For a detailed AmeriCash personal loan review, it’s important to understand the company’s target audience and humble beginnings. Founded in 1997, AmeriCash is a relative newcomer to the financial industry, but its focused business strategy has helped the company become competitive in the short-term financing space. Headquartered in Des Plaines, Illinois, many of its physical retail locations are located in the surrounding Chicago, Illinois area.
While cash advances and other financial services were a part of the company’s initial product offerings, it has since narrowed the focus to what it does best — short-term lending. The company philosophy is to provide excellent customer service and approve loans whenever possible, so customers who have been turned down by other lenders tend to have more success when working with AmeriCash. Since traditional payday loans often have to be repaid in a few short weeks, some customers also appreciate the longer repayment terms available through an AmeriCash installment loan.
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AmeriCash at a glance
|Lender||Min Loan||Max Loan||APR||Terms||Key Benefit|
|AmeriCash||$100||$4,000||Up to 499%||112 days – 18 months||No early repayment penalties|
What we like about it
AmeriCash loans are ideal for customers who have credit issues but need a flexible option for a short-term loan. Unlike some other lenders to prey on those with credit issues who are in desperate financial situations, AmeriCash makes it easy to repay loans without excessive early repayment penalties. Its online application process also makes it easy to secure funding quickly without requiring borrowers to jump through lots of extra hoops.
- No early repayment penalties
- No credit checks
- Easy online application and approval
- Refer-a-friend program
Things to consider
Since AmeriCash doesn’t require credit checks, the company’s proof of income requirements are fairly stringent, as are the assigned due dates once a loan is extended. APRs are not disclosed in advance, so potential borrowers will have to complete the entire application process in order to determine the interest charges and loan costs. This can often come with shocking results; many borrowers report rates well over 100% interest, so it is important to check all paperwork thoroughly and understand all repayment requirements before accepting the loan. Furthermore, loans from AmeriCash are only available in 14 states. If you live outside of the service area, you may not be able to secure a loan with this lender.
- APRs not disclosed in advance
- Very little due date flexibility
- Expensive way to borrow money
What you need to know
Borrowers in need of a modest amount of cash for personal bills or emergencies may be able to weather a financial crisis using an AmeriCash installment loan. The company offers loans from $50 to $4,000, depending on the borrower’s state of residence, and no credit checks are required to apply. Loan repayment terms are between 112 days and 18 months, again varying by location, per the laws that govern short-term installment loans in that state.
While APR ranges aren’t specifically disclosed until a borrower is approved for a loan, AmeriCash does provide some interest rate information for borrowers in specific states. For example, AmeriCash notifies potential customers in Missouri that the maximum APR on installment loans is 499% and in Illinois, the maximum finance charge is $15.50 per $100 on the principal balance. This would translate to an approximate APY of 463% for loans in Illinois, so borrowers should generally be prepared to pay interest rates in the triple digits.
Customers can apply for financing online, over the phone, or at a retail AmeriCash location, and borrowers can receive their cash in as little as 24 hours once approved. To apply for a loan, customers should:
- Gather the required loan documents, which include a valid state ID, proof of income, proof of residency, bank account information, and a voided check (if applicable).
- To apply in-person: Take the loan documents to your nearest AmeriCash retail location, where a financial representative will help you through the application process.
- To apply over the phone: Call the customer service number at 1-888-907-4227 and a representative can walk you through the application process over the phone.
- To apply online: Visit americashloans.net and click on the “Apply Now” button, then enter some basic information about your desired loan amount and location to begin the online application process. Then enter your contact information, upload your income verification and banking information, and e-sign the required documentation right online.
- In most cases, you’ll have approval within minutes of completing the application process.
AmeriCash’s fees and penalties
While AmeriCash doesn’t reveal upfront APR rates, it does disclose some information regarding fees and penalties. As with many of its other rates and policies, AmeriCash adapts its fee structure to remain in compliance with state lending regulations, so some fees vary by location. However, the company does not charge any early repayment fees of any kind on an AmeriCash installment loan, so borrowers with good money management strategies can pay off the loan early to save on interest. In most locations, there are also no loan origination fees, but borrowers could be charged with returned payment fees or late payment penalties if allowed in their state.
Money Tree is a bit more forthcoming with its interest rates and fees than AmeriCash, and the online lender also offers a few other ancillary services not offered by AmeriCash, such as check cashing or title loans. However, Money Tree’s publicized interest rates are also in the triple digits, and its maximum repayment term is 3 months, making this less than ideal for borrowers who need larger loans.
Check Into Cash
Check Into Cash provides similar installment loan offerings of up to $5,000 with flexible repayment options and no prepayment penalties. Like AmeriCash, Check Into Cash also provides only general guidance on expected fees and interest rates, opting instead to explain that rates vary by location. Unlike AmeriCash, however, Check Into Cash does require credit checks during the application process, and installment loans are only currently available in seven states.
Rocket Loans offers personal installment loans with considerably higher maximums than AmeriCash, providing up to $45,000 by the next business day to qualified borrowers. Rocket Loans interest rates are also much lower than those offered by other competitors; the company is currently offering a $10,000 loan at 13.26% APR with a 5-year repayment term. While this option may be ideal for borrowers needing large loan amounts for debt consolidation or other major expenses, Rocket Loans does charge origination fees of up to 6% and has much more stringent credit requirements than AmeriCash, so not all borrowers will qualify.
The bottom line
For borrowers with less-than-perfect credit who need a quick infusion of cash, AmeriCash installment loans provide a viable solution to short-term financial needs. AmeriCash doesn’t require credit checks and there are no prepayment penalties, making it easier for those with credit challenges to access funds on their terms. The high interest rates and shorter repayment terms aren’t ideal for long-term borrowing, so consumers should have a solid repayment strategy in place to avoid excess interest and penalties. Due to the high interest rates, AmeriCash should be a last-resort option form of borrowing. There are payday loan alternatives to consider before borrowing at such a high rate.