What If I Cannot Pay Or Will Be Late Repaying My Installment Loan
Please contact us at your local store or call 5626480 if you are unable to make your Installment Loan payment on time. Advance America will work with you to establish payment arrangements for your Installment Loan. And we’re committed to collecting past due accounts in a professional, fair and lawful manner. Past due payments may impact your ability to transact with Advance America and other lenders.
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When And How Is The Cash From My Installment Loan Deposited
There are several options for how you may receive your money, depending on whether you complete your application in-store or online. For an in store Installment Loan, you can receive cash or a check as soon as you’re approved and sign your loan paperwork. Should you choose to apply for your Installment Loan online, your money can be directly deposited into your bank account as soon as the same day.* Select your state above, or to see if Installment Loans are available near you, .
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The Payday Loan Process
If you wish to take a payday loan, you can visit a payday lending store. You can show the lender your pay stubs and bank statements for verification purposes. Then the lender will give you the cash you need. You are then expected to return to the store on the due date to pay back the loan in person. These days, you can get payday loans online. You just have to submit the loan application online, and the money will be transferred to your bank account via direct deposit. The loan amount plus the finance charges will then be credited to the lenders bank account on your next payday. If you opt to get payday loans online though, be sure to only take them from reputable and regulated lenders like Cashco Financial. Many online lenders are not regulated and play by their own rules. These lenders can really damage your finances and hurt credit score.
Can I Pay Off My Entire Balance Early
Yes, you can pay off your loan early at your nearest store or within your online account. If you choose to pay your full balance early, we wont charge any pre-payment penalties. If you make an early payment that does not cover the full amount you have borrowed, the rest will be paid via automatic withdrawal on the regularly scheduled payment date. For example, if you have a payment of $150 dollars and you pay $100 before the withdrawal date, then we will only collect $50 on the regularly scheduled payment date.
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Advance America Loans Overview
Advance America is a financial services company with over 2,000 stores across the U.S. It specializes in payday loans, which are short-term loans known to have high interest rates.
Besides payday loans, Advance America also offers two other loan types:
- Title loans: These are secured by the value of your car.
- Installment loans: Advance Americas form of personal loans. These are similar to payday loans, but you can borrow a greater amount and pay it off over a longer period of time.
Advance Americas installment loan product is the one that most closely resembles a personal loan. You can pay off a loan over three to 36 months.
One benefit of borrowing with Advance America is that you can get access to money quickly. If you live near one of its stores, you could walk in and out on the same day with the funds you need.
What does Bastion Funding TX I, LLC do with your personal information?
Why?Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?The types of personal information we collect and share depend on the product or service you have with us. This information can include:
- Social Security number and income
- Account balances and payment history
How?All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information the reasons LENDER.
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How To Apply With Advance America
Applying for a loan from Advance America is fast and easy. The in-store and online application processes are very similar.
Heres what youll need to provide to apply for a payday loan or installment loan from Advance America. If youre applying for an installment loan, you may need to provide more information.
- Government ID
Why Is Advance America Calling
Reports indicate scammers, posing as Advance America representatives, are contacting local residents offering online personal loans, but once they file the necessary documents with their personal information, they are told to transfer money to qualify. These scam artists are in no way affiliated with the company.
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How Payday Loan Finance Charges Are Calculated
The average payday loan in 2021 was $375. The average interest or finance charge as payday lenders refer to it for a $375 loan would be between $56.25 and $75, depending on the terms.
That interest/finance charge typically is somewhere between 15% and 20%, depending on the lender, but could be higher. State laws regulate the maximum interest a payday lender may charge.
The amount of interest paid is calculated by multiplying the amount borrowed by the interest charge.
From a mathematical standpoint, it looks like this for a 15% loan: 375 x .15 = 56.25. If you accepted terms of $20 per $100 borrowed , it would look like this: 375 x .20 = 75.
That means you must pay $56.25 to borrow $375. That is an interest rate of 391% APR. If you pay $20 per $100 borrowed, you pay a finance charge of $75 and an interest rate of 521% APR.
Improving Your Credit Score Step #: Pay Your Bills On Time
Since payment history contributes up to 35% of your credit score, paying your bills on time is the best way to improve your credit score. Setting up automatic payments can take the hassle out of paying your bills and also helps you plan your monthly budget. As time passes and your payment history stabilizes, creditors will begin to see you as a healthy risk, reflected by a growing credit score.
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Cash Loans Against Your Tax Refund
Cash loans from Advance America are available as a lump-sum advance against your federal income tax refund or as installments up to $5,000. Even those with poor credit or no credit score can apply for this type of loan. Interest rates range from 45% APR to 200% APR for cash advances when borrowers choose the installment option.
Improving Your Credit Score Step #: Fix Errors On Your Credit Report
You can quickly improve your credit score by removing or correcting inaccurate information on your credit report. Small errors can turn into big credit problems and many people find mistakes or discrepancies on their credit report with a quick look. If you see any errors, fix your credit report by writing to the reporting agency and providing bank statements or other evidence. If you see the same mistake on more than one report, you have to inform each company separately.
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Why Get Installment Loans From Advance America
Installment Loans allow you to pay back your loan the way that fits your needs, with longer-term repayment options. This means you have the ability to repay with multiple payments over time.
We’re a state licensed company, which means we follow all applicable state and federal laws.
All Installment Loan rates, terms, and fees are explicitly outlined in the agreement with no unexpected charges or hidden costs when borrowing.
Improving Your Credit Score Step #: Increase Your Lines Of Credit
Your Credit Utilization Rate generates 30% of your credit score. This rate takes the amount of credit you have earned and divides that by the amount of debt that you currently owe on those lines of credit. For example, if you have a credit limit of $10,000 on a credit card and owe $7,500, your Credit Utilization Rate will be 75%. Credit companies prefer to see rates under 40% and the lower the rate, the safer risk you are for lenders. If you are working through Step #3 and paying your bills on time, you should be reducing your amount of debt. But you can also increase or maintain the amount of your credit lines by requesting additional maximum credit limits from your cards in good standing and keeping your credit cards open even if they are paid off. The takeaway: push your limits high, and keep your balances low.
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Is Advance America A Legit Loan Company
Advance America Offers Safe and Legitimate Loans Advance America has maintained a history of safe lending practices since 1997. If youre in search of a legitimate payday loan, installment loan, line of credit, or title loan, Advance America can help you get the funds you need with a safe transaction.
What Do I Need To Get A Loan At Advance America
. Consequently, is it easy to get a loan from Advance America?
Applying for a loan from Advance America is fast and easy. The in-store and online application processes are very similar. Here’s what you’ll need to provide to apply for a payday loan or installment loan from Advance America. If you’re applying for an installment loan, you may need to provide more information.
Beside above, what do you need to get a loan from Money Mart? To apply in-store, you’ll need:
Similarly, you may ask, how much can you get from Advance America?
The amount of money you can get with a Payday Loan varies depending on your state, but payday loans typically range from $50 – $1,000. Once you enter your zip code or city, state, you can learn the Payday Loan amounts available in your area.
How do you pay for Advance America?
You can visit any Advance America store to make a cash/money order/cashier’s check payment. Some states even allow debit card payments in the center, or you may call the contact center to pay with a debit card .
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Alternatives To Payday Loans
There are a number of alternatives that you can resort to rather than getting a payday loan. Here are just a few of them:
- Personal installment loan You can approach a bank or a credit union for an unsecured personal installment loan. If you cannot get approved by a bank, then Cashco Financial offers Flex Loans that are easier to qualify for and can get you money you need right away. Plus Cashco Flex Loans help rebuild your credit over time.
- Pay advance You can ask your company for a paycheck advance option. The benefit is that it is an advance and not a loan. This means no interest. However, it can result in getting caught repeatedly asking for pay advances if you are not careful with budgeting.
- Life insurance loan If you have cash value in the insurance policy, a number of whole life insurance policies give you the option for loans. You can take as much time as you want to pay it back. If the loan is not paid back, the insurance company will usually just deduct the amount from the death benefit.
How Much Does Advance America Cost
Advance America doesnt charge up-front fees to secure any cash advances or loans. Instead, the company charges interest rates based on the loan type and duration.
Since states set different restrictions, Advance America has unique rates and terms for each state. For example, payday loans and cash advances rates in Texas may be different from those in Nebraska. You can check their site based on your location, but as an example, lets look at some rates for Texas.
- A 14-day payday loan for $1000 would cost $254.77 in finance charges.
- A six-month, $1000 installment loan would cost $799.79 in finance charges.
- For a $1038 title loan, you would need to repay it in thirty days, and finance charges would come to $179.92.
All three of these loan types have APRs of more than 200% leading to high finance charges. Further, if you rollover your loan into a new one, you could accumulate more finance charges.
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Will A Cash Advance Show Up On Your Credit Report
When you need cash during an emergencyand you dont have an emergency fundits easy to only think about the short-term. Who cares how much this sketchy online loan from RealLoansNotaScam.com costs? Forget that this lender you found on Craigslist is literally a guy handing wadded-up ones out of the back of a Winnebagoyou need cash and you need it now!
And yet, those long-term considerations can really come around to bite you in the behind, so they are good to keep in mind. Take cash advances for example. If you take one out, will it end up on your credit report? How will it affect your score? What even is a cash advance anyway?
Thats why were here. So sit back, take a deep breath, and remain calm as we answer your questions about cash advances, credit reports, and how the two relate.
How To Apply For An Advance America Loan
To apply for an Advance America loan, you can either apply in person and use their website. Each type of loan has its own stipulations for what youll need to have on hand when you apply, but youll generally need the following:
- Your Social Security number
- Checking account
Heres what youll need to do to apply online with Advance America:
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No Credit Check Loans
these loans are for applicants with a bad credit score. This is an unsecured form of lending that does not require credit score verification. You are still under review by Advance Americas underwriting system to determine whether you qualify for this loan offering and what interest rate will apply. There is an origination fee of $25 on this loan.
A Closer Look At Advance America Loans
Advance America says it has issued 134 million loans over 22 years. Heres a closer look at some other important features of Advance America.
- Many physical locations: Advance America has 1,400 locations across the U.S.
- Not available in all states: Payday loans are illegal in some states. Depending on your local laws, Advance America may not operate where you live.
- Potentially fast access to cash: If you take out a payday loan at a physical location, you may be able to leave with cash in your hand. Online applications made by 10:30 a.m. EST on weekdays may be funded to your bank account the same day. Advance America says approval decisions are made in minutes.
- Rollovers may be available: Depending on your state, you may be able to renew your payday loan and extend it for a number of months. While this may seem like a benefit, the fees and interest can be incredibly costly.
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How Long Will It Take To Repair My Credit Score
The amount of time it will take to rebuild your credit history can vary, depending on what negatively impacted your score. But whether your credit score is low because of missed payments or closing your credit card account, it may take some time to bring up your score. By taking the necessary steps, like paying down your debt and making on-time payments, you will ultimately see an improvement in your credit score.
Alternatives To An Advance America Loan
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