Flex Loan FAQ’s
What kinds of loans does Advance Financial offer?
We offer Line of Credit and Installment loans. Eligibility is based on the state where you live.
What is a Line of Credit Loan?
It’s an unsecured (unsecured means there’s no asset given as security on the loan) open line of credit that gives you the ability to apply once and get cash at any time (up to your credit limit).
What is an Installment Loan?
With an installment loan there’s a set amount you borrow and pay back over several months in fixed, predictable payment amounts.
What do I need to apply for a loan?
- Photo ID
- Proof of Income
Who is eligible for a loan?
- The minimum age to be eligible is 18 or the state minimum, whichever is higher.
- U.S. citizens are eligible for the services offered by Advance Financial.
- Permanent resident / green card holders are also eligible to apply.
- The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Line of Credit and Installment Loans offered by Advance Financial fall outside of the MLA limits and as a result loans cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers” under the Military Lending Act.
What does APR mean?
APR is short for annual percentage rate and is the interest you pay on a loan on a yearly basis.
What APR does Advance Financial charge on a Line of Credit Loan?
Advance Financial Line of Credit Loans range from 240% APR up to 450% APR.
What is the APR charged for an Advance Financial Installment Loan?
An Installment Loan with Advance Financial offers a fixed APR. The APR is determined based on your state of residence, the amount of your loan and the length of time your loan is outstanding. Your exact APR is included in your loan documents.
How much cash can I borrow?
Our loans range from $25 up to $4,000, depending on the state where you live and the amount you qualify for.
How soon will my money be available?
Your money is usually sent to your account within a day. Bank participation is required for this option.
I don’t have a checking account and don’t want my money in cash. How else can I get my money?
In Tennessee, we offer prepaid debit MasterCard and Visa cards that can be used anywhere Visa or MasterCard are accepted. You can load your card at any Advance Financial store.
Is there any fee for early payoff of my loan?
You can pay off your loan early without penalty and if you have a Line of Credit loan, we will even keep it open so you can withdraw more money at a later date.
What happens if I pay off my loan? Do I have to reapply to get another loan?
With a Line of Credit Loan, we will keep your account open so you can get the cash you need later. With an Installment Loan, you do have to reapply.
Can I refinance my Installment Loan?
Installment Loans can be refinanced once certain criteria are met. A customer service representative is always happy to help you with this process.
How do I apply for a loan with Advance Financial?
There are a couple of ways to get a loan with us. You can go online at af247.com and complete our simple application or in Tennessee, visit one of our over 100 retail locations and we’ll be happy to help you. You can also download our mobile application either in Google Play or in the IOS App Store.
Do you offer payday loans or title loans?
We only offer Line of Credit Loan or Installment Loans and this is dependent on the state where you live.
Where are your stores located?
We have stores in Tennessee all the way from Millington to Bristol and everywhere in between. For a complete list of our stores visit our locations page.
Do you cash checks?
We cash all types of checks. A complete list of the checks we cash and our fees can be found on our website.
What do I need to bring with me to cash a check?
All you need is the check and your photo I.D.
Do you charge for money orders?
Our money orders are always free. You can get a free money order at any one of our many store locations.
Do you have ATMs at your store locations?
Every one of our over 100 store locations offers a safe and convenient ATM machine and our $2 ATM fee (up to a $200 cash withdrawal) is well below the national average for ATM fees. Cash Withdrawal of $201 and up fee is 1% of total withdrawal.
Can I send or receive a fax from an Advance Financial store location?
Yes, you can send and receive faxes at any Advance Financial location. The fee is $1 per page for in-town phone numbers, $2 per page for out-of-town numbers and $10 per page for international numbers.
Can I make copies at a store location?
Yes, you can make photocopies at any of our over 100 locations for 25 cents per copy.
Can I pay my bills at an Advance Financial location?
Yes, you can pay bills to more than 100 utilities and vendors. If you have a bill that needs to be paid and don’t want the hassle of a trip to the post office, Advance Financial’s convenient bill pay process is at your service. Simply pay the amount you owe with only a $2 fee.
Can I pay my cell phone bill at an Advance Financial location?
You can make cellular payments for a variety of vendors — including AT&T, Cricket, Sprint, T-Mobile and Verizon — at any of our locations. Advance Financial is an authorized payment agent for AT&T, which means your AT&T payment posts within seconds of transmission.
I need to send money to my family member in another country. Can you help with that?
We can. Western Union is the leading provider of Electronic Wire Transfers in the world. You can send and receive any amount of money practically anywhere worldwide from any one of our store locations.
What do I need to bring with me in order to use Western Union?
You will need to bring a government-issued photo ID (driver’s license, military ID, or passport). You will also need to provide your name, address, telephone number, date of birth and identification number (employer identification number, Social Security number, driver’s license or passport number, etc.).
How much will it cost me to use Western Union?
Fees are determined at the terminal by Western Union at the time of the transaction. Your Advance Financial representative has all the details.
What is Advance Financial doing to help customers impacted by COVID-19?
We are always happy to help. If you are having trouble making your payment, please contact our Retention Team at 615-246-0172.
During the pandemic, are your store locations open?
We are open and are happy to help. To see a complete list of our store hours, go to https://locations.af247.com/
In light of COVID-19, are you taking any special measures in your stores?
There is no higher priority to our Advance Financial family than the health of our employees, our customers, and the communities we serve. We want you to feel confident when working with us.
We take pride in the cleanliness of our stores, now and always. We have enhanced our cleaning protocols. Our team is practicing good hand sanitizing procedures when entering and leaving the workspace. We sanitize our workstations as well. Our goal is to minimize the transmission of germs during this critical time. We are also asking that our customers maintain social distancing.