I am posting this in hopes that others who check this out will make a better decision than me. I took out an $1800 loan with Americash Loans about 6 months ago to fly to Colorado to spend time with my dying sister. (http://www.americashloans.net/)
I knew the interest was scandalous at 295%, but thought I would be able to pay it back within two months. As bad luck would have it, I got hit with several unexpected expenses with my car (which I need for work) and I ended up missing two bi-weekly payments for this loan.
After just 30 days, I received in the mail a copy of a wage garnishment letter that had been sent to my employer. Because the payments weren't made on time, the interest accumulated into more than a third more than what the original balance was.
I called the collections department and ended up speaking with one of the rudest human beings I have ever dealt with. I guess it must take a special type of person to work at a place like Americash Loans.
When I was a kid, these types of places didn't really exist - at least not legally. Back then, it was called racketeering. In fact, since Americash makes you sign a wage garnishment agreement as a condition of the loan, they are incurring very little risk in exchange for the interest rate of the loan.
Please do yourself a favor and avoid this company! You would be better off selling your personal possessions if you need quick cash than dealing with this horrible place.
Please do not respond to my post with 'you shouldn't have been so stupid to take out the loan', etc. I was at a very desperate time and I had every expectation that I would be able to pay the loan out early. I was very aware of the interest rate but this company has nearly forced me into bankruptcy. In the end I paid them to prevent them from garnishing my wages, but I had to skip my mortgage payment to do so.
I thankfully now have the loan paid off and will have nothing further to do with them except to encourage government officials to stop this place and others like it from squeezing unreasonable amounts of money from hard up people. It will be a day of great joy to see this place close shop in the state of Illinois.