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

We are NOT interested in advertising or anti-advertising of any financial company!
All reviews are published without making any changes.

  Ross Perak sent us his review October 11, 2016.

  Visited address:
  103 N Wells St, Chicago, IL 60606, USA

"I was in a desperate financial situation back in 2012, and I was looking online for my options just to get ahead. I was totally broke and really needed some cash to pay my mortgage. Taking a loan to pay another loan, not healthy at all, right? Believe me, I know, but what can you do in that situation when there's no family or friends who can help? So please don't be judgmental and listen to my story first.

As I looked everywhere online, I stumbled upon AmeriCash in my search. I was located in Chicago, and what made me interested were their advertisements of their installment loans, with 'no credit check', 'bad credits ok' in big letters all over the website. Seems perfect for guys like me with desperate financial emergencies and bad credit score right? I thought so. I filled up the online application and pray for the best.

I got the call the very next day. The guy on the phone told me that I was pre-approved, and told me to visit one of their branches the next day. There was a branch near Van Buren/Wells which is very close to where I live at, so I visited the said branch on the very next day.

Now, I can't say that their loan was a ripoff, as everything was clearly explained up front, including the tremendous interest rates. How should I put it, the interest rate was horrendously high, and since I was taking their installment loan, the APR was higher than their usual payday loan. They also did the calculation up front, I took out a $1,500 loan and would have to pay back over $4,000 over a year, APR was close to 200%. I knew that it was a terrible rate, but again, I had no other option, so I justified taking the loan out of desperation, praying that I would somehow get the money to pay it off as soon as possible.

But guess what? The bad luck continues, and although I could pay back the loan for the first few months, my financial condition worsens, and I simply couldn't pay my bills, much less the loan. I ended up with bankruptcy as my only option, but before that, the rude calls and visits from AmeriCash were constantly stressful, and I received more than 20 calls per day. Trust me, If I had the money, I'd pay it off as soon as possible.

In the end, I couldn't say that it was thoroughly a bad experience with AmeriCash. After all, they did keep their promise for fast processes and approval, and they did explain everything including their insurmountable rates up front, so I couldn't say it was a rip-off. Although, whether the interest rate was legal or not, I'm not sure, the loan was not questioned during my bankruptcy declaration, so I guess it was indeed legal. However, be very careful, and if possible, stay away from AmeriCash, or other payday loans in that case, as they could possibly make your financial worse instead of fixing it, such as my case."