How Does a Cash Advance Work?

Unexpected expenses or bills happen. You may have an appliance that breaks or a medical bill that comes up unexpectedly. Maybe your other bills are due, and you don’t have quite enough to avoid late fees if you miss a payment. When you experience these emergency expenses and don’t have enough in savings, you may need fast cash.

Cash advances are useful in times when cash is needed quickly. A cash advance can help with your financial obligations until your next payday. In this article, you’ll learn about cash advances and how you can use them.

How does a cash advance work?

A cash advance is a fixed-term loan that you repay within a short period, generally by your next payday. For this reason, they are sometimes referred to as payday loans or payday advances. Depending on your state of residence, and if you are approved, you may be able to immediately pick up cash at your local store or arrange for an overnight direct deposit.1

How can I get a cash advance?

The first step to determine whether you are eligible for a cash advance is to apply.  You can apply by completing an online application, or by visiting an ACE Cash Express store near you. The application only takes a few minutes to complete, and you’ll find out quickly if you are approved. Before starting your online payday loan application or visiting the store, make sure you have this information on hand:

  • Valid form of identification
  • Valid bank account information
  • Proof of a steady source of income

Online short-term loans are available in select states, including California, Idaho, Kansas, Louisiana, Minnesota, and Texas at ACE Cash Express. In-store short-term loans are available in California, Florida, Indiana, Kansas, Louisiana, Minnesota, Missouri, Oregon, South Carolina, and Tennessee at ACE Cash Express. If you don’t live in one of these states, ACE may offer an installment loan as another option.

Does a cash advance hurt your credit score?

Applying for a loan at ACE does not affect your FICO® credit score.2

What can I use a cash advance for?

If approved for a cash advance, you can use the funds to help meet any of your financial obligations. Although there are not restrictions on how you use the funds, these advances are intended for short-term needs.

Can you get a cash advance online?

Yes! As mentioned, online short-term loans are available in select states, including California, Idaho, Kansas, Louisiana, Minnesota, and Texas at ACE Cash Express. You can apply for a quick online loan in just minutes from the comfort of your home. If approved, and depending on your state of residence, you can choose to get your cash through an overnight direct deposit or immediately at your local ACE Cash Express store.1

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. 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. Loans in Minnesota made by ACE Minnesota Corp. Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third-party lender.

2. 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.