American Cash Advance is the name of multiple payday loan companies, none of which are reputable. None of these companies are accredited with the Better Business Bureau, and the federal government warns against doing business with any payday loan company.Continue Reading
As of 2015, the Better Business Bureau lists 82 businesses named American Cash Advance or a close variant, and all of them are unaccredited. Reviews and complaints of these companies cite billing disputes and poor collection practices.
The federal government explicitly recommends against using any payday loan service. The Federal Trade Commission does not consider these services reputable due to their high interest rates. Five jurisdictions ban all payday loans: Arizona, Arkansas, Georgia, the District of Columbia and North Carolina. Federal laws cap interest rates and restrict active members of the U.S. military from taking out payday loans.
The FBI warns against a payday loan scam in which companies call consumers and falsely claim they owe a debt. These fraudulent companies operate under a variety of names, many of which contain "U.S" or "America" in the company name. The FBI recommends disregarding such calls, filing complaints and notifying banks and credit bureaus. In cases where calls are threatening or harassing, the FBI recommends involving law enforcement.Learn more about Financial Calculations