Ace Cash Express
- Large online established lender. A+ BBB Score.
- Multiple loan options. Physical store fronts too.
- State Licensed. Based in TX. Since 1968.
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Ace is one of the large, established payday companies. They have been in business since 1968 and are state licensed. They offer title loans, prepaid cards, payday loans, check cashing, and installment loans. They have over 1,500 physical storefronts. Their website says they have served over 38 million customers. They make online loans as well as in-person loans
The website is very informative showing which states are eligible for which products as well as displaying licensing information. Ace is a solid choice.
To apply for a Ace Cash Express installment loan you will need,
- Proof of a verifiable source of recurring income payments totaling $900 per month for every state except California. The California minimum income requirement is $3,000 in verifiable deposits per month;
- A checking or savings account that has been open for at least one (1) month;
- A verifiable contact number where you may be reached after business hours;
- Proof that you are at least 18 years old;
- A statement that you are not currently a debtor in a bankruptcy case or do not presently intend to voluntarily file for bankruptcy relief;
- Proof you are a resident of the state in which you are applying for a loan, even if you complete an online application.
To apply for a Ace Cash Express payday loan you will need,
- You must have steady income to qualify for a payday loan.
- You must be able to show a verifiable source of recurring income payments to ensure you will be able to repay your loan.
- You must have a checking or savings account that has been open for at least one (1) month before applying for a payday advance. For those customers who are not on direct deposit, ACE will give a one business day grace period (from payday) to deposit your check.
- You must be able to be contacted after work.
- You must be at least 18 years old to apply for a payday loan.
- You must have a gross income of at least $1,000 per month.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- You must be a resident of the state in which you applying for a loan, even if you complete an online application.
For borrowers who have checking accounts Ace Cash Express will use your routing number to deposit you cash into your account generally with in 24 hours and to receive payments when it is due.
Ace Cash Express specializes in lending to people with less than perfect credit. Unlike banks they do not use traditional credit reporting agencies when reviewing applications. Instead they use non-traditional, unique, credit underwriting guidelines. For example, they focus on direct deposits into your checking account and immediate access to these funds on your payday. This is why they need your bank routing number. Ace Cash Express unlike other payday lenders do not require direct deposit. The majority of their underwriting is trying to verify that you are who you are so they know the pay stubs and bank account information you provide is real. This means that even if you have bad credit or have had a bankruptcy Ace Cash Express can still make you a loan but remember payday loans are relatively expensive and should only be used as emergency short term cash.
Ace Cash Express also has physical storefronts. This means you can start you application online and pick up your cash at the store. This is a neat service for users who live near a Ace Cash Express store.
In July of 2014 Ace Cash Express was fined by the Consumer Finance Protection Bureau for pushing consumers into a cycle of debt via illegal collection tactics. This demonstrates that even state licensed lenders can end up doing illegal activities. The Payday Hound still prefers licensed lenders because at least someone is watching! In the case of Ace they have state and federal groups monitoring their compliance with laws and regulations.
Ace Cash Express is a state licensed lender. We think they are a solid choice for short-term emergency cash.