Answering Your Loan Questions

Frequently Asked Questions

Frequently Asked Loan Questions

Frequently Asked Loan Questions

About America's Loan:

How long has America's Loan Company been in business?

Since 2004.

Is America's Loan Company able to help customers who don't live in Ohio?

No. Unfortunately, we are only able to help customers who live in the state of Ohio.

Is America's Loan Company a direct lender or just a company that refers applicants to available lenders?

America's Loan Company is a direct lender. We take care of our customers from the moment of application till the loan is paid off. (online payment option)

About Credit Scores:

I have no credit score. Can I still get a loan from America's Loan Company?

We are able to lend to customers who have no credit scores. We don't guarantee that you will be approved. But, we do cater to customers who may not be able to get a loan from the local bank due to having too low of a credit score.

Does America's Loan Company report to any of the 3 major credit bureaus?

Currently, we report to one of the 3 major credit bureaus, TransUnion.

How may America's Loan Company help improve my credit score?

Currently, we report to one of the 3 major credit bureaus, TransUnion. However, Payday Loans are not reported. Therefore, a good payment history, as well as bad, would be reported to TransUnion. As long as a you keep up with making payments on time and without default, this may help improve your credit score. However, many factors may affect your credit score. So, we can't guarantee that reporting your credit history will improve your credit score.

Is America's Loan Company licensed?

America's Loan Company is licensed through the Ohio Division of Financial Institutions. We are only able to help customers who live in the state of Ohio. Our lending license number is SM.501641.000.

Will I be required to put a down payment on a loan before I am approved for it or before funds are disbursed to me?

Never. Simple as that. Our advise to you is to stay away from any lender who requires you to put a down payment as a condition to your loan. Most likely, it is a scam.

What interest and A.P.R. can I expect to get?

It depends on your credit score. The maximum state of Ohio allowed interest is 25%. However, do keep in mind that the A.P.R. will be higher than the interest since it will include other loans fees, such as origination fees.

How long can I have to pay a loan?

For Bad Credit Personal Loans and Car Loans our terms are 6 months to 5 years. 

What origination fees do you charge?

Our origination fees vary the with the amount of the loan from $30, $100, $200, and $250.

Types of Loans:

What is the difference between a Personal Loan and the typical Title Loan?

America's Loan Company's Personal Loans are unsecured or secured installment loans paid over several months or years, 6 months to 5 years. For qualified applicants APR can be below 35.9%.  However, Title Loans are typically loans secured by the title to a vehicle that you own free and clear with much shorter terms and much higher APR's.  

What is the difference between a Title Loan and a Car Loan?

In the case of a Title Loan, you borrow money based on the value of a vehicle that you already own. However, in the case of a Car Loan, you don't own the vehicle. We may help you with financing the purchase of a vehicle, and we keep the title to the new vehicle until your debt is paid in full to us.

Is a Personal Loan the same as a Payday Loan with America's Loan Company?

No. A Personal Loan is an unsecured or secured loan paid over many months where a customer must borrow at least $500. A payday loan is a loan between $50.00 and $650.00 usually payable over 2 weeks (if customer works full time) or a month (if customer gets Social Security income or Pension). Payday loans are the more expensive of our options. We truly feel that our installment loans are, in the end, better for your finances. However, you are the customer and if a payday loan is what you want then we do offer them.

I'm still paying on my vehicle. Can you loan to me based on the equity that I already have on the vehicle?

If you are still paying on your vehicle, we may still be able to refinance it. Also, If we determine that the value of the vehicle exceeds sufficiently what you still owe on it, we may refinance the vehicle loan and add money on top that you can keep.

How long does it take to be approved or declined for a Bad Credit Personal Loan or Car Loan?

We can make a loan decision in one day.  However, it may take long while waiting on applicant to turn in documents.  For that reason, typically takes us 1 to 3 business days to make a decision. However, when it comes to Car Loans, they take priority and we do try to get them done within 1 to 2 days.

I see that you have some vehicles for sale on your website. Are you a dealership?

America's Loan Company is not a dealership. We are a lender. The vehicles displayed on our website are vehicles that we are trying to help private parties sell in the hopes that we can finance the purchase.

Do you offer any warranties with the vehicles for sale on your website?

We don't offer any warranties. Those vehicles are sold as is for the reasons stated on question 10 above. However, customers can always take the vehicle to trusted mechanic to have it check. If any repairs are needed, we may be able to include the cost into the loan of the vehicle.

Affordable Bad Credit Loans

6 Mo to 5 Year Terms

We Report Your Credit

Fast Approval