Payday Loan and Collection Scams

As a leading financial services provider, ACE makes it easy to obtain cash when you need it most. Since 1968, ACE has focused on serving consumers seeking alternatives to traditional banking relationships. Scammers attempt to take advantage of consumers by offering fraudulent loans and acquiring personal information. Please be aware that scammers are not affiliated with ACE or any person acting on ACE’s behalf.

Identifying Fraudulent Loan Offers

Consumers may apply for a loan at certain ACE locations or by visiting ACE’s website.

Fraudulent loan offers may have the following characteristics:

  • Bad credit and previous loan history is ignored – There are many factors a lender may consider when making a credit decision. A lender that ignores your credit history is probably a scam and has no intention of lending you money.
  • Asking for money upfront – Scammers often ask for money as a requirement to receive a loan. You could be asked to send money through a wire transfer or to purchase gift cards. ACE will never ask consumers for money upfront in order to apply for a loan.
  • Asking for personal and financial information – Providing confidential information over the phone, through email, or on the internet may give scammers the opportunity to defraud you. Be cautious of unsolicited communications that request this type of personal information.

Identifying Fraudulent Debt Collection Efforts

Scammers utilize threats and intimidation to obtain payment information from consumers. You may fall victim to a debt collection scam even if you have never applied for a payday loan. Beware of the following tactics used by scammers to obtain your financial information.

  • Threats of retaliation – Scammers may require immediate payment coupled with threats of legal action and wage garnishment. The Federal Debt Collection Practices Act prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
  • Failing to provide validation of the debt – Within five (5) days after the initial communication with a consumer, a debt collector must send a written notice containing the details of the debt. If someone refuses to provide this information, it is likely a scam.

Reporting Fraudulent Activity

If you think a scammer is claiming to represent ACE, we recommend contacting the consumer protection division of your state’s Attorney General’s office or the Federal Trade Commission. You may also contact ACE at 866-ACE-CASH.

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