Frequently Asked Questions -
Line of Credit
Line of Credit
How many Lines of Credit should I have?
The amount of Lines of Credit you should have depends on your financial needs and budget. Many people have multiple Lines of Credit at one time. Having several Lines of Credit can show that you're responsible with your finances and that you can handle debt. This can help you when you're applying for a loan or a mortgage and can also help you get approved for better loan interest rates.
What is a revolving Line of Credit?
Revolving lines of credit are flexible loans that you can borrow from again and again, as long as you stay within your specified credit limit. This type of loan is good for things like emergencies or unexpected expenses, since you can easily borrow the money you need without having to go through the hassle of applying for a new loan every time.
Can I pay off my Line of Credit balance early?
Yes, you can pay off your line early at your nearest store or within your online account. Plus, there are no prepayment penalties if you choose to pay your entire balance early and doing so will reduce the amount of interest and/or fees that you pay.
What is a personal Line of Credit?
A personal Line of Credit allows you to access a set amount of available funds, drawing only the money you need and paying interest only on what you borrow. Similar to a credit card, our Flex Line of Credit gives you more control and flexibility to use whenever you need it without having to reapply.
Why should I get a Line of Credit with Advance America?
When the unexpected happens, a Line of Credit provides you with the money you need to handle it. Simply apply once and the funds remain available for you to draw from any time, as long as there is credit remaining in your account and your account is in good standing. The Flex Line of Credit from Advance America allows you to earn lower rates and automatic line increases over time.*
* Subject to product limits
What is a Line of Credit?
A Line of Credit is the most convenient, safe and secure way to access money when you need it most. Once you are approved for a certain limit, you can request money up to that total amount. The credit line, or maximum amount of money that can be withdrawn, varies by state, and the funds you request will be deposited directly into your bank account. After your initial approval, there’s no need to reapply. Simply pay back your fees and the money you borrowed, then request to withdraw more money from your Line of Credit whenever you need it.
How does a Line of Credit work?
When applying for a personal Line of Credit, apply just once and receive approval up to a specific credit limit. Perfect credit not needed. Then, withdraw money as you need it up to your approved amount. You only pay interest on the money you withdraw, and the rest remains available if needed. You can payback all at once or over time.
Why should I get a Line of Credit?
Having a Line of Credit is like having emergency money whenever you need it. You apply only one time and the line stays open to allow you to draw money anytime—as long as your account is in good standing and there is credit remaining in your account.
How do I apply for a Line of Credit?
Applying for a personal Line of Credit from Advance America is easy. Depending on your state, you can apply either in-store or online.
Applying online requires a few simple steps:
Step 1 Choose Your Loan
Step 2 Provide Basic Contact information
Step 3 Provide Employment information
Step 4 Provide Banking information
Step 5 Review, Sign and Submit your application
Applying for an in-store Line of Credit is also simple. Based on your state, just bring the necessary documents to your nearest Advance America. With the help of our knowledgeable staff, you can apply, get a fast approval decision, and instantly withdraw the money you need. To find out if a Line of Credit is available in your state, click here.
How does a Line of Credit work online?
You don’t need to visit a location when using an online Line of Credit. In general, you will submit an online application. Once approved, you can select an amount to be deposited directly into your bank account (usually by the next banking day). Payments, as well as any future request to draw money from your Line of credit, may also be handled online.
What are Advance America’s Line of Credit Rates?
Your Line of Credit rates and terms will vary depending on the amount that you borrow. Depending on your state, you can borrow up to $3,000 for a Line of Credit. Click here to find out if a Line of Credit is available in your state. If so, check out our Rates and Terms section to view fee examples. With our Flex Line of Credit, you can earn lower rates over time with automatic line increases.*
*Subject to product limits.
How do I request money from my Line of Credit?
Once approved, you will have the option to select an initial amount of money from your Line of Credit. As long as your account is in good standing and there is available credit in your account, you can simply log into your online account portal to request more money. You also have the option of going to your nearest Advance America store.
How long does it take to get a Line of Credit?
Getting a Line of Credit from Advance America is fast, whether you apply in-store or online. The online application requires a few simple steps. If you prefer to go in-store, one of our friendly staff members can guide you through the application. Whichever option you choose, this will only take a few minutes of your time. After approval, you can withdraw money from your Line of Credit the same day. If your Line of Credit application is approved by 10:30 AM ET (M-F), money is typically funded in your bank account by 5PM ET that day. Approvals after 10:30 AM ET are typically funded in the morning the next business day. All in all, the process is quick from beginning to end.
What states offer Lines of Credit?
Enter your zip code on our Available Loans page to see if a Line of Credit is available in your state. Information about the product details can be found on the Line of Credit loan details page.
What Line of Credit do I qualify for?
There are a few factors that impact the amount you will be qualified to borrow. The amount is based on your income qualification criteria, and state laws and regulations. You do not need perfect credit to qualify.
How often can I use a Line of Credit?
As long as you continue to make on-time payments on the money you withdraw, you can continue to withdraw funds up to your maximum approved credit limit.
When will payments be due, and how do I make them?
Typically, your Line Of Credit payments are due on your pay date and are scheduled as automatic withdrawals from your checking account. You can also make payments at your local store or in your online account. Our Flex Line of Credit gives you the flexibility you need allowing you to postpone a payment interest-free.*
*Subject to eligibility restrictions.
What are your charges for using the Line of Credit?
Charges vary by state. Please see your state specific details on the Fees & Terms for more information.
When I pay off my Line of Credit, do I need to reapply the next time I need money?
No, you do not have to reapply for a Line of Credit the next time you need money - your line remains open and available. As long as you make on-time payments on the money you withdraw, you can continue to withdraw funds up to your maximum approved credit limit. In fact, our Flex Line of Credit gives you more flexibility by allowing you to earn lower rates over time and automatic line increases.*
*Subject to product limits.
How and when will I know my Line of Credit has been approved?
Once you submit your application online, you will receive a notice letting you know whether you’ve been approved or declined—usually within seconds. You will also receive an email regarding the status of your Line of Credit. Following an approval, some of your banking information may need to be verified the first time you withdraw money from your Line of Credit. You can check the status of your Line of Credit by logging into your online account portal or, if you have additional questions about your status, you can call the contact center at 1-877-505-0701.
If you apply for a Line of Credit in-store, an approval decision will be made within minutes. You can then withdraw as much or as little of the money you need from your Line of Credit the same day.
Can I get a Line of Credit if I have less than perfect credit or a bankruptcy?
Even with a poor credit history or previous bankruptcy filing, you still may be eligible to receive a Line of Credit with Advance America.
Do bank holidays affect or delay my Line of Credit withdrawals?
Yes. Because the money is deposited directly into your bank account, bank holidays could delay the timing of your deposit. The following bank holidays are observed by all federal banks:
- New Year’s Day
- Martin Luther King, Jr. Day
- Presidents’ 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 closed the preceding Friday. For holidays falling on a Sunday, all Federal Reserve Banks will be closed the following Monday. Be sure to check your bank’s holiday schedule.
How do I update my bank information?
You can update your bank information by calling the contact center at 1-877-505-0701. Call center hours are Monday through Friday, 8am – 10pm, as well as 9am – 6pm on Saturdays. The center is closed on Sundays.
When and how will I receive my money?
If you are an in-store customer, your money can be withdrawn from your account the same day, shortly after receiving the loan approval. If you are an online customer, the funds will generally be deposited into your bank account on the next banking day or in some states, you can go to an Advance America location to pick up your money the same day.
Is my credit rating checked before receiving a Line of Credit?
A Line of Credit application with Advance America may result in a soft credit inquiry with a national credit reporting agency and a hard credit inquiry with specialty credit reporting agency. These inquiries will not impact your FICO credit score.
What do I need to apply?
What you need to apply for a Line of Credit varies per state. Generally, you need the following items:
Social Security Number
Government Issued ID
Active email address (online only)
Source of Income
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