by Alexandria D.
Car repairs, medical expenses, and home repairs don’t wait for you to be ready. Unexpected expenses can come up at any time, and you may need help covering them in the short term. An installment loan may be a good option in a financial emergency.
Let’s take a closer look at what installment loans are, how they work, when you might consider applying for one, and how to apply for an installment loan at ACE Cash Express.
What is an installment loan and how does it work?
An installment loan is a short-term personal loan that can be used to help cover immediate expenses, such as medical bills, car repairs, or home repairs, if approved. If you qualify for a short-term installment loan, you will need to repay the loan in a series of payments, all substantially equal in amount. You can also make these payments early or pay the loan off completely in advance to potentially save on interest and fees.
Loan amounts you can apply for will vary by state. Installment lenders may offer online loans, in-store loans, or both, depending on your state. Not all states offer installment loans that may fit your needs, and your eligibility may depend on where you live. To apply for an installment loan, follow these steps.
- Find a reputable lender near you or online that operates in your state.
- Complete an installment loan application. Be ready to provide proof of your identity and sources of income, along with any other documents the lender requires.
- Submit your application.
- If you’re approved, choose how you want to receive your funds. Depending on the lender, you could get your cash either that same day or the next business day.
Licensed lenders offer personal loans that follow state-specific rules. The lender will set the loan repayment schedule and terms during the loan origination process. Pay close attention to the details of the loan agreement before you sign. If you need help understanding the terms and fees, ask the lender questions.
When might I consider an installment loan?
While borrowers may choose to apply for an installment loan for many reasons, financial emergencies are the most common scenario. If you have an unexpected expense – such as a car repair, emergency medical bills, or urgent utilities due – and you don’t have the money, an installment loan may help cover the expense in the meantime. You may also consider an installment loan if you need more time to repay the loan to better fit your budget.
What are some benefits of an installment loan?
Installment loans offer various benefits to consider when dealing with urgent financial needs, such as:
- The flexibility to repay the loan over time instead of all at once
- A predictable payment schedule
- Higher loan amounts than other short-term loan options are also possible
Be sure to consider all aspects of an installment loan and the lender’s terms.
How to apply for an installment loan at ACE Cash Express
Anyone can apply for an installment loan at ACE Cash Express – either online or in-store, where available – and get a quick decision.1 ACE does not charge an application fee and offers a satisfaction guarantee cancellation period - if you change your mind about your installment loan, just return the principal within 72 hours of the loan origination and pay nothing more. In Arizona, Florida, Ohio, and Virginia, you have until the close of business on the third business day after receiving your funds to return the principal and pay nothing more. For example, if you take out a loan on Monday, you have until the close of business on Thursday to cancel your loan.
With our streamlined application process, a few pieces of information are all you need to start your loan application. Depending on your state, you can apply for an installment loan online or in person at an ACE store.
To apply for an installment loan online, follow these steps:
- Complete the installment loan application in just a few minutes
- Receive an instant decision1
- If approved, have your loan proceeds instantly delivered to your debit card, if eligible,2 or direct deposited to your bank account by the next business day,3 or depending on your state and if eligible, pick up cash at a store near you!1
Online installment loans at ACE are available in Delaware, Florida, Missouri, and Texas.
To apply for an installment loan in-store, follow these steps:
- Use the Store Locator to find a store near you and apply in person
- Receive an instant loan decision1
- If approved, walk out with cash in hand!1
In-store installment loans at ACE are available in Florida, Missouri, Ohio, Oklahoma, Texas (not available in Austin or Dallas), and Virginia.
How much money can I borrow with an installment loan at ACE?
If you are approved, the loan amount you receive depends on your state of residence, your income, and our standard underwriting criteria.1 ACE offers installment loans within these ranges in the following states:
- Delaware (online): $100 - $2,000
- Florida (in-store and online): $100 - $1,000
- Missouri (in-store and online): $100 - $2,500
- Ohio: $100 - $1,000
- Oklahoma: $50 - $1,000
Texas (online): $100 - $3,500
(in-store, except in Dallas and Austin): $100 - $2,500
- Virginia (in-store): $100 - $1,100
Are there other personal loan alternatives to installment loans?
Yes! There are other personal loan alternatives to installment loans. You might consider a payday loan if that product is available in your state. A payday loan is a short-term personal loan that a borrower repays in full the next time they get paid, while an installment loan is repaid over time through scheduled payments.
While both types of loans may be used for short-term financial needs, the main difference is that you repay a payday loan all at once, rather than over time as you do with an installment loan.4
Installment Loans FAQs
When will the installment loan be due?
Installment loan payments are typically due on consecutive pay dates. For example, if you are paid bi-weekly, your due dates will fall on your payday every two weeks. The number of payments and the loan term (length) will vary depending on your pay frequency. If approved, please refer to your loan agreement for exact payment amounts, scheduled due dates, and applicable finance charges.
Oklahoma consumers: Please visit your local store for information about the number of payments and the loan terms.
What’s the difference between an installment loan and a payday loan at ACE?
An installment loan is a short-term personal loan that allows you more time to repay than a traditional payday loan.4 Installment loans at ACE allow you to repay the loan in scheduled payments (installments) that are substantially equal in amount, while a payday loan is repaid in full on your next payday. At ACE, you can choose to repay an installment loan early without penalty, which may save you money on interest and fees, where applicable.
Do I need to be employed to get an installment loan at ACE?
You do not need to be employed, but you must have a steady source of recurring income. Depending on your state and the type of loan, you may need to provide a bank statement, pay stub, or benefits statement.
Does applying for an installment loan at ACE affect your credit score?
Applying for an installment loan at ACE does not affect your FICO® Score, although it may impact your overall credit profile with non-traditional consumer reporting agencies.
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.
Sources:
Maverik, J. B. “How Installment Loans Work — and Are They Right for You.” Personal Finance, Investopedia, Feb. 27, 2023. https://www.investopedia.com/articles/personal-finance/072316/how-installment-loans-work.asp.
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. 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 or ACE Credit Services, 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. For approved in-store loans, you will receive funds immediately. 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 loans not available in all states.
2. 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.
3. 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.
4. 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.
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.
