Ace Cash Express Payday Loans
Ace Cash Express has been providing payday loans since 1968. They specialize in check cashing, installment loans, bill pay and debit card services as well and have serviced more than 38 million over the past 40 years.
The company provides loans in 18 different states, have more than 1,500 retail locations across the country, and are well known for providing a quick and easy loan application process. According to their website, the company was built on the principle of being able to offer alternatives to traditional banking.
Loan Details and Benefits
Ace Cash Express offers short-term, high interest loans that need to be repaid within 1 to 4 weeks. The amount you can borrow depends on your home state and can vary. The minimum amount you can borrow is $100 and the maximum can be anywhere from $300 (Louisiana), $600 (Indiana) and $1500 (Texas) which is the highest amount. Your income will also determine how much you can borrow. For example, if you live in Texas and need the maximum loan amount of $1,500, but you only earn $1,000/month at your current job, you may have a hard time qualifying for that loan.
The interest rate also varies by state and is averaged around 300% more or less. Ace Cash Express offers seasonal promotional discount codes for borrowers who apply online so they can save money on payday loan and installment loan fees.
Every loan with this company comes with a 72-hour satisfaction guarantee. If for any reason, you applied for a loan, received the funds and change your mind or your circumstances change, you simply have to return the principal balance within 72 hours and pay nothing additional. New and returning customers can access their account details online through a secure login portal that allows you to review and submit your application and make any changes to your account.
While Ace Cash Express offers a convenient loan application process, not all payday loans not available in every state. In addition, there is not an option to apply online in some states. Like most other payday loan lenders, the interest rate for the loans is very high and it's affected by the amount of your loan.
People who are a regular reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard serving on active duty under a call or order that does not specify a period of 30 days or fewer will not be eligible to receive a loan with this company.
The company has received a noticeable amount of negative reviews regarding their customer service department in the past and they aren't accredited with the BBB. This could serve as a red flag even though each customer's experience may not be similar to yours.
Applying for a payday loan with ACE Cash Express is easy. If you are applying online, you simply fill out the application form including information like your address, date of birth, social security number/tax identification number and financial information, then review and submit it for approval. If you are applying at a branch location, you'll need to bring proof of income, a valid government issued photo ID, and proof of a bank checking account.
Once you are approved, you will receive your loan amount in cash if you are at branch location or the funds will be deposited into your account if you apply online. There is no cost to apply for a payday loan and collateral is not needed or accepted under any circumstances.
In order to qualify for a loan and have your application accepted, you must meet some requirements. You must be at least 18 years old, reside in the state where you are applying for a loan, not be in bankruptcy or owe money on another similar type of loan, and turn in all your materials with your application.
You don't need to have a job in order to apply but you must have a steady income and have proof. This means retirees are welcome to apply along with people who receive disability benefits.
When you receive your loan, the money will be due back to the lender plus interest on your next approved payday. While loan duration and repayment terms are state specific, when you get approved for a loan you'll be clearly informed of the due date and any other important repayment terms.
You can pay your loan back online or in the store on or before the due date. If you choose to pay the loan back before the due date to avoid extra interest, you won't be penalized for making an early payment.
If you need to refinance or extend your payday loan, you may be eligible to do that depending on which state you live in but you will need to log in to your account through the website as a returning customer.
Aside from their convenient online application and details on loan rates and terms by state, ACE Cash Express has a helpful FAQ section on their website for payday loans, installment loans and other services they offer. You can reference their FAQ guide to find answers to common questions and concerns.
In addition, their website includes a blog and a store locator tool so you can find a branch near you quickly. The customer service department is available by phone, email and in person.
Verdict - Very Good
ACE Cash Express may be a viable option if you are looking for a payday loan that you can receive quickly and without a hassle. The company clearly states their requirements and application materials needed in order to get approved on their website. If your circumstances happen to change or you come into some money from a different source, you don't have to be locked into their loan as long as you act quickly within 72 hours of receiving the money.
Their loans aren't available in most states and there are other lenders who have a wider reach. You also might want to test out their customer service department and ask about their practices in terms of issuing loans, collecting payments and dealing with late payments. Since they aren't accredited with the BBB and have a few complaints issued against them, you might want to look into all the details and weigh the pros and cons first and foremost.