Advance America is a major lender that offers payday loans, installment loans, and title loans to customers with weak credit. Although Advance America loans can be funded quickly, their exorbitant interest rates and fees make them a last resort that you should avoid at all costs.
A sizable lender, Advance America, provides loans both online and at more than 1,400 physical locations. For those with less-than-perfect credit, it provides payday loans, installment loans, title loans, and personal lines of credit. The minimum and maximum loan amounts can differ by state, but payday loan amounts can start as low as $100.
Company Overview – Advance America
A financial services company called Advance America claims to have more than 2,000 locations around the country. Payday loans, which are short-term loans with high-interest rates, are its area of expertise.
In addition to payday loans, Advance America also provides the following two loan types:
For title loans, the value of your car is used as collateral. Personal loans offered by Advance America are installment loans. These are comparable to payday loans, except you can borrow more money and spread the repayment out over a longer time.
The loan option offered by Advance America that most closely resembles a personal loan is an installment loan. A loan can be repaid over a period of three to 36 months. Depending on the state you live in, different interest rates and fees apply. Your zip code will be required when you apply for an Advance America installment loan before you can view the available options.
For instance, the APR on a $650 installment loan in South Carolina with a six-month term is 348.04 percent. Check the most recent rates on the Advance America website, as they may have changed after that rate was published on April 12, 2018.
Once you are aware of the rates in your area, contrast them with SoFi’s fixed interest rates for personal loans and other lenders’ personal loans. There are rates available ranging from 3.49 percent to 7.99 percent.
You can submit an online loan application with Advance America if you decide to do so. Based on your state, loan amount, and payback periods, a preview of the rates and costs will be displayed. For instance, the repayment of that $650 loan from South Carolina would cost you $1,341.12.
Customers can apply for loans at Advance America either in person or online. There are allegedly stores in more than 25 states. You can use its online application if you don’t live close to a store or would rather submit an application online. Simply click “Apply for a Loan” on the Advance America website to get started.
You can select the kind of loan you want to apply for based on what your state provides. For instance, in South Carolina, you can select between a payday loan and an installment loan with the following loan limits. You can see a sample of your repayment before clicking “Apply Now” for a loan by choosing “Learn more.”
You can crunch the numbers with our personal loan calculator in addition to using the payback estimator provided by Advance America. You can see here how much interest you’ll pay over the course of your loan. You can begin completing the application if you choose to work with this lender. Your Social Security number and other basic personal information will be requested.
You must also include details about your place of employment, your income, and how frequently you get payments. You will then enter the details of your checking account. Advance America will deduct funds from your account automatically when your payment is due. That is dangerous if that makes sense. The business could overdraw from your account if you are unable to pay. Additionally, it may do so until the full debt, including interest, has been repaid.
An advantage of the online application process is that a customer care agent will appear in the chat window to answer your queries as you progress. They promptly respond to your inquiries, making it simple to resolve any uncertainty you may have when applying. You’ll find out quickly if you’re accepted or not after submitting the application. On the day they apply, some candidates even get money in their bank accounts.
All of this would have been wonderful if Advance America hadn’t been a fraud.
If you’re a victim of a similar scam please get in touch with us to that we can help you get your money back!
Lost money to online fraud? We will recover your funds !
What Sort of Scams Has Advance America Been Blacklisted For?
Financial con artists prey on about one in three adults, and contrary to popular belief, they don’t differentiate based on age. All generations of Americans are easily fooled, including Millennia, Baby Boomers, and Gen Xers. Only the approaches change, especially in the case of Advance America.
According to the FTC, Millennia are more likely to fall victim to online shopping fraud, impostor scams involving businesses and the government, phony checks, investment schemes, work-at-home scams, and questionable debt management companies.
In contrast, Millennials are less likely than those in their 40s to fall for romantic and tech-support scams.
The beginning of a scheme is equally crucial. Compared to people aged 40 and older, millennials report losing money to phone fraudsters at a lower rate. However, they are 77 percent more likely than their older counterparts to fall for email-based scams.
College seniors are simple targets, according to research done by the Wharton School of Business at the University of Pennsylvania. One-third of the 1,260 respondents who participated in the Health and Retirement Study, a nationally representative survey of Americans aged 50 and over, reported that outsiders had used (or attempted to use) their accounts without permission. In the past five years, financial scams have been exposed, according to nearly 33% of respondents.
Don’t be too hard on yourself. Buggy-whip economics are being left behind as the globe moves quickly forward.
Some technological improvements, like online brokerage accounts and banking, ride the wave of technology. Without ever leaving the couch or even setting foot inside a bank, you can deposit a cheque. With a mouse click, transfer thousands of dollars between institutions or buy bitcoin.
Some of it is purely consumer-driven, including reverse mortgages, variable-rate, and adjustable mortgages, Exchange-Traded Funds (ETFs), payday lenders, and 401(k) borrowing. And it seems like there is a new financial trick intended to defraud customers with every turn. The issues have only grown worse as a result of the potential for internet lending scams.
Seeing the case of Advance America it can be said that scams are always evolving, according to Katherine Hutt, a representative for the Council of Better Business Bureaus. People are to be made aware of them in order for them to be prepared the following time they receive a dubious call, email, text, or solicitation.
Knowing which loans to stay away from and determining the best course of action for your financial circumstances are equally crucial when it comes to borrowing money. You should be aware of the dangers posed by exorbitant interest rates, quick payback schedules, and dire consequences for failing. Fraud involving payday loans is a particularly complex problem. Although it is commonly known that payday loans can lead to debt spiral issues for borrowers, there are many other options to take into account. Payday loans, for example, can have punitive interest rates ranging from 304 percent to 664 percent APR.
Car Title Loan
By providing the title to your car as security, you may be eligible to borrow up to 50% of the car’s value. However, a car title loan often has a monthly interest rate of 25% (or at least 300% APR) and requires repayment within 30 days. For a $500 loan, that means you have 30 days to pay back $625 (plus any penalties), or your automobile will be repossessed.
Sometimes the loan may be extended into a subsequent month, resulting in an even greater financial commitment of close to $800 to cover interest and fees. The Military Lending Act of 2006 shields service members and their families from predatory lending because these loans are very common among military personnel.
The law sets a 36 percent interest rate maximum on loans with terms of 181 days or less to repay them. Additionally, it forbids lenders from compelling borrowers to submit to arbitration in the event of a disagreement and obliges lenders to inform service members of their rights.
There are two grounds to reject this loan: You might lose your car, and Washington passed legislation restricting this loan. There’s your hint, as law enforcement officers would say.
Cash Advance Loan
Advance America won’t accept your credit card, but you must have their good or service. You can obtain a cash advance by paying an additional 3 percent to 5 percent on the amount withdrawn, plus interest to your bank. You start paying interest as soon as you withdraw money from a bank (in a process similar to using an ATM). Cash advances can be utilized in urgent situations — a mechanic might only accept cash — but they are typical to be avoided.
Overdraft Protection Loan
Most banks provide checking account overdraft protection through loans. This enables you to withdraw cash from the bank even if there is no money in your account. Every time overdraft protection is used, banks charge an average fee of $30 to $35. Consider this: How is adding a $30 service fee benefiting your future self if you are already broke?
Private Student Loan
Banks, credit unions, and other lending organizations offer private student loans. However, the majority of student loans are provided by the federal government. Numerous private student loans have variable interest rates that are greater than those provided by federal loans, which have fixed rates. Although private student loans call for a credit check, they lack the federal loan’s flexible repayment alternatives. Government loans are always preferable to private student loans in every regard. Picking one should only be a final choice.
Advance America is a company which has been known for conducting frauds and stealing from innocent individuals. They will showcase numerous loan opportunities to you making it impossible to resist, especially in your time of need. However, watch out for this organization at all costs.