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Ace Cash Express Review

Thursday, May 30th

2024 Personal Loan Reviews

Ace Cash Express Review 1.5 Star Rating

Ace Cash Express

1.5 Star Rating
  • Online loans only available in Delaware, Florida, Missouri, Texas
  • Online loan amounts range from $100 to $1,000 or $2,000, depending on location
  • 900 in-person locations across 22 states + DC
  • No application fee
  • 5-month repayment term
  • Interest rates as high as 495.76% APR
  • "A+" rated by the BBB
  • In business for over 50 years
  • Over 38 million customers served

Ace Cash Express is a financial services company known for its diverse range of offerings, including payday loans, installment loans (also known as personal loans), check cashing, and prepaid debit cards. With over 900 locations across 22 states and DC, Ace Cash Express provides convenient access to short-term financial solutions for people facing unexpected expenses or cash flow challenges, catering primarily to those with less-than-perfect credit or those in need of immediate funds.

Mostly a provider of payday and title loans

It's important to understand how limited your options are at Ace Cash Express. First off, you should only use this service if you're okay with using a company that primarily specializes in payday and title loans (industries that are well-known for being, shall we say, less than reputable).

Online personal loans only offered in 4 states

Next, you'll only be able to apply online for a personal loan (typically referred to on this site as an "installment loan" ) with Ace Cash Express if you live in Delaware, Florida, Missouri, or Texas. And, the state you live in will determine how much you can apply for: it's up to $2,000, unless you live in the Sunshine State where the max loan amount is $1,000.

A few eligibility criteria to meet

But, let's say you do live in one of those four states and you want to know more about Ace Cash Express' personal loans. Here's what we can tell you. First, you can opt to have your loans directly deposited to your bank account or available for pickup at a brick and mortar location near you. Either way, you'll need to have proof of a steady source of recurring income (like a job, disability, or retirement) and of a bank account that has been open for at least a month.

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Interest rates are downright scary

Here's where it really gets ugly: Ace Cash Express doesn't mention anything about loan interest rates or repayment terms in any easy-to-find place on their site. We had to turn to Google to find the PDF disclosing some "sample loan rates" and a fee schedule, and we immediately understood why they're not more forthcoming with those little details: your personal loan here will have a 5-month repayment term, and the "sample" interest rates were from 396.54% to 495.76%. They even do the math for you, pointing out that on an example loan of $400, you'd wind up paying back a total of $1,004 and change. Scarier still, our research showed that there are some personal loans here with APRs of a whopping 630%.

Has helped people in desperate circumstances

The only thing saving Ace Cash Express from getting our absolute lowest 1-star rating is the fact that they have an "A+" rating from the Better Business Bureau and more than 8000 5-star reviews on Trustpilot. For people in truly desperate financial circumstances, Ace Cash Express has come through in a pinch.

Not recommended for personal loans

Still, compared with other options on our list (whose maximum interest is a more "reasonable" 35.99% APR), Ace Cash Express doesn't even come close to getting our recommendation. You certainly wouldn't use a loan here to consolidate debt or pay off your credit cards. This is a personal loan option you'd only turn to if you literally couldn't get approved anywhere else, and we don't recommend it for the average person trying to pay off high-interest debt or fund a home improvement project.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

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Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

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