Hundreds of people find themselves in need of quick cash and more time to repay the loan – just like Advance Financial offers.
Though it’s close to impossible avert a financial crisis, you can avoid getting trapped in a debt cycle that robs you of your joy. Most Americans love taking same day loans since they offer a quick fix to their current situations. However, they often find it difficult to pay back the loan with their next paycheck, and the loan turns into a burden. Advance Financial has a unique payday loan solution for borrowers – flex loans. You don’t have to repay the loan with your next check.
This sounds like good news for some people. But before you commit to the loan, think twice. Is Advance Financial legit? What are Advance Financial terms? Can you afford an Advance Financial loan? Are they safe?
You are better safe than sorry. Below is a quick review of the emergency loan platform and what to expect.
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What is Advance Financial?
Advance Financial is a company formed in 1996. It is family owned and is based in Nashville, Tennessee. It currently has over 1000 employees offering online services to borrowers in multiple states in the US.
Advance Financial has been named as one of the fastest-growing company in the US 7 times in a row and featured in the Nashville Business Journal as the fourth fastest-growing company in Ashville in 2018. Also, in the same year, Forbes listed it as one of the Best Employers of New Graduates. These awards are great and show the company is doing some things right.
But what product does it offer? And why should you care? Fundamentally, Advance Financial is a same day loan company. However, it adds a twist to the loan option. Instead of offering a payday loan in chunks, the flex loan product is more like a line of credit with a short repayment plan. So what’s the difference?
With traditional payday loans, you get the full loan after approval whether you want to use the money immediately or not. But with a line of credit, you have a loan amount is approve and you borrow amounts as the need arises. This type of loan is ideal for small business owners or when you are undertaking a large project.
With Advance Financial, you apply for a credit limit between $25 and $4000. You withdraw from the line of credit and only pay interest on actual money borrowed. Unfortunately, flex loans are not available to all states in the US.
What are the pros and cons of Advance Financial?
Advance Financial Vs the Competition, how does it Compare?
Advance Financial is a reputable same-day loan provider, known for its flexible payback model. On the other hand, Cashnet, Speedy Cash, and Advance America have made a name for themselves as far as payday loans are concerned. Below is a quick comparison of their borrowing limits, credit score requirements, loan costs in fees and interest and the expected loan repayment period.