ACE Cash Express
Our Score
9.1
ACE Cash Express
Our Score
9.1info
1231 Greenway Drive, Suite 600, Irving, TX, 75038 USA
(972) 550-5000
ACE Cash Express
1231 Greenway Drive, Suite 600, Irving, TX, 75038 USA
(972) 550-5000
Our Score
9.1info

Known as the largest owner and operator of franchise check-cashing stores in the United States, ACE Cash Express Incorporated has been in business since 1968. Based in Irving, Texas, and with stores currently operating in 23 states, ACE offers check-cashing and a variety of financial services including money orders, auto insurance, pre-paid phone cards and internet service, and payday loans.

Loan Details

Below you will find the loan terms and details for ACE Cash Express:

Company:
ACE Cash Express
Min Loan Amount:
$200
Max Loan Amount:
$2,500
APR Range:
65% - 1,400%
Loan Term:
14 Days
Approval Time:
Instant
Funding Time:
1 - 2 Days
Time in Business
49 years
BBB Rating*:
*The information displayed may not be current. For the most recent information, please visit http://www.bbb.org. This website/application is not sponsored, endorsed, owned by or affiliated with BBB. The BBB API and Icons are used with permission of the Council of Better Business Bureaus, Inc., Copyright 2016, All Rights Reserved.

General Background

ACE's origins can be traced to Denver, Colorado, where it started out in 1968 as a company called MoneyMart.  Eventually growing to more than 70 check-cashing stores in Colorado and Texas, MoneyMart was acquired by the Associates Corporation in 1984.  Two years later, a group of private investors acquired the cash express division from Associates Corporation, which they renamed ACE Cash Express.  Since then, the company has become synonymous with check-cashing and emergency financial services.

Benefits

The primary benefits of using ACE rest with the simplicity of the application process and the number of services offered, including payday, installment, and title loans.  As ACE does not report to traditional credit reporting bureaus, the application process only takes a few minutes, relying on online credential verification to provide an immediate response to the request.  The loans are unsecured, meaning a borrower does not have to put up anything as collateral against the loan.  In simple terms, a borrower meeting the company's requirements can apply for a loan on 9:00 a.m. on a Tuesday and, upon approval, have the requested funds by the end of Wednesday.  These terms make ACE's offerings very attractive, but a borrower should proceed with caution.

Features

In terms of features, ACE focuses on payday, installment, and title loans while also offering prepaid debit and internet card services.  While payday loans typically have to be paid back within a two-week time period, installment loans can be ideal for borrowers who require more time and favor smaller individual payments.  Borrowers can also use their vehicles to get a title loan, with the appraised value determining how much they can borrow.

Borrowers can apply for loans through ACE's website or by walking into one of its stores.  The website also allows a borrower to make loan payments, find check cashing information, apply for a prepaid debit card, and view the company's privacy policy regarding the sharing of user information.

Safety

As a member of the Financial Services Centers of America (FISCA), ACE lists all applicable fees and charges so a potential borrower does not get ambushed by hidden costs.  ACE also makes a point of informing its customers how its privacy policy works and how a user's personal information gets shared.  The policy also invites users to contact ACE's home office at 800-224-4338 if they have any questions or concerns about the policy.

Requirements/How To Apply

To apply for a loan, the potential borrower needs an active checking account, working phone number, be an 18-year-old U.S. citizen, and have a verifiable source of income.  ACE does not require a potential borrower to have good credit, making its services attractive for anyone in need of a short-term emergency loan.

Borrowers will know almost instantly if they have been approved for a loan, and should receive the requested funds within 48 hours.  Loan terms vary from state to state and typically average 14 days.  On the repayment date, the borrowed amount plus fees and APR interest will automatically be deducted from the borrower's bank account.  If a borrower decides not to enroll in the automatic debit option, a one-day grace period from the payday will be granted for the borrower to deposit a check for the full amount owed.

ACE does not charge past due interest on late payments, and early repayments are encouraged.  However, a borrower can still be hit with $15 to $25 fees for late payments and $10 to $30 for insufficient funds, and the possibility of a delinquent loan going into collections.  Fees and penalties also vary from state to state, which can make calculating the exact amount to be paid back difficult.  The APR rates ACE offers are extremely high, sometimes 63.35 to 1409.36 percent, depending on the state.  Paying back such a high APR along with the loan debt can potentially trap a borrower in a debt cycle, which only heightens the importance of doing thorough research before applying.

Summary

As stated above, the simplicity of use makes ACE's offerings very attractive.  However, a borrower should beware of not being able to meet the repayment deadline or getting stuck in a debt cycle.  A borrower should therefore research all information on fees and terms of a loan before applying.  ACE's website offers borrowers information on the terms of service, how the loans work, and budgeting basics.  Above all else, a borrower needs to consider personal responsibility and all financial options before taking out any loan.

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Our score is based off of
loan features, BBB
ratings, and complaint
data for this company.