Advance America Reviews – Legit or Scam?
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Advance America was established in 1997 and is currently one of the nation’s largest payday loan companies, offering full service operations both at in person locations and online.
Advance America offers a full range of short term financial services, from payday loans to installment loans, MoneyGram services, Visa prepaid cards, auto equity loans, gold buying, and even tax preparation.
You can obtain payday loans from Advance America at their in house locations, as quickly as ten minutes after your application has been approved, or from their online website, and the funds will be direct deposited into your bank account the next day.
Warnings About Payday Loans
Payday loans are extremely controversial. Because payday loans are targeted at people who need cash immediately and have no other means of receiving it, these companies are able to charge high interest rates, with the nationwide average being 390% APR.
Often these high interest rates result in people’s inability to be able to pay back these short term loans on time, which results in a series of fees making it even more difficult for those struggling financially to keep up with it.
Because of this problematic cycle, individual
states have created rules and regulations regarding the approval of payday loans and limiting their fees. Some states have outlawed the practice, while others have few regulations that limit payday lenders.
Advance America’s Payday Loans
In an effort to combat the negative stereotypes associated with payday loans, Advance America claims to be committed to following all federal and individual state laws associated with giving payday loans.
Also, they are a member of the Community Financial Services Association of America (CFSA), which is the only national organization dedicated to promoting responsible regulation of the payday advance industry.
As a member of CFSA, Advance America claims that they make sure all their terms, conditions, fees, and payback schedules are as clear and easy to understand as possible, so that their clients have the best chance at successfully paying back their short term loans.
Even though Advance America makes all these assurances, it is still up to those borrowing the money to ensure they know exactly what they are getting into before they accept the terms of the loan being offered to them.
Note: If you’re interested in learning more about Payday Loans check out our detailed guide, “Payday Loans Explained: Should You Ever Get One? ” for more info.Source: reviewopedia.com
Category: Payday loans