ICashLoans USA is a well-established payday loan company which offers loans in many states in the US. The company is located in Chicago, Illinois, but is registered to do business in Texas as a CSO (Credit Service Organization). As a CSO, ICashLoans USA acts as an intermediary between you and the third-party financial institution that provides the loan. You will only deal with ICashLoans USA when applying for and paying off your loan.
ICashLoans USA's website is very clear and well laid-out. One nice feature is their no-nonsense opt-out form that allows you to choose the information ICashLoans USA can share with other companies. You'll also find many ways to contact them including 24/7 support via chat, email, or phone.
ICashLoans USA Application Form - Click to enlarge
Customers sign up online using a simple, secure form, and provide basic information such as name, address, phone number, Social Security number, and employment info. They will notify you via email of your offer. No credit check will be performed, but account verification will be run on your checking account. Once you accept, the money will be deposited electronically in your account. As with all payday loans in Texas, you can cancel your loan within the first 3 days without financial penalty.
Overall their policies feel very fair to customers. They're the only Texas payday loan company we came across that gives customers a one-day grace period if they get paid via a paper check. Most will simply withdraw the money owed on payday, a disadvantage for those who don't have direct deposit and need time to get to the bank.
ICashLoans USA advertises its rates as $25.48 per $100.00. If taken out over a year, that APR would be a staggering 664.29%, but you should be paying it off in less than a month's time, meaning the effective interest is closer to 25%, if paid on time. And if you use the 50% coupon code of NEXTADVISOR50, the APR is reduced to 325.89%. Even though it has the highest fees of the payday loan companies we reviewed, it's only ten cents over its closest competitor. Generally your loan is due on your next pay period, between 8 and 35 days away. Texas law allows for CSOs to charge a 5% (or $7.50) penalty on payments that are more than 10-days past due. Keep in mind that if you don't have available funds in your account, your bank can charge you fees for a bounced check. For this reason, you should always contact your payday lender before the due date if you'll be late.
Texas law allows you to refinance your loan up to 4 times. ICashLoans USA requires you to notify them two business days in advance of your due date. You will have to pay the original $25.48 in fees (or $12.50 with 50% off coupon) and accept a new loan contract with an additional $25.48 in fees. Obviously this should only be done in extreme situations since it amounts to 20% of the original loan amount.
ICashLoans USA offers incentives for repeat borrowers: 10% off the 6th loan, 20% off on 11th loan, and 30% off on 15th loan. Of course, by that time you'll have already paid some significant fees on your loans.
ICashLoans USA is an accredited member of the Better Business Bureau, with a grade of A. We think this should give customers confidence in the business. Payday loan companies take a lot of flack in the media for their high fees, but for some customers, particularly those with bad credit it may be the best option. Often it's better than accruing late fees from creditors. For those that need an occasional bit of extra cash, we think ICashLoans USA is a pretty good choice.
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