About Installment Loans
- What is an installment loan?
An installment loan allows you to pay a loan over a longer period of time than a traditional payday loan.1 Installment loans at ACE allow you to repay the loan in scheduled payments that are substantially equal in amount (last payment may vary slightly). At ACE, you can choose to repay early without penalty, which may save you money on interest and fees.
- Are installment loans available in my state, and if so, how much can I borrow?
Installment loans are available online or in-store in the states below.
Minimum and maximum loan amounts vary by state. If approved, the amount you may borrow will depend upon your income and standard underwriting criteria.2
Delaware: $100 - $2,000
Florida: $100 - $1,000
Missouri: $100 - $2,000
New Mexico: $100 - $2,000
Texas: $100 - $2,000
- Can spouses have separate loans?
Yes. Each customer is treated individually, and a spouse can apply separately for a loan.
- What do I need to apply for an installment loan?
- You do not have to be employed but you must have a steady source of recurring income payments to ensure you will be able to repay your loan.
- You must reside in the state you choose for your loan application.
- You must be at least 18 years old.
- You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief.
- You must not be a regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty under a call or order that does not specify a period of 30 days or fewer or a dependent of a member of the Armed Forces on active duty.
If applying online:
- You must provide a valid Social Security Number or Individual Taxpayer Identification Number.
- You must provide a valid email address.
- You must have a checking or savings account that has been open for at least one month.
- You must be able to be contacted via phone if verification of application information is necessary.
If applying in-store:
- You must bring a valid government issued photo ID. A Social Security Number and an email address may be required.
- You must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
- How do I apply for a loan?
To apply online, all you need to do is fill out our simple application. ACE's paperless application process is convenient, secure and simple. Our simplified application process allows you to fill out and sign your loan documents on your computer without the need to fax unnecessary documentation.
You can also apply for an installment loan at certain ACE store locations. Just use the store locator to find a store near you, and apply in person. If you are approved, you can walk out with cash in hand.2
- Do I need to be employed? Can I be retired?
You do not need to be employed, but you need to have some sort of recurring income. You may be self-employed or receive recurring income from a source other than an employer such as retirement or disability income, but we will require you to have the ability to repay the loan. The key is to have a recurring source of income.
- Do I need collateral to apply for a loan?
No collateral is necessary or accepted.
- Is there any cost to apply for the loan?
No. You will not be charged to apply for a loan, whether or not you are approved.
- How will I know if I am approved? When will I receive my funds?
You will receive a decision immediately following completion of your application. If approved by 6:00 PM Central Time on Monday – Friday for weekday applications, and by 2:00 PM Central Time on Sunday for weekend applications, you will generally receive the money the next business day.3
For verification purposes, we may need to contact you by telephone before your loan is approved. Applications received on a weekend or holiday may be verified the next business day due to bank closures.
You will be notified of the loan decision immediately following completion of your application. If you are approved, you will immediately receive your approved loan amount in cash.3
- Will I need a fax machine to apply for a loan?
No. ACE Cash Express requires no faxing of documents as a part of the loan application.
Will applying for an installment loan impact my credit?
- ACE Cash Express may obtain information from a non-traditional consumer reporting agency and the inquiry may affect your overall credit profile with the applicable agency, but it will not impact your FICO® score.
- What is a FICO® score?
- A FICO Score, created by Fair, Isaac and Company, is a type of credit score used by some lenders to help them make credit-related decisions. FICO Scores are based solely on the information in consumer credit reports maintained by the three major credit bureaus — Experian, Equifax and TransUnion. By comparing your credit information to the patterns in hundreds of thousands of past credit reports, a FICO Score estimates your level of future credit risk.
Hard credit report inquiries to Experian, Equifax and TransUnion can negatively affect your FICO Score, especially if there are many in a short amount of time. At ACE Cash Express, we may obtain information from a non-traditional consumer reporting agency and the inquiry may affect your overall credit profile with the applicable agency, but it will not impact your FICO score.
Payments and Cancellation Information
- When will the loan be due?
Installment loan payments will be due on consecutive pay periods. The number of payments and the term (length) of the loan will vary by pay frequency. You will be informed of the payment due dates and amounts if your loan is approved.
Colorado, Louisiana, and Oklahoma customers, please visit your store for information about number of payments and term (length) of the loan.
- How and when can I pay back?
While completing your application, you may choose to have a transfer of funds initiated from your bank account on the day the payment is due OR you may choose to send your payments through mail using a check or money order. Please note, you may be charged a higher fee if you choose to send your payments through mail. You can also make payments in-store or online.
Mailing Address:Installment Loans at ACE Cash Express
300 E. John Carpenter Fwy, Ste. 900
Irving, Texas 75062
If mailing in payment, please give at least 2-3 business days prior to your due date for the payment to arrive.
You should pay each of your installments in the store where the loan was originated with cash on or before each due date.
You will not be penalized for making an early payment.
In Ohio, New Mexico, Missouri, and Virginia you can set up auto-pay to automate your payments.
- If I pay off my loan early, how does that affect my finance charge?
If you repay your loan in full at any time, you will only be responsible for accrued interest and fees on the outstanding principal through the date of repayment.
- What if I change my mind and decide to cancel my loan?
Loans at ACE comes with a 72-hour satisfaction guarantee. So if you change your mind about your loan, just return the principal within 72 hours and pay nothing more.
In Ohio and Virginia, you have until 5:00 PM Central Time on the third business day after receiving your funds to cancel your loan. For example, if you take out a loan on Monday, you have until 5:00 PM Central Time on Thursday to cancel your loan.
You can also mail or deliver a signed and dated copy of the cancellation notice provided with your Credit Services Agreement, or other written notice, to:ACE Cash Express
Attn: General Counsel
300 E. John Carpenter Fwy, Ste. 900
Irving, Texas 75062
You will need to include your name and loan number. Once we receive your notice, we will transfer the principal directly from your bank account. The written notice must be postmarked within 3 days of signing the contract.
To cancel the loan, you must return the proceeds from your loan to the store where your loan was originated. Depending on your state, you may also be required to sign a cancellation notice that was provided to you at the time of approval.
- Why choose ACE Cash Express?
We make it easy to obtain cash when you need it most. Since 1968, ACE Cash Express has opened its doors to customers looking for financial services. ACE Cash Express delivers a broad range of financial products and services including short-term consumer loans, card services, check cashing, money transfers, bill payments and money orders.
- What is a Credit Services Organization (CSO) and Credit Access Business (CAB)?
Depending on the state, a Credit Services Organization (CSO) is a company that earns compensation by, among other things, helping consumers obtain loans from a lender. A Credit Access Business (CAB) is a type of CSO that helps people obtain payday and title loans from a lender. CSOs are not lenders and do not make loans. ACE Credit Access LLC is a CSO and a CAB that helps consumers obtain loans from an independent third-party lender.
List of states where ACE Cash Express is the lender:Colorado
List of states where ACE Credit Access LLC is a CSO and a CAB:Texas
- Is my personal information safe?