ACE Cash Express provides check cashing, short-term loans, bill pay, auto title loans, personal loans, also known as short-term installment loans, and prepaid debit card services to consumers with good, bad, or no credit. It focuses on providing consumers an alternative to traditional banking with convenient and immediate access to financial services.
With over 950 store locations in 23 states, products and services range from payday loans and cash advances to prepaid debit cards, check cashing, moneygrams, and money orders. Loan amounts vary by state and whether you are applying online or in-store.
Read on for pros and cons of borrowing from ACE Cash Express, or skip ahead to customer reviews and complaints.
ACE Cash Express makes it easy for consumers with good, bad, or no credit to borrow small-dollar loans and boost their credit report with alternative credit reporting agencies. However, this lender does not report to the three traditional credit bureaus.
The online loan application process is quick and can be done through the ACE Cash Express Mobile Loans app.
Basic ACE Cash Express cash advance application criteria include the following:
If you apply in-store, a valid government photo ID, like a driver's license, is required, but a social security number is not required. You must provide proof of income and proof that you have a checking account; however, for the latter, debit cards or pre-printed checks may be accepted, depending on your location.
If you fill out the application online, a valid social security number or taxpayer ID number is required.
ACE Cash Express requires telephone contact with applicants before loans can be funded. If your application is received by 12:00 noon CT and verified by 3:00 pm CT, you will receive your money the next business day. If it is after 12:00 noon CT, the money will be available two business days later.
The term of your loan is according to state-specific requirements, and ACE Cash Express tells you in your approval email when your repayment date is. The average payday advance loan term is 14 days.
Repayment of the amount borrowed, plus fees and the annual percentage rate (APR) interest, is automatically debited from your account on the specified payment date. Those who choose not to enroll in automatic debit transactions are given a one-day grace period from their payday to deposit a check for the full amount owed.
If you change your mind about your ACE Cash Express loan, you can return the principal within 72 hours without penalty. This is a helpful feature if your financial situation changes and you no longer need the loan, but some lenders have a longer grace period.
ACE Cash Express employs a few policies that we find helpful.
First, every payday loan comes with a 72-hour satisfaction guarantee.
In states that allow refinancing, you can apply online or in one of the lender's retail locations.
Lastly, ACE does not charge a prepayment penalty if you are able to repay the loan early. In some states, you may also be eligible for a refund of all or part of the finance charge if you repay the loan early. Also, no past due interest is assessed for late payments.
The ACE Cash Express website is user-friendly and easy to navigate. Menus and dropdown features are straightforward and intuitive. There is a member login area where you can manage your existing loans and, if needed, renew a loan.
The ACE Cash app is available for download in the App Store and on Google Play to help you keep up-to-date on your account or cash checks to your bank account or prepaid card.
Fees and penalties charged by ACE Cash Express vary by state of residence. There are fees for late payments and insufficient funds, and your loan can go to collections and impact your credit score with alternative credit reporting bureaus if you fall behind on payments.
The fees are $15.00-25.00 for late fees and $10.00-30.00 for insufficient funds. In addition, you will pay a loan origination fee for borrowing money and, in some states, an administrative fee on top of that.
Interest rates with ACE Cash Express are high compared to some of the other payday lenders. They can be as high as 163 to 807 percent APR, a very wide range which does not necessarily provide consumers any insight into what interest rate they could receive on their loan.
This information is listed in the fine print on the website and is based on state, loan term, loan funding date, and other considerations.
Paying such high interest rates in addition to repaying the debt may make it difficult to get ahead financially. With so many differences varying between states, it makes it difficult to research loan options.
In order to get pertinent financial information about ACE Cash payday loans, you are pretty much required to contact the lender directly. Rates depend on several different personal factors, where you live, and whether you are applying in-store or online.
This can make it difficult and time-consuming for interested consumers who just need a quick short-term loan to pay bills.
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