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Loans like Speedy Cash
Find payday loans with speed and convenience just like this popular lender.
If you’re looking for a payday lender that prioritizes speed and convenience, Speedy Cash fits the bill. But there are other payday lenders that can get the job done, too. Here’s a look at alternatives that are similar to the Speedy Cash payday loan in Canada but may better suit your needs. Bear in mind, payday loans are one of the most costly ways to borrow money, and should be used as a last resort.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.Compare payday loans like Speedy Cash
Compare cash advances like Speedy Cash
Get an installment loan like Speedy Cash
Is Speedy Cash legit in Canada?
Speedy Cash has a payday loan licence for each province it operates in, so it’s legit. You can find its registration by visiting the provincial government sites.
How does Speedy Cash compare?
Speedy Cash shares similar features to its contenders, such as:
- Loan amount caps. Apply for a payday loan between $100 and $1,500, depending on your income.
- Many types of income accepted. Qualify with income from employment, employment insurance, child tax benefit and seniors’ pension.
- Quick access to funds. You can get your Speedy Cash payday loan within 1 hour to 1 business day via e-Transfer or direct deposit.
- Easy application. Just like its competitors, you can apply for a Speedy Cash loan quickly online. It also has physical storefronts if you prefer applying in person, too.
Features of loans like Speedy Cash
Across the board, payday loans like the one provided by Speedy Cash in Canada includes features, such as:
- Caps on how much you can borrow. With payday loans you can only borrow up to $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income, and some lenders cap how much you can borrow on your first loan.
- Short repayment terms. As indicated in their name, you’re typically required to pay back your loan by your next payday, or up to 62 days. When you apply for a loan, the lender asks you how frequently you’re paid to determine your final repayment due date.
- Bad credit doesn’t matter. You can apply with bad credit or no credit at all. That’s because payday lenders shift the emphasis from your credit score to your ability to repay your loan. Make sure you can prove you have a stable income and you should be in the clear.
Downsides of loans like Speedy Cash in Canada
On the whole, borrowers must tread carefully with payday loans like the one on offer from Speedy Cash for these key reasons:
- Incredibly steep interest rates. Payday lenders charge excessive fees: $14 for every $100 borrowed. That’s an annual percentage rate (APR) of 400% or more. This makes payday loans one of the most expensive ways to borrow.
- Short repayment terms. Make sure your budget can accommodate a loan repayment by your next pay day. With payday loans, terms typically cap out at 62 days with most lenders expecting you to repay your loan by your next payday.
- Disreputable lenders. The payday lending space is rife with predatory lenders. Check to make sure the payday lender you’re working with is licensed and follows provincial or territorial laws and regulations.
- Increases your chances of staying in a cycle of debt. The combination of sky-high fees and quick repayment terms could spark a snowball of debt if you don’t have a clear-cut plan to pay off your loan. If you miss a payment, the fees worsen and this could have a negative effect on your credit rating too.
Bottom line
If you’re thinking about taking out a payday loan, Speedy Cash is a solid choice for a quick and seamless process. But there are other lenders worth checking out too during your comparison shopping. Remember: payday loans should be a last-resort option – if you can qualify for a personal loan, line of credit or installment loan, these will have lower interest rates and better terms.
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