About Online Line of Credit
What is a Line of Credit?
A Line of Credit provides convenient, personal access to money when you need it. Apply just once, and receive approval up to a specific credit limit. 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. Here's a quick video that explains more about a personal line of credit.
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 once and the line stays open and allows you to draw money anytime - as long as your account is in good standing and there is credit remaining in your account. And, because you do everything online, it's quick, easy and secure - and the money gets to you fast.
How does an online Line of Credit work?
- Apply just once with a quick and easy online application.
- Once approved, select an amount to be withdrawn.
- The money is deposited directly into your bank account as soon as the same day
- Pay back over time (billing cycles are either monthly or every 28 days)
What states offer a Line of Credit?
Currently, an online Line of Credit is offered in Kansas.
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. Keep in mind, as long as you have an open line of credit, other Advance America loans are not available. Once paid in full, you can close your line of credit at any time if another loan option works better for you.
Is my credit rating checked before receiving a Line of Credit?
Don't worry, you don't need perfect credit to get approved. As part of the application process, we receive information from third party data providers, including information about your credit history from various credit reporting agencies. We use this information as well as your income and personal information to determine a line of credit just for you.
If you've defaulted on past transactions with Advance America, your Line of Credit application may be declined.
Loan Information & Details
How much money can I get?
Line of credit amounts range from $200 - $2,000, and vary by individual.
What are the fees to use a Line of Credit?
Click here to view line of credit fees.
When and how will I receive my money?
When you withdraw money from your Line of Credit, the funds will be deposited into your bank account the same banking day if the withdrawal is processed prior to 10:30 AM ET. Withdrawals processed between 10:30AM ET to 8PM ET, are typically funded the next banking day. We will always try our best to get the money you need in a timely manner; however, your bank may affect when your funds will be available. We will notify you of any changes with the disbursement of your funds.
When will payments be due and how do I make them?
Typically your payments will be due monthly or every 28 days, depending on your pay cycle. Payments are aligned with a pay date, and will be automatically processed from your bank account. Each billing cycle you will receive a billing statement that will include the due date and minimum payment amount for that cycle. You can also schedule a separate payment through your online account at any time or mail in payments.
How and when will I know my Line of Credit has been approved?
Once you submit your online application, you'll receive a decision usually within seconds. Occasionally, we may need to collect more information from you and will reach out via email or phone.
When I pay off my Line of Credit, do I need to reapply the next time I need money?
No, you only apply once and have continued access to your line of credit. 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.
Can I pay off my entire balance early or make additional payments?
Yes, you can pay your full balance or make incremental payments anytime without pre-payment penalties. Simply log in to your account, and select your payment amount and date. If you make an early payment that does not cover the full amount you have borrowed, the rest of the payment will be processed automatically on the regularly scheduled payment date. For example, if you have a scheduled minimum payment due of $150 and you pay $100 before the due date, then the automatic payment amount will be only $50, which is the remainder of the regularly scheduled payment.
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
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.
Managing My Online Account
How do I request money from my Line of Credit?
Once approved, you 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 to request more money at any time.
How do I close my line of credit?
If you would like to close your line of credit, you may request to do so by calling customer support at 1-877-505-0701. Please note that to fully close your line of credit you must have a $0.00 balance.
How do I update my bank information?
Update your bank information by calling customer support at 1-877-505-0701, Monday through Friday, 8am - 10pm, and 9am - 6pm on Saturdays.
*Online applications processed before 10:30 AM ET (Monday-Friday) may be eligible for same-day funding to your bank account. Online applications processed between 10:30 AM ET and 8:00 PM ET are typically funded the next banking day, but exceptions may apply. If we are unable to verify your application electronically, we may ask you to provide certain documents before final approval.