Amscot offers a range of financial services — including payday loans and check cashing — often 24 hours a day. Payday loans are a specific type of cash advance where, if you have regular employment, you can get a short term cash loan which must be paid back with interest on your next scheduled payday. It’s worth noting that while these loans don’t require a credit check or collateral, they have very high interest rates and can lead to a cycle of debt. For more details, see our research on types of loans you can get.
See below for the details of how Amscot’s payday loan process works. To find this information, we viewed Amscot’s website and confirmed the details by calling its customer service department.
Amscot’s Loan Policy
Cash advances are known to have high costs. At Amscot, the APR varies based on the loan amount, but it can be anywhere from about 270% to 365%. There is also a fee of 10% of the amount borrowed plus a $2 service fee.
You must apply in person at an Amscot location, and you must be a Florida resident to apply. Requirements include:
- Proof of income (pay stubs, direct deposit confirmations, or bank statements)
- Government-issued photo ID
- Phone number
- Checkbook or bank statement with account information
For subsequent advances, you will not need to provide proof of income unless your income has changed or Amscot is unable to verify the information it has on file for you.
After providing ID and proof of income, you’ll need to fill out a short application. Once it is approved, you’ll sign a loan agreement and provide a post-dated check that coincides with your next scheduled payday. Amscot will hold the post-dated check until that date (up to 31 days). The post-dated check must equal the entire loan amount plus the required fees — for example, $112 for a $100 cash advance.
You may borrow money in $50 increments up to $500 per pay period. The amount you can borrow is determined based on income, pay schedule, and other information you provide to Amscot.
By law, you may only receive one payday loan per pay period — so you won’t be able to get a cash advance at Amscot if you currently have a cash advance at another money center. If you are a returning customer, you must wait at least 24 hours after paying off an Amscot cash advance to apply for another one. If you change your mind after taking out a payday loan, you have until the end of the next business day to return the advance with no additional cost to you.
To repay your loan, you’ll need to return to Amscot on the day your cash advance is due. Once you pay off the full amount of your loan, Amscot will return the post-dated check 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.
If you’re unable to repay your cash advance by your next payday, you may be eligible for Amscot’s Grace Period and/or Extended Payment Plan. Contact your nearest Amscot as soon as you know you’ll be unable to repay the loan; an associate will discuss your options with you.