Populus Financial Group and ACE Cash Express Respond to Baseless Litigation Filed by the Consumer Financial Protection Bureau

Borrowers would pay new fees each time they took out another payday loan from ACE. In order to get pertinent financial information about ACE Cash payday loans, you are pretty much required to contact the lender directly. Rates depend on several different personal factors, where you live, and whether you are applying in-store or online. Earlier this year, the CFPB published a report that found payday lenders were using dishonest practices and misleading consumers into fee-laden payment plans when more cost-effective options were often available.

Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates. No, ACE Cash Express will not charge you a late fee if you miss one of the monthly payments. ACE Cash Express has higher than average interest rates for lenders reviewed on SuperMoney. This company has been constantly calling my home and place of employment in reference to a debt incurred with Ace Cash. They have been asked not to contact me at my place of employment and wrttien notification has been sent to Ace Cash Corporate Office requesting for this company to cease communication with me, to only contact me in writing. The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive.

This can make it difficult and time-consuming for interested consumers who just need a quick short-term loan to pay bills. Paying such high interest rates in addition to repaying the debt may make it difficult to get ahead financially. With so many differences varying between states, it makes it difficult to research loan options. The ACE Cash app is available for will ursprung collage artist download in the App Store and on Google Play to help you keep up-to-date on your account or cash checks to your bank account or prepaid card. First, every payday loan comes with a 72-hour satisfaction guarantee. The term of your loan is according to state-specific requirements, and ACE Cash Express tells you in your approval email when your repayment date is.

If you need a small, short-term personal loan, you might think of ACE Cash Express. Its quick access to funds, along with repayment terms that are longer than for payday loans, might seem attractive. I have a payday loan with this company and they have been refusing to allow me to make payments of the loans and making threats to pursue legal action.

By the year’s end, ACE’s roster of check cashers had grown to more than 300, and it had locations in ten states and the District of Columbia and was more than twice the size of its nearest competitor. Even more impressive were the company’s soaring sales, which rose to $32.7 million in 1993, as well as its net income, which surged 62 percent the same year. A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. The CFPB is suing a payday lender over fees charged to borrowers who may have been eligible for free repayment options. The CFPB said it discovered in 2014 that ACE employed improper debt collection practices to entice delinquent consumers to take out new loans. Even after the borrower stated that they couldn’t afford to pay back their loans, ACE would still pressure them to take on more debt, according to the CFPB.

ACE Cash Express loan APRs skyrocket into the triple digits, and in some cases exceed the cost of an average payday loan. Once you’re approved for an installment loan, you have a couple of options for how you can receive the funds. If you live in a state with an ACE Cash Express store and meet certain eligibility requirements, you can pick up the money in person. Or, depending on what state you live in, you can have the company transfer money directly into your checking account. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

Mr. also threatened to run my social security number and contact my employer even though i’ve stated that i could not receive personal calls at work. Mr. refused to allow me to make payment arrangements and told me that i needed to seek legal advise, and good luck to me because i was gonna need it. ACE is also a repeat offender of consumer financial protection laws.