Q: What is an installment cash advance?
A: It is a statutorily authorized, short-term deferred presentment transaction repayable in installments, which typically coincide with your payday. We provide you cash in exchange for your checks, and we agree to hold them until each installment is due. We then deposit the checks until the loan is repaid in full.
Q: What is the difference between an installment cash advance
and a cash advance?
A: A cash advance allows customers to borrow up to $500 and is payable in full on the next pay day. An installment cash advance allows customers to borrow from $100 to $1,000 and allows more time to pay your advance back through flexible repayment options.
Q: How do you decide what amount I will receive?
A: Amscot determines the amount you qualify for based on several factors in our proprietary underwriting criteria. No credit check is performed. We will verify your eligibility for the loan by checking your status in both the Florida common database for providers of deferred presentment installment loans and in the U.S. Department of Defense Service Member Database.
Q: How many installment cash advances can I get with Amscot?
A: Florida law prohibits Amscot from making more than one installment cash advance to you at a time. Before you may obtain a new one, any existing ones must be paid in full or terminated. Florida law also requires a 24-hour waiting period after you pay off or terminate a prior transaction before you may obtain a new one.
Q: Can my spouse have a separate installment cash advance?
A: Yes. Installment cash advances are available to a spouse, but separate eligibility and underwriting criteria are applicable.
Q: How do I apply for the Amscot Installment Cash Advance?
You may apply for the Amscot Installment Cash Advance at any one of our branch locations
Q: What are Amscot’s requirements to apply for an installment
- Be 18 years of age or older
- Provide a contact phone number
- Possess a valid government-issued photo ID
- Show proof of income (latest paystub or bank statement)
- Provide account information (check or routing and account number)