This is a detailed review on whether disabled and unemployed people on benefits can apply for a payday loan from Advance America. Advance America has been established since 1997 and is one of the trusted loans company in America, the company is wholly owned subsidiary of Grupo Elektra which is one of the largest providers of banking services in Latin America.
The overall customer experience is great too which 96% of people surveyed claiming that the service offered was good to excellent. Advance America is a well rounded company which is backed by one of the largest banks in the world; it is solvent and seems to concentrate more of offering a service than making huge profits.
What Do Advance America Offer?
Advance America offer payday advances, installment loans, gold buying, MoneyGram Services, tax preparation, and visa prepaid cars with check to cards. You can apply for a loan online, by telephone or by visiting one of their many stores. You can apply for a pay day loan in most states however there are a few where you need to physically visit the store to register.
The application process is quite straightforward, you either begin the process online or at an Advance America Store, you will need your identification, proof of income and bank statements. You then complete the application and sign the agreement and write a check along with the fee amount, you then make an appointment to return and repay the loan. After the process is complete you receive the cash or check on the spot.
If you’re applying online the process is very similar, once the application is submitted and approved you can be eligible for a direct deposit of at least $100 which will go straight into your checking account. The amount will then be withdrawn automatically from your account on the due date.
What is the Interest Rate on Pay Day Loans?
You can check the interest rates for the pay day loans for your particular state here. If for example you were to apply for a payday loan in Washington the maximum loan amount would be $700, if you borrowed $500 then you would pay an in store fee of $75, the online fee is also $70, this represents an interest rate of $391.07 APR.
What Are The Charges on the Pay Day Loans for Advance America?
This is where Advance America really shines, if you’re late repaying your loan then Advance America will establish payment arrangements of past due accounts in a professional, fair and lawful manner. They do not report your failure to make payment to credit reference agencies and in most states they offer a Worry Free Advance. This worry free advance means the fees on your payday loans are waived if you were to lose your job while the debt was outstanding.
Do Advance America Offer Loans to Disabled People
To qualify for an online pay day advance you must have an active checking account, have been in employment for at least a month, you must be a US citizen or permanent resident; you must be at least 18 years of age or more. Unfortunately there is no information on the sites question and answers to let people know whether Advance America offer loans to disabled people on benefits.
Do Advance America Loan to Unemployed People
Again there is no information to let potential customers know whether Advance America offer cash advances to unemployed people, it’s very unlikely as one of their requirements is that they must be in paid employment for at least a month.
Do Advance America Offer Loans to People on Benefits
It’s highly unlikely that Advance America offer loans to people on benefits, the qualification criterion established on their site explains that you must be in employment for at least one month; there is no mention of welfare benefits as being counted as income.
Verdict
Advance America is very disappointing; the only positive feature is the financial backing and strength along with their promise to waive fees if you lose your job. There is no provision made for disabled, unemployed people who want to take out a loan while on benefits.
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