ACS Group is a financial services company that provides loans, credit cards, and other financial products. There has been some debate about whether ACS Group is a legitimate and trustworthy company. In this article, we’ll take an in-depth look at ACS Group to determine if they are in fact legit.
Who is ACS Group?
ACS Group is a privately owned financial services company based in Irving, Texas. They specialize in providing financial products and services to customers with less-than-perfect credit. ACS Group was founded in 1987 and offers services such as personal loans, credit cards, debt consolidation loans, and credit monitoring services.
Some key facts about ACS Group:
- Founded in 1987
- Headquartered in Irving, Texas
- Privately owned company
- Specializes in financial products for non-prime borrowers
- Offers personal loans, credit cards, debt consolidation loans, and credit services
ACS Group operates a network of over 100 branch locations across 17 states. They employ over 1,200 people and have served over 1 million customers. The company is led by CEO and founder Richard W. Evans III.
ACS Group’s products and services
Here is an overview of the key products and services offered by ACS Group:
Personal loans
ACS Group offers personal installment loans from $500 up to $10,000 for borrowers with credit scores as low as 500. Loan terms range from 6 months up to 60 months. APRs on ACS Group personal loans typically range from 29.99% up to 35.99%.
Credit cards
ACS Group has several credit card options for borrowers with poor or limited credit history. This includes secured and unsecured cards with credit limits from $200 up to $5,000. APRs are generally quite high, ranging from 29.99% up to 35.99%.
Debt consolidation loans
Consolidation loans allow borrowers to combine multiple high-interest debts into one loan with ACS Group at a lower interest rate. This can make monthly payments more affordable. Loan amounts range from $1,000 to $15,000 with terms from 2 to 5 years.
Credit monitoring and repair services
ACS Group offers credit monitoring to keep track of your credit reports and scores. They also provide credit repair services to help improve and rebuild credit history.
Is ACS Group legit?
With an understanding of ACS Group’s background and services, we can now dive into an analysis of their business practices and reputation to determine if they are legit.
Licensing and compliance
ACS Group holds licenses to operate in all 17 states where they have branch locations. They are registered and regulated in these states to legally provide lending and financial services. Here are some of their key state licenses:
- California Department of Business Oversight Finance Lenders License
- Illinois Department of Financial and Professional Regulation License
- Texas Office of Consumer Credit Commissioner Loan Company License
- Utah Department of Financial Institutions Regulated Lender License
These state licenses indicate that ACS Group adheres to applicable regulations and lending laws, such as limits on interest rates and fees. This level of state compliance helps demonstrate they operate legitimately.
BBB rating and reviews
ACS Group has been accredited with the Better Business Bureau (BBB) since 1991. They currently hold an A+ rating with the BBB with over 400 customer reviews on their profile. Here is a summary:
| BBB Rating | A+ |
| Number of Reviews | 447 |
| Average Rating | 3.55 out of 5 stars |
A majority of the BBB reviews for ACS Group are positive, indicating customers have had good experiences overall working with them.
Lawsuits and legal issues
A concerning factor is that ACS Group has faced some legal issues and lawsuits over its lending practices. For example:
- In 2020, they paid a $550,000 settlement in California over allegations of overly aggressive debt collection tactics.
- In 2017, they paid $8 million in restitution over refinancing and loan renewal practices in California.
While these cases do raise some red flags, the company has addressed the lawsuits, paid settlements, and stated they’ve updated practices accordingly. All companies face complaints and legal issues from time to time.
Interest rates and fees
The interest rates and fees charged by ACS Group are quite high compared to traditional lenders and banks. For example:
- Personal loan APRs from 29.99% to 35.99%
- Credit card APRs from 29.99% to 35.99%
- Late fees and returned payment fees up to $35
Rates this high are quite expensive for borrowers but typical for the subprime lending space that ACS Group operates in. The company needs to charge these high rates due to the increased risk of lending to borrowers with poor credit.
Customer complaints and reviews
In addition to the BBB reviews, ACS Group has received some negative reviews and complaints on other consumer sites. Most common complaints include:
- High interest rates
- Difficulty repaying loans
- Poor customer service
- Aggressive collection tactics
While concerning, these complaints seem consistent with other subprime lenders. Negative reviews make up a minority compared to positive feedback.
Conclusion
In summary, while ACS Group does have some red flags like legal issues and high rates, they do appear to operate legitimately within the subprime lending industry. Key factors indicating they are legit include:
- Properly licensed and regulated in all states of operation
- Positive BBB rating and mostly positive customer reviews
- Settled past legal disputes and claims
- High rates and fees are common in subprime lending
ACS Group fills an important role in providing access to credit for non-prime borrowers who may not qualify with traditional banks and lenders. However, borrowers should be cautious of taking on expensive debt that may be difficult to pay back.
Overall, ACS Group is a legitimate lender for borrowers with poor credit – but their high interest rates make loans risky if not used carefully and repaid promptly according to terms.
Some key tips when considering ACS Group are to:
- Carefully review loan terms and required payments
- Make sure you can afford to make the payments
- Try to pay off balances quickly to reduce interest paid
- Use their credit cards sparingly and pay off monthly
- Consider alternative lenders and options like credit unions
While ACS Group is legit, they should still be approached with caution and understanding of the high cost of their lending products.
In closing, I hope this detailed article looking at the background, services, reputation, complaints, and practices of ACS Group has provided clarity on whether they are a legitimate lender for borrowers with less-than-perfect credit.