About Payday Loans
- What is a payday loan and how does it work?
Payday loans are short-term loans designed to help you pay for immediate expenses. The loan balance is due in full on your next payday.
If you need quick cash and you have a steady source of income, a payday loan could be an option for you. ACE does not require traditional credit checks, and you may be able to apply online or in-store. Payday loans can help you cover overdue utility bills, unexpected car repairs and other emergency expenses.
To apply for a payday loan online, all you need to do is fill out a simple online application, and sign a few forms online. This easy process only takes minutes. If you are approved, you could pick up the money in-store or have it deposited into your bank account the next business day.1,2 On your next payday, your account will be automatically debited for the amount you owe.
You can also apply for a payday loan at certain ACE store locations. Just use the store locator to find a store near you, and apply in person. If you are approved, you can walk out with cash in hand.1
You should pay off your loan in the store where the loan was originated with cash on or before due date.
- Are payday loans available in my state? How much can I borrow?
Payday loans are available online and in-store in the states below.
Minimum and maximum loan amounts vary by state. If approved, the amount you may borrow will depend upon your income and standard underwriting criteria.
California: $100 - $255
Florida: $100 - $500
Indiana: $50 - $605
Kansas: $100 - $500
Louisiana: $100 - $300
Minnesota: $100 - $500
Missouri: $100 - $500
New Mexico: $100 - $300
Ohio: $100 - $1,000 (in most stores; contact your local store for details)
Oregon: $100 - $300
South Carolina: $100 - $550
Tennessee: $100 - $425
Texas: $100 - $1,500
Virginia: $100 - $500
- Can spouses have separate loans?
Yes. Each customer is treated individually, and each spouse can apply separately for a loan.
- What do I need to apply for a payday loan?
- You do not have to be employed but you must have a steady source of recurring income payments to ensure you will be able to repay your loan.
- You must reside in the state you choose for your loan application.
- You must be at least 18 years old.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- You must not be a regular or reserve 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 or a dependent of a member of the Armed Forces on active duty.
If applying online:
- You must provide a valid Social Security Number or Individual Taxpayer Identification Number.
- You must have a checking or savings account that has been open for at least one month. California residents must have a checking account that has been open for at least one month.
- You must be able to be contacted via phone if verification of application information is necessary.
If applying in-store:
- You must bring a valid government issued photo ID. A Social Security Number is not required.
- You must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
- 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. Our simplified application process allows you to fill out and sign your loan documents on your computer without the need to fax unnecessary documentation.
You can also apply for payday loan at certain ACE store locations. Just use the store locator to find a store near you, and apply in person. If you are approved, you can walk out with cash in hand.1
- 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.
- Do I need collateral to apply for a loan?
No collateral is necessary or accepted.
- Is there any cost to apply for the loan?
No. You will not be charged to apply for a loan, whether or not you are approved.
- How will I know if I am approved? When will I receive my funds?
You will receive a decision immediately following completion of your application. If approved by 6:00 PM Central Time on Monday – Friday for weekday applications, and by 2:00 PM Central Time on Sunday for weekend applications, you will generally receive the money the next business day.1,2
For verification purposes, we may need to contact you by telephone before your loan is approved. Applications received on a weekend or holiday may be verified the next business day due to bank closures.
You will be notified of the loan decision immediately following completion of your application. If you are approved, you will immediately receive your approved loan amount in cash.1
- Will I need a fax machine to apply for a loan?
No. ACE Cash Express requires no faxing as a part of the loan application.
Payments and Cancellation Information
- When will the loan be due?
Your payday loan will be due on your next approved payday (loan duration is state-specific). You will be informed of the due date if your loan is approved.
- How and when can I pay back?
The amount you owe will be debited from your bank account on the day your loan is due.
You should pay off your loan in the store where the loan was originated with cash on or before the due date. You will not be penalized for making an early payment.
- If I pay off my loan early, how does that affect my finance charges?
In Texas and Ohio, paying early will not reduce your CSO fee. However, it may reduce the lender interest that accrues on your loan. In states other than Texas and Ohio, paying early may reduce the interest that accrues on your loan.
There is no prepayment penalty in any state.
- What if I change my mind and decide to cancel my loan?
Every loan comes with a 72-hour satisfaction guarantee. So if you change your mind about your loan, just return the principal within 72 hours and pay nothing more.
You can also mail or deliver a signed and dated copy of the cancellation notice provided with your Credit Services Agreement, or other written notice, to:ACE Cash Express
Attn: General Counsel
1231 Greenway Drive, Suite 600
Irving, Texas 75038
You will need to include your name and loan number. Once we receive your notice, we will transfer the principal directly from your bank account. The written notice must be postmarked within 3 days of signing the contract.
To cancel the loan, you must return the proceeds from your loan to the store where your loan was originated within 72 hours of receiving your loan. Depending on your state, you may also be required to sign a cancellation notice that was provided to you at the time of approval.
- Can I refinance my loan?
Depending on your state, you may be eligible to refinance your payday loan.
To refinance, you must return to our website and log in as a returning customer. Next, simply apply to refinance your loan. The system will not allow you to apply if you are ineligible to refinance your loan. If you are approved, we will initiate a debit from your bank account for the fees due. If your due date falls on a Tuesday, Wednesday, Thursday, or Friday, you must complete your refinance application before 7:30 PM Central Time prior to your due date. If your due date falls on a Monday, you must complete your refinance application before 2:00 PM Central Time on Sunday. The cutoff times may be different in case of bank holidays. You may be eligible for a payment plan. Call us at (866) 355-6815 to discuss payment plan options.
Visit your store to discuss refinance options. You may be eligible for a payment plan. Contact your store for more information.
- What happens if I fail to make a timely payment on my loan or credit services transaction?
Failure to make a timely payment on your loan or credit services transaction can have several consequences, including the following:
- Financial Implications – Currently, no past due interest is assessed on any loans you may obtain from us or that we may arrange for you. However, you may be assessed a late fee if you fail to make your payment by a specified period following its due date, and you may be assessed with a returned item charge if any check or electronic payment we submit on your behalf is returned unpaid (late fee and returned item fees vary by state — see your transaction agreements for additional details).
- Collection Activity – We may attempt to collect any delinquent amount through our standard collection practices, which include contacting you by phone, mail, or email. We may also exercise any of our rights under our loan or credit services agreements with you. If we are unable to collect any delinquent amount you may have with us through such actions, we may also sell our debt to a third party debt buyer or engage a collection agency, who may also engage in collection activity with you.
- Impact on Your Credit Score – We do not currently report loan activity to any of the three major credit bureaus (Equifax, Experian or TransUnion). However, we do use alternative credit reporting agencies such as FactorTrust. Failure to make timely payment on your loan may reduce your score with such agencies, and prevent you from receiving credit or other services from a provider that uses such agencies.
- Refinancing a Loan – We do not automatically refinance any of our loans or credit services transactions. Where refinances are available (varies by state), you may refinance your loan or credit services transaction by logging in as a returning customer prior to your due date and applying for a refinance, or by contacting your store for details. In connection with any refinance, you will be required to agree to new transaction agreements for the refinanced transaction. Our standard rates for loans or credit services transactions will be assessed on that refinance (varies by state – see posted fee schedules). You may also call us to discuss payment plan options at (866) 355-6815.
- 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 since 1968.
- What is a Credit Services Organization (CSO) and Credit Access Business (CAB)?
Depending on your state, 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 and title loans from a lender. CSOs are not lenders and do not make loans. ACE Credit Access LLC is a CSO and CAB that helps consumers obtain loans from an independent third-party lender.
List of states where ACE Cash Express is the lender:California
List of states where ACE Credit Access LLC is a CSO and a CAB:Texas
List of states where FSH Credit Services LLC is a CSO:Ohio
- Is my personal information safe?