Advance America Summary and Alternatives | OpenCashAdvance (2023)

FAQs

What are 3 alternatives to getting a payday loan? ›

Advance America is a large lender that offers online loans and in-person lending at more than 1,400 physical locations. It offers payday loans, installment loans, title loans and personal lines of credit to people with less-than-perfect credit.

Possible Finance's top competitors include Moneytree, and SoLo Funds. Moneytree provides retail financial services including loans, check cashing, prepaid cards, payments, and more. It is based in Seattle, Washington. SoLo Funds is a mobile peer to peer lending exchange that provides access to loans of up to $1,000.

The Advance America website states: "If a customer is unable to pay back an advance within the arranged timeframe, Advance America offers an Extended Payment Plan to allow customers a longer time period to repay at no additional charge."

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit. They're also very expensive in most cases.

Advance America is a safe and legitimate lender that offers a variety of online loans, from cash advances and installment loans to title loans and lines of credit.

About us. Founded in 1997, Advance America has become one of the nation's leading providers of consumer financial services, with online lending and 1,200+ locations nationwide.

What are three alternatives to using credit? ›

If you close the checking account to keep the lender from taking what you owe, the lender might keep trying to cash the check or withdraw money from the account anyway. That could result in you owing your bank overdraft fees. The payday lender might send your loan to collections. Then there will be more fees and costs.

The easiest loans to get approved for with bad credit are secured, co-signed and joint loans because you can use collateral or another person's creditworthiness to make up for your bad credit score. Payday loans, pawnshop loans and car title loans also are easy to get, but they're extremely expensive.

A Personal Loan

Personal loans can be more cost-effective than a cash advance and still worth the time it takes to apply, depending on the situation. While interest rates on personal loans can be hefty, they are usually lower than those applied to cash advances and may come without the same massive fees.

A payday alternative loan is a type of short-term loan offered by federal credit unions as an affordable alternative to expensive payday loans if you need money to make ends meet on short notice. The National Credit Union Administration (NCUA) sets guidelines for the costs and terms of PALs.

Get up to $500 instantly (1) with ExtraCash™ from Dave. There's no interest, credit check, or late fees. With a Dave Spending account, you can also get your paychecks up to two days earlier (2).

How do I know if a loan company is scamming me? ›

Legitimate lenders will display their licenses on their websites to verify they are fully licensed in your state and comply with state and federal laws. Be suspicious of any email with urgent requests for personal financial information. If an email makes upsetting or exciting false statements, it's likely a scam.

A payday loan lender won't contact your boss but will need to make sure that you meet the requirements necessary to be eligible for a loan.

Founded in 1922, Advance is a private, family-owned company that operates and invests in a broad range of media, communications, technology and education businesses globally.

With over 20 years of experience, Advanced Financial Company provides comprehensive mortgage loan, auto loan and homeowner's association (HOA) account servicing, unparalleled customer service, tailored portfolio management reporting, backup servicing and delinquency collections for HOAs, financial institutions, auto ...

Advance America offers a personal loan product that ranges from 143.29% APR up to 688.28% APR.

With a credit score of 500 or below you may only be eligible for certain types of loans such as payday loans, title loans, personal installment loans, and pawnshop loans. If you're specifically in need of an unsecured loan then payday loans online or personal installment loans would be for you.

Walmart does not offer payday loans. They do offer personal loans to their employees in some cases, but these are not available to customers. You can however finance purchases through Walmart. Which means you can take an item home and make payments on it over time.

Alternative lender disadvantages

More expensive: Because alternative lending is used by small business without an extensive background, they represent a greater risk. As a result, non-bank-lenders can charge higher interest rates or a shorter term, leading to large payments that can cut into your cash flow.

What are examples of alternative credit? ›

Higher risk of loss

In the case of alternative financing, because of the higher acceptance rate of loans approved for those who may be considered at higher risk of non-repayment by banks, there is a chance that investors may lose some or all of their capital.

A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest rates.

Some viable alternatives to payday loans​ are: to simply not borrow from any source. If this option is not feasible consider borrowing from a friend or​ relative, getting a cash advance on a credit​ card, or selling some asset.

Barters are another type of alternative currency. These are actually exchange systems, which trade only items, without the use of any currency whatsoever. Finally, LETS is a special form of barter that trades points for items. One point stands for one worker-hour of work, and is thus a time-based currency.

The main types of cash alternatives are savings accounts, CDs, money market accounts, and money market funds. Which option is right for you may depend on how much access you need to the money, how much risk you're comfortable taking on, and what type of product offers the best interest rate.

Buy prepaid cards

You can also avoid cash advances and get cash from a credit card using prepaid cards. You can take a few approaches, but the most direct and immediate one is buying a Mastercard gift card with a sufficient amount of cash on it using your credit card and withdrawing that cash from an ATM.

If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.

Can we live without money? ›

If you're a single person, living without money will be much easier to manage than if you have a family. Because living cash-free is a huge commitment, you will want to make sure that your essential needs can still be met without money.