by Alexandria D.
Unexpected expenses can happen at any time, creating stress that may throw off your budget or financial goals. Urgent car repairs, medical bills, home repairs, large utility bills, and other immediate financial needs might have you considering a short-term loan. Depending on your state, you can apply in person or online and, if approved, get cash as soon as you need it.
What is a short-term loan?
A short-term loan is a personal loan that is repaid over a relatively short period of time. Depending on the loan type, repayment may be due in one payment on your next payday or through substantially equal, regularly scheduled payments over the life of the loan. Depending on the state, some lenders offer short-term loans like payday loans, installment loans, and title loans, to provide options that may fit your needs. Before applying, review the APR, fees, repayment schedule, and total cost of the loan to determine whether it is appropriate for your financial situation.
If your application is approved, you may have a few options for receiving your funds. Funding timelines vary by lender, and funds may be available as soon as the same day or by the next business day.
What types of short-term loans are available at ACE?
ACE Cash Express offers three types of short-term loans: payday loans, installment loans, and title loans. Applying for any of these short-term loans is simple, and you will receive a quick decision.1 If approved, the amount you can borrow depends on several factors, including your state, the type of loan, and your income.1
Payday Loans
Payday loans, sometimes called cash advances, provide quick cash for urgent financial needs if you are approved. Repayment of the full balance is usually due on your next payday. When you need immediate access to a small amount of money and can repay your loan in a single payment, this may be a good option. Payday loans are often used for:
- Short-term emergencies, such as car repairs or medical bills.
- Utilities, such as an electric or water bill.
Installment Loans
Compared to payday loans, installment loans are designed to give you more time to repay the loan amount.2 If you are approved, you pay back your loan in substantially equal, regularly scheduled payments over the life of the loan. When you need access to money with more time to repay, this may be a good option. Installment loans are often used for:
- Short-term emergencies, such as urgent care visits.
- Unexpected repairs, such as a broken appliance.
Title Loans
Title loans are a type of secured loan in which a vehicle title serves as collateral for the loan amount. ACE offers title loans in-store in Arizona, Oregon, and Texas (not offered in Austin, Dallas, or Fort Worth). Title loans are often used for:
- Higher-cost unexpected expenses, such as major car repairs or replacing a household appliance.
How do I apply for a short-term loan at ACE?
Anyone can apply for a short-term loan at ACE, either online or in-store, where available, and get a quick decision.1
Apply at an ACE Store
- Find a location near you and see if the store offers loans.
- Fill out an application.1
- Receive a quick decision.1
- If approved, review and sign the loan documents and walk out with cash in hand.1
Apply Through the ACE Website
- Access the online payday loan application or online installment loan application on your computer or mobile device.
- Submit your information accurately. It takes only a few minutes to complete the application.1
- After you apply, you’ll get a quick decision.1
- If approved, review and sign the loan documents.
How will I receive my funds from an online loan at ACE?
If approved and eligible, you may qualify for instant funding to a debit card, our quickest way to receive your loan proceeds.3 You may also choose to have the funds deposited into your bank account the next business day,4 or if eligible, visit a local ACE store to get same-day cash pick-up.1
What if I want to cancel my loan at ACE?
Every loan at ACE comes with a satisfaction guarantee cancellation period. ACE does not charge a fee to apply.
Most ACE loan products may be canceled within 72 hours of receiving your funds. Certain loan products offered in Arizona, Florida, Louisiana, Ohio, Oregon, and Virginia, provide a cancellation period until the close of business on the third business day after you receive your funds. Simply return the principal amount borrowed and pay nothing more.
Please refer to your loan agreement for the cancellation period and instructions that apply to your loan.
ACE Short-Term Loans FAQs
Can I get a same-day cash loan at ACE?
If you are approved for a short-term loan, you may be eligible for instant funding to a debit card,3 or you may be eligible to visit a local ACE store for same-day cash pickup.1 ACE is committed to helping you get the cash you need as quickly as possible.
What’s the difference between an installment loan and a payday loan?
An installment loan is a short-term personal loan that allows you more time to repay than a traditional payday loan. Installment loans allow you to repay the loan in scheduled payments (installments) that are substantially equal in amount. Payday loans are typically due in full with your next paycheck.
Will applying for a loan online with ACE hurt my credit?
There is no FICO® Score impact when applying for a loan with ACE. ACE 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.†
Is there any cost to apply for an online loan at ACE?
No. You will not be charged to apply for an online loan at ACE, whether or not you are approved.
Can I pay my loan off early?
Yes, you may pay off your loan early. There are no early repayment penalties for ACE loans. Depending on your loan type, paying off your loan early may save you on interest and fees. Please refer to your loan agreement for details. There are no early repayment penalties with ACE loans.
Will applying for a loan trigger unwanted spam calls?
No. ACE does not sell your personal information. You can trust that after applying for a loan with ACE that were will be no spam or no unwanted third-party marketing calls, ever.
This blog is not intended to provide any tax, legal, financial planning, insurance, accounting, investment, or any other kind of professional advice or services. To make sure that any information or suggestions in this blog fit your particular circumstances, you should consult with an appropriate tax or legal professional before taking action based on any suggestions or information that we provide.
Disclaimers:
†Applying will not affect your FICO® Score. 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.
1. All loans subject to approval pursuant to standard underwriting criteria. Rates and terms will vary depending upon the state where you reside. Not all consumers will qualify for a loan or for the maximum loan amount. Terms and conditions apply. Loans should be used for short-term financial needs only, and not as a long-term solution. Customers with credit difficulties should seek credit counseling. For online loans, approval and funding may require verification of application information. Depending on ability to verify this information, loan funding may be extended up to two days. In-store cash pickup of online loans is subject to approval pursuant to standard underwriting criteria and only available at ACE Cash Express locations in the state where you originated your loan. In-store cash pickup of online loans not available in all states. In-store cash pickup of online loans requires valid, non-temporary government-issued identification. Online and in-store loans not available in all states. Populus Financial Group, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to Financial Code Section 23005(a) of the California Deferred Deposit Transaction Law. Populus Financial Group, Inc., 300 E. John Carpenter Fwy, Ste. 900, Irving, Texas, 75062, ST.760164.000. Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third-party lender. Populus Financial Group, Inc. is licensed by the Virginia State Corporation Commission, PL-115.
2. Installment loans are intended for customers who need more time to pay off their loan than provided by a single-payment payday loan. Individual payment amounts for an installment loan are smaller when compared to the single-payment payday loan for the same loan amount. The total sum of payments for an installment loan will be higher than a single-payment payday loan if you pay off the installment loan according to the payment schedule set forth in the associated loan agreement.
3. If you are approved for the instant funding option and you select that option, your loan proceeds may be available within 30 minutes of loan approval and verification, or funding could take up to 4 hours. Funding times vary based on your bank.
4. If approved by 6 p.m. CT on Monday - Friday for weekend applications, and by 2 p.m. CT on Sunday for weekend applications, you will generally receive the funds the next business day. On banking holidays, your funds will be delayed until the next banking business day. For example, if Monday is a banking holiday, then you will not receive your funds until Tuesday.
Our credit or credit services decision on your application may be based in whole or in part on information obtained from a consumer reporting agency, including, but not limited to, Clarity Services, Inc., FactorTrust, Inc., and/or LexisNexis. The inquiry may affect your overall credit profile with the applicable agency, but it will not impact your FICO Score.
