Pros / This lender has lower rates than others in some states.
Cons / It only lends in 19 states.
Verdict / ACE Cash Express is a pretty average payday lender, but in some states, you may be able to get lower rates than are typical in the industry.
ACE Cash Express lends in 19 states, fewer than larger lenders like Check ‘n Go. It has store locations in many of these states and also offers loans online. There’s no difference in the cost of a store loan or an online loan. To apply for either, you need ID, a checking account and proof of income. The main difference is in how quickly you get your money. A store loan can give you your cash immediately, while an online loan can take one to two business days to deposit into your account.
Cost is the most important consideration, and because each state has its own payday loan regulations, ACE Cash Express’ fees depend on where you live. In states that cap how much payday lenders can charge, such as California, it charges that maximum amount – in California it’s $17 per $100 borrowed. Some states, like Wisconsin, have fewer regulations. In those states, we saw ACE Cash Express charge up to $26 per $100 borrowed. This is about average for the more expensive states, though we did see other lenders charge as much as $30 per $100 borrowed.
In some states, ACE Cash Express also offers installment loans. While you can borrow more money with these loans and have longer to pay them back, they are also much more expensive. They have similar costs to payday loans, and the longer term means you often end up paying back a lot more than you initially borrowed. When you factor in all the costs, installment loans are an even worse deal than payday loans.
At store locations, you can take advantage of other financial services, including check cashing, money orders and tax services. ACE Cash Express also offers savings and checking accounts under its Flare brand. Both accounts earn interest, and you can get overdraft protection on the checking account.