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   Real review of "AmeriCash Loans" in Rockford, IL!


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  Michael Nitz sent us his review September 13, 2016.

  Visited address:
  4315 E State St, Rockford, IL 61108, USA



"I have been a long time consumer of AmeriCash, especially the branch at East State Street, Rockford, IL. I knew being a frequent customer of lenders like AmeriCash is not something to be proud of. However, not everyone is financially stable, and I hope this review could provide some insights and help you with your decisions.

I have been a loyal customer since around 2005, and I have to say they improved a lot, especially with their website and online services. Online applications are now far easier compared to say, 5 years ago. I still remembered how nervous I was when I visited AmeriCash or any other lenders and pawn shops for the first time, and I could imagine the luxury of easier online applications will definitely help.

Here are some of the pros and cons of getting a loan in AmeriCash. Mind you, this review will especially apply to the AmeriCash branch at East State Street, although some might apply to other AmeriCash branches in general.

Pros:

- As I mentioned, one of the best website, online information and online application services compared to other lenders
- At least for the East State Street, Rockford, IL branch, the clerks and employees are all very nice and professional
- Very fast loan processing time, easy application process
- Every interest rate and payment term are publicly disclosed
- Personally, I liked their installment loan program very much. For the state of Illinois, the APR is 188.58


Cons:

- As with any other payday loan companies in Rockford, the interest rate is relatively high
- If you are behind in payments, the collection process and the endless calls could be rough
- Lately, there are fraud companies claiming to be AmeriCash offering loans. Be careful if you got a call telling you that your loan is pre-approved, it might not be AmeriCash


Overall, the customer service and application process are very good, especially the online service, which I personally feel is the best among its competition. The interest rate is high, however, it is relatively low compared to other payday loan companies in this area. They offered installment loans for up to 180 days, with close to 200% APR. However, most other companies near Rockford offers installment loans at close to 300% APR.

I was never behind in payments with AmeriCash except for one occasion. Because it was my first time, they were kind of understanding with the whole situations. However, a friend of mine was behind for 2 months, and he got endless calls as well as rude visits from the collection agency. Make sure you are only borrowing when you are absolutely sure about the payment, not to mention the late fees and additional interest will make the loan even more expensive than it should be.

Overall, although it will seem hypocritical, don't take payday loans or installment loans unless it's an absolute emergency. There are a lot of cheaper and better loans, so you should focus on fixing your credit score first (also my current goal). However, if you absolutely need one, AmeriCash is one of the best options out there."




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