Advance Financial 24/7 short-term loans review

What is a flex loan from Advance Financial 24/7?

Advance Financial 24/7 has offered flex loans to borrowers across the US for 20 years. Unlike payday loans, a flex loan functions more like a line of credit combined with a short-term installment loan.
Apply for a credit limit between $2,000 to $4,000 in most states. If approved, you can withdraw from your line of credit as you need and only pay interest on what you borrow.
Flex loans are available online in Alabama, California, Delaware, Idaho, Kansas, Missouri, North Dakota, Utah, Virginia and Wisconsin. Residents of Tennessee can apply either online or in store.

What are the benefits of flex loans?

• Not a payday loan. Flex loans function like lines of credit. Borrow whatever amount you want, and you only pay interest on the amount you take out.
• No late fees. You won’t be charged a late fee if you miss your due date. This makes it easier to pay back your loan, although take caution: The larger your balance, the more you owe in interest.
• Variety of in-store services. Residents of Tennessee have access more than just flex loans. Pay your bills, make copies and send faxes at any of the Advance Financial 24/7 store locations.

What to watch out for

• High interest rates. Short-term loans have notoriously high interest rates. You should expect to pay much more in interest than you would with traditional loan options.
• Little information online. The frequently asked questions sections covers the basics, but to get information on loan terms and repayment, call Advance Financial 24/7 to get more information.
• Limited state availability. Advance Financial is only available 11 states. If you don’t live in one of the states listed above, you won’t be able to apply.

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Beware of high interest rates

Flex come with APRs between 240% to 360%. This can mean high interest payments every month, even on small amounts.
Although there are no late fees, missed payments and insufficient funds may result in paying more monthly. As with all short-term loan products, a flex loan from Advance Financial 24/7 shouldn’t be used to solve long-term financial issues.

How safe is it to apply with Advance Financial 24/7?

Advance Financial’s site has a valid security certificate and its privacy policy covers standard sharing procedures. When you apply for a loan through Advance Financial, you give it access to your personal information and bank account. Although your banking information remains safe, Advance Financial may use your data for marketing purposes.

What does the Internet say about Advance Financial 24/7?

As of September 2018, Advance Financial 24/7 gets mixed online reviews. Although it’s not accredited by the Better Business Bureau (BBB), it has an A+ rating based on factors like transparency and time in business.
Many negative reviews concern the high cost of the loan and other services provided by Advance Financial stores. The few positive reviews generally center on the customer service available at store locations and the usefulness of quick access to credit.

Am I eligible?

When you apply for a flex loan from Advance Financial 24/7, you need to meet these basic criteria:

• Have a state-issued photo ID.
• Have a verifiable source of income.
• Have an open bank account.
• Be the age of majority in your state.

How do I apply?

Apply at an Advance Financial location near you or online following these steps:

1. Visit Advance Financial’s site and hit the Get Cash Now button.
2. Create your account or sign up with your Facebook, Google or LinkedIn account.
3. Fill out the required information, which includes your Social Security number.
4. Submit your application and wait to find out if you’ve been approved.

I got a flex loan — what’s next?

Flex loans are revolving lines of credit. This means that your line of credit opens back up as you pay down your balance — similar to a credit card.
Continually draw from it for as long as you need. This sets flex loans apart from other short-term loan options that require you to reapply after your loan is paid off.
Withdraw money from your loan account up to your credit limit and choose to pay the minimum amount due or pay off your balance. When you pay your balance, you save on interest. The longer you hold a balance, the more you’ll pay in the long run.

Bottom line

If you regularly need short-term loans but don’t qualify for a credit card or other line of credit, a flex loan from Advance Financial could be the solution. It allows you to borrow money when you need it, and gives you time to pay it back, unlike a payday loan. However, the limited state availability means you may not be able to create an account with Advance Financial.
To learn how Advance Financial’s flex loans compare to other short-term options, check out our guide to compare your options.

Frequently asked questions

Does Advance Financial check my credit?
Yes. When you create your account, Advance Financial may check your credit to process your application.
What in-store services does Advance Financial offer?
You can send and receive faxes, make a wire transfer, pay your bills, make photocopies and pay your cell phone bill at an Advance Financial location.
How does a line of credit work?
Unlike payday or installment loans, you don’t get a lump sum. Instead, borrow as much or as little as you need. Interest only applies to the money you borrow, not your credit limit. With a revolving line of credit like a Flexloan, receive access to your credit limit again as you pay back the money you withdrew.
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