Advance America is a direct payday lender that offers both online and in-person loans. Online loans are available in 16 states and in-store loans can be obtained at one of Advance America’s over 2,100 locations across the country. Rates and terms vary depending on the state you live in; we recommend consulting the Advance America website before applying for a loan.
To apply for an online payday loan you need to have an active checking account, a source of income, a Social Security Number, have an active email address and be at least 18 years old. For an in-store loan you’ll need to bring a pay stub to prove income and your most recent checking statement. Again, the requirements vary from state to state, so depending on where you live, you may need to provide additional documents.
One advantage of an in-store loan is that you’ll receive your money as soon as you’re approved. While an online payday loan may have a simpler application process, you may have to wait 24 hours to receive your funds, so if you have an immediate need for a cash advance, an in-store loan may be a better option for you.
The average term for a payday loan is 14 days, and once that term is up you’ll need to repay the entire loan, the principal and the fees added by the lender. Unlike other loans that accrue interest over the life of the loan, a payday loan includes the fees upfront, so you’ll know how much to repay when you get the loan.
At the end of the term, the lender will automatically deduct the amount you owe from your checking account or, in the case of an in-person loan, will deposit the post-dated check you signed over to them at the onset of the loan.
Along with payday loans, Advance America offers installment loans, which are similar to payday loans in that they have high rates, but they have longer terms and can be paid off in smaller payments. Advance America also offers tax services, MoneyGram and prepaid debit cards.
A payday loan is risky and can end up being very expensive especially if you have to refinance a loan. By refinancing, or rolling over, you pay only the fees and take out another loan for the same term along with the necessary fees. Some states place restrictions on refinancing payday loans, and many only allow you to refinance a certain number of times.
We recommend exploring alternatives before signing on for a payday loan. If you can find someone to co-sign on a loan or get a loan through a credit union, you may have better financial health in the long term.
Advance America offers both in-persona and online payday loans. Online loans are available in 16 states and it has over 2,100 stores across the country. Rates and terms vary depending on the state you live in, so consult its website to learn how much a payday loan could cost you.