This is a review of Ace Cash Express Pay Day Loans; the review seeks to find out whether Ace Cash Express offers pay day loans to unemployed or disabled people on benefits. Ace Cash Express boasts loans of up to $1000 when you need it most, you fill out the online application and no faxing is required.
There is a fast online approval process; once you’re approved a helpful representative will call to let you know of the outcome and what choices you now have. If you’re successful you can pick up the cash at any local stores or you can have it deposited into your checking account. The company also claims that bad credit is OK and that every circumstance is considered.
What Do Ace Cash Express Offer?
Ace Cash Express offers payday loans, installment loans, title loans, prepaid debit cards, auto insurance, money transfers and bill payments. In this review we will concentrate on the Payday loan service it offers. The company loans up to $1000 when you need it most, the real amount depends on your state residence.
Ace Cash Express has been in business since 1968 and is one of the largest owner operators of check cashing stores in the United States. To be eligible for a payday loan you need to make at least $1000 a month, you need to be a US citizen and at least 18 years of age; you also need a checking account. If you’re a member of the military or have filed for bankruptcy you will not be eligible for an online payday loan.
What is the Interest Rate on Pay Day Loans?
Interest rates and charges vary between States, you need to check that a service is available in your State and what they charge before you even consider taking out a loan. If you’re planning on taking out a payday loan in Alabama then the maximum that you can take out is $500, the fee rate is 17.5% and the fee amount will be $87.50, you will be paying back $587.50 which represents a 456.25% APR on a 14 day term.
What Are The Charges on the Pay Day Loans?
If you fail to make the payment of the due date there are financial implications, you will be assessed with a returned item charge if any electronic payment is returned unpaid, there may be collection activity to get the money back. Ace Cash Express do not currently report loan activity to the three major credit bureaus, however the information will be kept on FactorTrust.
Loans are not automatically renewed, renewals are available depending on what State you reside in, you might be able to renew any pay day loans and pay any charges by logging into your account.
Do Ace Cash Express Offer Loans to Disabled People?
Ace Cash Express do not openly state that they offer loans to disabled people on benefits, they require that you have recurring income of $1000 to be eligible for a payday loan. If you’re in receipt of benefits and the total income exceeds $1000 then you should be able to apply for the payday loans for people on benefits.
Do ACE Loan to Unemployed People?
Again there is no explicit explanation on whether Ace Cash Express offer any bespoke services to unemployed people on benefits, again it only says that you need recurring income of $1000 or more, if you’re getting benefits which exceed this amount then you may be eligible for the loan.
Do ACE Offer Loans to People on Benefits?
Although I could not find an explicit statement it seems as though people on benefits can apply for loan as long as they have a recurring income of $1000 or more. As long as the other requirements are met you should be able to apply.
Verdict
The online service offered by Ace Cash Express is very hard to navigate, it’s very hard to find out what fees and interest rates are charged and in some States no service is available, having said that the interest rates on offer are very competitive.
There is a lot of ambiguity surrounding loans for people on benefits, while some pay day loans companies openly offer loans to people on benefits Ace Cash Express only state that you need a recurring income of $1000 or more which implies that benefit payments may be accepted.
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