Advanceamerica Review

Overview

AdvanceAmerica is a financial services company that provides a variety of short-term consumer loans, such as payday loans, installment loans, and title loans. Advanceamerica was founded in 1997 and is headquartered in Spartanburg, South Carolina.

AdvanceAmerica operates over 1,900 stores in 28 states in the United States, and also offers online lending services through its website. The company is a subsidiary of Grupo Elektra, a Mexican financial services company

Advanceamerica Requirements. Do you qualify?

To qualify for a loan from Advance America, you must meet certain requirements, which may vary depending on the type of loan you are applying for. Here are some general requirements:

1. Be at least 18 years old (19 in Alabama and Nebraska).
2. Have a steady source of income, such as a job or government benefits.
3. Have an active checking account.
4. Provide proof of identity, such as a government-issued ID.
5. Provide proof of income, such as a pay stub or bank statement.
6. Provide a valid phone number and email address.

In addition to these requirements, you may also be required to provide additional documentation or information, depending on the specific loan product and your individual financial situation.

It’s important to note that meeting these requirements does not guarantee that you will be approved for a loan. Advance America will evaluate your application based on a variety of factors, including your credit history, income, and other financial obligations.

Advanceamerica Application process. How to apply?

The company has both online and in-store application processes. Here are the steps to apply for a loan with Advance America:

1. Determine the type of loan you need: Visit the Advance America website to determine which type of loan best suits your needs.
2. Find a location: If you prefer to apply in-store, use the store locator tool on the website to find the nearest Advance America location.
3. Gather required documents: You will need to provide a valid government-issued ID, proof of income, and other documents depending on the loan type.
4. Apply online or in-store: To apply online, simply visit the Advance America website and follow the instructions. To apply in-store, bring your required documents to the nearest Advance America location.
5. Complete the application: You will need to provide personal and financial information and answer questions about your employment, income, and expenses.
6. Wait for approval: If approved, you will receive the loan funds either in-store or via direct deposit, depending on the loan type.
7. Repay the loan: You will be required to repay the loan according to the terms and conditions outlined in your loan agreement. Be sure to read the agreement carefully and understand the repayment terms before accepting the loan.

Compare Advanceamerica with Happy Money

Advance America and Happy Money are both financial services companies, but they have different business models and target different markets. Here are some key differences between the two:

1. Loan types: Advance America specializes in short-term lending options, such as payday loans, installment loans, and title loans. Happy Money, on the other hand, offers personal loans and debt consolidation loans with longer repayment terms.
2. Eligibility requirements: Advance America typically requires borrowers to have a steady income and a valid ID to qualify for a loan. Happy Money considers factors beyond credit scores and income, such as education, employment history, and savings behavior, to determine eligibility.
3. Interest rates and fees: Advance America loans can come with high interest rates and fees, which can make them expensive to repay. Happy Money, on the other hand, offers loans with lower interest rates and no prepayment penalties, making them a more affordable option.
4. Customer service: Happy Money prides itself on providing excellent customer service and personalized financial coaching to help borrowers improve their financial health. Advance America also offers customer service, but the quality may vary depending on the location and individual employee.
5. Technology: Happy Money utilizes technology and data analytics to provide a more personalized loan experience, while Advance America has a more traditional loan application process.

Overall, Happy Money may be a better option for borrowers who are looking for a more affordable loan with longer repayment terms and personalized financial coaching. Advance America may be a better option for borrowers who need quick access to cash and are willing to pay higher fees and interest rates.

Summary

The company has both online and in-store application processes and requires borrowers to have a steady income and a valid ID to qualify for a loan. Advance America loans can come with high interest rates and fees, which can make them expensive to repay. The company has a traditional loan application process and offers customer service at its locations. Advance America may be a good option for borrowers who need quick access to cash, but may not be the best option for those looking for a more affordable loan with longer repayment terms.