Advance America, Cash Advance Centers, Inc. was founded in 1997.
The company is one of the largest payday advance firms in the US and is active in 30 states, operating with more than 2,000 locations.
Advance America, Cash Advance Centers, Inc. also operates 400 locations under the names National Cash Advance, Check Advance, First American Cash Advance, First American Cash Loans, Purpose Financial, and Purpose Money.
Whether the loan is though one of the company’s locations or online the procedure is the same: the borrower shows proof of identification, source of income, bank account, and references. Loans are between $50 to $1,000 and are meant to be paid back within a very short period of time.
The company has a “D” from the Better Business Bureau because of unresolved customer complaints.
Advance America was sued in 2004 in a class action lawsuit in North Carolina that accused the company of charging illegal fees and interest rates. Advance America was charging a monthly fee of $149.95 on loan repayment that did not count toward paying off the loan. The lawsuit was settled in 2010 for $18.75 million to more than 140,000 North Carolina consumers.
The company was acquired in 2012 by Grupo Elektra for $780 million.