when viewed as an annual percentage rate (APR). This is not a long-term financial solution. 

What we didn't expect is that the online APRs charged for its lending services can be higher than in-store rates. There is a tool on the site that can estimate rates. As an example, the maximum loan amount of $1,000 in the State of Utah would incur a finance charge of $185.01. If not paid within 14 days, the APR rate for the loan would be 482.34%. Customers should clarify what their finances charges and interest rates will be before taking out a payday loan.

Possible Additional Fees

The Advance America website says that late payments and other fees, such as insufficient funds fees, will be charged if you dishonor your check or make a late payment. However, specific fees are not listed. The site just said that fees vary by state. 

Be sure to clarify what transaction fees you may be responsible for before finalizing your loan. Incurring unexpected charges could make it difficult to manage your finances responsibly and effectively.

Advance America's website states that your check will be held as collateral and returned to you upon repayment, however, there are no other details about what they may do with your check if you extend your payment schedule, renew your loan or even miss a payment.

It is recommended that you confirm what may be done with your check throughout the life of your loan and your repayment schedule so you don't face an unexpected loss of money in your checking account or overdraft fees if you don't have the funds to cover it.