If you’re looking for funding and wish to spread the payments out over a number of months, then it might be worth opting for an installment loan. With that said, if your credit is less than ideal, you might need to use a lender that is willing to consider bad credit. One such provider that is active in this space is AmeriCash.
The US lender offers loans of between $50 and $4,000. You can apply online and have the funds deposited into your checking account within 1-2 days of being approved. For even faster funding, you can collect the funds from one of its stores on a same-day basis.
If you’re thinking about using the lender for your financing needs, be sure to read our in-depth AmeriCash Review. Within it, we cover everything you need to know – such as how much you can borrow, eligibility, fees, repayments, customer support, and more.
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What is AmeriCash?
AmeriCash is an established US lender that primarily focuses on installment loans. In a similar nature to other loan providers in the space – such as CashUSA and Check Into Cash, AmeriCash allows you to execute the entire loan application online. By entering some information about your personal and financial standing – alongside the amount that you wish to borrow and for how long, the AmeriCash system will let you know whether or not you are eligible for a loan.
If you are, you’ll then have the option of having the funds deposited into your checking account, or collecting them in-store. If you prefer the latter, AmeriCash has a physical presence in 12 US states. In terms of the fundamentals, AmeriCash is able to facilitate loans from just $50, up to a maximum of $4,000. Depending on the state you live in, you can borrow the funds for a maximum of 18 months.
It is important to note that although AmeriCash labels itself as an installment loan provider, it also offers short-term payday loans. This is because you can borrow just a few hundred dollars and repay the money when you next receive your salary. With that said, the interest rates are going to be crippling, so make sure you check whether or not you can afford to meet your repayments before signing the loan agreement.
While we are on the subject of interest rates, the specific amount that AmeriCash charges will depend on a range of variables. This covers your creditworthiness, the amount you wish to borrow, and the state you live in. For example, those based in Arkansas and Kansas will pay a maximum APR of 521%, which is huge.
AmeriCash vs Other Competitive Loan Providers
AmeriCash is a loan provider majoring in installment and payday loans. Its loan application process is often done online making the lender one of the most convenient loan provider. Its worth opponents include Opploans, CashNet USA, and Advance America who also specialize in installment as well as payday loans. Now, let’s compare all these providers on the loan limit, credit score requirement, fees rate, and loan repayment period criteria.