What Are Personal Loans?

Life can be expensive. Even if you budget, minimize your expenses, and have a good-paying job, you might not always have the funds you need to cover an emergency expense.

A personal loan might give you the money you need when you need it. When your budget is tight or you’re faced with an emergency, you can use a loan to help cover your urgent needs.

What are personal loans?

A personal loan is often a short-term loan offered to borrowers from a credit union, online lender, or a bank with a repayment period. Personal loans can be used for a variety of purposes; for instance, you may use a personal loan to help pay for emergency medical bills or to help pay for home improvements and repairs. The money borrowed is repaid over time, with interest. Approval for these types of loans is generally determined by the financial creditworthiness of the applicant.

Loan terms and amounts vary depending on the type of personal loan you apply for from the respective lender.

Types of personal loans

Lenders typically offer a variety of loans designed to help you find the best option for your specific financial needs. The two most common unsecured personal loans are payday and installment loans, and each has its own repayment terms and loan amounts. Some lenders may also charge additional fees for personal loans.

Some loan options are not available in all states, so be sure to do your research on what loans are available to you before applying.

Payday loans

A payday loan, also called a cash advance, is typically repaid to the lender by or on your next payday. You can use these short-term loans to borrow small amounts of cash for emergencies, such as unexpected repair work and medical bills.

When you apply for a payday loan, the lender will give you a due date for repayment, if approved. Depending on your pay schedule, you may have 14 days or up to a month to pay the loan back in full.

Lenders typically require one full payment for a payday loan. If you want a loan that you can pay back in multiple, smaller payments, consider a payday loan alternative, such as an installment loan.¹

Installment loans

Similar to a payday loan, an installment loan is a short-term loan that can be used to help pay towards emergency costs. Unlike a payday loan, the borrower has additional time to repay and usually doesn’t have to repay the personal loan in one large amount.¹

Instead, the lender will create repayment terms extending over a longer period of time. You will make regular payments until the loan is paid in full.

Given the repayment terms, installment loans are often available in larger amounts than payday loans.

How does a personal loan work?

You can apply for a personal loan at any institution that offers them. The lender will use the application to see if you’re eligible for a loan and what loan amount can be borrowed. Most lenders will give their decision within a few minutes, but you may have to wait a few hours or days.

Your application allows the lender to evaluate, among other things, your ability to repay the loan. They will review your available income stream and may use a credit report in their analysis. You can still apply for a personal loan if you have a “bad” credit score, and you typically do not need a co-signer.

If approved, your funds will be available either immediately or within a few business days, depending on the lender. You will need to follow the repayment terms to avoid any additional fees.

What are personal loans used for?

You can use a personal loan to help pay towards emergency situations. Some common ways to use a personal loan, such as a payday or installment loan, include:

• Car repairs - If you get in an accident or your car breaks down, you lose your transportation to work, school, the grocery store, and more. Since you can’t wait to fix your car, a personal loan can help you pay for the repairs and give you more time to make the money you had to spend on the repairs.
• Home repairs - If a toilet overflows or someone breaks a window, you may face expensive repair costs. Like a car repair, this expense might need to be paid immediately, and an installment or payday loan may help bridge the gap.
• Medical bills - Any activity, project, or everyday task can end with broken bones or serious injuries, or a family member can become severely ill. If you go to the hospital, you may have to cover the high cost of treatments. A personal loan may be able to help you pay towards those costs.

These are only a few of the many ways you can use a personal loan to help mitigate financial stress.

How can I apply for a personal loan?

1. Check Availability

To apply for a personal loan at ACE, you’ll first need to check whether a loan is available in your state.

Currently, ACE offers payday loans in the following states:

• California (in-store and online): $100 - $255
• Florida (in-store): $100 - $500
• Idaho (online): $100 - $1,000
• Indiana (in-store): $50 - $715
• Kansas (in-store and online): $100 - $500
• Louisiana (in-store and online): $100 -$300
• Missouri (in-store): $100 - $500
• Oregon (in-store): $100 - $300
• South Carolina (in select stores): $100 - $550
• Tennessee (in-store): $100 - $425
• Texas (online): $100 - $1,500

Currently, we offer installment loans in the following states:

• Delaware (online): up to $2,000
• Florida (in-store and online): $100 - $1,000
• Louisiana (in-store): $400 - $700
• Missouri (in-store and online): $100 - $2,000
• Ohio (in-store): $100 - $1,000
• Oklahoma (in-store): $50 - $700
• Texas (in-store and online): $100 - $2,000 (installment loans not available in Austin or Dallas stores)
• Virginia (in select stores): $100 - $1,000

2. Submit an application

How to apply for an online loan

To apply for an online loan, you’ll need to complete a quick application for an online payday loan or installment loan. There are no fees to apply. Once you’ve submitted your application, you will receive an instant decision about your eligibility.

How to apply for an in-store loan

You can also apply for a payday or installment loan in-store, where available. Just ask one of our friendly associates to start the loan application process with you and provide the necessary information.

If loans are available in your location, you can complete the application provided by our staff or complete the online application. When you apply, you will need to be able to provide the following information:

For online loans:

• Be at least 18 years of age to apply.
• Reside in the state you choose for your loan application.
• Have a valid Social Security Number or Individual Taxpayer Identification Number.
• Have a valid and active email address.
• Be able to be contacted via phone if verification of application information is necessary.
• Provide proof of a steady source of recurring income, such as employment, disability, retirement, self-employment, or another income source.
• Provide proof of active bank account that we ask to be open for at least one month. California customers must have proof of an active, personal checking account that we ask to be open for at least one month.
• Not currently be a debtor in a bankruptcy case or intend to voluntarily file for bankruptcy relief.
• Not be a member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty under a call or order that does not specify a period of 30 days or fewer, a member of the reserves (including National Guard) on active duty, or be a dependent of any such a member.

For In-store loans:

• Be at least 18 years of age to apply.
• Have a valid Social Security Number or Individual Taxpayer Identification Number, where applicable.
• Have a valid, government-issued ID.
• Have a valid and active email address, where applicable.
• Provide proof of a steady source of recurring income, such as employment, disability, retirement, self-employment, or another income source.
• Proof of a bank account that we ask to be open for at least one month. Debit cards or pre-printed checks may be accepted in your state as proof of bank account.  Contact your local stores for details.  Acceptable documents may vary by state.
• Not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief, where applicable.
• Not be a member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty under a call or order that does not specify a period of 30 days or fewer, a member of the reserves (including National Guard) on active duty, or be a dependent of any such a member.

3. Receive a Decision²

You can get cash fast, if approved! If you apply in-store and you are approved, you’ll receive your funds immediately!² Walk out with cash in hand. If you apply online and are approved, there are three ways to receive your funds:

• if eligible, get your funds loaded to your debit card.³
• Have money direct deposited into your bank account by the next business day. ²
• If eligible, pick up cash same-day at one of our stores! ²

Ready to apply for a payday loan or installment loan? Find your local ACE Cash Express store to complete an in-store application or visit us online for our online loan options today.

1. Installment loans are intended for customers who need more time to pay off their loan than provided by a single-payment payday loan. Individual payment amounts for an installment loan are smaller when compared to the single-payment payday loan for the same loan amount. The total sum of payments for an installment loan will be higher than a single-payment payday loan if you pay off the installment loan according to the payment schedule set forth in the associated loan agreement.
2. 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. 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. 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 and in-store loans not available in all states. 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. Populus Financial Group, Inc., 300 E. John Carpenter Fwy, Ste. 900, Irving, Texas, 75062, ST.760164.000. 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.
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.