Ace Elite is not a cash advance but a prepaid debit card from Ace Cash Express, and to get an Ace Elite card, a person can order one online or from an Ace Cash Express location. The card can be activated online or by phone, then loaded with money.
A cash advance from Ace Cash Express works a bit differently. It starts with the person filling out an application, then signing a few forms. It only takes a couple of minutes, and when the person is approved, the money can be picked up from an Ace Cash Express location or deposited into a bank account. When the person's payday occurs, the account is then debited for the amount owed. In some cases, a person may choose to renew the loan.
If a person does not choose direct deposit from his employer, there is a one-day grace period so a check can be deposited before the payment is taken from the account. A person can borrow up to $1,000 in most cases when looking for a cash advance, but there is a very high annual percentage rate that ranges from 65.35 percent to 1,409.36 percent. This percentage is based on the state where the applicant lives, the loan term, funding date and other underwriting considerations