Frequently Asked Questions: Installment Loans

These FAQs are listed for all services offered by Advance America. Not all services are available in all locations or states.

About Payday Loans

What is the difference between an in-store and online payday loan (payday advance)?

An in-store payday loan (or payday advance) allows you to visit one of our locations and receive your payday advance in person. The entire process typically takes about 10-15 minutes and you could get the money you need on the spot. An online loan gives you the convenience of processing your loan completely online without the need to visit a location. You submit an online application, and if approved, the funds from the loan are deposited directly into your bank account, usually by the next business banking day.*

What is a payday loan?

A payday loan is a short-term, small-dollar loan, often used to cover unexpected expenses or to bridge a temporary gap between paychecks. A payday loan is a financial solution that provides an alternative to bouncing checks or paying late fees. Payday loans are used to cover short-term financial situations - they are not a long-term financial solution.

How are payday loans regulated?

Advance America is regulated by laws and officials at both state and federal levels, including the Consumer Financial Protection Bureau. In addition, as members of the Community Financial Services Association of America, we follow all industry Best Practices to provide the most beneficial, responsible payday loan service.

Why should I choose Advance America for a payday loan?

Since 1997, millions of customers have trusted Advance America to provide flexible and personalized financial solutions to meet their needs. In fact, 97% of our customers rate their experience with Advance America as good to excellent.

As the nation's largest payday loan company, we recognize the significant responsibility of following all federal and state laws and always presenting fees that are clear and easy to understand. We are proud to be a founding member of the Community Financial Services Association of America, and our Company complies with all federal and state laws and always presents its fees clearly and completely.

Advance America is a wholly owned subsidiary of Grupo Elektra, one of the largest Latin American providers of banking services, consumer finance and specialty retailing.  You can rest easy knowing that Advance America is a responsible choice.

How often can I use a payday loan?

Advance America is regulated by state and federal laws. Depending on your state's laws, there may be specific guidelines regarding the use of a payday loan. To find out more about payday loan terms in your state, click here to contact one of our locations.

Is my credit score checked before receiving a payday advance?

No, our approval process does not consider or impact a customer’s FICO score, but we may evaluate your credit eligibility by using a custom scoring model developed by Experian. To learn more, visit or contact one of our locations.

Is my transaction confidential?

We respect our customers' desire for privacy in managing their personal financial matters. The payday loan transaction is confidential, and your personal information will be treated accordingly.

What are your hours?

Our store hours vary by location. Click here to view the hours of the location nearest you or call
1-800-WE'RE HERE (1-800-937-3437) to be connected to your nearest location.

How can I find an Advance America location?

Find the Advance America store nearest you by putting in your zip code here.

What is the CFSA?

The Community Financial Services Association of America (CFSA) is the only national organization dedicated to promoting responsible regulation of the payday advance industry and consumer protections through CFSA's Best Practices. CFSA is committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers.

Loan Information and Details

What is the process for getting a payday loan at a location?

The application process at Advance America is efficient and simple, taking only 10-15 minutes. Below is a summary of our quick process. For more specific information about your state, click here.

How much does a payday loan cost?

The fees are specific to your state, and can be viewed on the Fees & Terms page.

A typical fee charged by Advance America is $15 per $100 borrowed, which is an annual percentage rate of 391.07 for a two week loan term.

Often, the cost of a cash advance may be lower than the alternatives considered by many people, such as paying a bill late or incurring overdraft fees from banks and credit unions.

How are fees established?

Fees vary depending on the amount of your payday loan and your state of residency. Our fees comply with all applicable state and federal laws.

How is my loan amount determined?

In many states the maximum loan amount available is regulated by state law. Within the allowed range, you qualify for a particular loan amount based on your current income, whether you work full or part time. To view the available loan amounts in your state, click here.

How much can I borrow?

The maximum available loan amount is determined by the law in each state. Your specific loan amount will be based on your income and whether you work full or part time. To view the available loan amounts in your state, click here.

What do I need to get a payday loan?

To qualify for a loan, you must provide personal identification, proof of income, a bank statement and a personal check. No personal property is required to get a payday loan. To view more details on what to bring to an Advance America location in your state, click here.

If I already have another payday loan outstanding, can I still qualify?

Advance America follows all federal and state laws, and the ability to have multiple loans depends upon the state regulations. Please keep in mind that having more than one loan out at the same time could make it more difficult to repay your loans.

How and when will I know my loan has been approved?

Processing your completed application at an Advance America location will only take a few minutes. Once processing is complete and you are approved, we'll review the fees and terms for your payday loan, and you’ll receive the money you need during that visit.

When will my loan be due?

Typically your payday loan will be due on your next payday. Every state has its own set of rules and regulations that we follow. To find out more details for your state, please contact a location near you. Find a location.

What if I change my mind after taking out a payday loan?

Advance America abides by CFSA Best Practices and state laws regarding rescission, which enable you to rescind the transaction at no cost within a certain time period by returning the full amount of the advance. Contact your local Advance America location for state specific rescission policies.

Payment Information

How do I repay my loan?

When you apply for a loan in an Advance America store, you will return on your due date to repay the total amount due.

What if I am late repaying my loan?

Advance America will work with you to establish payment arrangements. And, we're committed to collecting past due accounts in a professional, fair and lawful manner. We do not report to credit agencies. In most states Advance America offers a Worry Free Advance, in which the fees of your advance are waived should you lose your job while you have a cash advance outstanding.

Can I renew or roll over my advance by just paying the fee again on my due date?

Advance America follows all federal and state laws, and the ability to renew an advance depends upon the state regulations. Please contact your nearest location for further information.

Can I pay off my loan early?

Yes. Please contact the location in which your loan originated to pay your loan off early. In some states, you may be entitled to a refund of part of your loan fee.

What if I cannot repay my loan?

Advance America will partner with you to establish payment arrangements. We’re committed to collecting past due accounts in a professional, fair and lawful manner in accordance with applicable state and federal laws. In most states, Advance America offers a Worry Free Advance, in which the fees of your advance are waived should you lose your job while you have a cash advance outstanding.

About Payday Advances

What is a payday advance (or payday loan)?

A payday advance (or payday loan) is a short-term, small-dollar-loan often used to cover unexpected expenses or to bridge a temporary gap between paychecks. A payday advance is a financial solution that provides an alternative to bouncing checks or paying late fees. Payday advances should be used to cover short term financial situations - they are not a long-term financial solution.

How does an online payday advance work?

An online payday advance is processed completely online without the need to visit a location. You submit an online application and if approved, the funds from the loan are deposited directly into your bank account, usually by the next business banking day.* Your repayment of the loan is electronically deducted from your bank account on your due date.

How do I apply for an online payday advance?

To get a loan online, follow these easy steps:

  • Click the Apply for a Loan button at the top of the page and enter your zip code.
  • If the online loan is available in your state, you will see the option “Get a payday loan online.”
  • Simply click the “Apply Online” button and complete the application.
  • Once you have submitted your application, subject to approval you may be eligible for a loan of $100 or more deposited directly into your checking account the next business banking day.* (Applications must be submitted prior to 9 p.m. CST to receive funds on the next business banking day.)
What states offer online loans?

To find out if online loans are available in your state, click here.

How often can I use an online payday advance?

Payday advances provided through Advance America and CashNetUSA follow the laws and regulations in each state. Depending on your state, there may be specific guidelines regarding the use of a payday advance. Advance America and CashNetUSA online loans adhere to the best practices of the Community Financial Services Association (“CFSA”). To find out more about your state, click here.

What if I have less-than-perfect credit or a bankruptcy?

A poor credit history or previous bankruptcy filing may not necessarily prevent you from receiving an online loan.** Our online representatives will work with you to see what options are available. If you need help with budgeting or debt management, you can call the National Foundation for Credit Counseling at 1-800-388-2227 for financial counseling.***

Why should I choose an online payday advance through Advance America?

When you need money, online payday advances through Advance America are simple, convenient, and provide the opportunity to apply from the privacy of your own home. The easy-to-use online application can be completed in as little as 10 minutes, and you may be eligible to have funds directly deposited into your checking account generally the next business banking day.*

In addition, the following attributes indicate that you are working with a reputable, trustworthy company:

Membership in the CFSA: The Community Financial Services Association of America (CFSA) is the nation's only promoter of responsibility and integrity in the payday advance industry. As a member of CFSA, Advance America is committed to upholding CFSA’s set of best practices for a more beneficial, responsible payday advance experience.

Full Disclosure: As required by law, all rates, terms and fees are explicitly outlined in the agreement. There are no unexpected charges and no hidden costs when borrowing.

How are online payday advances regulated?

Online loans provided through CashNetUSA are regulated by each state. We abide by the applicable laws, rules and regulations of each state in which we operate, as well as the applicable federal laws. In addition, as members of CFSA we follow industry best practices to provide a more responsible payday advance service. Please note that not all online loan providers always provide these same levels of safeguards. It’s important to use a reputable company for access to online payday advances.

How do I qualify for an online payday advance?

You must meet the following requirements to become eligible to receive loan funding or Credit Services from CashNetUSA.++

  • Have an active checking account
  • Have been employed for at least one month
  • Must be a US citizen or permanent resident
  • Must be at least 18 years of age

Due to state and verification requirements, not all customers may be eligible for instant approval. We generally do not perform traditional credit checks as part of our credit transaction approval process, but we do verify applicant information via national databases including, but not limited to, Tele-Track and CL Verify. If you have defaulted on past transactions, you may be declined for an advance. Some customers may be required to submit additional documentation under state law and lender qualification criteria.

Is my credit rating checked before receiving an online loan?

Generally traditional credit checks are not performed as part of our credit transaction approval process, but we do verify applicant information via national databases including, but not limited to, Tele-Track and CL Verify. If you have defaulted on past transactions, you may be declined for an advance.

How is CashNetUSA affiliated with Advance America?

Online loans originated from OnlineApplyAdvance.com are offered and funded by CashNetUSA and marketed by Advance America. CashNetUSA is not a lender in all states. In some states, CashNetUSA will 1) act as a broker to arrange a loan between you and a third party lender or 2) connect you with a financial matching service. Advance America and CashNetUSA are dedicated to offering you convenient and secure lending services from the privacy of your home.

Loan Information and Details

How much can I borrow for an online payday advance?

The amount of your loan is based on qualification criteria, as well as state laws and regulations. If you successfully repay your first loan, we may be able to increase your loan amount on any future online loans. For information on advance amounts and fees, click here.

When and how will I receive my loan money?

Once your loan is approved; the funds will generally get deposited into your bank account on the next business banking day if approved by 9 PM CST Mon. – Thu. or by 7 PM CST Sun.*

How much does an online payday advance cost?

The fees are specific for your state. Click here to see the maximum available advance amounts and fees that would apply to you. Not everybody qualifies for a maximum loan amount. Always consider the costs, fees and benefits of a payday advance and any other short-term credit options.

How are fees established?

Fees vary depending on the amount of your payday advance and your state of residency. Our fees are in compliance with applicable state laws.

When will my loan be due?

Your loan will normally be due on your next payday, if it falls between 8 and 35 days from the day you apply for your loan. Every state has its own laws and regulations. Click here to see the rules specific to your state.

If I already have another payday advance outstanding, can I still qualify?

We follow the laws in each state, and the ability to have multiple loans depends upon the regulations in your state. Please keep in mind that having more than one loan out at the same time could be more difficult to pay back.

What does take-home or netpay mean?

Take-home or netpay is the amount you actually bring home in your paycheck. It’s your earnings after any deductions, taxes, employee benefit programs, health insurance, etc.

How and when will I know my online loan has been approved?

You will receive an email notification after receipt of your application, if your loan has been approved.

Do I need a fax machine or printer to apply for an online payday advance?

No, in many cases there is no fax or printer necessary in states that allow no documentation loans. (See rates and terms section.) Our online loan process is paperless, making it easy to get the money you need quickly.+ If your loan application is approved, we'll deposit the loan amount directly into your bank account typically the next business banking day.*

Do bank holidays affect or delay my loan?

Yes. Because your online loan amount is deposited directly into your bank account, bank holidays could delay the timing of your loan deposit. The following bank holidays are observed by all Federal Banks:

  • New Years Day
  • Martin Luther King, Jr. Day
  • President’s Day
  • Memorial Day
  • Independence Day
  • Labor Day
  • Columbus Day
  • Veterans Day
  • Thanksgiving Day
  • Christmas Day

For holidays falling on a Saturday, Federal Reserve Banks will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks will be closed the following Monday. Be sure to check with your bank’s holiday schedule. See http://www.frbservices.org/holidayschedules/index.html for details.

Payment Information

How do I repay my online loan?

The loan amount and loan fees are withdrawn from your checking account automatically on the due date of your loan. No need to make any payments or visit a store. If your loan payment and fees are returned because of insufficient funds, we can and will re-present the Automatic Check Holding (ACH) to your bank.

What is ACH?

ACH stands for Automated Clearing House. Repayment of your loan is obtained by requesting your bank to send the amount due (including the loan fee) by transfer. This is called a single-payment ACH Authorization, which operates just like a paper check. Once we present to your bank your ACH authorization for payment, your bank will send the specified amount to us. If the payment is returned because of insufficient funds, the lender can and will re-present the ACH Authorization to your bank if permitted by law. Please note that online loans are made by CashNetUSA, thus, ACH will be presented and funds sent to CashNetUSA.

Can I revoke my ACH payment?

No. The ACH authorization can only be revoked AFTER we receive payment in full of the amount owed. Because our advances are single payment advances, we are permitted to require ACH repayment in accordance with the Federal Electronics Funds Transfer Act (EFTA). As a one-time payment, the repayment of a payday advance through OnlineApplyAdvance.com is not encompassed by the EFTA’s definition of “preauthorized electronic funds transfer,” and is therefore permitted under the EFTA.

When I pay off my online loan, how soon can I receive another online loan?

Normally it will take 2 days for your payment to clear the bank. Once the payment clears, another loan can be issued, subject to approval and in accordance with the applicable state laws and regulations. The new loan will be deposited into your bank account the business banking day after the payment clears. For example, if your payment is due on Friday, your full payment comes out of your account on that day. The payment will clear on the following Tuesday and your new loan will be deposited to your account on the following Wednesday.

What are my payment options?

We will send an email reminder to you 1-2 days prior to your loan due date. Your payment options are:

  • Full payment – Your end of loan action is set to pay in full, extensions are all exhausted, or you request a pay-in-full via email, phone, or online chat.
  • Extend (where available); Pay Interest Only – Your end of loan action is set to extend, an extension was requested via our website, phone, email, or online chat. An extension is a new loan. Regular loan fees apply to loan extensions. Please note that extensions may not be available or the number of extensions could be limited due to the state law, CFSA rules or lender policy. Please check Rates & Terms for details
  • Partial Payment (where available); Pay interest and part of the principal – Your end of loan action was set to extend and a partial payment was entered, an extension was requested and a partial payment was entered, or an extension was requested with a partial payment via email, phone or online chat.
What does “End of Loan Action” mean?

When you apply for a loan, you will be prompted to choose one of the two "End of Loan Action" options. If you choose "Pay in Full," you will pay both the loan principal and the loan fee in full on the due date. If you choose "Extend," you will pay the loan fee on the due date, and you will be deemed to have submitted a request for an extension of your loan, with or without partial payment of the loan principal on the due date. Please note that extensions may not be available or the number of extensions could be limited due to the state law, CFSA rules or lender policy. Please check Rates & Terms for details.† You may change your "End of Loan Action" at any time by logging into your membership account. A change from "Pay in Full" to "Extend" must be made by 5:00 PM CST two business banking days before the due date of your loan.

What if I can’t repay my loan on the due date?

If you can’t repay the full amount of your loan on the due date, you may be able to request a loan extension by logging into your member account. Loan Extensions are not available in all states. To see if you are eligible for an extension, go to the Rates & Terms page and select your home state from the map. An extension is a new loan. Regular loan fees apply to loan extensions.

How do I extend my loan?

Loan Extensions are not available in all states. To see if you are eligible for an extension, go to the Rates & Terms page and select your home state from the map. The number of loan extensions is limited.

To obtain approval of an extension request, you must pay the original loan fee on the due date. If you are granted a loan extension, you must enter into a new loan contract, and you will incur an additional fee on the extension. You must make your extension request by 5:00 PM CST, two business banking days before the due date of your loan.

The length of the extension will be governed by your pay dates and the rules displayed on the Rates & Terms page for your state. The fee on your extension is calculated in the same manner as the original loan fee. Fees for loans and extensions are found on the Rates & Terms page for your state. If you qualify for a Loan Extension, you can request one by following the steps below:

  • Log into your customer profile.
  • Choose the “Request Extension” link.
  • Verify your next two pay dates are correct. If they are incorrect, click on the “Employment” link under “Profile Options” to update your pay dates.
  • Enter any payment that you can make on the principal (this will reduce the fee on your extension) and enter any coupon codes.
  • Upon approval, choose the "End of Loan Action" you would like to occur on the extension’s due date. If you do not intend to repay the principal in full on the due date of the extension, enter the principal amount you would like to repay on that date.
  • Review and digitally sign the new loan agreement.

You can also request an extension by calling us at (888)686-9563 or e-mailing us at support@onlineapplyadvance.com.

Can I pay off my loan early?

Yes. Please contact us if you want to pay your loan off early. If you pay it off early, you may be entitled to a refund of part of your loan fee.

Managing Your Online Account

How do I update my bank information?

Update your bank information via an email to us through the “Contact Us” form through Live Online Support, or by calling Customer Support at (888)686-9563 at least two business banking days BEFORE your loan is due.

How do I update my customer profile?

To update your customer profile, log in to your member account by typing in your email and password. Once you are logged in, click on the corresponding link under “Profile Options” in the “Manage Your Account” section, make the change, and click “Update.”

How do I reset my password?

To update your password, log in to your member account by typing in your email and password. Once there, click on the "change password" link and type in a new password and click the "submit" button to save your new password. You can now access the site with your new password.

To reset your password, click “Forgot Password” under the customer login section. On the next page, enter your email address and click “Send email.” A new password will be delivered to your email address. Once you log in with the password sent to you, you will be required to update that password to a new one. You must update your password to continue.

In-Store Installment Loans

How can I get an installment loan?

In-store installment loans are offered on a state-by-state basis. To see if installment loans are available in your state, view your options in your zip code here.

What is the difference between a payday loan and an installment loan?

A payday loan or cash advance is a short-term loan where you pay a one-time fee based on the amount borrowed. An installment loan can give you more money at one time, and you can repay the money over a longer period of time. The payment terms are based on your payday schedule. Not every state offers installment loans. To see if installment loans are available in your state, view your options in your zip code here.

Online Installment Loans

How can I get an online installment loan?

Online installment loans* are available on a state-by-state basis. To see if installment loans are available in your state, view your options in your zip code here.

What is the difference between an online payday loan and an online installment loan?

An online payday loan or cash advance is a short-term loan where you pay a one-time fee based on the amount borrowed. An online installment loan gives you more money at one time, and you can repay the money over a longer period of time. The payment terms are based on your payday schedule. Not every state offers installment loans. To see if an online installment loan is available in your state, view your options in your zip code here.

About Title Loans

What is a title loan?

If you own the title to your vehicle, a title loan allows you to borrow cash based on its value. You can leave with the money you need, and keep driving your car while you pay back your loan.

How fast can I get my money?

The application process will take about 15 minutes, and you can leave with your money the same day.

When will I get my title back?

We will return your title to you as soon as your loan is paid off.

Can I drive my car while I have the loan?

Yes, you get the money you need and keep driving your car.

Qualifying / Credit Checks

What do I need to bring to get a title loan?

Please bring the following items:

  • Free and clear vehicle title
  • Proof of residence (utility bill)
  • Two forms of ID
  • Vehicle (for inspection only)

If there are two owners on the vehicle, both parties must be present.

Will you check my credit?

No. While we will need to verify your identity*, there is no credit check for a title loan.

Is a car inspection required?

Yes, your vehicle will be inspected when qualifying for a loan.

I’ve had a bankruptcy in the past. Can I still get a loan?

Yes — as long as your bankruptcy has been discharged.

Does my car need to be paid off?

Yes, your car must be paid off and you should have possession of the title, with no other lien holders on the title.

Must the car be registered under my name?

Yes, the car must be registered under your name, and the registration must not be past due. If there are two owners, both parties must be present.

Loan Specifics

How is the loan amount determined?

The loan amount offered to you primarily depends on the value of your vehicle. In Texas, your gross monthly income will also determine the loan amount offered.

Is there any prepayment penalty?

No, there is no prepayment penalty. You may pay off your loan at any time before the due date if you wish.

How much does it cost?

The cost of the loan varies. Please contact a participating center for more details.

About Cash for Gold

Why should I sell my gold for cash* at Advance America?

Getting cash* for gold at Advance America is easy. We are a licensed gold buyer, and we offer free quotes with no obligation. Bring your gold to us today, and we can give you cash* on the spot.

What do I need to bring to sell my gold for cash*?

The process for selling your gold for cash* is easy. Just bring a valid photo ID (state or federal) and your unwanted gold. For more information on the process, visit our Cash for Gold services page.

How do I sell my gold for cash*?

Bring your gold, along with a valid photo ID, to a participating Advance America location. A knowledgeable associate will appraise your gold based on the karat (10k, 14k, etc.) and the weight of your pieces. We will give you a free quote and provide you with cash* for your gold on the spot. For more information, visit our Cash for Gold services page.

How long is the process to sell my gold?

To sell your gold for cash* at an Advance America location, it can take as little as 5-10 minutes. The associate will appraise your gold and provide you with a free quote. You can walk out of the center with cash* on the spot.

How can I find an Advance America location that offers cash* for gold?

To find a center near you where you can get cash* for your gold, just enter your zip code in the location box on our Cash for Gold services page.

Does Advance America offer cash for precious metals other than gold?

Currently, Advance America offers cash* for gold and certain types of silver coins. Contact a participating center for details.

What if I change my mind based on the quote for my gold?

The associate in the center will appraise your gold and provide you with a free quote. If you decide that you are not happy with the estimate provided, you are in no way obligated to sell your gold.

Get the Facts About Cash Advances

Do cash advances have unreasonably high interest rates?

Unlike other financial services, cash advances charge a flat fee and do not have interest accruing fees. The typical fee for a cash advance is $15 per $100 borrowed - a set price for a short-term transaction. Our customers say they appreciate that a cash advance, with a one-time fee, can be less expensive than taking on the costs of bouncing a check, missing a credit card payment or neglecting a bill.

The Federal Truth in Lending Act (TILA) requires all financial institutions to disclose loan fees as Annual Percentage Rates (APR). In order to comply with TILA, Advance America reports the implied APR of a cash advance - the amount you would pay in fees if you renewed your advance every two weeks for a full year. However, the average loan term is only two to four weeks. APR is a more appropriate measure of costs associated with loans that last for at least a year, such as a mortgage loan or a car loan. However, even using APR as a measure of the cost of various options for short-term loans, cash advances are still the least costly option compared to bank overdraft, bounced check, late payment and utility reconnection fees.

Couldn’t Advance America still operate profitably if they charged a much smaller APR?

Some of our critics have proposed capping interest rates for cash advances, but to do so would greatly impede our ability to operate. If we charged lower fees, we would not generate enough income to pay for basic business expenses, such as rent, utilities and wages. If we were to charge an APR of 36 percent, as some of our critics have suggested, that would mean customers pay a fee of $1.38 per $100 borrowed. No business - not a credit union, not a bank - can lend money for 10 cents a day for a two-week loan term without being subsidized. Such rate-cap models overlook the significant cost of operating a regulated business, and would be an effective ban on cash advances. Our customers recognize that the price of the one-time fee is appropriate for a short-term loan, relative to other options.

Why can’t cash advance customers just go to a bank instead?

Most banks do not provide the kind of small-dollar, short-term loans that our customers need. The average amount of a cash advance is about $350, an amount significantly lower than what a bank will loan. Some banks and credit unions have begun to offer products they promote as "alternatives" to cash advances, but these options are not broadly available and involve a variety of restrictions and complex fee structures. And in some cases, though our customers all have a bank or credit union account, they may choose not to obtain credit from these institutions because of a negative past experience, such as encountering hidden fees. We support a competitive market and encourage our customers to weigh all of their options before choosing our service. Cash advances are not for everyone, but our customers make informed decisions, and choose Advance America because they appreciate the simplicity, reliability and transparency of cash advances.

Do cash advances trap customers in a never-ending “cycle of debt?”

The "cycle of debt" catchphrase is our opponents' attempt to portray our industry as taking advantage of people. Our centers and service representatives work to prevent this by making cash advances that match, but do not exceed, customer’s needs. It hurts the company, and the customer, when a loan is not repaid.

If a customer is unable to pay back an advance within the arranged timeframe, Advance America works with them to find the best way to deal with their individual situation and to repay the loan in full. For example, our centers offer an Extended Payment Plan - where available under state law - that allows customers a longer time period to repay at no additional charge. In fact, about 90 percent of our customers repay their advances when due and 95 percent are ultimately paid off.

Is it true that cash advance lenders prey on unsophisticated customers?

According to customer surveys, 92 percent of customers think cash advance lenders offer a valuable service and 90 percent are satisfied with their understanding of the terms and costs of cash advances. Advance America fully discloses the terms of the cash advance transaction, and prominently displays the fee for an advance on the walls of our centers.

Our customers are hardworking individuals - including teachers, nurses, bus drivers and first responders - who make a positive contribution to their community. All customers must have a steady source of income in order to receive a cash advance, and must have a checking account.

How is the cash advance industry regulated?

Cash advances are highly regulated on the state and federal level to protect both our company and the consumer. Laws and regulations include:

State regulations: The cash advance industry is highly regulated by state officials across the country. State laws typically limit the principal amount on an advance; set maximum fees; limit a customer's ability to renew an advance; and require various disclosures. And, most states require that a customer have the right to rescind the transaction before the end of the next business day.

Federal Regulation: A number of federal laws and agencies regulate our business and help protect our customers, including the Consumer Financial Protection Bureau (CFPB).

Federal Truth in Lending Act (TILA): This law requires lenders to clearly define key terms of consumer lending agreements and fully disclose all associated fees and charges, ensuring that consumers are able to compare the costs of all credit options.

Fair Debt Collection Practices Act (FDCPA): Advance America only contracts with collection agencies that use legal, professional and non-aggressive collection practices.

Fair Credit Reporting Act (FCRA): We adhere to strict policies that regulate the collection, dissemination, and use of consumer information, including consumer credit information.

Equal Credit Opportunity Act (ECOA): We do not discriminate based on race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance.

Gramm-Leach Bliley Act (GLB Act): The GLB Act is designed to protect consumers’ personal financial information held by financial institutions. This prohibits the sharing of personal information about customers.

• John Warner National Defense Authorization Act limits the total charges on a small loan of 91 days or fewer to a 36 percent Military Annual Percentage Rate. As a result, we do not offer loans to military personnel.

Industry Regulations: Advance America is also a founding member of the Community Financial Services Association of America (CFSA), whose mission is to promote laws that provide substantive consumer protections and to encourage responsible cash advance industry practices. CFSA member companies must abide by a set of Industry Best Practices that offer a number of important consumer protections, including truthful advertising and fair collection practices.

Read more about laws and regulations of the cash advance industry.