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Ace Cash Express

Date: Tue, 03/27/2012 - 10:15

Submitted by kklblue
on Tue, 03/27/2012 - 10:15

Posts: 52 Credits: [Donate]

Total Replies: 5


I am from Minnesota have 1 store front pay day loan that is licensed in Minnesota. I have had it for over 3 years paying $35.00 twice a month on a $500 loan at Ace Cash Express.

How do I get out of it. I pay the $35.00 for each extension, I am allowed 5 extensions then I have to pay off and retake it out. This is not an internet loan but one I walked into the store and took out.

I know the laws changed in Minnesota so I think one they are violating the amount you can loan and the extending part. Other then that I have no clue how to get out of this whole. $70 a month for 36 months is $2520. This is crazy.

Any help is appreciated.


Payday loan laws changed in Minnesota in Oct of 2008 so it sounds like your loan was taken out after that. Also being a storefront in MN, it would have to be licensed. http://www.commerce.state.mn.us/FSLicensees/il.html shows it is legal.

Find a way to pay the loan off in full asap. Did you get a state or federal tax refund???


lrhall41

Submitted by SOAPLADY on Tue, 03/27/2012 - 10:42

( Posts: 17315 | Credits: )


You may want to contact the MN Dept of Commerce on this one. (651) 296-2135
Here's why:

1. Although they are licensed as a PDL, they're loaning more than the max and allowing rollovers - which is illegal.

2. They were licensed as a CSO which would allow for the higher loan and variable repayment terms but, that license is no longer active.

3. What you're describing doesn't seem to be an installment loan so I've not looked into that as I think it's moot.

If the MDC confirms they're legal, licensed and obeying the rules, ask ACE for an extended payment plan. Generally, they'll split your current balance due into 4 equal payments due over your next 4 pay dates and no further fees/interest will be charged.


lrhall41

Submitted by OhioGal1 on Tue, 03/27/2012 - 11:20

( Posts: 5253 | Credits: )


I contacted the MN Dept of Commerce and the guy was absolutely no help at all. He actually said can you take a loan or borrow from a relative. WTF is that. Uhm no. I wouldn't be at Ace if that was the case.

I have been paying 34.30 on a $500 twice a month for 3 years. Its long been paid and there is no end in sight.

Ugghhh.


lrhall41

Submitted by kklblue on Thu, 05/24/2012 - 08:52

( Posts: 52 | Credits: )


ACE Cash Express is legal (TX) but loaned more than the allowed amount (it's an installment loan). Is that even legal from a payday lender? Help?


lrhall41

Submitted by kristine_escobedo on Thu, 05/24/2012 - 09:27

( Posts: 11 | Credits: )