If you are looking to take a loan, then you should know the company reviews first, as in this content we are going to share Amscot loan review with you. When do you need to take a loan? Well, when you are in some financial crisis, and you are unable to pay your bills, you can take a loan and get out of a difficult situation. Amscot is a platform that offers a lot of different financial services such as cash advance loans. Keep reading till the end to have all the details! Let’s dive into it!
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What is an Amscot loan?
We will share the Amscot loan review with you but before that, let me tell you about the Amscot loan. Amscot loan is a loan that does not need a credit history. You can take a loan from $50 to $700, which you can repay along your next paycheck. The fee is between 10% to 14%. And APR is between 276.36% and 338.93%. And it will charge a $2 fee for verification.
Amscot is an old platform where you have to apply in person, and you have to write the postdated check for the loan. Do most people want to know how much interest does Amscot charge? For a $100 cash advance, they charge $13. The fee is equal to 10% of the amount advanced, with a $2 verification fee per transaction.
How does Amscot Works?
First, Amscot does not require a good credit history. That’s why it offers bad credit loans and bad credit loans are not safe. And this platform charges a high-interest rate for even small loans. After you apply for a loan, Amscot will review your application and get back to you soon and provide you with more directions for further process.
You must write a check for the total amount you have(they will take hold of that check until you repay the loan). And how much amount you can get from Amscot, will depend on the condition whether you are taking the loan for the first time or not. If you are unable to repay your loan at the due date, then Amscot will give you an extension until your next payday.
Do most people want to know that does Amscot run your credit? Amscot charges a fee per transaction. You can check the complete details on their official page.
Process of applying at Amscot Platform:
To get started on the Amscot application process, you have to go to the official website of Amscot and then click on ‘Get Started and choose your action. And you know that this platform is for US residential so if you are outside the US then, the page will not open, as you are not eligible to apply for the loan.
You have to answer a lot of questions asked by platforms and after that, your application form will be submitted. Now, wait for the call that will arrive to you within 20 minutes after applying. And the purpose of the call is to guide you appropriately if you are facing any issues. You are eligible for the Amscot loan if you fulfill following conditions:
- You should be 18 years old.
- You should be a Florida resident.
- You should have an active bank account.
- You should have a phone number for the verification process.
After attending the call, then you have to visit Amscot’s nearest branch while carrying the following documents:
- For Identification, you should have a valid government I.D.
- You should have proof of income such as the latest bank statement.
- You should have a checkbook.
If everything goes well, then you have to sign an agreement and write a check for your loan along with 10% of the amount and a $2 verification fee. Now, they will give you money on the spot and hold your check until your next payday. Most people have a query that How much can I borrow from Amscot? From Amscot cash advance, you can borrow up to $500. And an installment cash advance permits you to take the loan from $100 to $1,000.
What are the Advantages and Disadvantages of Amscot?
Following are advantages of Amscot advance cash loan:
- Amscot provides you with 24/7 customer service so you could take the loan if any emergency happened.
- They offer you multiple loan agreements.
- Amscot is a member of the CFSA and therefore, it is a trustable platform and offers reasonable loan plans.
Following are the some disadvantages of Amscot advance cash loan:
- The online application forms do not work well, you have to visit their office personally.
- Amscot is expensive compared to other companies, as it will charge $2 for verification and 10% finance fee for the loan amount.
Reviews of Amscot:
We have collected Amscot loan reviews to share with you. At Trustpilot, Amscot has 4.2-star reviews. And one of the reviews is as follows:
“Thank you very much for helping Me during the time that I was facing a crisis! You can never say never to a Payday loan! It’s up to you to utilize their aid! The customer service representative was professional, very courteous, and sort to Me! Your kindness won’t ever be forgotten! Thank you Amscot for being there for Me! Blessings AlwaysNancy Browning”
Most people do not complain about this platform, only a few have some issues such as some people do not like their interest rate fee which is high compared to other loan platforms.
Alternatives of Amscot:
You should check the reviews of alternatives of Amscot before you apply, and the alternative companies are as follows:
- South Florida Educational Federal Credit Union
- First Coast Federal Credit Union
- FRSA Credit Union
- Compass Financial Federal Credit Union
We have shared the details of Amscot and Amscot loan review with you. So, if any of you are facing a financial crisis, you can go borrow a loan from this platform. You can check all the details before you apply. Did you find it worth reading? If yes, share your experience with us in the comment box below.