Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six 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 IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
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:
How do Speedy Cash loans compare with other providers?
While Speedy Cash earns positive reviews on its Trustpilot page, almost all of the recent reviews on both its Trustpilot and BBB pages are negative. Borrowers complain about the high costs, poor customer service and inability to change payment due dates.
How much could you borrow with Speedy Cash?
$255 (payday); $5,000 (installment)
$2,500 (payday); $1,500 (installment)
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.
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
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.
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