If you live in Florida or like to visit, you’ve likely noticed the Amscot stores with the cheery blue and yellow sign that appear all over the state. Amscot offers a range of financial services — including loans and check cashing — often 24 hours per day.

Amscot offers payday loans, a specific type of cash advance where, if you have regular employment, you may receive cash which must be paid back with interest on your next scheduled payday. These loans don’t require a credit check or collateral.

The Amscot Loans Policy

If you are considering taking a cash advance/payday loan from Amscot, then you should be aware of the following features:

  • Requirements: You must provide proof of income, a valid government-issued photo ID, a phone number, and a post-dated check.
  • Limit: You may borrow money in $50 increments up to $500 per pay period. This limit may be lower, depending on the value of your paycheck.
    • Note: By law, you may only receive one payday loan per pay period.
  • Fee: 10% of the amount borrowed plus a $1 service fee.
  • To receive the loan: Fill out a short application, sign an agreement, and provide a post-dated check that coincides with your scheduled payday. The post-dated check must equal the entire loan amount plus the required fees.
  • To repay your loan: Return to Amscot on the day your loan is due and repay the loan; then the post-dated check will be returned to you. If you don’t return to Amscot to repay the loan in person, the post-dated check will be cashed and serve as your loan repayment.

The Amscot Check Cashing Policy

No matter what type of check you have, Amscot can probably cash it for you. Here’s a breakdown of everything you need to know about how to cash a check at Amscot.

  • Type of checks cashed: Personal checks, insurance checks, computer and handwritten payroll checks, cashier’s checks, traveler’s checks, out-of-state and international checks, government checks, and money orders.
  • Identification required: Government-issued photo ID, such as a driver’s license, military ID, passport, or a state-issued identification card.
    • According to the Amscot I.D. Verification page, you may also be asked to provide your name, address, date of birth, social security number or alien identification number, occupation, and transaction details.
  • Maximum amount? No limit on the number of checks or cash amount
  • Fees:  Start at $3.00 but vary based on the type of check you are cashing and the amount. For example, tax refund checks only have a fee of 2.5%, but personal checks and money orders have a fee of 9.9%. See the full breakdown of Amscot check cashing fees.
  • Find your nearest Amscot Check Cashing location.

In Summary

If you’re in need of a loan — and fast — Amscot provides payday loans of up to $500. Beware though — these loans have 10% fees, so a $500 loan will cost you a $50 fee. On the flipside, Amscot can also provide money to you by cashing nearly any type of check you bring into the store. As long as you have a valid government-issued ID, you can cash any check of any amount for fees as low as $3.00. With some locations open 24 hours, Amscot can be an ideal solution when banks are closed and you need some fast cash.