Is Ace Cash Express Legit? What You Need to Know About Fees

You need cash fast. Ace Cash Express seems convenient. But how much will it actually cost you?

Check cashing services and payday loans can solve immediate problems. They can also create bigger financial troubles down the road.

Here’s what you need to know about Ace Cash Express.

What Is Ace Cash Express?

Ace Cash Express provides financial services for people without traditional banking access. The company has operated since 1968.

They offer multiple services:

• Payday loans
• Installment loans
• Title loans
• Check cashing
• Bill payment services
• Wire transfers
• Money orders
• Prepaid debit cards

Many of these services come with steep prices. You’ll pay high fees for convenience.

Payday loans offer short-term cash but charge high interest rates. Title loans require your car as collateral. You’ll lose your vehicle if you can’t repay.

How Much Does Ace Cash Express Charge to Cash a Check?

Ace Cash Express charges a percentage of your total check amount. The exact fee varies by state and check type.

Here’s what you can expect to pay:

• Personal checks: 2% to 6%
• Government checks: 2%
• Money orders: up to 10%
• Minimum fee: $5 regardless of amount

You’ll need to find a location near you for exact pricing. Fees differ based on your state’s regulations.

The Check Cashing Verification Process

Ace Cash Express uses multiple steps to verify your check. You can’t just walk in and cash it immediately.

The process requires several steps:

• Show a valid government-issued ID
• Sign the check in front of an employee
• Match your signature to your ID
• Electronic scanning and verification

The company may contact the check issuer directly. They also use third-party verification systems to confirm authenticity.

Managing Your Ace Cash Express Account

Existing customers can access their accounts online. The company maintains separate logins for each service type.

You can reach customer service by calling 866-ACE-CASH. Each store also has its own contact information available online.

The company operates 850 locations nationwide. Their website includes a location finder tool organized by state.

Is Ace Cash Express Legitimate?

Yes, Ace Cash Express is a legitimate business. But legitimate doesn’t mean trustworthy or affordable.

The company has faced significant legal troubles. In 2014, the Consumer Financial Protection Bureau forced Ace Cash Express to pay $5 million in damages.

The CFPB found the company used illegal debt collection tactics. They pushed customers deeper into debt cycles instead of helping them.

Customer complaints paint a troubling picture. The Better Business Bureau lists hundreds of complaints as of February 2024. Many customers report aggressive collection tactics.

The CFPB website shows 310 customer complaints. Most complaints involve debt collection practices and unfair lending terms.

Military personnel cannot use Ace Cash Express services. Their APRs exceed the 36% limit set by the Military Lending Act.

What to Do If You Owe Ace Cash Express Money

Your short-term loan may have created a long-term problem. High interest rates make repayment difficult for many borrowers.

You might be getting calls from (888) 753-2384 about your debt. Aggressive collection tactics can add stress to an already difficult situation.

You have options beyond struggling with high interest rates. Most creditors prefer to settle debts for less than the full amount.

Negotiating a settlement gets them paid faster. You reduce your total debt burden.

Our partner Cambridge Credit Counseling can help you create a manageable payment plan. They work with creditors to reduce interest rates and monthly payments.

You can also negotiate directly with Ace Cash Express. Many borrowers successfully reduce their debt through settlement agreements.

Understanding Your Rights as a Borrower

Debt collectors must follow federal law. The Fair Debt Collection Practices Act protects you from harassment.

You have the right to request debt validation. Creditors must prove you actually owe the money they’re claiming.

If Ace Cash Express sues you, respond to the lawsuit. Ignoring court documents won’t make the problem disappear.

Alternatives to High-Cost Payday Loans

Payday loans create financial traps for many borrowers. You deserve better options.

Consider these alternatives before using Ace Cash Express:

• Credit union small-dollar loans
• Payment plans with your creditors
• Local community assistance programs
• Salary advances from your employer
• Credit counseling services

Building an emergency fund prevents future cash crunches. Even small monthly contributions add up over time.

Working with our partner Cambridge Credit Counseling can help you develop a budget. They provide free consultations to review your financial situation.

The True Cost of Convenience

Ace Cash Express offers quick access to cash. But convenience comes at a steep price.

A $300 payday loan might cost you $450 or more after fees and interest. That’s a 50% increase for borrowing money for just two weeks.

Check cashing fees might seem small at first. But they add up quickly when you use the service regularly.

Traditional banks offer free check cashing for account holders. Opening a basic checking account saves you money long-term.