Features

About Advance America

With over 2,400 locations offering financial services, Advance America is a leading company in the payday and short-term loan business. It is a subsidiary of Elektra, one of the largest consumer lenders in the World. Although payday loans are its primary product, Advance America also offers installment loans in some states.

How Does Advance America Work?

Advance America's installment loans are little more than souped-up payday loans with shorter terms and smaller maximum loan amounts than those provided by most lenders. Advance America offers online applications in some states, but in other states, borrowers can start the application online but need to visit their closest loan shop to complete the transaction.

What Are Advance America's Interest Rates?

Interest rates range from 180.32% to 447.49% depending on what state you live in. For instance, in Delaware, the maximum APR is 399%, but in South Dakota, it is 349%.

How Much Money Can I Borrow from Advance America?

It varies from state to state. In South Dakota, you can borrow up to $2,000. In Delaware, the maximum loan amount is $1,000. The payments are due every two weeks, which means you will have to make two payments a month. For example, a 6-month loan of $1,000 loan in Delaware will cost you $166.35 every two weeks, or $332.7 a month: a total cost of $2,162.50.

Which States Does Advance America Operate In?

Advance America offers installment loans in Delaware, Colorado, Idaho, Illinois, Nevada, South Dakota, Utah, and Wisconsin. However, only Delaware, Nevada, South Dakota and Wisconsin have online installment loans. In the other states, you can start the application online but must visit one of their locations to complete the transaction.

What Is Advance America's Application Process Like?

The application process is fast and straightforward. You will need to provide two forms of ID, recent proof of a source of income and a means to verify your Social Security Number.

How Is Advance America Better Than Other Lenders?

Advance America's main selling point is speed. If you go to one of their brick-and-mortar stores, you can get cash on the spot. The interest rates are very high, but they will approve pretty much anybody with a job, a bank account, and ID. Also, there are no prepayment penalty fees to worry about, so you can pay the loan off early without paying extra fees. However, payments must be made every two weeks and the longest term available is six months.

  • Credit bureau reporting
  • Interest APR
    180% - 447%
  • Joint loans available
  • Loan Amount
    $255 - $1500
  • No late fees
  • Max Loan Term (Months)
    38
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Reviews

Write a Review

Sort by:

  • Rating
  • Date
  • Most Useful

0 votes

If your loan is based on a paycheck, you will only have ONE payment to make and that comes on the due date of the check - which can be as much as 30 days (or more) from when you borrow the money.


0 votes

I don't know when or from where "Supermoney"got their information, but Advance America has been operating in Florida for at least the past three years. However, Florida is the only state that (a) won't let you have more than one loan outstanding, and (b) makes you wait five business days before you can take out another loan, even after the money has been taken out of your account!

Other than that, I've used both the online service and the walk-in service and was pleased with both. The online service has the ... advantage of doing direcvt withdrawals from your bank account and also directly depositing your loan in the same account.

Yes, the payoff is highj 9$55 on a $500 loan, but consider the alternative.

if your checking account is overdrawn, you get hit with a $32.00 overdraft fee for every debit that hits your account while it's in the red. Two of these will cost you $64.00 and this loan can be the only way to "stop the bleeding" and put you back in the black until your paycheck comes in.

It is actually better to borrow the maximum amount when you consider that a loan of $450 will cost you $50 in interest, whereas a loan of $500 will cost you only $5 more. You can borrow anywhere from $100 to $500, though.

As long as you understand the terms of the agreement and make sure you base your loan on an incoming payroll, pension, or retirement check that has a fixed amount, you'll be able to budget accordingly. The loan will be paid off on the due date.

Asa they will tell you, this is not an alternative to a long-term loan, nor should it be something done repeatedly. It beats having tl sell heirlooms (or other investments that increase in value) to pay off bills.
More Less


0 votes

This company also does installment loans. I applied for one, but still got a really high interest rate. Process was okay and pretty straight forward. The office I went into was nice and clean and the employee helping me was easy to understand.


0 votes

I have to admit that I'm a newbie when it comes to payday loans, so imagine my shock when they tell me the really high interest rate. I nearly screamed, but I'm so desperate that I bit my tongue and agreed to the terms. Now I need to figure out how the heck I'm going to pay this without breaking down and crying uncontrollably and possibly being committed.


0 votes

For a payday loan store, theyre not bad. You will pay outrageous interest rates because it is a payday loan store. But if you have bad credit and you need money, you dont always get to pick and choose. At least with this place you know what youre getting into. Just make sure you pay the money back as fast as possible, otherwise youll end up paying back double what you borrowed, or more.


0 votes

The Advance America office I go to has a bunch of really friendly and helpful people. They always seem to have my best interest at heart, which is saying a lot since they're taking my money. The interest rates are pretty out of this world, but this is a payday loan, people. I'll continue to use them as long as they remain as professional as they are.


0 votes

A friend was telling me that she had a terrible experience with this company, but then I find out that it wasn't this company after all. She was scammed. So I decided to give it a try. It was an okay experience. I'm not going to lie. The service could have been speedier, and the employee who helped me understand the loan could have been more clear with the explanations. I did walk out with the money I wanted, though.


0 votes

Considering the many locations they have and not knowing if you're going to get good service or really crappy service, I would suggest applying online. It seems like support you get online is consistently good. They have you put in your zipcode, because where you live makes a difference. Overall okay experience.


0 votes

There are less expensive ways to get a quick loan, and I would suggest trying them before you go to Advance America. I did go for a small advance on my paycheck, and they gave me the money pretty quickly. But the interest rate is high, and then there are fees. Truly expensive lesson for me to look around a little harder next time.


0 votes

I'd heard good and bad things about this place, but I really needed cash, so I gave it a try. The process went fairly quickly, and it seemed pretty straight forward. I also liked how they spell out the interest and loan payoff. The intereset was really high, but I expected that.


0 votes

I figured since this place has been around since 1997 that they'd have everything ironed out by now. Not! It looks like it really depends on the cash pickup place that you go to. When I got there to pick up my money, there appeared to be no one there--in the middle of the day! I knocked and knocked, because, hey, I need my money! Finally this guy comes out of the back looking like he'd been sleeping. I got my money, but won't be going back!


0 votes

I need money. I have a paycheck coming up. I go into Advance America and they give me money against my paycheck. Fast, easy, almost painless procedure. Yes, the interest rates are high and it really is crummy when it's time to pay it off, but it gets the job done. That's all I need--the job done, and this is all I have to say.


0 votes

This company has been around a long time--since 1997. I actually remember going to a branch and getting money with my mom when I was a kid. Whole experience runs pretty smoothly. The interest rate caps in my state aren't too bad, so it's worth it for me to get some quick cash this way. I can see why my mom came.


0 votes

I used to go to an Advance America near my old work and things usually went really smoothly. I got my money fast and easy, and the terms were clear, so I knew what my interest rate was and about paying it back. Fast forward to the new place I tried by my house. What a difference! The guy was totally rude and half asleep!! He at first didn't even give me the correct amount. Good thing I was paying attention. Never going back there!


0 votes

This is just what is sounds like--and advance on your next paycheck, and as a result, you pay the price in astronomical interest rates. I was in trouble financially and had to get some fast cash. My brother told me about the service and said he'd never had problems using it, so I took the plunge. I got the money along with a horrible high interest headache.


New Review for Advance America

Rate your experience:

Cancel

Other Personal Loans companies