What Is a Cash Advance?
A cash advance is a general term for ways consumers may access funds before a future payment date, such as a payday loan, a cash advance app, or a credit card cash advance. People generally turn to cash advances when they need short-term financial support for urgent, unexpected expenses such as a car repair, a rent shortfall, or a high utility bill.
These cash advance options do not work the same way. Repayment terms, total cost, and availability of funds – just to name a few variables – vary by product and provider. If you’re considering a cash advance, be sure to review the total repayment amount, the repayment schedule, and whether lower-cost alternatives are available.
ACE Cash Express offers payday loan cash advances in select states. Learn how common cash advance types work and what to consider before applying.
How Do I Compare Cash Advance Options?
Which cash advance option may be right for you depends on your circumstances. Some things you might consider:
How soon do you have to repay the cash advance
The total repayment amount, including any fees
How quickly funds may be available
Your existing access to credit and banking services
Whether the product is available in your state
When Might Someone Consider a Cash Advance?
When unexpected expenses occur between paychecks, some consumers consider a cash advance to cover short-term financial needs. Cash advances should be used for short-term financial needs only, and not as a long-term solution.
What Are Common Types of Cash Advances?
Not all cash advances work the same way. The term “cash advance” can refer to a few different financial options, each with its own repayment structure, costs, requirements, availability, and other variables.
Payday Loans
A payday loan is a short-term cash advance designed to help cover unexpected expenses until your next paycheck. Loan amounts, fees, repayment timing, and availability vary by state. ACE offers payday loans in select states.1
Cash Advance Apps (Not currently offered at ACE)
Cash advance apps are direct-to-consumer personal finance products offered by third-party fintech companies. Some may allow you to access part of your earned wages before payday if you have a linked bank account, receive direct deposit, and meet the provider’s eligibility requirements.[1] ACE does not currently offer a cash advance app.
Credit Card Cash Advance (Not currently offered at ACE)
Some credit card issuers allow cardholders to withdraw cash up to their available cash advance limit. Whether interest begins accruing immediately depends on the card issuer and cardholder agreement, as do fees charged, APRs, and repayment terms. ACE does not currently offer credit card cash advances.
How Do Payday Loans and Cash Advance Apps Compare?
Because payday loans and cash advance apps are frequently considered by consumers seeking short-term funding, the comparison below highlights some general differences between an ACE payday loan and third-party cash advance apps.
ACE Payday Loan | Cash Advance Apps | |
|---|---|---|
Availability | Available only in select states | Available in many states through mobile apps; [2] varies by provider, and some may require connecting to a bank account to monitor cash flow and paydays[3] |
Repayment | Loan balance due in a single payment, typically on your next payday1 | Repayment may occur by electronic debit from your bank account on the next pay date or on another scheduled date, depending on provider terms[3] |
Approval | Based on standard underwriting criteria, including employment or other sources of recurring income1 | Eligibility criteria vary by provider and may depend on analysis of linked bank-account activity, deposit patterns, and income or wage information [3] |
Availability of Funds | If you’re approved and eligible, funds may be available the same day1 or the next business day;2 in some cases, instant funding3 may be available. Timing varies based on verification and funding method. | Standard transfers may take 1-5 business days; some providers offer expedited or instant transfers for an additional fee[3] |
Amount | Amounts vary by state and consumer-provided details on the approved application | Advance amounts are often smaller than traditional payday loans and may vary based on income patterns, account history, or provider criteria[3] |
Cost | Fixed fee structure that varies by state; total repayment amount disclosed at approval | Costs vary by provider and may include subscription fees, transaction fees, transfer fees, or voluntary tips[3] |
Offered at ACE | Not currently |
How Does a Cash Advance Work at ACE?
ACE offers a cash advance option through its payday loan product. Depending on your state, you can apply for a payday loan online or at an ACE location, where available. If approved for a payday loan at ACE, you will generally repay the loan balance in full on your next payday.1
If approved for a payday loan online and if eligible, you may also qualify for instant funding to a debit card, which is 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,2 or if eligible, visit a local ACE store to get same-day cash pick-up.1
What Do I Need to Apply for a Payday Loan at ACE?
Some of the items you may need to apply are:
A valid Social Security Number or Individual Taxpayer Identification Number
A valid and active phone number and email account
Proof of a steady source of recurring income: A recent pay stub, benefit statement, or other documentation to verify your income, whether it’s through employment, retirement, disability, self-employment, or another income source
For the complete list of requirements, please visit the Payday Loan Requirements page.
ACE Cash Advance FAQs
ACE offers an online payday loan in select states. If you apply, you will receive a quick decision.1
ACE offers payday loans online and at its stores in certain states. Online payday loans are available in California, Idaho, Kansas, Louisiana, Tennessee, and Texas. In-store payday loans are available in California, Florida, Indiana, Kansas, Louisiana, Missouri, Oregon, South Carolina, and Tennessee.
A cash advance may help you cover unexpected expenses, such as medical bills, car repairs, or utility bills, to get you through to your next paycheck.
If approved online at ACE, you can have cash delivered instantly to your debit card if eligible3 or direct deposited to your bank account by the next business day,2 or — depending on your state and if you are eligible — pick up your cash at an ACE store near you!1
If approved for a cash advance in-store, you can walk out with cash in hand that day.
Yes, you can apply for a payday loan without a job, but you will need proof of a steady source of income.
The term “cash advance” includes options such as payday loans, credit card cash advances, and cash advance apps. A payday loan is just one type of cash advance that consumers may use to cover emergencies or other unexpected expenses.
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.†
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