Advance America is a major payday and short-term lender offering $100–$2,000 payday loans, installment loans, and lines of credit at 800+ stores in 27 states.
Editorially reviewed by Harvey Brooks
Founded in 1997 by George D. Johnson Jr. and headquartered in Spartanburg, South Carolina, Advance America is one of the largest payday lenders in the United States. Since 2012, the company has operated under Purpose Financial, Inc., a subsidiary of Mexican conglomerate Grupo Elektra (controlled by billionaire Ricardo Salinas Pliego), which acquired it for approximately $780 million. The company holds state-by-state lending licenses across 27 states and is subject to oversight by the Consumer Financial Protection Bureau (CFPB). It is not CDFI-certified, HUD-approved, or an NFCC member. With BBB A+ accreditation since September 2024 and 157+ million loans issued since founding, it occupies a significant — and controversial — position in the alternative lending landscape.
Advance America's core offering is the payday loan: short-term cash advances of $100–$2,000 repaid in full on the borrower's next payday (7–30 day terms), typically charging ~$15 per $100 borrowed. In select states they also offer installment loans repaid over 3–12 months, and revolving lines of credit up to approximately $4,000. Title loans of $2,000–$25,000 are available through third-party lending partner LoanCenter, secured against a vehicle's value. Check cashing is available at physical storefronts. State regulations govern all loan amounts and fee caps — for example, California caps loans at $255 with a 15% fee ceiling, while Florida allows up to $500. No minimum credit score is explicitly stated; the company primarily targets consumers who cannot access traditional bank credit.
The company's chief differentiators are scale and speed. With 800+ retail locations, in-store applicants can receive funds within approximately 30 minutes of approval — a genuinely fast turnaround for consumers in a cash emergency. Online applications provide next-business-day deposits, or same-day deposits if approved before noon. The online account portal at online.advanceamerica.net handles applications and account management. Its retail footprint and dual online/in-store model give it broader physical accessibility than most digital-only lenders in this category.
Honestly assessed, Advance America is a high-cost lender of last resort. Payday loan APRs range from 350% to 700%, and installment loan APRs can exceed 200% — a South Carolina example on their site shows a $650 loan at 348% APR over 6 months. Despite a BBB A+ letter grade, customer review scores on BBB average just 1.7 out of 5 from 154 reviews, with 302 complaints filed over the past three years. This gap between the accreditation letter grade and actual customer satisfaction is a meaningful signal. The product is appropriate only for genuine short-term emergencies when no lower-cost alternative is available — relying on it repeatedly risks a damaging and expensive debt cycle.
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Yes. Advance America is a registered company headquartered in Spartanburg, SC, founded in 1997. They hold a A+ rating with the Better Business Bureau and are BBB-accredited.
Advance America plans start at Free per month with no setup fee. No money-back guarantee is offered.
CreditDoc Diagnosis
Advance America is best suited for consumers in a true financial emergency who have exhausted lower-cost options — think missed rent, urgent car repairs, or a medical bill — and need cash same-day with no credit score barrier. The critical caveat is cost: APRs of 350%–700% make payday loans one of the most expensive legal forms of credit available, and repeat borrowing can quickly spiral into a high-cost debt trap. Anyone who can qualify for a credit union PAL, a 0% intro credit card, or a personal loan should pursue those first.
Public data from the Consumer Financial Protection Bureau
Source: consumerfinance.gov | Last checked 2026-03-25
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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