Advance America Becomes First to Offer Installment Loans under New Florida Law
Leading Consumer Lender Expands Loan Options for Floridians
ORLANDO, FL, October 25, 2019 – Advance America, the country's leading consumer lender, recently began offering Installment Loan services to its customers in Florida – the first provider to do so under a new law passed by the Florida legislature in 2018. Florida consumers can now borrow regulated installment loans up to $1,000 in Advance America’s Florida store locations and online. Loans are repaid over multiple payments, with repayment terms of 60 to 90 days.
“We are excited to offer installment loans to Floridians,” said Mike Rhodes, Vice President of Operations for Advance America. “Our customers regularly tell us they would benefit from having a choice between short-term and longer-term loan options for managing their financial obligations, and now we can help meet that need.”
Over more than 20 years of operation, Advance America has issued 124 million small-dollar loans in stores around the country and online, offering consumers an array of innovative, regulated credit options across a range of principal amounts and terms. In Florida, the company already offers two-week, small-dollar loans.
“There is no ‘one-size-fits-all’ credit solution; consumers benefit most when they have access to a wide variety of options,” said Jamie Fulmer, Senior Vice President of Public Affairs at Advance America. “In deciding to expand the credit market to include installment loans, Florida policymakers listened to consumers’ calls for longer-term solutions and more choices, offering a model for other states.”
Advance America has already received positive feedback from Florida customers on the new installment loan offering, via independent customer review platform Trustpilot, including:
“I especially like the new practices that Advance America has initiated, including a new [installment] loan product as well as online services.” -- Carol
“I went to the Advance America to get assistance on the new [installment] loans that they are offering. The agent was polite, professional and very understanding what my needs were.” – Maizey W.
About Advance America:
Founded in 1997, Advance America is the country's leading state-licensed consumer lender, with 1,900 storefronts in communities in 28 states and online, and 5,000 employees. Advance America seeks to help each and every customer achieve their version of financial stability in the moment and in the future through a variety of innovative, regulated and transparent small-dollar credit options. The Company is 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 industry practices. Please visit Advance America for more information.