Installment Loans

Frequently Asked Questions About Installment Loans

About ACE:

Why choose ACE Cash Express?

We make it easy to obtain cash when you need it most. ACE Cash Express, Inc. is a leading financial services provider, specializing in short-term consumer loans, bill pay and prepaid debit card services, as well as the largest owner operator of check cashing stores in the United States. In business since 1968, ACE Cash Express focuses on serving consumers seeking alternatives to traditional banking relationships by gaining convenient, immediate access to financial services. We have served over 38 million customers.

What is a Credit Services Organization (CSO) and Credit Access Business (CAB)?
Depending on the state, ACE may serve as a lender, CSO and/or CAB. A Credit Services Organization (CSO) is a company that earns compensation by, among other things, helping consumers obtain loans from a lender. A Credit Access Business (CAB) is a type of CSO that helps people obtain Payday, Installment and Title Loans from a lender. CSOs are not lenders and do not make loans.

List of states where ACE Cash Express is the lender:
California*
Delaware
Missouri
New Mexico
South Dakota
List of states where ACE Credit Access LLC is a CAB:
Texas
List of states where FSH Credit Services LLC is a CSO:
Ohio

*Loans will be arranged or made pursuant to Department of Business Oversight Finance Lenders License.

About Installment Loans:

What is an Installment Loan?

An Installment Loan allows you to pay a loan over a longer period of time than a traditional Payday Loan.2 The Installment Loan at ACE allows you to repay the loan in scheduled payments that are substantially equal in amount (last payment may vary slightly). At ACE, an Installment Loan could be repaid early, which may save you interest and CSO fees (where applicable).

How do I apply for a loan?

To apply online, all you need to do is fill out our simple application. ACE's paperless application process is convenient, secure and simple. Make sure you have your social security number and banking information handy while completing the application. You will need this information to complete the loan application. Our simplified application process allows you to fill out and sign your loan documents on your computer without the need to fax unnecessary documentation.

How much can I borrow?

Installment Loans at ACE range from $200 - $5,000.4 If approved, the amount you may borrow will depend upon your income and standard underwriting criteria.

Maximum Loan Amount of $2,000:
Delaware
Missouri
New Mexico
Ohio
South Dakota
Texas
Loan Amounts between $2,500 and $5,000:
California

When will I receive my funds?

If approved, and all information is verified by 6:00 pm Central Time Monday through Friday and 2:00 pm Central Time on Sunday, you will generally receive your money the next business day.1,3 For verification purposes, we may need to contact you by telephone before your loan is funded. Applications received on a weekend or holiday may be verified the next business day due to bank closures.

Do I need to be employed? Can I be retired?

You do not need to be employed, but you need to have some sort of income. You may be self-employed, or receive income from a source other than an employer, but we will require you to have the ability to repay the loan. You may be retired or on disability. The key is to have a source of income.

Application Process:

Is my personal information safe?

ACE Cash Express values your privacy and internet safety. Click here to read our privacy policy.

What do I need to apply for an Installment Loan?

You will need your banking information (bank routing and account number) and your social security number to complete an online application.

Is there any cost to apply for the loan?

No. You will not be charged to apply for an Installment Loan, whether or not you are approved. Plus, every online loan comes with a 72-hour Satisfaction Guarantee. So, if you change your mind about your online loan, just return the principal within 72 hours and pay nothing more.

When will the loan be due?

Installment Loan payments will be due on consecutive pay periods and the term (length) of the loan will vary by state. You will be informed of the payment due dates and amounts if your loan is approved.

Term lengths by state are as follows:

20 biweekly/semi-monthly payments or 9 monthly payments

California Installment Loans up to $3,100: Annual Percentage Rate (APR) may be up to 309.29% and is based on 20 biweekly payments or 9 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

30 biweekly/semi-monthly payments or 14 monthly payments

California Installment Loans greater than $3,100: Annual Percentage Rate (APR) may be up to 224.85% and is based on 30 biweekly payments or 14 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

13 biweekly/semi-monthly payments or 6 monthly payments

Missouri: Annual Percentage Rate (APR) may be up to 443.77% and is based on 13 biweekly payments or 6 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

New Mexico: Annual Percentage Rate (APR) may be up to 547.48% and is based on 13 biweekly payments or 6 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

South Dakota: Annual Percentage Rate (APR) may be up to 606.33% and is based on 13 biweekly payments or 6 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

8 biweekly/semi-monthly payments or 6 monthly payments

Ohio: Annual Percentage Rate (APR) may be up to 513.08% and is based on 8 biweekly payments or 6 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

8 biweekly/semi-monthly payments or 5 monthly payments

Texas: Annual Percentage Rate (APR) may be up to 890.40% and is based on 8 biweekly payments or 5 monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

5 biweekly, semi-monthly, or monthly payments

Delaware: Annual Percentage Rate (APR) may be up to 497.61% and is based on 5 biweekly, semi-monthly, or monthly payments, non-recurring payment authorization, loan funding date and other underwriting considerations.

When will I know whether or not I qualify for a loan?

The online system will notify you if you qualify for a loan upon completion of the application. The information in your application must be verified before funds are deposited into your account. It generally takes less than 1 business day, if all information on the application is correct.1, 3 Verification may not occur on weekends or holidays due to bank closures.

Payments and Cancellation Information:

How do I pay my loan?

While completing your application, you may choose to have a transfer of funds initiated from your bank account on the day the payment is due OR you may choose to send your payments through mail using a check or money order. Please note, you will be charged a higher fee if you choose to send your payments through mail.

Mailing Address (Excluding Ohio):
Installment Loans at ACE Cash Express
1231 Greenway Drive Suite 670
Irving, Texas 75038
Mailing Address for Ohio Installment Loans:
RCL FINANCE, INC.
PO BOX: 638226
Cincinnati, Ohio 45263-8226

If I pay my loan early, how does that affect my finance charge?

If you repay your loan in full at any time, you will only be responsible for accrued interest and fees on the outstanding principal through the date of repayment.

What if I change my mind and decide I do not want the Credit Services and/or loan?

Every online loan comes with a 72-hour Satisfaction Guarantee. So, if you change your mind about your online loan, just return the principal within 72 hours and pay nothing more.

How do I cancel the loan?

You may cancel your loan by sending us a written notice of cancellation or by contacting us at 877-876-2274 to initiate an electronic funds transfer from your account for the amount financed within 72-hour cancellation period. You may cancel this contract, without any penalty or obligation, within 72 hours after the date the contract is signed. The written notice must be postmarked within 3 days of signing the contract.

To cancel your loan or credit services, mail or deliver a signed and dated copy of the cancellation notice, or other written notice, to:

ACE Cash Express
Attn: General Counsel
1231 Greenway Drive, Suite 600
Irving, Texas 75038

1. All loans subject to approval pursuant to standard underwriting criteria. Rates and terms will vary depending upon the state where you reside. 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. Loans in California are made or arranged pursuant to Department of Business Oversight California Finance Lenders License. Loans in Ohio arranged by FSH Credit Services LLC d/b/a ACE Cash Express, CS.900100.000, and made by, and subject to the approval of, an unaffiliated third party lender. Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third party lender.

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. Loan funding requires verification of application information. Depending on ability to verify this information, loan funding may be extended up to two days. All loans subject to approval pursuant to standard underwriting criteria.

4. Loan amounts range from $200 - $2,000 in every state except California. In California, loan amounts range from $2,500 - $5,000.

 

Our credit decision on your application may be based in whole or in part on information obtained from a national database including, but not limited to FactorTrust, Inc., P.O. Box 3653, Alpharetta, Georgia 30023, (678) 306-2260.


Annual Percentage Rate (APR) varies from 65.35% - 1409.36% and is based on state, loan term, loan funding date and other underwriting considerations. Please select the state above for further details on APR.