FREQUENTLY ASKED QUESTIONS

You can call them what you like -- Installment Loans, Title Loans, Personal Loans, Signature Loans, Preferred Loans, Unsecured Loans, etc. All loans we offer are issued under either a Payday Loan Reform Act (PLRA) license or Consumer Installment Loan Act (CILA) license from the State of Illinois. They are all installment loans meaning multiple payment loans.
Not exactly. We hold a Payday Loan license from the state of Illinois, but we only offer what is called a Payday Installment Loan. We stopped issuing those single-payment loans more than a decade ago because they are not consumer friendly. With our installment loans you can choose to pay off your loan on your next payday like a traditional single-payment loan, but if you can’t don’t worry, we set up all of our loans for multiple payments timed to your pay dates. This is more consumer friendly. Interest accrues daily so there is no penalty if you pay off early; actually you will save money!
America’s Financial Choice offers several types of installment loans and each type has its own requirements, loan amounts, security, repayment options, rates, loan amounts, etc. Once we receive a completed loan application, we’ll work to show you what your choices may be, which loans offer you the amount you are looking for, and which ones you’ll have the most success paying off.
We don’t care if you have good, bad, or no credit. We do not run a traditional credit report and see your score or a list of debts you owe. We are obligated to check a state database, which is done through Clarity Services, which is a credit bureau, but again, we don’t see a credit score. It is however a “hit” on your report. Ultimately, the state of Illinois tells us whether you are eligible for a loan or not based on the rules that govern us and they also cap what your maximum monthly payments can be.
No, not all loans require a checking account. America’s Financial Choice offers several types of installment loans and each type has its own requirements, loan amounts, security, repayment options, rates, loan amounts, etc. Once we receive a completed loan application we’ll work to show you what your choices may be, which loans offer you the amount you are looking for, and which ones you’ll have the most success paying off.
We pride ourselves on making the loan process fast and easy starting with the application and finishing with you getting the cash you need. Some things are out of our control, such as if we need to verify employment. If you help by asking your employer to respond quickly, usually we can be done in 30 minutes.
There are no application fees. There are no late fees on Payday Installment Loans. Aside from the daily interest accrual, there is a $25 fee if a payment is returned for any reason. If you have an Auto Title Loan and are late on payments, a late fee may be applied.
That again depends on how your loan is secured and the type of loan you have. You can always walk a cash payment into a store. Generally speaking, and it depends on the contact, payments can be sent directly from your payroll department. You can use a debit card in person, by phone, or by using the AFCHOICE MOBILE app for Android or iOS. You can also request and give authorization for us to debit your bank account one time or for all of your payments.
Our installment loan can not be refinanced or rolled over.
Every loan is different, but our Payday Installment Loan license doesn’t allow us to make a loan that would be greater than 180 days. We set up payments timed to your pay days, so usually it is five or six monthly payments, or 11 or 12 bi-weekly or semi-monthly payments. Auto Title Loans are a little different.
If you own your car and have a clear title, you can use it as collateral for an Auto Title Loan. We hold the title, you continue driving your car. When you pay off your loan, the title is returned to you.
We are integrated with Blackbook and after we enter in your VIN number, year, make, model, condition, etc., we are shown the rough value of your vehicle. Generally, we offer 50% of this value.
Sorry, we are only linked to the vehicle database and are unable to search for details on motorcycles, quads, boats, trailers, etc.
We can set up monthly payments, like a traditional car note or set them to fall due on your pay days, like our installment loans. You have a choice!
You can complete the application in person or online (www.afchoice.com/apply). You can send us documents by email, fax, or using our AFCHOICE MOBILE app for Android or iOS. You can even do an e-signature for your loan contract on your smartphone, but currently you do have to be in a store to receive your loan proceeds. AFC is always investing in technology and we are close to being able to fund loan proceeds onto a debit card. Stay tuned for more.