ACE Cash Express Payday Loans Review: 2020

Ace Cash Express

Ace Cash Express Payday Loan Facts

  • APR: Up to 661%
  • Loan Amount: $50 to $5,000
  • Loan Term: 9 to 35 days
  • Minimum Credit Score: N/A
  • Co-Signer: Not available

  • Fees: 5% of the loan amount
  • Time to Funding: Same day
  • Hard Credit Check: Yes
  • BBB Rating: Not accredited
  • Trustpilot Rating: 4.5 stars

Pros & Cons

Pros 

  • Emergency cash available immediately 
  • Ability to apply online or in-person in many states

Cons

  • Extremely high APR
  • Credit history/score check
  • Must have regular income 
  • Limited loan amounts

About ACE Cash Express Payday Loans and Services

ACE Cash Express has been providing financial services to traditionally ‘under-banked’ populations in need of monetary aid for over fifty years. Founded in 1968 in Denver, Colorado, ACE Cash Express has since moved its headquarters to Irving, Texas with almost a thousand financial services stores operating throughout the country. ACE has served over 38 million people over the years.

The leaders behind ACE Cash Express payday loans and services founded the company to provide a largely underserved population with access to immediate financing without the strict regulations and large minimum loan requirements commonly associated with banks. ACE aims to give its customers a wider array of options for managing their personal finances.

The lender brings in an estimated $475 million in annual revenue and employs thousands of people. JLL Partners acquired ACE in 2006, and the company now works with Metabank, a member of the FDIC, for most financial transactions.

ACE Cash Express is a certified Credit Services Organization (CSO), meaning the company can gain profit from helping clients apply for and maintain loans. It is also a Credit Access Business (CAB), allowing customers to specifically access payday loans and title loans.   

In 2019, the leadership of ACE decided to officially change the corporate name of the company from ACE Cash Express Inc. to Populus Financial Group. 

In this article you’ll learn:

What types of loans does ACE Cash Express offer?

ACE Cash Express specializes in providing short-term financial options like payday loans, title loans, and installment loans. Each type of loan offers customers different benefits.

1. ACE Cash Express Payday Loans

ACE Cash Express payday loans allow employed customers to receive essentially an advance on their next paycheck by providing some basic information along with proof of employment. Payday loans are available on a state-by-state basis. Customers who live in the following states can apply online: California, Florida, Idaho, Kansas, Louisiana, Minnesota, Ohio, or Texas. 

Clients living in Indiana, Missouri, New Mexico, Oregon, South Carolina, Tennessee, and Virginia must visit a local ACE store to apply for a payday loan in person. ACE offers payday loans in varying amounts depending on the client’s state of residence and whether they apply online or in-person. 

2. ACE Cash Express Title Loans

Unlike the other options in this ACE loan review, title loans from ACE Cash Express are not available online in any state and only available in-store in the following states: Arizona, Georgia, Louisiana, New Mexico, Ohio, Oregon, Tennessee, and Texas. 

Customers who completely own their vehicle and hold a title without any liens or other associated loans will qualify. Title loan amounts vary between $100 and $5,000 and term limits are determined on a state by state basis.

3. ACE Cash Express Installment Loans

Installment loans allow customers to repay their loan premium over an extended period of time, though usually for no longer than a six-month period. ACE Cash Express offers installment loans from $50 to $5,000 to customers living in California, Delaware, Missouri, New Mexico, Ohio, and Texas. Applications can be submitted online.

ACE Cash Express Loans Terms and Rates

The terms and rates for ACE Cash Express payday loans, title loans, and installment loans vary according to the type of loan applied for, the customer’s unique financial situation and the state in which the customer lives. 

Loan Terms

Unlike installment loans or title loans, payday loans are specifically intended to be paid on the same date that the customer receives his or her next paycheck. ACE Cash Express offers payday loans for periods from 9 to 35 days according to the customer’s specific payment schedule. The latter types of loans vary in term length from very short-term, like a payday loan, to several months. 

Because each type of loan accrues daily interest according to the agreed-upon APR, receiving a loan for a shorter-term period is generally less costly than paying for a loan over a longer period of time. However, some customers may be able to apply for a loan with a longer repayment period for a lower APR, ultimately saving money.

Loan Amounts

ACE Cash Express offers loans between $50 and $5,000. The loan amount a customer qualifies for depends on the type of loan being requested and the customer’s financial situation. ACE Cash Express payday loans, for example, are usually issued up to the amount of the customer’s next expected paycheck. A title loan can be taken out up to the value of the title being used for collateral. A client’s credit history may also impact eligible loan amounts.

Loan Fees

The specific fees a customer must pay for an ACE Cash Express loan depend on the type of loan that was applied for and the specific financial situation of the client. Payday loan customers can expect to pay a set $25 CSO fee per $100 borrowed. Some customers may qualify for a discount on the CSO fee if they sign up for automatic ACH payments, have a good credit history, or have established regular pay frequency with ACE in the past.

See The Best Personal Loans with No Origination Fee

Loan Rates

The APR of ACE Cash Express loans is determined by the type of loan, its repayment period, and the state of residence of the applicant. According to our ACE loan review, Payday loans carry the highest interest rates and shortest repayment periods. Payday loan customers will ultimately pay an APR made up of a 10% fee to the lender and a set $25 CSO fee per every $100 lent so that a $1,000 loan taken out over a 14-day period will cost a customer $1,253.81 at an APR of 662%

A minimum fee of $7.50 or 5% of the loan amount is added to the amount due when payments are made more than ten days late. A $30 returned check fee will apply for any returned check or electronic payments not successfully completed. APR rates for most ACE loans are fixed-rate, not variable.

Paying off a loan early could result in a decreased CSO fee and overall APR if the customer lives in any eligible state other than Texas. In Texas, paying off the loan early can lower the amount of interest paid to the lender, but not the CSO fee. No prepayment fee applies in any state.

Loan Refinancing

ACE Cash Express payday loans, title loans, and installment loans can be refinanced in some states. Refinancing a loan when interest rates are low can benefit a client by decreasing the amount of total interest paid on the loan. Refinancing fees apply. 

Customers who applied online should log into the ACE website to check if their loan is eligible for refinancing. Customers who submitted loan requests in-person should visit their nearest ACE location to see if they can refinance their loan.

Time to Funding

If approved for a loan, most ACE Cash Express clients can expect to receive their loan amounts within 24 hours of submitting the application. Customers applying for a loan in-store can be paid on the same day. Customers applying online must usually wait for the next business days for funds to be deposited electronically into their bank account.

72-hour Satisfaction Guarantee

All ACE Cash Express payday loans, title loans, and installment loans are covered by a 72-hour satisfaction guarantee. If a customer takes out a loan and decides to cancel the contract within 72 hours of signing the contract, the customer can return the funds received without paying any further fees. Loan cancellation can be done in-person, online, or by mail.

ACE Cash Express Loan Requirements

ACE Cash Express was created with the mission of providing financial services to customers who do not have easy access to more traditional forms of banking. Clients with poor credit or no credit history are welcome to apply for loans through ACE.

Eligibility Requirements

The specific eligibility requirements for each loan vary according to the type of loan, the terms requested, the customer’s financial background, and the state in which the transaction is taking place. Applicants must undergo a credit check when submitting their final loan application.

All applicants for an ACE Cash Express loan will be required to provide the following information:

  • Valid Social Security Number (SSN) or Individual Taxpayer Number (ITN)
  • Bank account number
  • Proof of regular income
  • Email address (if applying online)

To receive ACE Cash Express payday loans, installment loans or title loans, applicants must be at least 18 years old, not currently involved in any bankruptcy filings and not a current member of the military. 

Repayment Terms

The terms of repayment for ACE Cash Express loans are agreed upon when signing the loan contract. ACE does not report a customer’s repayment of a loan to the major credit bureaus.

Due Dates

Payday loans are due on the date the customer receives his or her next paycheck, while title loans are generally repaid over a longer period of time. Installment loans are paid via a set number of payments determined when applying for the loan.

Early Repayment

Early repayment of loans is possible in every state without incurring any early payment fees. According to our loan review, the effect of paying an ACE loan early varies according to the state in which the loan was issued. 

Accepted Methods of Payment

Payments can be made online or in-person at the same store where the loan was issued. Customers who would like to request an extension of their repayment period can do so once in every 12 month period.

The Customer Experience

ACE Cash Express puts the satisfaction of its clients first. Customers with questions or concerns about ACE Cash Express payday loans or other services can visit an ACE location in-person or contact customer service by phone or email:

Contact Information

Payday Loans

  • Phone: (866) 355-6815

Installment Loans

  • Phone: (877) 876-2274

Title Loans

  • Phone: (877) 769-2172

Email Address

  • InternetOps@acecashexpress.com

Mailing Address (Headquarters)

1231 Greenway Drive, Suite 600

Irving, TX 75038

Customer Feedback 

As a major player in the financial services market for over 50 years, ACE Cash Express has thousands of customer reviews. 

Trustpilot

Customers have reviewed ACE Cash Express payday loans on Trustpilot, awarding the company 4.5 stars (out of 5) and an Excellent rating. With over 9,000 reviews, customers on Trustpilot say: 

  • “Great experience and great service.”
  • “Easy and affordable.”
  • “Support Team Operators are Fast and Friendly … Ace is that Way!”

Better Business Bureau

The Better Business Bureau (BBB) has given ACE Cash Express an A+ rating, though ACE is not officially BBB accredited. Customers on BBB give ACE just over a one-star review (out of five). According to BBB reviews, Customers complain about:

  • Being charged multiple times
  • Having their credit history checked repeatedly
  • Being overcharged

Loan Review Summary 

ACE Cash Express payday loans, title loans, and installment loans offer customers many pros and cons, including:

ACE Cash Express has provided millions of customers with money when they needed it most. It can be a great option for subprime borrowers who may not be able to receive another loan quickly or through traditional means. However, due to the high APR, failing to repay an ACE loan on-time or in a short period of time can be very costly. 

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