Looking for the top sites similar to Advance America for payday loans and cash advances? This guide compares the best alternative short-term lending platforms in 2023 like Check Into Cash, Speedy Cash, LendUp, and more.
What is Advance America?
Advance America is a leading provider of payday loans, cash advances, title loans, and installment loans. Founded in 1997 and headquartered in Spartanburg, SC, it serves over 2.5 million customers annually across 28 states in the US. Advance America targets low-income individuals in need of quick cash before their next paycheck. Its key achievements include being accredited by the Better Business Bureau since 2005. Advance America’s unique selling propositions include:
- Over 2,400 physical store locations for convenient access
- Online applications available 24/7
- Approval decisions within minutes
- Next business day funding
Why To Look For Advance America Alternatives?
Though Advance America dominates the payday lending space, many customers still seek alternatives for reasons like:
- High Interest Rates – APRs can reach as high as 1386% depending on loan terms and state regulations.
- Limited Loan Amounts – Payday loans are capped at $500 in most states per Advance America’s policies.
- Strict Eligibility Requirements – Minimum monthly income and extensive background checks can disqualify applicants.
- Renewal Fees – Rollover fees apply for extending payday loans beyond initial term.
- Availability Limitations – Advance America operates in select states only.
TOP 5 Sites Exactly Like Advance America
Looking for alternatives to Advance America for payday loans or cash advances? Here are 5 top options we’ll explore in detail:
- Check Into Cash: Established in 1993, Check Into Cash has over 1,000 branches. Offers payday loans, title loans, and installment loans. Supports online applications. Annual percentage rates (APRs) vary by state.
- Speedy Cash: Founded in 1997, it provides payday, installment, and title loans. Operates online and at physical locations. Available in multiple states. Interest rates can reach typical payday loan highs.
- LendUp: Digital-only platform founded in 2012. Focuses on payday loans and short-term installment loans. Touts a mission to provide a ladder to better financial health. APRs can be lower than some competitors.
- ACE Cash Express: In business since 1968, offers payday loans, title loans, and check cashing services. Over 900 locations nationwide. Rates and terms differ by state and loan type.
- CashNetUSA: Online lender since 2004, offers payday loans, lines of credit, and installment loans. Operates in multiple states. Provides instant lending decisions and next-day funding. Rates vary based on location.
Check Into Cash
Founded in 1993 in Cleveland, Tennessee, Check Into Cash is one of the largest payday lenders in the nation with over 1,200 retail stores across 30 states. They offer a variety of short-term lending options like payday loans, installment loans, line of credit loans, title loans and more. Check Into Cash targets low-income borrowers in need of fast cash, similar to Advance America’s core demographic.
Competitive advantages over Advance America:
- Higher maximum payday loan amounts up to $1000 in some states
- Installment loan options paid back over longer terms
- Lower eligibility requirements regarding income and credit scores
However, Check Into Cash also has some downsides compared to Advance America, like higher maximum APRs exceeding 400% in certain states and fewer physical locations nationwide.
Ideal for Advance America customers needing higher loan amounts or longer repayment terms. Also a good option for those unable to qualify with Advance America’s stricter eligibility requirements.
Speedy Cash
Headquartered in Wichita, Kansas, Speedy Cash has been providing online and in-store short-term lending since 1997. They offer payday loans, installment loans, and title loans across 5 states at over 350 store locations. Speedy Cash provides convenient access to quick cash for unexpected expenses to high-risk borrowers.
Competitive advantages over Advance America:
- Broader array of lending products including lines of credit
- Lower rollover and late fees compared to industry averages
- Faster online application process with near-instant decisions
However, Speedy Cash has a smaller brick-and-mortar presence than Advance America, operating in just 5 states currently. Their maximum APRs also still reach the typical payday loan range.
Ideal for those needing quick access to funds through streamlined online applications or lower fees. Also a great option for customers living in Speedy Cash’s operating states seeking alternatives.
LendUp
LendUp is an online-only lender founded in 2012 based in Oakland, California. LendUp provides single-payment payday loans and installment loans across 20 states. Their stated mission is to provide a path for borrowers to build credit and improve financial health. APRs can be as low as 29% with responsible use over time.
Competitive advantages over Advance America:
- Enhanced transparency about pricing and terms
- Rewards program to earn access to better loan options
- Credit reporting for all loans to help build credit history
However, LendUp offers a more limited selection of financial products compared to Advance America. They also have no physical locations, operating entirely online.
Ideal for tech-savvy customers motivated to establish credit history. Also great for those seeking more transparency and potential cost savings versus traditional payday lenders.
ACE Cash Express
Based in Irving, Texas, ACE Cash Express is one of the long-standing providers of payday loans and other financial services, in business since 1968. They operate over 950 retail stores across 23 states offering payday loans, installment loans, prepaid debit cards, check cashing, and more. They target a broad range of borrowers with customized lending amounts and terms.
Competitive advantages over Advance America:
- Wider range of ancillary financial services
- Lower default rates compared to industry benchmarks
- Loyalty discounts available for returning customers
However, ACE Cash Express stores are less conveniently located with under 1,000 locations nationwide. Their online and mobile features are also not as robust as some competitors.
Ideal for borrowers wanting expanded financial service options from one provider. Also a great alternative for customers near an ACE Cash Express store seeking lower default rates.
CashNetUSA
CashNetUSA is an online payday lender founded in 2004 and based in Chicago, Illinois. They offer payday loans, lines of credit, and installment loans directly to consumers across 28 states. CashNetUSA touts fast decisions, next-day funding, and transparent terms. Loans range from $100 to $3000 based on state limits.
Competitive advantages over Advance America:
- Larger maximum payday loan amounts in select states
- Educational resources on financial planning and literacy
- Flexible extended payment plans for qualifying borrowers
However, CashNetUSA cannot match the accessibility and convenience of Advance America’s widespread physical locations. They also only operate in about half as many states.
Ideal for borrowers who prioritize larger loan sizes and transparent terms. Also a great pick for customers in CashNetUSA’s serviced states seeking online lending options.
