Amscot Payday Loans Review

Amscot Payday Loans ReviewsAmscot Payday Loans provided by the Amscot Money Superstore knows how difficult it can be to afford unexpected financial issues that may arise. Without ever performing a credit check, you can go to one of their locations and apply for a payday loan. With all the paperwork involved it may be well worth it as it takes up some time although that is no match for overdue fees and late fees on bills that are due or any of life’s inconveniences.

Amscot Payday Loans are much different than most other payday loans out there. Most payday loans you apply for online or at least have that option to apply online. With Amscot, you can start the process online but must finish the process at one of their locations. In order to qualify for Amscot Payday Loans, you must be employed or have a source of income that can be verified, have an open checking account, and have a working telephone number where representatives can reach you consistently.

If you meet these requirements, you can go to any of their locations with your checkbook, proof of income, and a valid driver’s license or Government issued picture identification. Their APR rates are high and range between 265.93% and 312.86% which is based off a 14 day check hold period for repaying the loan.

Amscot Payday Loan Reviews: Pros and Cons

Amscot loans are a blessing in disguise if you need that little bit of extra money to pay your bills or deal with an unexpected financial issue. One disadvantage is that these loans are only available in the state of Florida. Those living outside the state of Florida will not be able to take advantage of the benefits of their services. Another disadvantage is that you cannot apply online and must go to one of their locations to apply for the loan. A third disadvantage is that these loans have high APR rates and can be higher than 312% depending on how long you need them to hold your check.

In Person Lending

One advantage to applying for an Amscot Payday Loan is the fact that you can meet face to face with someone who will go through the application process with you step by step. They can assist you in answering any questions you may have right there on the spot and they take the time to review each and every application rather than provide you with a quick 2 minute online approval. They want to keep in contact with you to ensure that you are receiving a great experience with them and that your needs are being met with the loan amount you received. Once your application is approved you will receive cash in hand on the spot. Remember, it will take some time for a representative to thoroughly review your application as the company wants to make sure you will be able to fulfill their terms and policies of the loan.

Additional Features

They are open during normal business hours and they do not provide after hour services in case of a question. You will, however, be able to get online and check the status of you loan as well as track payment history. One of the biggest advantages of Amscot is that are regulated by both federal and state laws. They charge a very minimal fee of $1.00 as a verification fee and is also state mandated that the fee be paid. Another advantage of is that you can feel at ease with the process of obtaining a loan through them is they are a member of the Community Financial Services Association of America (CFSA)

Our Recommendation

Amscot will provide you with the financial relief that you need. Their on-site application process at various locations throughout Florida should make you feel that you are getting the best customer service available and that your application is being handled with care and thoroughly reviewed before a decision is made. As with any type of payday loan or cash advance, make sure you assess your future financial situation so you know whether or not you will be able to handle the repayment schedule. It might be better to hold off and go with a different, less expensive option.