Is Speedy Cash Loan Right For You? Here’s What You Need To Know

Company (Lender)	Loan Amount	Loan term	Min. credit score	Est. APR	Funds available in
	$50 – $26,000	Varies depending on the loan type	N/A	260% – 680%	1 – 2 business days

Are you thinking of getting a short term loan from Speedy Cash? Chances are, you’re very much in line. They offer a wide range of credit facilities to people. Below are the services available to you.

Payday Loans

Typically, payday loans are short-term loans, often $500 or less, which must be fully repaid within two, or the latest by your next payday. Although the rules guiding the disbursement and repayment of payday loans vary from state to state, they do not require the traditional credit check since they are unsecured loans (no collaterals needed). Like many other payday loans, Speedy Cash payday loans are ideal for borrowers with low or no credit checks.

Installment Loan

Lenders will spread out the repayment of installment loans over a fixed period. In this case, if you need a loan that you cannot pay back by your next payday, you’re better off with an installment loan. Speedy Cash installment loan allows you to borrow for your need and pay back in installments over an agreed period. There’s no fee for paying back on time, but you’ll rack up additional charges if you missed the payment deadline. Here are several things to note when applying for a Speedy Cash installment loan.

• The more the installments, the more interest you pay

• You can only have one installment loan open at a time. This means that if you want more loans, you’ll have to liquidate the current one before applying for another.

• A bad credit history with the company can affect your ability to secure an installment loan, but you may still apply.

• You may need to show proof of steady or regular inflow into your account.

Auto Title Loan

Unlike Speedy Cash payday and installment loans, Speedy Cash title loan is a secured loan, which uses your vehicle’s title as collateral for borrowing a particular amount. The lender places a lien on your title until you pay up, meaning that your car does not outrightly belong to you during the loan term. Speedy Cash offers from $100 up to $25,000 in title loans, depending on your car’s value and your ability to repay.

The amount you can apply for is dependent on the value of the vehicle. You will have to visit a Speedy Cash store to apply for a title loan, as lenders require a physical appraisal of your car. An auto title loan is still accessible to you, even if you may be owing money on your vehicle. Since your car’s value mainly determines your ability to pay, people with low or no credit scores may apply for a title loan.

Note that title loans can quickly turn out to be expensive loans. Exploring cheaper alternatives may be in your best interest.

Line Of Credit

Line of credit functions like credit cards, only that they are valid until a set time, and if course, up to an approved limit. Within the period of its validity, you can use up the money. And as you pay off the loan, the money is freed up to be used again. But by the time the faculty is due, whatever balance you have left on the card will need to be paid off. With a line of credit, there are no restrictions on how you can use the funds. Also, note that a payment schedule is required, and you can pay fully at any time.

Prepaid Debit Cards

Speedy Cash also provides in-store services. If you can locate a Speedy Cash store near you, you can apply for a payday loan, which they can load onto a prepaid debit card within 24 hours. Speedy Cash offers three types of debit cards for this purpose.

• Monthly Card. This card is ideal for everyday purchases but attracts a monthly service fee.

• Direct Deposit Card. This is similar to the Monthly Card. Additionally, you may have your paycheck paid directly onto the card. If your direct deposit exceeds $1,000 monthly, Speedy Cash can waive the monthly fee on the direct deposit card.

• Pay as You Go Card. You only pay for using this card whenever you use it. And if you withdraw at a Speedy Cash location, there are no charges as well.

Check Cashing

Speedy Cash offers a simple check cashing process that’s streamlined for customers’ convenience. Visit any of their check cashing stores to Cash your check for a fee as low as $2.

A valid ID will be required for verification, after which you can walk out with Cash in hand without having to go through the hassles holding. Speedy Cash accepts all kinds of checks, including bank drafts.

Is Speedy Cash Legit?

Speedy Cash is a licensed lender that operates in line with the rules and regulations guiding the lending industry and those for each state or region where they work.

It can be quite a task getting a credible lending company that won’t prey on you when you need financial help. And like most people in an urgent financial snag, there really isn’t the time to conduct extensive and satisfactory research.

But if the impressive customer service ratings of Speedy Cash are anything to go by, we can safely say that they are reliable and legit. Past and current clients of the company attest to the ease of access they enjoy, the customer service unit’s prompt response whenever issues arise, and the wide range of service offerings as criteria used to judge or rank the firm’s reputation.

Although Speedy Cash’s interest rate may be relatively high, they remain one of the most trusted lending sources out there. So, following the Federal Trade Commission’s advice, unless the situation is nothing short of an emergency, it is best to find yourself another less exorbitant source of financial help.

Where In The US Are Speedy Cash Services Available?

Speedy Cash services are available in the following 24 states. Also, note that the amount you can borrow and the applicable fees depending on the state where you are.

• Alabama

• Arkansas

• Arizona

• California

• Colorado

• Delaware

• Hawaii

• Illinois

• Idaho

• Kansas

• Louisiana

• Missouri

• Mississippi

• North Dakota

• Nevada

• Ohio

• Oklahoma

• Rhode Island

• Tennessee

• Texas

• Utah

• Virginia

• Wisconsin

• Wyoming

Who Is Eligible For Speedy Cash Loans?

To be considered for a Speedy Cash loan, the following are conditions a borrower must fulfill:

• Be at least 18 years old

• Have a government-issued ID

• Be an American citizen or have permanent residency in the US

• Have a steady or regular source of income

• Must have a functional checking account

While Speedy Cash does not conduct a credit check, they stipulate as part of their terms that lenders might base the credit decision on loan applications entirely or partially on information obtained from a national database. These databases may include the likes of TransUnion, LexisNexis, Equifax, or FactorTrust, Inc.

Information You Need When Applying For Speedy Cash Loans

If you intend to apply for a Speedy Cash loan facility, then it’s best to have ready the following information before starting.

• Your name, email address, house address, and phone number

• Your date of birth, a government-issued ID, and Social Security Number

• Name, phone number, and address of your employer

• Details about your income, and

• Bank account details

Does Speedy Cash Payday Loans Run Credit Checks?

No, they do not. Speedy Cash will not run credit checks on you before approving a loan. Payday loans are expected to be paid up within a month or the latest by the next payday. As such, the majority of lenders never do any check on your credit history. But you can be sure that they will check your eligibility and ability to repay before approving your loan application.

Waiving credit checks is why Speedy Cash considers borrowers with terrible ratings and poor loan history for the short term. Therefore, as a borrower, you need to be wary of taking out more loans than you can handle. Before taking out a payday loan, you may want to check out other less expensive alternatives.

High-Interest Rate As A Downside To Borrowing From Speedy Cash

When you cannot afford bank overdraft charges, do not have access to traditional bank loans, or in a very tight situation, a payday loan might be what you need. And this is the basis for its high APR.

Some borrowers may regard Speedy Cash’s interest rate reasonably fair to many others, especially if you need the loan urgently and can repay as soon as possible. But as with most payday loan offers, the interest can quickly stack up to a monstrous volume if you take out a larger loan amount or miss your payment deadline.

For instance, the annual performance rate (APR) for Speedy Cash payday loan is really sky-high. But we are not surprised, as this is typical of payday loans and many other short term loans. Speedy Cash payday loans’ interest rate can be as high as 6.9% per week. The APR of installment loans can also go high, and before you realize it, you’re paying back more interest than the funds you actually borrowed.

Additionally, some processing fees might apply. For example, the origination fees for installment loans could be up to $75. When you default on a payment, lenders could charge you unless you request for extension of the deadline of refinancing of the loan. Therefore, it’s essential to review every paperwork before signing. Alternatively, the Consumer Finance Protection Bureau advises that exploring other options is best before applying for a payday loan.

Does Speedy Cash Affect Your Credit Score?

This depends on the situation. While performing well on a Speedy Cash loan may not add to your credit score at the Credit Bureau, a bad short term loan could taint your reputation when taking out another loan elsewhere. Not all loan requests require a credit check, but specific locations and certain types of loans require a credit check before approval and disbursement. In such a case, the credit inquiry result (if flawed) can prove damaging to your credit score.

Many organizations may not see taking out short-term loans as serious financial issues, especially when you pay in full without missing a payment. But suppose things go the opposite direction against what you expected, and you’re unable to pay back within that time. In that case, it could potentially harm your reputation and ability to take out payday loans afterward.

However, if you intend to build a good credit score, you may enquire from your nearest Speedy Cash location if they’ll run a credit check on you. This will give you an idea of what to expect when the need arises.

How Long Does It Take To Get Money From Speedy Cash?

On average, the turnaround time for a Speedy Cash loan is one day. From application to disbursement of the loan, processing typically takes a few hours. The service is almost instant but may take up to two business days, at the most.

Speedy Cash typically provides credit approval decisions within an hour, followed by funding of the loan. In essence, you’d know if you’re getting the loan or not within hours of applying.

How Does A Speedy Cash Loan Work?

You can typically make the Speedy Cash loan application in a breeze. You can either get the process started and completed online or visit a Speedy cash store nearest to you. Once your application is approved, Speedy Cash will notify you. Note that you have the option of choosing how you want the fund credited to you — whether your account or card.

Once you receive an approval notification about the approval, Speedy Cash will provide you with the loan documents, containing further details on the terms and rate and associated fees and charges on loan. At this point, it is best to take a moment to review the documents carefully, understand every bit of it, and ask questions about any part that isn’t clear to you before signing it. It is at this stage that you’ll know how you will be paying back.

According to the complaints from several Speedy Cash users, it is pretty easy to find yourself paying way more than you expected if you’re not careful, and this can smear your credit rating if not fully paid in time. Some users believe that Speedy Cash may be a rip-off, keeping people perpetually indebted to the company with their sky-high APR.

The fees you pay depends on the state where you live (regulations vary from state to state. A few states actually prohibit payday loans) and the amount of money you want to borrow. Following the Consumer Financial Protection Bureau’s recommendation, most lenders may not consider the ability-to-repay rule before giving out short-term loans.

As good as it sounds, it’s a policy that can quickly become anyone’s undoing as it may encourage wanton borrowing. To avoid getting stuck in a cycle of bad debts, review all the fees and charges before accepting the loan offer. And unless you’re renegotiating for an extension of repayment, you may not be able to modify the terms and rate of the loan.

How To Pay Off Your Speedy Cash Loan

There are several repayment options available to you when you take out a Speedy Cash loan. Below are the repayment options available to you.

• Pay online with a debit card

• Walk into a Speedy Cash store and pay Cash

• By authorizing an automatic debit from your bank account

• Using post-dated check that fully covers the borrowed amount and the applicable fees and charges

The downside of using a post-dated check or automated debit for repayment is that lenders will still take the money from your account on the due date, whether they fund your account or not. The consequence of this may not be good for you.

What Happens If You Don’t Pay Speedy Cash?

You will still be required to pay up, and the longer it takes for you to clear the debt, the more you pay in interest. Unfortunately, the interest rate on short term loans can quickly grow to become annoyingly high.

However, you can discuss Speedy Cash either in-store or online to apply for a modified repayment plan. But you may incur additional charges when you ask for an extension. You may also apply for loan refinancing. Unfortunately still, loan refinancing isn’t legal in all US states. Aside from paying the outstanding balance on your running loan, you’ll have to pay for this process. This means lenders will charge you for the loan in general, in addition to extra charges for refinancing the loan.

If, in the long run, you still cannot pay, Lenders might hand your debt over to a debt collector who will make sure you pay in full. In the case of a title loan, this could mean repossession of your car.

Does Speedy Cash Report To Credit Bureaus?

The firm doesn’t necessarily report customers` performance on payday loans to the credit bureau. But if the loan turns into bad debt, the firm may report the default to a collection agency. The collection agency will therefore have to report the defaulting borrower’s account to the credit bureau. Title loans will work differently when the customer fails to pay. The firm will be forced to repossess the customer’s vehicle to cover for the loan.

Speedy Cash would typically not run a credit check on a borrower before approving a loan application. Hence, they’ll not report the borrower’s payment information, especially when there’s no cause for alarm. However, they may run a soft check on the customer, which returns with very scanty information. Such checks do not affect the customer’s credit score. Therefore, a good payment record may not appear on your credit score, but a bad one definitely will and may hunt you in the future.

Is Speedy Cash Safe To Use?

Yes. Speedy Cash uses industry-level data encryption to keep borrowers’ information safe and secure from third-party access. This means that your privacy and security as a user of the company’s website are intact. Speedy Cash continually updates its technology to safeguard your data.

However, some users have complained of getting scam calls from people claiming to work for direct Cash, asking them to complete paying on a loan they had taken out. To preceded yourself from falling victim to falling prey to such schemes, it is best to call Speedy Cash or visit their nearest store to be sure.

Bottom Line — Deciding Whether Speedy Cash Loan Is Good For You

A lot of previous users of Speedy Cash would not recommend the service. Although they recognize and appreciate the speed, transparency, and promptness of their customer service, the complaints seem to border more on the inability to get an extension and the predatory interest rates. If you’re not careful, you’ll end up paying so much more in interest than what you borrowed.

But for many people, there are days and occasions when you find yourself in a financial fix. Worse still, getting immediate help may seem more challenging than racing a fast car. Even traditional bank credit facilities may not be easy to get because of stiff processes and demanding requirements, but Speedy Cash makes the process so much easier by simplifying things.

In a couple of hours, you can be sure of getting your application approved, followed by funding within one to two business days. The primary bone to pick here is the high APR. This means that you want to be certain that you can repay the loan; and that there are no other better payday loan offers from other credible lenders before signing up with Speedy Cash.