AmeriLoan is a payday loan company that provides short term loans which primarily function as a source for immediate cash. A typical loan is paid off on the following payroll day.
It is easy to apply for a payday loan directly through their site and it takes just a few minutes to complete the application process. The three main requirements needed to obtain a loan is proof of employment, id to show you are at least 18 years of age, and you need an open bank account. Once the paperwork is processed and you have agreed to the terms of the contract you can get the money within 24 hours.
When the loan repayment is due, the date of your next paycheck, AmeriLoan will automatically deduct the amount of the loan, fees and interest from your bank account. In the case you are not able to repay the full amount on such date; they will work with you to rollover your original loan into a new one. They only request that you pay fees and interest.
AmeriLoan’s willingness to provide accommodations when you are unable to pay back the money on time is not accurate.
They want to renew your loan to collect more money and interest. If you are unable to pay off the loan, they make it as easy as possible to rollover the initial loan loan into a new one. The amount you pay for a small loan may end up costing you more than what you would incur from an overdraft fee or a late payment penalty.
All of the reviews online have been negative and AmeriLoan has a bad reputation. Many customers have complained about being taken advantage of by them and they have had money taken out of their bank accounts without any prior notice. Customers have tried to get their money back with no success.
The Federal Trade Commission has filed lawsuits against AmeriLoan and the many other names that they are listed under. There have been 496 complaints closed with BBB in last 3 years and 160 of them have closed in last year. This company is not accredited by the Better Business Bureau; they have been given a rating of “F”.
Before applying and accepting a payday loan from any company, consider other viable options. Try asking a friend or family member to borrow money, ask for a salary advance from your employer or take a cash advance from a credit card. Any option that does not include a payday loan is going to be a better decision in the end.
1 ‘AmeriLoan.com’ Review
After submitting an application online I was inundated with junk mail , phone calls and texts from payday loan companies from all over.
In two weeks time I had received over 2000 emails in my inbox. I was receiving almost 30-calls per day, and about 12 texts per day. It's been 6-weeks since that application,, and I am still getting a dozen emails a day and 6-phone and text messages a day.
Ameriloan had instantaneously sold my email and phone number. the moment I submitted the application. They are a horrible company...