The terms and rates for ACE Cash Express payday loans, title loans, and installment loans vary according to the type of loan applied for, the customer’s unique financial situation and the state in which the customer lives.
Loan Terms
Unlike installment loans or title loans, payday loans are specifically intended to be paid on the same date that the customer receives his or her next paycheck. ACE Cash Express offers payday loans for periods from 9 to 35 days according to the customer’s specific payment schedule.
Because each type of loan accrues daily interest according to the agreed-upon APR, receiving a loan for a shorter-term period is generally less costly than paying for a loan over a longer period of time. However, some customers may be able to apply for a loan with a longer repayment period for a lower APR, ultimately saving money.
Loan Amounts
ACE Cash Express offers loans between $50 and $5,000. The loan amount a customer qualifies for depends on the type of loan being requested and the customer’s financial situation. ACE Cash Express payday loans, for example, are usually issued up to the amount of the customer’s next expected paycheck. A title loan can be taken out up to the value of the title being used for collateral. A client’s credit history ounts.
Loan Fees
The specific fees a customer must pay for an ACE Cash Express loan depend on the type of loan that was applied for and the specific financial situation of the client. Payday loan customers can expect to pay a set $25 CSO fee per $100 borrowed. Some customers may qualify for a discount on the CSO fee if they sign up for automatic ACH payments, have a http://paydayloansohio.net/cities/dover good credit history, or have established regular pay frequency with ACE in the past.
Loan Rates
The APR of ACE Cash Express loans is determined by the type of loan, its repayment period, and the state of residence of the applicant. According to our ACE loan review, Payday loans carry the highest interest rates and shortest repayment periods. Payday loan customers will ultimately pay an APR made up of a 10% fee to the lender and a set $25 CSO fee per every $100 lent so that a $1,000 loan taken out over a 14-day period will cost a customer $1, at an APR of 662%.
A minimum fee of $7.50 or 5% of the loan amount is added to the amount due when payments are made more than ten days late. A $30 returned check fee will apply for any returned check or electronic payments not successfully completed. APR rates for most ACE loans are fixed-rate, not variable.
Paying off a loan early could result in a decreased CSO fee and overall APR if the customer lives in any eligible state other than Texas. In Texas, paying off the loan early can lower the amount of interest paid to the lender, but not the CSO fee. No prepayment fee applies in any state.
Loan Refinancing
ACE Cash Express payday loans, title loans, and installment loans can be refinanced in some states. Refinancing a loan when interest rates are low can benefit a client by ount of total interest paid on the loan. Refinancing fees apply.
Customers who applied online should log into the ACE website to check if their loan is eligible for refinancing. Customers who submitted loan requests in-person should visit their nearest ACE location to see if they can refinance their loan.