ACE Cash Express gives you cash fast, but what’s the catch?
One of my biggest complaints about payday loans and cash advance shops, besides the sky-high interest rates, is that they always seem to push you into a loan. It’s basically the only service they offer so if you’re not there for a loan, you might as well leave.
Part of my job as a blogger is to keep track of different options people have and I just came across one loan website that is much more than an online payday lender.
I don’t know how I missed it, the company has been around since 1968.
And it’s one of the few to offer services that won’t put you in the poorhouse and won’t push you into an expensive loan.
With more than 950 locations in 23 states, ACE Cash Express is one of the largest payday lenders in the United States. What you might not realize is that they offer more than payday loans which can be a better option if you need money fast and have some collateral to put up in exchange for a smaller interest rate.
Besides loans, Ace Cash Express offers a full range of 11 services to help you manage your money.
Is ACE Cash Express Legit?
ACE Cash Express is a legit money lender that specializes in the following products:
- Payday loans
- Installment loans
- Title loans
- Check cashing
- Money orders
- Money transfers to over 200 countries
- High-yield Flare checking account
While payday loans might be the ‘bread and butter’ of ACE’s business model, they do far more than what initially meets the eye.
If you only have a 600 credit score, ACE can easily be your only financial hub when you need to borrow small amounts of money or deposit your paycheck. Traditional banks aren’t going to give you a loan and even some of the peer-to-peer sites might not approve your loan.
I’m not saying you shouldn’t try other loan options before getting a payday loan. In fact, I’ve said about a million times on the blog that payday and cash advances should be your last option.
If your credit score is too low for a p2p loan and you can’t borrow a little from family to get you over, the fees on a payday loan are still better than late fees on bills and destroying your credit.
Let’s look at some of the services available from Ace Cash Express.
ACE Cash Express Payday Loans
Always remember that payday loans should be your last resort because your loan’s APR can easily exceed 500% once you factor in all the payday loan service fees. If you are in an absolute bind, a payday loan from ACE Cash Express might be your only option when you need money today instead of tomorrow.
ACE offers online applications but depending on your state’s payday loan laws, you might only be able to apply in-person. Regardless, you must meet these minimum qualifications to be approved:
- At least 18 years old
- A steady source of recurring monthly income (usually $1,000 or more)
- Not currently a debtor in a bankruptcy case or planning on filing for bankruptcy
- Not a regular or reserve member of the Armed Forces
Each state has different loan limits, but you can generally borrow between $200 and $2,000 and the amount will be due at your next paycheck.
Instead of applying for a payday loan, you might try applying for a title loan if you have an automobile that can be used as collateral. Although ACE Cash Express will keep your car if you don’t make your payments, your interest rate will be significantly lower.
72 Hour Loan Cancellation Guarantee
All ACE Cash Express loans come with a 72-hour cancellation guarantee. If your loan is approved at 2 pm on a Monday, you have until 2 pm on Thursday return your cash penalty-free if you change your mind.
You might be required to fill out some paperwork when you return the cash, but it’s better than many other payday lenders that charge you interest on day one.
ACE Flare Account
One of the most interesting products of ACE Cash Express is the ACE Flare Account which can pay you up to 6% interest when you sign up for direct deposit.
You will earn 6% APY on the first $2,000 deposited in your Flare Account. After that, you earn 0.50% APY on every dollar beyond the initial amount. Compared to regular checking accounts that pay next to nothing, the Ace Cash Express account is an excellent way to manage your money and you get a debit card to use against the balance.
Some of the other benefits of the Flare account include:
- Up to $400 cash withdrawal per day
- Free overdraft protection
- Receive your paycheck or benefits up to two days sooner
Check Cashing and Money Orders
Approximately 10 million American households don’t have a bank account. Although PayPal and Venmo make it easy to store your cash without a bank account, there are still times you have to cash a paper check or send a money order.
Many other check cashing places only cash payroll checks and government checks, but ACE Cash Express still cashes personal checks which are too risky for most others, including Walmart.
You can also send a money order up to $1,000 for at least 89 cents which is also very reasonable if you send money orders. Both services must be completed in-store and you might have to pay some additional local fees that aren’t listed on the ACE Cash Express website.
Pros of Ace Cash Express
- 11 money services besides online payday loans
- High-interest checking account
- Cashes personal checks
- Money transfers
Ace Cash Express Complaints
- Online loan application only available in a handful of states
- All loans are still more expensive than regular bank loans or P2P loans
What To Do Before You Apply For a Payday Loan
ACE Cash Express is a legit lender for payday loans, but you should consider some payday loan alternatives first:
All three of these loans offer lower interest rates and longer repayment terms. What makes payday loans so expensive is when you keep renewing them or applying for them each month. While the fees on a one-time $400 loan might not break the bank if you pay it back in 14 days, those additional fees add up over the course of a year as that’s money you can save or invest to escape living paycheck-to-paycheck.
You should also ask yourself these two questions:
- Why do I need this loan?
- Can I get by without this loan?
Even if you decide you don’t need a loan, you still might want to check out the other services on Ace Cash Express. Money transfers are less expensive than competitors and the checking account pays the highest interest rate I’ve seen. ACE Cash Express is best for title loans that require collateral for a lower interest rate and their high-yield bank account to earn 6% on your deposit can be an easy way to earn a return on your savings.