Company name
Advance America
Website
https://www.advanceamerica.net/
Phone
(844)562-6480
customerservice@service.advanceamerica.net
Address
135 N. Church St., Spartanburg, SC 29306
Advance America Review: Fast Cash at a High Cost (2025)
Our take on Advance America in 30 seconds
Advance America provides rapid access to payday loans, even for those with poor credit. While their service boasts same-day funding and a straightforward application process, the convenience comes at a steep price. Advance America offers high-cost loans with APRs far above market average. Fees and terms lack transparency and flexibility. Customer support is absent—no response received.
Pros & Cons
Fast approval and funding
No credit check required
Physical store locations for in-person service
Multiple loan options to choose from
Extremely high interest rates
Short repayment terms can lead to debt cycles
Not available in all states
Potential for predatory lending practices
Advance America At glance
Read reviews ()Details
Advance America Loans
Terms & Fees
Loan amount$100 - $5,000
Annual interest rate143.29% - 688.28%
Requirements
Minimum age18
National bank requiredYes
National phone number requiredYes
Citizenship requiredYes
Electronic identificationNo
Features
Revocation periodNo
Accept bad credit historyYes
Weekend payoutNo
Loan extensionsYes
Early paybackYes
Payment within 24 hoursYes
Loan brokerNo
Interest free loanNo
Additional fields
Payment hours8am-9pm
Recommended companyYes
In today's unpredictable financial landscape, many Americans find themselves seeking quick cash solutions. Advance America, a prominent name in payday lending, offers a tempting lifeline - but is it worth grabbing?
Our 2024 review dives deep into Advance America's services, weighing the allure of fast money against the potential for long-term financial strain.
Key Features of Advanced America
Advance America offers a range of short-term lending products designed to provide quick access to cash. Here's a detailed look at their key features:
| Category | Details |
|---|---|
| Loan Types | Payday loans: Short-term loans typically due on your next paydayInstallment loans: Larger loans repaid over time in scheduled paymentsTitle loans: Loans secured by your vehicle title (select states)Lines of credit: Revolving credit lines you can draw from as needed |
| Loan Amounts | $100 – $1,000 for payday loans (varies by state and loan type)*Higher amounts available for installment loans and lines of credit in some states |
| Loan Terms | Payday loans: Typically 2-4 weeksInstallment loans: From a few months to a yearTitle loans: Often 30 days, can be longer in some statesLines of credit: Ongoing as long as the account remains in good standing |
| APR (Annual Percentage Rate) | |
| Credit Check | Not required for most products, making these loans accessible to those with poor or no credit |
| Funding Time | |
| Availability | |
| Application Process | |
| Repayment Methods | |
| Additional Services |
While these features offer flexibility and accessibility, it's crucial to understand the full implications of using these high-cost lending products before applying.
Apply NowWho Is Advance America For?
Understanding who might benefit from Advance America's services – and who should avoid them – is crucial for making an informed decision. Here's a more detailed look at the typical customer profile:
Advance America caters to individuals who:
Need small amounts of cash quickly for emergencies: If you're facing an unexpected expense like a car repair or medical bill and have no other immediate resources, Advance America's quick funding could be helpful.
Have exhausted other borrowing options: For those who've been turned down by traditional lenders due to poor credit or lack of credit history, Advance America's no-credit-check policy provides an alternative.
Can repay the loan in full by their next payday: It's crucial that borrowers have a clear plan to repay the loan quickly to avoid falling into a cycle of debt.
Understand and accept the high costs associated with payday loans: Borrowers should be fully aware of the fees and interest rates involved and consider them in light of their financial situation.
Have a regular source of income: While Advance America doesn't require stellar credit, they do need proof of steady income to ensure you can repay the loan.
Are at least 18 years old with a valid ID: These are basic requirements for all of Advance America's loan products.
Have an active checking account: This is necessary for both receiving funds and setting up repayment.
It's not suitable for those seeking:
Large loan amounts: If you need to borrow more than a few hundred or thousand dollars (depending on your state), Advance America may not be able to meet your needs.
Long-term financial solutions: These loans are designed for short-term use only. They're not appropriate for ongoing financial issues or large purchases.
Affordable interest rates: If you have other options available, such as traditional personal loans or credit cards, these will likely offer significantly lower rates.
Help with existing debt problems: Using a high-interest loan to pay off other debts is generally not advisable and can worsen your financial situation.
To build credit: Most payday lenders, including Advance America, do not report to credit bureaus, so these loans won't help improve your credit score.
Financial stability: If you're already struggling to make ends meet, taking on a high-interest loan could exacerbate your financial difficulties.
Remember, while Advance America can provide a quick financial band-aid, it's important to consider the long-term implications of high-cost borrowing.
Always explore all available options and consider seeking financial advice before committing to a payday loan or similar high-cost credit product.
Further Reading: How to Get Out of Debt: A Step-by-Step Guide
How to Apply Step by Step
Applying for a loan with Advance America is designed to be a straightforward process. Here's a detailed guide on how to apply, along with important considerations at each step:
Visit Advance America’s website or a local store
- Online: Go to www.advanceamerica.net and select your state to see available products
- ** In-store:** Use their store locator to find a nearby location
Consider: Decide whether you prefer the convenience of online application or the personal touch of in-store service
Choose your loan amount and provide personal information
Select the type of loan you want (payday, installment, etc.) and the amount you need. Fill out the application form with your personal details, including:
- Full name
- Address
- Phone number
- Email address
- Social Security number
- Employment information
Consider: Only borrow what you absolutely need and can afford to repay
Submit required documents
Typically, you’ll need to provide:
- A valid government-issued ID
- Proof of income (recent pay stubs or bank statements)
- A recent bank statement
- A blank check from your active checking account
For online applications, you may need to upload photos or scans of these documents
Review and sign loan agreement if approved
If approved, carefully read the entire loan agreement. Pay special attention to:
- The APR (Annual Percentage Rate)
- The total amount you’ll need to repay
- The due date
- Any fees for late payment or early repayment
Sign the agreement if you agree to all terms. Don’t hesitate to ask questions if anything is unclear. It’s crucial to fully understand what you’re agreeing to.
Receive funds
In-store: You can often receive cash immediately. Online: Funds are typically deposited into your bank account by the next business day.
Before applying, consider:
Exploring all other less expensive borrowing options: Could you borrow from family or friends? Is there a local credit union offering payday alternative loans?
Ensuring you can repay the loan in full by the due date: Look at your budget carefully. Will you have enough to repay the loan and cover your regular expenses?
Understanding the full cost of the loan: Calculate the total amount you'll need to repay, including all fees and interest
Reading the loan agreement carefully before signing: Don't rush this step. Make sure you understand and are comfortable with all terms
Checking state regulations: Loan terms and availability vary by state. Make sure you understand the specific rules that apply to you
Remember, while the application process is designed to be quick and easy, it's important to approach it thoughtfully. Taking out a high-cost loan is a significant financial decision that should not be made lightly.
Apply NowCosts Breakdown
Understanding the true cost of borrowing from Advance America is crucial for making an informed decision. Here's a detailed breakdown of the fees and charges you might encounter:
| Fee Type | Amount |
|---|---|
| Loan Amount | $100 - $1,000 |
| APR | Typically 200% - 500% |
| Finance Charge | $15 - $30 per $100 borrowed |
| Late Fees | Vary by state, can be substantial |
| NSF Fees | Typically $25 - $35 for returned payments |
Additional Cost Considerations:
- Actual APR vs. Stated APR: Due to the short-term nature of payday loans, the actual APR can be much higher than the stated rate. For example, a $15 fee on a $100 two-week loan equates to an APR of nearly 400%.
- Cumulative Costs: If you’re unable to repay on time and need to renew or reborrow, costs can quickly spiral. Even small fees can add up to a significant percentage of the original loan amount
Alternatives to Consider
Before choosing Advance America, explore these potentially cheaper options:
Payday Alternative Loans (PALs) from credit unions
Personal loans from online lenders or banks
Credit card cash advances (still expensive, but typically lower APR than payday loans)
Local nonprofits or charities offering emergency assistance
Negotiating with creditors for extended payment plans
Side gigs or freelance work for quick cash
Comparison with Competitors
| Feature | Advance America | Check Into Cash | ACE Cash Express |
|---|---|---|---|
| Loan Amount | $100 - $1,000* | $50 - $1,500* | $100 - $2,000* |
| Typical APR Range | 200% - 500%* | 150% - 600%* | 200% - 700%* |
| Loan Term | 2-4 weeks | 2-4 weeks | 1-4 weeks |
| Same-Day Funding | Yes (in-store) | Yes (in-store) | Yes (in-store) |
| States Available | 28 states | 30 states | 23 states |
| Mobile App | Yes | Yes | Yes |
*Note: Amounts and rates vary by state. Always check the specific terms for your location.
State-Specific Information
Advance America's offerings vary significantly by state due to differing regulations. Here are a few examples:
California: Max loan $255, up to 31 days, 15% max fee
Florida: Max loan $500, 7-31 days, 10% fee + $5 verification fee
Ohio: Offers installment loans instead, max $1,000, 91 days to 1 year, 28% APR cap
New York, Maryland, Pennsylvania: Payday loans not offered due to state regulations
Always check the specific terms for your state before applying.
Apply NowFinal Verdict
Advance America provides a quick financial band-aid, but at a cost that can lead to long-term financial wounds. While it may serve as a last-resort option for those with limited alternatives, the risk of falling into a debt cycle is significant and should not be underestimated.
Before turning to Advance America:
Exhaust all other financial options
Create a budget to identify potential savings
Consider debt consolidation if you're struggling with multiple debts
Explore ways to increase your income
If you do choose Advance America, borrow only what you absolutely need and have a solid repayment plan. Consider seeking financial counseling to address underlying money management issues and explore more sustainable financial solutions.
Further Reading: How to Improve Your Credit Score: A Comprehensive Guide
Frequently Asked Questions
Is Advance America legitimate?
Yes, Advance America is a legitimate payday lender operating since 1997. They are licensed in the states where they operate and are a founding member of the Community Financial Services Association of America (CFSA).
What happens if I can't repay my Advance America loan on time?
If you can't repay on time, you may incur late fees and additional interest charges. In some cases, Advance America may offer an extended payment plan. However, failing to repay can lead to debt collection activities and potential legal action.
Can I have multiple loans with Advance America?
This depends on state regulations. In some states, you can have multiple loans, while others prohibit this practice. Always check your local laws and consider the risks of taking on multiple high-interest loans.
Does Advance America check credit?
Advance America typically does not perform a hard credit check, making their loans accessible to those with poor credit. However, they may use alternative methods to assess your ability to repay.
Our Commitment to Transparency
At Financer.com, we're committed to helping you with your finances. All our content abides by our Editorial Guidelines. We are open about how we review products and services in our Review Process and how we make money in our Advertiser Disclosure.
Latest Reviews
No reviews
