We all struggle to pay the bills at some point, but Advance America provide a way to bridge that financial shortfall until we’re paid at month end. Regardless of your reason for borrowing money, you can get payday loan approval within just minutes of submitting your application. It doesn’t matter if you need money to pay your rent or buy a new LCD TV in a seasonal sale.
As well as complying with state law, Advance America is a member of the Community Financial Services Association of America (CSFA). About half of all US states have no legal controls, but payday cash isn’t universally available. Rather than outright prohibition, most states have chosen to control the amount that can be borrowed and/or cap the rate of interest that a customer can be charged.
Bad Credit History
Your credit status is unlikely to be a problem because your FICO credit score isn’t assessed. Even if you’re a discharged bankrupt, you may still be able to get a loan from cobra payday loans. However, a credit scoring model designed by Experian is used to determine whether or not you’re eligible.
You can submit an application for a payday advance loan in-store or at one of its 2,200 lending centers. The entire process should take no more than 15 minutes. However, it’s advisable to start making your application online because this will help to expedite the process.
- Two Forms of identification, such as a valid State or federal photo ID.
- Your most recent checking account statement.
- Your most recent paycheck stub.
- A personal check of equivalent value to the principal and interest that’ll accrue.
- Social Security Number (SSN) verification.
The above ID is needed to prevent fraudulent applications being made and to verify that you are in a suitable position to repay the debt at the end of the lending term. Depending upon how you apply, you can receive cash, check or a bank transfer. The choice is yours.
Cost of a Payday Loan
It’s difficult to specify an overall cost for your paycheck advance because state laws and restrictions may apply. Here are some examples:
- You can borrow up to $500 at 391.07% APR in Kansas.
- You can get an Advance America loan for up to $1,000 at 651.79% APR (online) and 482.32% APR (in-store) in Nevada.
- A $200 paycheck loan costs 247.68% APR in Minnesota.
It is usually cheaper to borrow money at a lending center because customer default rates are lower. You’ll also tend to find that small loans will cost extra because they’re more expensive to administrate. Your payday loan will typically be repaid on the date that you’re next paid.
Repaying Paycheck Loans
While everything is done to ensure that you’re in a position to repay the money you’ve borrowed, it is recognized that financial difficulties can and do arise. Advance America will attempt to make contact with you to reach a mutually agreeable repayment plan.
If your check is returned due to a lack of funds, you will have to pay a returned check fee and a NSF fee to your bank. Subject to state law, you may be able to rollover your debt for an additional month. However, CFSA member companies will only allow you to do this up to 4 times.