AmeriCash installment loans review
Apply in person and get funds the same day — but watch out for high costs.
An installment loan from AmeriCash can be convenient when you have less-than-stellar credit and need cash fast — it offers the option to pick up your funds the same day you apply by visiting a local storefront. But its limited availability and high fees might make you want to think twice.
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What is AmeriCash?
AmeriCash is a short-term lender that offers online and in-store installment loans to residents of 12 states. How much you can borrow, terms and rates all vary depending on where you live.
Here’s how it breaks down by state:
|Minimum loan amount||Maximum loan amount||Loan term||Maximum APR|
|Arkansas||$100||$2,500||Up to 1 year||521%|
|Florida||$601||$2,500||Up to 1 year||400%|
|Illinois||$100||$4,000||112 to 180 days||Not stated|
|Indiana||$100||$4,000||112 to 180 days||Not stated|
|Iowa||$100||$2,500||Up to 1 year||521%|
|Kansas||$100||$2,500||Up to 1 year||521%|
|Michigan||$100||$4,000||112 to 180 days||Not stated|
|Minnesota||$100||$2,500||Up to 1 year||Not stated|
|Missouri||$100||$2,500||Up to 1 year||521%|
|Oklahoma||$50||$1,470||Up to 18 months||Not stated|
|South Carolina||$601||$2,500||Up to 1 year||400%|
|Wisconsin||$100||$2,500||Up to 1 year||Not stated|
What are the benefits of an AmeriCash installment loan?
AmeriCash may not be the least-expensive option, but it does have a few perks to consider:
- Same-day turnaround. If you live in or near a state that has an AmeriCash branch, you could pick up a check the same day you’re approved. Otherwise, you’ll receive your funds in your bank account the following business day.
- Transparent terms. AmeriCash lists out loan amounts, terms and potential APRs by state on its website so you can make an informed decision.
- Referral program. If you refer someone you know to AmeriCash, you may be eligible for a $100 bonus.
What to watch out for
Although AmeriCash offers transparent terms, it’s still a short-term lender. Here are a few drawbacks to consider before applying:
- High APRs. When you take out an AmeriCash installment loan, you may be subject to an APR of 400% or higher. This means you may end up paying over four times the amount you borrow in interest over the life of your loan.
- Limited state availability. AmeriCash only offers installment loans to residents of 12 states, and it only has storefronts in five. This means you might need to visit another state if you want to pick up your funds the same day you apply.
- Online loans aren’t available in Florida. Residents of the Sunshine State have to visit an AmeriCash storefront in South Carolina to apply for a loan. If you don’t live near the Georgia border, you’ll likely need to find a different lender.
Compare other short-term loan providers
Is it safe to apply for an installment loan with AmeriCash?
What do borrowers say about AmeriCash?
Not much as of May 2019. While it earns an A+ rating with the Better Business Bureau (BBB), it’s not accredited. And it only has one customer review listed — odd for a lender that’s been around for over 20 years. Five other customers left complaints about AmeriCash, with one upset about wrongly applied nonsufficient funds fees and another complaining about high interest rates.
Am I eligible?
To qualify for an installment loan from AmeriCash, you must meet the following criteria:
- Bank account
- Regular source of income
- Live in a serviced state
- At least 18 years old
How do I apply?
If you’re interested in an installment loan from AmeriCash, you can apply at a store location, over the phone by calling 888-907-4227 or online by following these steps:
- Visit AmeriCash’s website and click Apply Now.
- Select your state and how much you want to borrow.
- Enter your full name, email address and phone number. Click Get Started.
- Fill in the required fields with information about yourself, your income and your bank account.
- Select how you want to receive your funds — note that some states only allow in-store pickup.
You should receive an approval or rejection notice in your email shortly after.
What documents do I need to apply?
When you apply for an installment loan, you’ll need to bring the following documents with you or email them to AmeriCash:
- Voided check from a bank account
- Valid driver’s license or state ID
- Proof of income
- Proof of residence
I got an installment loan. Now what?
Read over your repayment schedule so you know exactly when your payments are due each month. Since AmeriCash charges a $25 returned payment fee, you’ll want to make sure you have enough funds in your bank account before submitting your payment. However, it doesn’t charge any prepayment penalties, so you could save on interest by making extra repayments.
Can’t make a payment? Reach out to AmeriCash as soon as possible to set up an alternative arrangement.
AmeriCash offers a wide range of loan amounts with transparent terms, but it’s still an expensive form of credit with limited state availability. Before you apply, compare your other short-term loan options or consider one of these payday loan alternatives instead.