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Convenient loan options — but understand the cost before you apply.
finder.com’s rating: 3.5 / 5.0
★★★★★
Speedy Cash offers a variety of short-term loans to residents of 24 states. But they can still be expensive, so be sure you can afford it before you visit a store or apply online.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
How does borrowing from Speedy Cash work?
Speedy Cash is among one of the fastest growing and largest providers of short-term loans in the US, Canada and the UK. It’s licensed in each state in which it operates as a direct lender.
Apart from online payday loans, it also offers installment loans and lines of credit for larger amounts. Its in-store services include title loans, prepaid debit cards, money orders, wire transfers, check cashing and cash for gold. The loans Speedy Cash provides don’t involve a lengthy application process, and you don’t have to worry about credit score requirements — Speedy Cash will still consider you for a loan.
Where does Speedy Cash offer loans?
Speedy Cash operates in the following states:
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
How do Speedy Cash loans compare with other providers?
Updated January 29th, 2020
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How much could you borrow with Speedy Cash?
State
Maximum amount
Alabama
$500
Alaska
$500
Arizona
$1,500
California
$255 (payday); $5,000 (installment)
Colorado
$400
Delaware
$750
Hawaii
$500
Idaho
$750
Illinois
$2,500
Kansas
$1,500
Louisiana
$350
Mississippi
$1,500
Missouri
$1,500
Nevada
$2,500 (payday); $1,500 (installment)
North Dakota
$500
Ohio
$1,500
Oklahoma
$300
Rhode Island
$750
Tennessee
$1,500
Texas
$3,000
Utah
$750
Virginia
$750
Wisconsin
$500
Wyoming
$200
What loan products does Speedy Cash offer?
Speedy Cash has multiple loan options to suit whatever your needs may be.
Payday loans. A payday loan is a short-term loan (typically $500 or less) that usually must be repaid within two to four weeks. Rules and regulations for payday loans vary by state.
Auto title loan. You have to visit a Speedy Cash store to apply for an auto title loan since they will need to physically appraise your car. The amount you can borrow depends on the value of your car as well as your ability to make repayments.
Prepaid debit cards. If you live near a Speedy Cash store location, you could apply for a payday loan and have the funds loaded onto a prepaid debit card as soon as the next business day. Speedy Cash offers three types of Opt+® debit cards on which you can load funds. The Monthly Card is best for day-to-day purchases and comes with a monthly fee. The Direct Deposit Card is similar to the Monthly Card but allows you to receive your paycheck directly onto the card. The monthly fee for this card can be waived if you have direct deposit of more than $1,000 monthly. The Pay as You Go Card only costs you money when you use it. There are no ATM fees when you withdraw at a Speedy Cash location, and you can use them wherever Visa® is accepted.
Line of credit. With an active line of credit, you don’t have to worry about the next time you need some extra money. The line of credit gives you great control over how you use funds up to an approved limit. While you have to make minimum monthly payments, you can also make extra payments at any time.
Benefits of taking out a short-term loan from Speedy Cash
Quick process. If you apply in-store, you may receive your loan funds before you leave the store. If you apply online, your funds may be available as soon as 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 medical bills to tuition fees or simple budgetary shortfalls.
Additional services. Speedy Cash offers more than just loans. These include wire transfers, check cashing, money orders, prepaid debit cards and cash for gold.
What are the drawbacks?
Still a short-term loan. Speedy Cash may have multiple loan options available, but they can all be quite expensive. Before you agree to a loan, make sure you understand the fees and have the ability to repay.
Average BBB rating. Speedy Cash isn’t accredited with the Better Business Bureau (BBB) and receives a B rating due to nearly 200 complaints over the last three years.
Bank account required. Even if you apply at a Speedy Cash location, you’ll need to have a checking account in your name to qualify for a loan.
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.
The fees you have to pay depend on the state you live in and how much money you borrow. 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 negatively affect your credit.
As with all short-term loans, make sure you have an ability to repay the full loan amount, including APR, 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.
Speedy Cash charges additional fees for borrowers in Texas because it operates as a Credit Access Business (CAB) rather than a direct lender there. CAB fees vary depending on the type of loan you get.
Speedy Cash offers prepaid debit card loans
If you live near a Speedy Cash store location, you could apply for a payday loan and have the funds loaded onto an Opt+® Visa® prepaid debit card as soon as the next business day. In some cases, you could see same-day funding for approved loans. You can use this card wherever Visa® is accepted.
Is it safe to take out a Speedy Cash loan?
Yes. Speedy Cash’s website is encrypted for security, so you can rest assured knowing that your personal information will have industry-level protection while you fill out an application. It is a member of the Community Financial Services Association of America (CFSA), which means it abides by certain transparency standards meant to make sure your borrowing experience is safe.
How to apply for a short-term loan from Speedy Cash
You can apply for a short-term loan by visiting a Speedy Cash location near you or online.
Eligibility criteria
You will need to meet the following criteria to qualify for a short-term loan from Speedy Cash:
At least 18 years old
US citizen or a permanent resident
Steady source of income
Operational checking account
What information do I need to apply?
When you apply, have this information ready to keep the application process quick:
Your name, home address, email address and phone number
Your date of birth, Social Security number and government-issued ID
Your employer’s name, address and phone number
Details about your income
Your bank account details
Are payday loans available in my state?
Bottom line
Speedy Cash offers a variety of short-term loan options for borrowers, but that doesn’t mean it’s always the right decision. When you’re looking to take out a short-term loan, it might be best to see which lenders are most like Speedy Cash and browse our guide to short-term loans so you can make the right decision for your finances.
Frequently asked questions
It depends on when you applied and your selected method of receiving the funds. If you selected to have approved funds transferred into your bank account or onto a prepaid debit card, this could be completed as soon as the next business day. You could also visit a Speedy Cash store to collect cash sooner after approval.
If you apply in-store, you can provide a post-dated check for the amount in question or provide your bank account details for a direct debit. For online loans, you have to provide your checking account details for direct debit of the payment on the due date.
Speedy Cash accepts applications from individuals with all credit types and analyzes your income among other factors to assess your ability to repay.
The maximum you can borrow depends on where you live and your ability to repay. Check Speedy Cash’s website to determine what you qualify for.
You may incur additional charges. If you live in a state where refinancing is legal, you may be able to refinance your loan for an additional term. This means you will pay the accumulated fees on the due date but not the principal, which will rollover to a new date. You will be charged fees for this process and for the loan in general, so be careful when considering this option as it can cause a cycle of bad debt.
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
Speedy Cash does not offer credit card. If you’re looking for a credit card, please check out this page. On that page, please choose the answer that suits your needs on a credit card and the page will show your options. If you’re applying for a credit card, please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.
Depending on the approval criteria being used by Speedy Cash, you may still be able to take a loan. Advise them that you are currently on leave and will be back in two weeks. They may also contact your employer and confirm this as a safeguard for the loan. Hope this helps!
I was sent a text claiming that I had been approved for a loan of 10000$ from speedy cash. They said that since my credit score was below 580 that I had to go through a verication process .said they would make a small deposit in my bank and then when I signed it back they would deposit my money is this a legit offer from you at SO?
You may want to confirm first that the person you’re speaking with is a legit representative from Speedy Cash and not someone posing as a representative to conduct a scam. Please go to their website to verify their contact details so you can verify with them directly. You can learn more about how to spot a payday loan scam here.
Thanks for your inquiry. Please note that we are not affiliated with Speedy Cash or any company we feature on our site and so we can only offer you general advice.
If you are referring to Speedy Cash Loans, you can request for an installment loan and it gives you the ability to spread out your payments over a period of time. Please contact them directly
by clicking on the ‘Go to site’ button on this page and you may inquire about their payments further.
There are lenders that will consider applicants without a bank account. Comparing lenders on this page is the best way to find a deal that matches your needs.
Criteria also varies by lender, but generally you will need to be a resident of a state where payday loans are permitted, at least 18 years old (varies by state) and a US citizen or permanent resident. Additional information will be provided once you click on “more info” or “go to site”.
Thanks for reaching out.
There are several factors why you might have been rejected for a loan. The reasons why are further discussed on this page. You can also review your application to make sure you didn’t miss any information or work through a lender-matching service where payday loan brokers can help you with the application process. Not every loan option may be right for you so be sure to consider all your options and compare the costs before applying again.
You can apply for a Speedy Cash short-term loan in-store or online as long as you meet these eligibility criteria:
– You are at least 18 years old (varies by state)
– You are an American citizen or a permanent resident of the US
– You have a steady source of income
– You should have an operational checking account (for online applicants)
Thank you for your question. Speedy Cash’s online application requires your checking account number and debit card information in order to verify where approved loan funds will be deposited and where to debit loan repayments. A representative should not ask for your username or password.
Speedy Cash is a reputable lender offering short-term loans online, in-store and by phone. You may want to confirm that the person you’re communicating with is actually a representative from Speedy Cash and not someone posing as a representative to conduct a scam. You can learn more about how to spot a payday loan scam here.
Feel free to reach out to us again should you have any other questions.
You can check our the payday loans located on this page. At the top of the comparison table, kindly select your state of residence as availability varies.
It is worth advising that eligibility and lending terms differ, so it is imperative to understand it fully prior accepting the loan. You may click “Go to Site” green button of your chosen lender to proceed with your application.
So I really need a loan fast, my credit is In bad shape and I’m working on increasing my score, but I am employed and have a steady income. What are the odds of a first timer trying to get a loan for $1,500-2,000?
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