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AmeriCash Installment Loans Review: For Your Immediate Cash Needs

It is important to learn and understand the company’s target audience, its products, and services, as well as its history before applying for a personal loan. Thus, an AmeriCash Installment Loans review such as this will surely help a lot.

A Detailed AmeriCash Installment Loans Review

For those who may not be that familiar with the term “installment loan,” it refers to “a way to borrow money, typically for a single large purchase such as a car, house, or college education.” That definition is according to Forbes.

Once the loan is approved by the lender, the borrower automatically gets a lump sum and then repays the loan over a specific term set — normally, in monthly payments scheme, or by installments.

Some people may confuse it with revolving credit, but the two actually work differently. According to Forbes, while revolving credit “allows the money to be borrowed again once it’s paid off,” the installment loan account is “closed once it is repaid”.


Now, there are various lending companies out there providing installment loans for various types of purchases, and one of them is AmeriCash.

So, if you are planning anytime soon to make installment loans but are not sure yet where to borrow money from, this one’s for you. You should check this AmeriCash Installment Loans review to know more.

For your reference, we are specifically going to talk about the following important matters regarding AmeriCash installment loans:

  • What is AmeriCash?
  • Who qualifies for an AmeriCash installment loan?
  • How to apply for an AmeriCash installment loan?
  • What are the benefits of an AmeriCash installment loan?
  • What are the downsides of an AmeriCash installment loan?
  • What do you need to know about AmeriCash installment loans?
  • How to get in touch with AmeriCash?


As we always say whenever we make reviews, one important thing a borrower must do before anything else is to get to know more the potential lender.

Thanks to technology and the internet, today, you can just Google the company, and you will surely find a lot of information about it — exactly, just like this one.

So, to start off our detailed AmeriCash installment loans review, let’s get to know what or who AmeriCash is first.

AmeriCash started off its operation back in 1997 in Des Plaines, Illinois. The company kicked off as a cash advance loan company. However, ten years later, AmeriCash changed its direction and eventually offered installment loans that range from $50 to $4,000 — depending on the state where it operates. Currently, AmeriCash is present in 12 states namely:

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

Borrowers from these states can apply for a loan online via AmeriCash’s website or may do so in-person as well.

Unlike other lenders, with AmeriCash, you can get funding as soon as within a day after approval of your loan application.

Although the company is no longer servicing as a cash advance or payday lender, its short-term installment loans can still be a little risky. Why did we say so? Well, that is because the lender can charge interest rates in not just two but triple digits! Yes, totally, more than what most traditional loans from a bank or credit union charges.

Unfortunately, the company does not disclose its interest rates, as well as fees charged upfront. However, it does have a list of maximum rates allowed by some of the states where it offers loans in. 

As mentioned, how much you can borrow as well as the terms and rates vary depending on the state where AmeriCash operates. For your reference, you may check down below table:

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

Currently, AmeriCash have a total of 63 brick-and-mortar locations across the Illinois, Wisconsin, Missouri, and South Carolina areas. So, if you are planning to get an installment loan from the company, just head on to the branch near you.


Of course, our AmeriCash installment loans review will not be complete without us looking into who actually qualifies for this type of loan.

To qualify for an AmeriCash installment loan, you must meet the following criteria set by the lending institution:

  • Must have an active bank account
  • Must have a regular source of income
  • Lives within a serviced state
  • Must be at least 18 years old

Again, as mentioned earlier, the credit score is not a big deal with AmeriCash. In fact, they welcome those with poor or no credit history at all. So if you are anywhere between the two, AmeriCash might perfect for you.

Furthermore, apart from meeting the above qualifications, you must also ensure that you are able to present the following documents when applying for an AmeriCash installment loan:

  • Proof of income
  • Proof of residence
  • Valid driver’s license or state ID
  • Voided check from a bank account


Now, if by now you already find yourself interested in getting an installment loan from AmeriCash, well, there are three ways to do so.

You may apply either in-person, over the phone, or online.

In-Person Application – To apply in-person, all you have to do is visit an AmeriCash branch near you. Make sure to bring all the necessary documents with you to avoid wasting time and effort. At the branch, a financial representative will help you through the application process.

Via Phone Application – To apply over the phone, all you have to do is call AmeriCash’s customer service number at 1-888-907-4227. A customer service representative will take your call and walk you through the whole application process.

Online Application – To apply online, just visit and click on the “Apply Now” button. You will then be asked to enter some basic information about your desired loan amount and location to start off the online application process. You will also need to enter your contact information, upload your income verification and banking information, as well as e-sign the required documentation right online.

For a step-by-step guide on how to apply for an AmeriCash installment loan using your mobile phone, check this video out:

Again, the thing about AmeriCash is that they do have a simple and easy application process. As long as you qualify and you are able to present all the required documentation, then, there should not be a problem at all.


It’s hard to find a “perfect” company. We thought it does not exist, and will never exist. You think so, too?

Anyway, at this point, we are going to share with you some of the pros or the benefits of getting an AmeriCash installment loan. These are as follows:

  • It offers same-day turnaround. Unlike other lending companies that may take a while before they give approval to loans, AmeriCash does have a fast process when it comes to loan approvals. In fact, fast enough that you can receive the funds as soon as within the same day your loan is approved — if you live in or near the state where AmeriCash branch is and you are able to pick up the check. Otherwise, you will get the funds in your bank account the following business day.
  • The company provides transparent terms. One thing we also like about AmeriCash is its transparency when it comes to loan amounts, terms, as well as potential APRs depending on the state where you are getting the loan from. You will find all this information on its website.
  • Americash does have a referral program. If you are a client of AmeriCash and you refer someone you know to them, you may qualify for a $100 bonus. That’s a lot for a bonus, don’t you think?
  • It has an easy and simple online application and approval process. With AmeriCash, it is easy to secure finding. All you have to do is apply online via their website. The process is easy as the company does not require borrowers to jump through lots of unnecessary hoops.
  • It does not require a credit check. Since AmeriCash does not require a credit check, it makes it an ideal choice for those with poor or no credit history at all.


As we have said earlier, no lending company is perfect, and that includes AmeriCash. Thus, at this point, we are going to share with you some of the cons or downsides of getting an AmeriCash installment loan.

This includes:

  • Fairly strict proof of income requirements. Since the company does not require credit checks, it’s reasonable that its proof of income requirements are rigorous. After all, they need to secure that you are capable of paying off the loan.
  • The company does not disclose APR in advance. Unfortunately, if you are a potential borrower, you need to complete the entire application process first in order to determine the loan cost as well as the interest rate. For some borrowers, this causes a shock. Shocking enough as many borrowers report rates that are well over 100% interest. So, it’s best that before you sign off a loan agreement, make sure to check and understand thoroughly first all paperwork.
  • It provides very little due date flexibility. Another downside of AmeriCash is that it offers less flexibility when it comes to due dates.
  • Limited state availability. As stated above, it is only present in 12 states. So, if you are anywhere far from these areas, you may not be eligible to loan money from the company. But if you really want to, you can always opt to go to the nearest possible branch near your location.
  • Online loans are not available in Florida. If you are a resident of the Sunshine State, you may have to visit an AmeriCash storefront in South Carolina to be able to apply for a loan, because unfortunately, online loans are not yet available in Florida at the moment.


At this point in our AmeriCash installment loans review, we are going to go deeper into details.

As a borrower, it is important that you take time to know the following:

  • Interest Rates
  • Preapproval Process
  • Funding
  • Repayment Options
  • Fees and Penalties

Let’s discuss further each item —

Interest Rates

Earlier, we already provided you details about interest rates charged per state where AmeriCash is located. Sadly though, unlike other lending companies, AmeriCash does not provide an upfront interest rather. However, we find the maximum annual percentage rate (APR) already enough to at least have an idea on what to expect should you proceed to apply for an installment loan with AmeriCash.

Loan Preapproval

Although AmeriCash does not show its interest rates upfront, the company offers loan preapprovals. A loan preapproval allows you to see an estimate of your loan terms, as well as the interest rate before you formally decide to apply for a loan.

However, keep in mind that the loan preapproval is not tantamount to an approved loan application. Any loan rates or terms you are preapproved for may not mean it’s the same you will get should you qualify for a loan.

A preapproval can help you estimate your loan cost though. At the same time, it allows you to compare rates and terms with other lending companies out there.


Although we’ve mentioned this a couple of times already, we just want to reiterate that AmeriCash provides loan funding within the same day of loan approval and if picked up by check. Otherwise, you will receive the money in your account on the next banking day.

Furthermore, when it comes to how much you can loan from AmeriCash, the company offers loans as low as $50 depending on the state. To know more about loan funding — how much you can borrow and all that — make sure to contact or visit an AmeriCash branch near you.

Repayment Terms

Once the bank approves your loan application, you will then be asked to sign a loan agreement. Once signed, you will immediately receive the funds. Take note also that by signing the agreement you enter into a legally binding contract with AmeriCash.

Now, with regards to the loan terms, it is usually determined based on certain factors and then be included in the loan agreement. That is why it is best and highly recommended to always read and understand the document first before signing.

Keep in mind that the loan terms will outline the amount of money you need to pay every month. Usually, it’s on a fixed rate. As with making repayments, the lender, in this case, AmeriCash will ask you to set-up an electronic debit agreement.

By doing so, it gives AmeriCas permission to take your repayments automatically from your checking account every month. This is actually a good idea as this helps you avoid missing a payment. The important thing though in this kind of payment setup is that you ensure you always have enough funds in your account. Otherwise, you might incur late payment fees.

Fees and Penalties

Although AmeriCash does not reveal upfront its APR, the company discloses information about fees and penalties they charge their customers.

Just like most of its other rates as well as policies, AmeriCash adapts its fee structure to stay aligned with state lending regulations, which is why there are certain fees that vary depending on location.

Fortunately, AmeriCash does not charge any kind of early repayment fees on its installment loans. This allows borrowers with good financial management strategies to pay off their loans early and save on interest.

In most locations where AmeriCash operates, there are also no loan origination fees. However, borrowers might be charged with returned payment fees or late payment penalties is the state allows them.

To put it simply, if you want to know if these fees exist in the nearest AmeriCash in your location, make sure to contact or pay them a visit.


If you want to know more about AmeriCash and its products, you can definitely speak with a member of the AmeriCash support team. All you have to do is reach them in any of the following channels:

Phone: 888.907.4227


AmeriCash’s support team is available to revert to your inquiries from Mondays through Saturdays from 8 in the morning until 7 in the evening.


To put it simply, AmeriCash — just like any other lending company — is not suitable for everyone. It does have a certain market, and you have to be within their preferred market to be able to get approved for an installment loan.

Although it charges quite high-interest rate, it’s totally understandable given the fact that the company is open for borrowers who have poor to no credit history at all. The large interest rate serves as the company’s security blanket.

Unfortunately, AmeriCash is not yet available across all states in the country. But who knows, maybe in due time.

So, how do you find AmeriCash? How do we find AmeriCash?

Well, for us, overall, as we kept saying in this AmeriCash installment loans review, the lending company is a pretty decent choice especially for people who have a struggling credit history. It also is an ideal choice for those who badly need cash as soon as possible and would not mind being charged for a high-interest rate.

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