Is Advance America a legitimate company?
However, this financial services company is not actually a scam. Instead, scammers pretending to be from Advance America have targeted unsuspecting customers in the past. The real company is a legitimate one that specializes in payday loans, as well as title and installment loans, in certain states across the country.
Why is Advance America closing?
The new regulations had bipartisan support. This result didn’t sit well with Advance America, which announced on its website: “The state of Virginia recently passed a law that limits our ability to operate and, as a result, we are closing our stores.”
What happens if you don’t pay Advance America back?
What happens if I don’t repay my loan? This depends on the type of loan you have. For example, if you have a car title loan, Advance America is allowed to repossess your car. Advance America can also hire debt collectors to pursue you, or take you to court for auto title loans or any of its other loans.
Is TitleMax closing in Virginia?
Effective January 1st, 2021, TitleMax® is no longer offering new loans in the state of Virginia.
Can you go to jail for not paying Advance America?
No, you cannot be arrested for defaulting on a payday loan. However, if you are sued or a court judgment has been entered against you and you ignore a court order to appear, a judge may issue a warrant for your arrest.
Can cash advance America sue you?
Many individuals who’ve defaulted on their payday loans are particularly terrified of a lawsuit. Understandably, the courtroom is the last place they want to be for defaulting on a loan. Payday lenders are good at making all sorts of threats, but can they sue you? Well, the answer to this is yes.
What do I do if I get scammed by a loan company?
If you’ve been the victim of a loan scam or personal loan fraud, contact your local law enforcement as soon as possible. Notify, also, your state attorney general and the FBI (if the company was from another state or country). The Federal Trade Commission and Better Business Bureau also will be helpful allies.
Can you still get title loans in Virginia?
You can apply for auto title loans in Virginia in different ways: using your motorcycle or car as collateral. All you need to present is your vehicle’s title and a valid ID issued by the government. So, there is no reason for you to worry if you need cash right away.