Speedy Cash review

Features of a Speedy Cash payday loan

• Loan amounts are between $100 and $1,500.
• They accept the following types of income: employment, employment insurance, child tax benefit and seniors’ pension.
• The borrowing fee is $14 for every $100 borrowed.
• Get your Speedy Cash payday loan within 30 minutes to 1 business day via e-transfer or direct deposit.
• Pay back the loan by your next pay date.

Is Speedy Cash legitimate?

Yes. Speedy Cash is a licensed payday lender that has been operating for over 20 years. It has store locations in four provinces.

Where does Speedy Cash operate?

How does borrowing from Speedy Cash work?

To get a Speedy Cash payday loan online, apply with your personal and financial details. If you’re a new customer, you’ll need to provide proof of identity and income by providing documents, such as a copy of government-issued ID and pay stubs. You can borrow between $100 and $1,500 based on your income.

To repay the loan, you can visit a Speedy Cash branch on or before the due date, or you can have the payment withdrawn from your bank account with a pre-authorized debit agreement. Make sure you have enough funds in your account that day, or you could be charged fees.

Benefits of a Speedy Cash payday loan

Here are some of the benefits of taking out a payday loan provided Speedy Cash is active in your area:

• Quick process. The application doesn’t take much time to complete, whether you apply in-store or online. If you apply in-store, you can expect funding in a matter of minutes. With online applications, Speedy Cash typically informs you about your application’s status almost immediately and then transfers funds into your bank account as soon as 30 minutes or the following business day.
• Flexibility to use funds. Once you get access to your approved funds, you can use this money for anything, from paying utility or rent bills to tuition fees or simple budget shortfalls, as long as you use the money for legitimate purposes.
• Bad credit or no credit is OK. Speedy Cash does not do credit checks, so you can still qualify even with bad credit.

What to watch out for

• Exorbitant rates. Payday loans are extremely expensive, with APRs in the triple digits.
• Short repayment terms. Payday loans need to be repaid by your next payday, which doesn’t give your finances much time to recover. The short repayment term combined with the high interest rate can lead to a cycle of debt.

Alternative: Cash advances

Instant Transfers

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$75 Reward

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• 0% + monthly fee from $2
• Borrow $20 – $500
• Flexible terms
• No credit check

High Maximum Limit

Bree Early Pay

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• 0%
• Borrow $20 – $750
• Repay within 90 days
• No credit check

Builds Credit

Nyble Credit Line

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• 0%
• Borrow $30 – $250
• Repay within 31 days, extendable
• No credit check

The costs of borrowing from Speedy Cash

After Speedy Cash lets you know of your application’s approval, you’ll be provided with loan documents that detail the loan’s terms and conditions as well as all applicable fees and charges. It’s in your best interest to review this document carefully before signing it so you know exactly how much you’ll be repaying before you commit to the loan.

The fees you have to pay will depend on where you live, since regulations differ across Canada. Additionally, how much money you borrow will affect the amount you will need to pay in interest and fees.

If you don’t pay the loan off in time, you could have to pay late charges and additional fees if you wish to refinance your loan. This may also negatively affect your credit score if the lender reports you to one of the 2 credit bureaus in Canada.

As with all payday loans, make sure you have the ability to repay the full loan amount, including the interest, before you borrow money. Extra fees can quickly add up, and you could find yourself in a spiral of bad debt if you don’t prepare.

How to apply for a payday loan from Speedy Cash

You can apply for a Speedy Cash payday loan in-store or online (depending on whether it has services in your location) as long as you meet the following eligibility criteria:

• You are a Canadian citizen or a permanent resident
• You have a steady source of income
• If you apply online, you will need to have a bank account
• You are the age of majority in your province

In order to complete the application successfully, you’ll need the following:

• Your name, home address, email address, date of birth and phone number
• A valid government-issued ID
• Blank personal cheque or a pre-authorized debit form
• 30–60-day bank statement from date of application
• Most recent pay stub
• Proof of address

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

The Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.

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