With inflation causing an increase in prices, your budget may be at or reaching its limit. When an emergency hits, such as your car breaking down, you may not have the funds to cover this unexpected expense.
In emergencies like these, a payday loan may be able to offer the help you need.
What is a payday loan?
A payday loan, also known as a cash advance, is a short-term loan for small dollar amounts. The loan amounts you can apply for will vary from state-to-state. This loan is typically repaid in a single payment on the borrower’s next payday or when income is received from another source, such as pension or social security benefits. Lenders may offer payday loans online, in-store, or both depending on your state.
How do payday loans work?
When you need a personal loan, you can search for a lender that offers payday loans in your area. Once you have found your lender, you must complete a loan application, which will ask for extra information, such as proof of your identity and sources of income. If approved, you can often receive the money that same day or by the next business day.1-3
Borrowers are also given a due date for their short-term loan repayment during the loan origination process, which is typically due on the applicant’s next payday. Depending on your pay schedule, you may have two weeks or up to a month to repay the loan in full.
Are payday loans secured or unsecured?
Payday loans are considered unsecured loans, which means you do not have to give the lender any collateral. A secured loan, however, is a loan product that is protected by collateral. This means that when you apply for a secured loan, the lender will want to know which of your assets you can offer in exchange for the loan. These assets are typically something valuable that you own, such as a home or car. If the loan is not repaid on time, the lender may have a lien on that asset until the loan is repaid in full.
If you need fast cash to help cover unexpected bills while you wait for your next paycheck, then you might consider an unsecured payday loan. Payday loans at ACE Cash Express are a fast way to apply for cash to help cover unexpected bills.1 You can start today with our quick online application or visit a store near you.
What are payday loans used for?
A borrower can use a payday loan for any cost they want. That said, we recommend using payday loans for emergencies only.
If you have a cost that needs to be paid immediately, such as a home repair or rent, and you don’t have the money for it, you can use a short-term loan to help bridge the gap between the expense and the next time you get paid.
How do I apply for a payday loan?
Applying for an in-store or online payday loan is easy. The application process might vary for different payday lenders, but the basic steps are similar for every option. For example, here’s our process for applying for a payday loan.
1. Complete the application
How to apply for an online payday loan
To apply for an online payday loan, you’ll need to complete a quick online application, provided an online payday loan is available in your state. You only need a few pieces of information to get the application started. Refer to the guidelines below for what you need to apply.
For online loans, you will need to provide the following information when applying:
- A Social Security Number or Individual Taxpayer Identification Number
- Name
- Address
- A valid and active email address
- Proof of an active bank account that has been open for at least a month. California customers must have proof of an active, personal checking account that has been open for at least one month.
- Evidence of a steady, recurring source of income, such as employment, self-employment, disability, retirement, or another source
How to apply for an in-store payday loan
You can also apply for a payday loan in-store, where available. Just ask one of our friendly associates to help you start the loan application process. You will then provide the necessary information referenced below.
For in-store loans, you will need to provide the following information when applying:
- A valid, government-issued photo ID
- A valid Social Security Number or Individual Taxpayer Identification Number, where applicable
- A valid and active email address, where applicable
- Proof of an active bank account that has been open for at least a month. Debit cards or pre-printed checks may be accepted in your state as proof of bank account. Contact your local store for details. California customers must have proof of an active, personal checking account that has been open for at least one month.
- Evidence of a steady, recurring source of income, such as employment, self-employment, disability, retirement, or another source
2. Get an instant decision
Once you’ve submitted your application, you will receive an instant decision.1
3. If approved, get your cash
We offer a streamlined application process and quick funding if your application is approved.1,2 For online payday loans, if approved, ACE may offer different ways to receive online loan funds.
If eligible for instant funding, you can have your loan proceeds added to a debit card,3 have funds direct deposited to your bank account overnight or,2 if eligible, you can visit a local ACE store to get same-day cash pickup.2
For in-store loans, if approved, walk out with cash in hand immediately!
Don’t let an unexpected expense ruin your plans. Apply for a payday loan online or visit a store near you today to get started with your loan application.
Disclaimers
1. All loans subject to approval pursuant to standard underwriting criteria. Rates and terms will vary depending upon the state where you reside. Not all consumers will qualify for a loan or for the maximum loan amount. Terms and conditions apply. Loans should be used for short-term financial needs only, and not as a long-term solution. Customers with credit difficulties should seek credit counseling. Populus Financial Group, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to Financial Code Section 23005(a) of the California Deferred Deposit Transaction Law. Loans in Minnesota made by ACE Minnesota Corp. Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third-party lender. Populus Financial Group, Inc. is licensed by the Virginia State Corporation Commission, PL-115.
2. For approved in-store loans, you will receive funds immediately. For online loans, approval and funding may require verification of application information. Depending on ability to verify this information, loan funding may be extended up to two days. All loans subject to approval pursuant to standard underwriting criteria. In-store cash pickup of online loans is subject to approval pursuant to standard underwriting criteria and only available at ACE Cash Express locations in the state where you originated your loan. In-store cash pickup of online loans not available in all states. In-store cash pickup of online loans requires valid, non-temporary government-issued identification. Online loans not available in all states.
3. If you are approved for the instant funding option and you select that option, your loan proceeds may be available within 30 minutes of loan approval and verification, or funding could take up to 4 hours. Funding times vary based on your bank.
