If you live in Florida or like to visit, you’ve likely noticed the Amscot stores with the cheery blue and yellow sign that pop up 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 can get a short term cash loan which must be paid back with interest on your next scheduled payday. These loans don’t require a credit check or collateral. How does Amscot work? Here’s how.
Amscot Loans Policy
If you are considering getting a payday loan from Amscot, then you should be aware of the following features:
- Requirements: When you apply for the first time, you must provide proof of income, a government-issued photo ID, a phone number, and a post-dated check. Proof of income may include pay stubs, direct deposit confirmations, or bank statements. For subsequent advances, you will not need to provide documentation unless your income has changed or Amscot is unable to verify the information it has on file for you.
- Limit: You may borrow money in $50 increments up to $500 per pay period.
- Fee: 10% of the amount borrowed plus a $2 service fee
- APR: Cash advances are known to have high costs. At Amscot, the APR varies by loan amount, but may be anywhere from about 270% to 365%; see the full fee schedule at Amscot’s website.
Note that your limit may be lower than $500, depending on your income. Amscot determines your loan amount based on your income and payday schedule. Additionally, 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 returning customer, you must wait at least 24 hours after paying off an Amscot cash advance to apply for another one.
To receive the loan, you’ll need to fill out a short application, sign a loan agreement, and provide a post-dated check that coincides with your next scheduled payday. Amscot will hold the post-dated check for up to 31 days, until your next payday. The post-dated check must equal the entire loan amount plus the required fees — for example, $112 for a $100 cash advance.
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 cash advance, 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, Amscot offers a grace period and, for some customers, an 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.
How does Amscot work? Now you know. If you need a short-term loan, Amscot provides payday loans of up to $500. Be aware that these loans have 10% fees — so a $500 loan will cost you a $50 fee, in addition to the $2 service charge. On the flipside, Amscot cashes nearly any type of check you bring into the store. For information on Amscot’s check cashing policy, see our dedicated article on Amscot’s check cashing fees for personal checks, payroll checks, and more. With some locations open 24 hours, Amscot can be an ideal solution when banks are closed, and you need some fast cash.