About Payday Loans
- What is a payday loan and how does it work?
If you need fast cash1 and you have a steady source of income, a payday loan could be an option for you. Payday loans can help you cover overdue utility bills, unexpected car repairs and other emergency expenses.
To apply for a payday loan online, all you need to do is fill out a simple online application, and sign a few forms online. This easy process only takes minutes. If you are approved, you could pick up the money in-store or have it deposited into your bank account the next business day.2 On your next payday, your account will be automatically debited for the amount you owe. If eligible, you can also make an online payment.
You can also apply for a payday loan at certain ACE store locations. Just use the store locator to find a store near you, and apply in person. If you are approved, you can walk out with cash in hand.2
You should pay off your loan in the store where the loan was originated with cash on or before due date.
- Are payday loans available in my state? How much can I borrow?
Payday loans are available online and in-store in the states below.
Minimum and maximum loan amounts vary by state. If approved, the amount you may borrow will depend upon your income and standard underwriting criteria.1
- Can spouses have separate loans?
Yes. Each customer is treated individually, and a spouse can apply separately for a loan.
- What do I need to apply for a payday loan?
- You do not have to be employed but you must have a steady source of recurring income payments to ensure you will be able to repay your loan.
- You must reside in the state you choose for your loan application.
- You must be at least 18 years old.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- You must not be a regular or 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 or a dependent of a member of the Armed Forces on active duty.
If applying online:
- You must provide a valid Social Security Number or Individual Taxpayer Identification Number.
- You must provide a valid email address.
- You must have a checking or savings account that has been open for at least one month. California residents applying for a payday loan must have a checking account that has been open for at least one month.
- You must be able to be contacted via phone if verification of application information is necessary.
If applying in-store:
- You must bring a valid government issued photo ID. A Social Security Number and an email address may be required.
- You must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
- How do I apply for a loan?
To apply online, all you need to do is fill out our simple application. ACE's paperless application process is convenient, secure and simple. Our simplified application process allows you to fill out and sign your loan documents on your computer without the need to fax unnecessary documentation.
You can also apply for payday loan at certain ACE store locations. Just use the store locator to find a store near you, and apply in person. If you are approved, you can walk out with cash in hand.2
- Do I need to be employed? Can I be retired?
You do not need to be employed, but you need to have some sort of recurring income. You may be self-employed or receive recurring income from a source other than an employer such as retirement or disability income, but we will require you to have the ability to repay the loan. The key is to have a recurring source of income.
- Do I need collateral to apply for a loan?
No collateral is necessary or accepted.
- Is there any cost to apply for the loan?
No. You will not be charged to apply for a loan, whether or not you are approved.
- How will I know if I am approved? When will I receive my funds?
You will receive a decision immediately following completion of your application. If approved by 6:00 PM Central Time on Monday – Friday for weekday applications, and by 2:00 PM Central Time on Sunday for weekend applications, you will generally receive the money the next business day.2
For verification purposes, we may need to contact you by telephone before your loan is approved. Applications received on a weekend or holiday may be verified the next business day due to bank closures.
You will be notified of the loan decision immediately following completion of your application. If you are approved, you will immediately receive your approved loan amount in cash.2
- Will I need a fax machine to apply for a loan?
No. ACE Cash Express requires no faxing of documents as a part of the loan application.
Will applying for a payday loan impact my credit?
- ACE Cash Express may obtain information from a non-traditional consumer reporting agency and the inquiry may affect your overall credit profile with the applicable agency, but it will not impact your FICO® score.
- What is a FICO® score?
- A FICO Score, created by Fair, Isaac and Company, is a type of credit score used by some lenders to help them make credit-related decisions. FICO Scores are based solely on the information in consumer credit reports maintained by the three major credit bureaus — Experian, Equifax and TransUnion. By comparing your credit information to the patterns in hundreds of thousands of past credit reports, a FICO Score estimates your level of future credit risk.
Hard credit report inquiries to Experian, Equifax and TransUnion can negatively affect your FICO Score, especially if there are many in a short amount of time. At ACE Cash Express, we may obtain information from a non-traditional consumer reporting agency and the inquiry may affect your overall credit profile with the applicable agency, but it will not impact your FICO score.
Payments and Cancellation Information
- When will the loan be due?
Your payday loan will be due on your next payday (loan duration is state-specific). You will be informed of the due date if your loan is approved.
- How and when can I pay back?
You should pay off your loan in the store where the loan was originated with cash on or before the due date. You will not be penalized for making an early payment.
- If I pay off my loan early, how does that affect my finance charges?
In Texas, paying off a payday loan early will not reduce your CSO fee. However, it may reduce the lender interest that accrues on your loan. In states other than Texas, paying off a payday loan early may reduce the interest that accrues on your loan.
There is no prepayment penalty in any state.
- What if I change my mind and decide to cancel my loan?
Loans at ACE comes with a 72-hour satisfaction guarantee. So if you change your mind about your loan, just return the principal within 72 hours and pay nothing more.
You can also mail or deliver a signed and dated copy of the cancellation notice provided with your Credit Services Agreement, or other written notice, to:ACE Cash Express
Attn: General Counsel
300 E. John Carpenter Fwy, Ste. 900
Irving, Texas 75062
You will need to include your name and loan number. Once we receive your notice, we will transfer the principal directly from your bank account. The written notice must be postmarked within 3 days of signing the contract.
To cancel the loan, you must return the proceeds from your loan to the store where your loan was originated. Depending on your state, you may also be required to sign a cancellation notice that was provided to you at the time of approval.
- Can I refinance my loan?
Depending on your state, you may be eligible to refinance your payday loan.
To refinance, you must return to our website and log in as a returning customer. Next, simply apply to refinance your loan. The system will not allow you to apply if you are ineligible to refinance your loan. If you are approved, we will initiate a debit from your bank account for the fees due. If your due date falls on a Tuesday, Wednesday, Thursday, or Friday, you must complete your refinance application before 7:30 PM Central Time prior to your due date. If your due date falls on a Monday, you must complete your refinance application before 2:00 PM Central Time on Sunday. The cutoff times may be different in case of bank holidays. You may be eligible for a payment plan. Call us at (866) 355-6815 to discuss payment plan options.
Visit your store to discuss refinance options. You may be eligible for a payment plan. Contact your store for more information.
- Why choose ACE Cash Express?
- We make it easy to obtain cash when you need it most. Since 1968, ACE Cash Express has opened its doors to clients looking for financial services. Whether applying for a payday loan, installment loan, or prepaid card, ACE is here to help. In addition to these applications, our physical locations offer check cashing, MoneyGram/money transfers, as well as ATM services. ACE Cash Express focuses on serving consumers seeking alternatives to traditional banking relationships by gaining convenient, immediate access to financial services.
- What is a Credit Services Organization (CSO) and Credit Access Business (CAB)?
Depending on your state, a Credit Services Organization (CSO) is a company that earns compensation by, among other things, helping consumers obtain loans from a lender. A Credit Access Business (CAB) is a type of CSO that helps people obtain payday and title loans from a lender. CSOs are not lenders and do not make loans. ACE Credit Access LLC is a CSO and CAB that helps consumers obtain loans from an independent third-party lender.
List of states where ACE Cash Express is the lender:California
List of states where ACE Credit Access LLC is a CSO and a CAB:Texas
- Is my personal information safe?