What Is a Payday Loan?

So, your car broke down and you’re in need of some cash. Payday is still a few days away, but you need to fix your car now.


What can you do?


If you have exhausted the help around you (family, friends, or savings), you may want to apply for a short-term loan such as a payday loan. You can apply for cash either in person or online, in as little as a few hours.1 We’ll cover all you need to know about a payday loan and some reasons you might need to use one.


What Is A Payday Loan?

A payday loan is a short-term loan meant to help cover emergency expenses such as medical bills or unexpected car repairs. The payday loan application process is generally faster than a traditional personal loan. A payday advance loan is usually due in full on your next pay date.

Here are four reasons why you might need to use a payday loan:

  1. auto repair
  2. home repair
  3. unexpected medical bill
  4. small advance to get you to the next paycheck


Where Can I Get A Payday Loan?

You can apply for a payday loan at a loan agency such as ACE Cash Express. You can apply for the money you need and, if you are approved, you can pay it back the next time you get paid. Depending on the state you live in, you can apply for a fast payday loan online or in person at an ACE Cash Express store.


If approved for a payday loan in-store at ACE, you will be able to take home the cash immediately.


What Do I Need to Apply for A Payday Loan?

Below are some requirements when applying for a payday loan at ACE Cash Express:

  • Be at least 18 years of age to apply.
  • Reside in the state you choose for your loan application.
  • Have a valid Social Security Number or Individual Taxpayer Identification Number.
  • Have a valid and active email address.
  • Be able to be contacted via phone if verification of application information is necessary.
  • Provide proof of a steady source of recurring income, such as employment, disability, retirement, self-employment, or another income source.
  • Provide proof of active bank account that we ask to be open for at least one month. California customers must have proof of an active, personal checking account that we ask to be open for at least one month.
  • Not currently be a debtor in a bankruptcy case or intend to voluntarily file for bankruptcy relief.
  • Not be a 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, a member of the reserves (including National Guard) on active duty, or be a dependent of any such a member.


While a payday loan may not be right for all situations, it may be right for short-term cash emergencies. You can apply for a fast payday loan online from ACE Cash Express.

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. Populus Financial Group, Inc. is licensed by the Virginia State Corporation Commission, PL-115.


Our credit 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, TransUnion, LexisNexis, and/or FactorTrust, Inc. However, inquiries by us will not affect your FICO® score.