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If you're considering using Ace Cash Express for your financial needs, understanding the latest ace cash express reviews is crucial for making an informed decision. Ace Cash Express has been a financial service provider for over five decades with a strong presence across the United States, operating more than 750 store locations . The company also offers online services in 11 states . This report aims to provide a comprehensive and unbiased analysis of Ace Cash Express by examining customer reviews and available information. The goal is to help readers determine if the services offered meet their individual financial requirements.
Ace Cash Express offers a variety of financial services to meet different needs. These include:
Each service has specific terms, rates, and factors that potential customers should carefully consider.
Payday Loans: Terms and Considerations
Payday loans from Ace Cash Express are short-term financial solutions designed to cover expenses until the next paycheck. These loans typically involve smaller amounts, ranging from $100 to $1,000, with limits often set by state regulations. Repayment is usually expected within two weeks, aligning with the borrower's pay cycle.
It's important to be aware of the very high Annual Percentage Rates (APRs) associated with payday loans from Ace Cash Express and similar lenders. These rates can frequently exceed 391% and may even go above 600%. Finance charges can range from $15 to $30 for every $100 borrowed. The availability of these loans, both online and in stores, can vary by state. The significant cost of payday loans is a key factor to understand and carefully evaluate before using this service.
The consistently high APRs reported by various sources highlight the substantial financial burden these loans can create. This high cost carries a considerable risk of borrowers becoming trapped in a cycle of debt. The combination of short repayment periods and high interest rates often makes it difficult for borrowers to repay the full loan amount plus fees. This can lead to loan extensions or "rollovers," resulting in additional fees and increased overall debt.
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Installment Loans: Repayment and Eligibility
Installment loans at Ace Cash Express provide an alternative to payday loans with a longer repayment period. These loans are structured with regular payments, typically of equal amounts, over a set duration. Similar to payday loans, the availability of online and in-store installment loans depends on state regulations. While the extended repayment might seem more manageable, it's important to know that installment loans from Ace Cash Express can still have high APRs, with some reports indicating rates up to 630%. Therefore, despite the longer repayment, the total cost of borrowing can still be significant, requiring careful review of terms and interest rates.
Title Loans: Risks and Requirements
Ace Cash Express offers title loans, which are secured loans using a borrower's vehicle as collateral. The lender holds the vehicle's title as security while the borrower receives the loan amount. Title loans are generally available in-store, with availability and loan amounts varying by state. Texas is an exception, where higher title loan amounts may be offered. A crucial aspect of title loans is the substantial risk involved. Failure to repay the loan and associated fees can lead to the lender repossessing the vehicle. This potential loss of a valuable asset makes it vital for borrowers to be certain of their ability to meet repayment obligations.
Check Cashing Services: Convenience and Fees
Ace Cash Express offers check cashing services, providing a convenient option for those without traditional bank accounts or needing immediate access to funds. Cashing a check typically requires a valid, government-issued ID. This service can be especially helpful when banks are closed or unable to cash certain types of checks. The official Ace Cash Express website features positive feedback for their check cashing, often with testimonials praising the ease and efficiency. While convenient, customers should be aware that fees usually apply to check cashing services at Ace Cash Express. The exact fee structure isn't detailed in the provided information, but it's common for such providers to charge a percentage of the check amount or a flat fee.
Prepaid Debit Cards: ACE Elite™ Visa® and Porte Mobile Banking
Ace Cash Express offers the ACE Elite™ Visa® Prepaid Debit Card, which includes potential cash back rewards and the possibility of receiving direct deposits up to two days early. Cardholders may also have no-fee withdrawal options at ACE Cash Express locations, up to $100 per day with direct deposit. The card also offers an optional savings account with a tiered Annual Percentage Yield (APY), featuring a 5% APY on balances up to $1,000. However, the ACE Elite card has monthly fees ranging from $5 to $9.95, depending on direct deposit setup. Additional fees may apply for various transactions, including ATM balance inquiries and withdrawals.
Ace Cash Express may also be associated with Porte Mobile Banking. Porte offers a Visa debit card, cash back opportunities at retailers like Dunkin Donuts, Starbucks, and Hulu, and a high-yield savings account with a 3% APY on balances up to $15,000 for those with direct deposit. Porte also advertises overdraft protection .
Customer reviews for Ace Cash Express show a mix of experiences. Positive feedback often highlights in-person interactions, while negative feedback frequently concerns loan costs and customer service issues, particularly online or via phone.
Many customers have reported positive experiences at Ace Cash Express stores, highlighting:
Despite positive in-store experiences, many customers have expressed concerns, including:
The Consumer Financial Protection Bureau (CFPB) has taken enforcement actions against Ace Cash Express, indicating concerns about the company's practices.
These regulatory actions highlight a history of potentially problematic practices and can impact consumer trust.
When considering financial service options, it's helpful to compare Ace Cash Express with other available alternatives.
Table 1: Comparison of Ace Cash Express with Alternatives
| Feature | Ace Cash Express | Cash Advance Apps | Traditional Banks/Credit Unions |
|---|---|---|---|
| Payday Loans | Available in-store and online (state-dependent); Very high interest rates (typically near 400% APR or higher) | Not typically offered in the same structure | Offer personal loans, often with much lower interest rates, but may require good credit |
| Installment Loans | Available in-store and online (state-dependent); Can have high APRs (up to 630% reported) | Some apps offer installment-like features with smaller amounts | Offer installment loans with varying terms and rates, generally lower than ACE |
| Check Cashing | Available; Fees apply (amount varies) | Not typically offered | Usually free or low-cost for account holders |
| Prepaid Cards | ACE Elite™ Visa® Prepaid Debit Card and potentially Porte Mobile Banking; Monthly fees and other transaction fees apply | Not typically offered | Offer prepaid cards with varying fee structures, generally more transparent |
| Regulatory Scrutiny | Subject to multiple enforcement actions by the CFPB for debt collection and lending practices | Generally less scrutiny, but some regulations apply | Highly regulated by federal and state authorities |
| Customer Service | Mixed reviews; Positive in-store experiences often reported, but concerns exist regarding online and phone support, as well as issue resolution | Varies by app; often relies on digital support | Typically offer more comprehensive customer support through various channels |
In conclusion, Ace Cash Express offers a range of financial services. Customer reviews indicate both positive and negative experiences. The company is often praised for its friendly and efficient in-store staff, especially for services like check cashing. However, there are significant concerns about the high costs of their loan products. The company also has a history of regulatory actions related to debt collection and lending practices. Additionally, there are reported issues with their prepaid card services and customer support.
Before choosing to use Ace Cash Express, potential customers should carefully consider several key factors:
While Ace Cash Express can offer quick access to funds, potential customers must weigh the convenience against the potential financial risks and the company's track record.
Many customers highlight the quick and efficient service, especially for check cashing transactions, often mentioning that staff members make the process fast and easy.
While individual employee names and general positive comments are frequent, specific store locations aren't consistently highlighted for exceptional service across multiple reviews. However, positive experiences are reported across various regions.
Users have reported problems such as difficulties with the mobile app freezing, login issues, and instances of accounts being closed or funds being withheld.
Comparably data suggests that Ace Cash Express ranks favorably against competitors like LendUp, Cash America, and Advance America in areas such as product quality, net promoter score, and customer service ratings.
The ACE Elite card can have various fees, including monthly fees, ATM withdrawal fees, balance inquiry fees, reload fees, and even inactivity fees. The specific fees can depend on the chosen plan.
You can add money to the ACE Elite card through direct deposit, online transfers from another ACE Elite card, and mobile check deposits without a fee. However, reloading at other retail locations may incur a fee.
While the exact APR varies by state and loan terms, payday loans at Ace Cash Express often have very high APRs, sometimes exceeding 391% and even reaching over 600%.
Yes, with qualifying direct deposit, ACE Elite cardholders may have access to no-fee cash withdrawals up to $100 per day at participating ACE Cash Express locations. Porte Mobile Banking also offers fee-free withdrawals at MoneyPass ATMs.
Porte Mobile Banking offers features like a Visa debit card, cash back rewards at select retailers, and a high-yield savings account. It also advertises no monthly fee with qualifying direct deposits.
Ace Cash Express has recently teamed up with Homes For Our Troops to support veterans . They have also announced a new corporate identity as Populus Financial Group.
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