AmeriCash Loans Review

Overview

AmeriCash is a loan company that has been in the business since 1997. It is based in Des Plains, Illinois. The lender now operates in 12 states and offers installment loans ranging from $50 to $4,000. You can apply for a loan over the phone, online or in-person, and can expect to get the money within 24 hours.

The lender can charge very high interest rates — much higher than regular bank loans.

They do not perform a credit check and do not report to any credit bureaus.

What loans does AmeriCash offer?

The lender offers installment loans. Unlike payday loans, installment loans can be repaid over time in equal payments. Such loans are usually taken to pay an emergency medical expense, an unexpected car repair, rent, groceries, utility bills, etc.

What states does AmeriCash service?

The lender offers loans only to residents of 12 states: Arkansas, Florida, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Oklahoma, South Carolina and Wisconsin.

What terms and rates does this company offer?

The amount borrowers can be approved for ranges between $50 and $4,000. Below you can see the available loan amounts for various states:

• Arkansas – Minimum: $100, Maximum: $2,500
• Florida – Minimum: $601, Maximum: $2,500
• Illinois – Minimum: $100, Maximum: $4,000
• Indiana – Minimum: $100, Maximum: $4,000
• Iowa – Minimum: $100, Maximum: $2,500
• Kansas – Minimum: $100, Maximum: $2,500
• Michigan – Minimum: $100, Maximum: $4,000
• Minnesota – Minimum: $100, Maximum: $2,500
• Missouri – Minimum: $100, Maximum: $2,500
• Oklahoma – Minimum: $50, Maximum: $1,470
• South Carolina – Minimum: $601, Maximum: $2,500
• Wisconsin – Minimum: $100, Maximum: $2,500

Interest rates are not specified on the website. The company only mentions that the APR varies and depends on multiple factors.
Past borrowers have reported that AmeriCash fees are very high and APRs can reach triple digits.

How do I qualify for a loan?

To get approved, you will need to comply with the following eligibility criteria:

1. Be a U.S. citizen or legal resident;
2. Be at least 18 years;
3. Provide proof of residence (2 recent utility bills);
4. Provide proof of income (2 recent pay stubs);
5. Have a valid bank account in your name.

Can I pay a loan back earlier?

Yes. You can make an early payment, without any penalties.

Can I take a loan if my credit score is low?

Yes. The lender provides bad credit loans. However, borrowers with bad credit can expect extremely high interest rates because the lender takes on a huge risk by lending money to people with poor credit.

How to apply for an AmeriCash loan?

You can apply online, over the phone, or in person.

Applying online is the easiest way to get funds. You just need to fill out a short application form on the company’s official website and submit it. In a few minutes, you will learn the lender’s decision and receive the precise loan rates and terms. If you are satisfied with the offer, you will need to sign a contract.

Funds are typically deposited into your bank account as quickly as the next day or even the same day.

How to pay a loan back?

The lender offers several repayment options. You can choose the one that suits you most depending on your situation: installment payments, full repayment, early or partial payments.

Loan repayment terms typically range between 112 days and 18 months. Again, they vary by state, your credit score, and the loan amount you need.

Conclusion

AmeriCash provides short-term installment loans designed for consumers in a tough financial situation. If your credit is bad or fair and you need a small loan urgently, this company may be able to help. But like most lenders who offer same day loans, the lender is still likely to set sky-high interest rates and fees.

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• Sam Romero