Founded in 1997 and based in Des Plaines, Illinois, AmeriCash Loans offers financial services to people with bad credit. 

This lender does not offer typical payday loans. Instead, it offers longer-term installment loans, also known as personal loans, in twelve states, with more than 50 storefront lending locations. 

Storefront Lending

Online Lending

  • Illinois
  • Missouri
  • Oklahoma
  • South Carolina
  • Wisconsin
  • Arkansas
  • Florida
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Michigan
  • Minnesota
  • Oklahoma
  • Wisconsin

As with all short-term loans, consumer loan amounts and terms vary by state, according to local law. In general, AmeriCash loan amounts range from $50–$2,500 and loan terms last for up to 18 months. 

In some states, this lender offers a maximum loan amount of up to $4,000. Annual percentage rates (APRs) are lower than those allowed with traditional payday loans, but still vary up to 521 percent.

To complete a loan application, you will need:

  • A verifiable bank or checking account
  • Proof of income
  • A valid driver's license or state ID

Whether applying for a loan online or in person, AmeriCash does not perform a credit check. Your application will not be reported to any credit bureaus, and loan approval isn't based on your credit score. 

IMPORTANT: AmeriCash warns of scammers using its name. If someone is asking you to forward money to start a loan, this may be a scam. Contact customer service at (888) 907-4227.

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The Good

  • Service Transparency
  • Referral Program
  • No Early Payment Penalties

Service Transparency

The AmeriCash website offers helpful information about its loans, including legal information, APR disclosures, and images of its official state registration certificates. With many payday loan lending companies, these notices are often hard (or impossible) to find.

AmeriCash customers can complete a simple online loan application in a matter of minutes and can get their funds within as little as 24 hours after their application gets approved. 

Referral Program

A customer referral program is offered for AmeriCash customers.

If a friend or family member is approved for a loan and uses your referral ID number or applies through your customized account link, you can receive up to $100 and your referred family member gets $50 credit towards a new loan.

No Early Payment Penalties

AmeriCash offers different repayment options. First, borrowers can follow the pre-set installment payment schedule.

Next, you can pay your loan in full without any prepayment fees. Last, you can pay early or partial payments toward the principal at any time, also with no early payment penalties. 

The Bad

  • APR Rates
  • Fees

APR Rates

As with other installment loan lenders or payday lenders, interest rates are very high. As this company offers longer-term loans, its rates are low, but still would be high for someone trying to get out of debt. 

Rates vary by state rules, but the highest APR that this company offers is 521 percent. This compares to payday loan interest rates of up to 1,000 percent.

Fees

As with any consumer lender, you may be subject to fees, including late payment fees and NSF or insufficient funds fees, if a payment is rejected by your financial institution.

The Bottom Line

If AmeriCash is an option in your state, its loans are preferable to those offered by payday loan companies.

If you are in a bind, this is a lower-risk option than a payday-type loan and gives you the same quick cash, but you can borrow more for a longer period. You don't have to repay the loan in one lump sum. 

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