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Advance Financial 24/7 short-term loans review
Need a cash loan but want more time to pay? These lines of credit could be the answer.
Not every financial setback can be solved with a payday loan. If you’re like most Americans, you may find it hard to pay back what you owe by your next check. Advance Financial 24/7 has a different type of short-term loan. You’ll have access to your funds whenever you need it and you won’t have to pay everything back by your next payday. But it’s only available in 11 states and like many short-term loan options, comes with triple-digit rates.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
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. You can 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. You can borrow however much — or little — 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. You can 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.
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.
Is it safe to apply with Advance Financial 24/7?
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:
Visit Advance Financial’s site and click the Get Cash Now button.
Create your account or sign up with your Facebook, Google or LinkedIn account.
Fill out the required information, which includes your Social Security number.
Submit your application and wait to find out if you’ve been approved.
How to apply step-by-step with screenshots
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. You can 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.
You can withdraw money from your loan account up to your credit limit and choose to pay the minimum amount due or pay off your balance. By paying your balance, you save on interest. The longer you hold a balance, the more you’ll pay in the long run.
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.
Yes. When you create your account, Advance Financial may check your credit to process your application.
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.
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.
Picture source: Shutterstock and advancefinancial.com
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