Speedy Cash Loan Facts
- APR: Up to 400%
- Loan Amount: $100 to $25,000
- Loan Term: 7 to 30 days
- Minimum Credit Score: Any
- Co-Signer: Not available
- Origination Fees: Up to $75
- Time to Funding: Same day
- Hard Credit Check: No
- BBB Rating: Not accredited
- Trustpilot Rating: 4.5 stars
Pros & Cons
- Variety of loan types
- Same day funding
- No credit check
- Extremely high APR
- Smaller loan amounts
Here we will cover the important details you need to know about Speedy Cash, including:
- What types of loans Speedy Cash provides
- How much you can borrow
- Information about fees, terms, and rates
- Qualifications that borrowers need to meet
- Customer service ratings and more
What Types of Loans Does Speedy Cash Offer?
Speedy Cash offers many different types of loans, giving borrowers more options than they might have elsewhere and enabling them to increase their chances of acquiring cash fast. All loans come with multiple funding options and have slightly different terms and requirements according to the laws of each state.
The four main types of loans Speedy Cash offers are:
1. Payday Loans
Payday loans, also known as cash advance loans, are designed to help when you’re in a bind and have an immediate need for cash. If you need to pay a bill but won’t have the cash until your next payday, you can use a payday loan instead.
The benefit of cash advance loans is that you can get the cash from your next paycheck a bit earlier. These loans typically come with extremely high-interest rates, though, and should only be used for short-term cash needs. Payday loans are not intended for long-term financing.
2. Installment Loans
An installment loan is a loan that the borrower agrees to repay over time through a set amount of payments. Installment loans come with a longer repayment period than payday loans, and borrowers can only have one installment loan at a time. Loans that are paid back on installment plans target a broad range of borrowers in just about any situation where funding is needed.
3. Title Loans
A title loan lends money against the collateral of your car. To be eligible for a title loan, you must have a clear title. A clear title means that you own the vehicle outright and have full ownership with no outstanding loans.
Title loans can be useful for people with poor credit scores who wouldn’t otherwise be able to qualify for a loan. Providing the lender with collateral in the form of a clear title incentivizes the lender to provide loans to borrowers with subpar credit. If the borrower can’t repay, the lender will typically repossess the vehicle or put a lien against the vehicle’s value.
To be considered for a title loan at Speedy Cash, borrowers must show:
- Valid government-issued ID
- Proof of income
- Proof of address
- Clear title or proof of 1st lien*
- A vehicle that is in driving condition
- Proof of automotive insurance
*In some states, it is possible to get a 2nd-lien title loan through Speedy Cash. 2nd-lien title loans allow you to use your vehicle as collateral even if you do not have a clear title.
4. Line of Credit Loans
A personal line of credit loan is similar to a credit card. You take out the loan and can withdraw any amount that you need, up to your credit limit. Your credit limit is the maximum amount you can borrow.
Unlike credit cards, a line of credit loan accrues interest daily rather than monthly, so interest payments will pile up faster. This type of loan is geared towards borrowers who are unsure of how much money they will need or who will need continual access to credit.
Speedy Cash Loan Details: Terms, Rates, and Fees
The terms of your loan will vary depending on location and the type of loan. Payday loans typically have the quickest due dates, usually requiring full repayment within a month of loan disbursement. Installment loans often allow borrowers to pay back their loans over the course of months or years.
A number of factors will affect the specifics of your loan, such as your credit score, monthly income, and the maximum amount you can borrow according to the laws of your state.
Speedy Cash is known for having higher than average interest rates, but like loan terms, the rates for your loan will vary depending on your state and the type of loan. Payday loans typically come at the highest rates, sometimes upwards of 400% APR. Other loan varieties come at much lower rates, often under 100% APR.
Origination fees from Speedy Cash can be as high as $75, but the exact amount varies depending on the type of loan, the loan amount, your credit history, and the state you live in.
Line of Credit Fees
Lines of credit fees are based on daily interest. The minimum loan payment for this type of loan will be 2% of the principal plus any accrued interest at 0.9863014% daily interest (30% per month, or 360% annually).
Early Payment Fees
There are no early repayment fees. If you choose to repay your loan faster than the time negotiated in the terms of your loan, you won’t be charged extra. Doing so can reduce the total amount of interest you end up paying.
One beneficial feature offered by Speedy Cash is a 24-hour grace period. After taking out a loan, you have 24 hours to change your mind. If you decide to cancel, you can do so without any additional fees being charged.
Fees on Speedy Cash loans vary from state to state, so borrowers need to read the terms of their specific loan to determine what their exact fees will be.
The exact amount available to borrowers varies from state to state, but on average, the minimum amount for payday loans and lines of credit is $100 while the maximum is $5,000. Title and installment loans tend to have higher borrowing limits, with some states offering loans up to $25,000.
Time to Funding
Funding times can vary depending on how you apply for the loan and which funding option you choose. When applying in-person at a Speedy Cash location, you will receive a lending decision in ten minutes or less. If approved, you could receive your cash immediately following the decision.
When applying online, you will receive an instant lending decision. If approved, you can choose how you’d like to receive your loan funds. The decision you make here can determine how fast you receive funding.
Here is a rundown of your options for receiving online Speedy Cash loans:
- Instant funding to an Opt+ card: Speedy Cash allows you to instantly load funds onto your Opt+ debit card, which is the fastest funding option available from the lender.
- Pick up cash in-store: If there is a Speedy Cash store location near you, you can pick up your funds there. Your cash will be available for pickup right away.
- Direct deposit: If you want to receive your funds through direct deposit to a checking account, the cash will usually arrive within one business day.
Speedy Cash Loan Requirements
Loan requirements vary from state to state and depend on the type of loan you’re applying for. To be eligible for a loan with Speedy Cash, you must:
- Be at least 18 years old
- Provide proof of citizenship
- Have a steady source of income
- Have an operational checking account
While you do need to provide personal information to get approved, Speedy Cash will not run credit checks with any national credit reporting agencies, making the lender an ideal solution for people with bad credit or no credit. Applying for a loan with Speedy Cash will not hurt your credit score.
If you apply for a Speedy Cash loan at a physical location, you can repay your loan via check or provide bank details for a direct debit. If you got your loan online, you must provide your checking account details for direct debit payments.
The Speedy Cash Customer Experience
Speedy Cash Customer Support
Monday through Friday, 6:00 a.m. to 11:00 p.m. CT
Saturday through Sunday, 9:00 a.m. to 6:00 p.m. CT
P.O. Box #780408
Wichita, KS 67278
Trustpilot, ConsumerAffairs, and BBB Reviews
On Trustpilot, Speedy Cash has over 6,600 reviews and averages four and a half stars. Reviews say:
- Good service
- Fast turnaround time for receiving funds
- Quick and easy application process
On ConsumerAffairs.com, Speedy Cash has four out of five stars from 275 user reviews. Reviews say:
- Fast approval
- Lenient lending requirements
- Flexibility in methods of application (in person, online, via phone)
Speedy Cash isn’t currently accredited with the Better Business Bureau. The company has three different profiles on BBB.org, and all of them have a significant amount of complaints filed against the company, with one profile targeting an office in Austin, Texas having over 200 complaints closed in the last three years.
While there is no loan review on the BBB website right now, the profile for the Speedy Cash headquarters based in Wichita, Kansas, displays the following message as of November 2019:
BBB’s information on this company is being updated, and no report is available at this time.
About Speedy Cash Loans
Speedy Cash Loans was founded in Riverside, California in 1997, and offers payday loans in 15 states across America. The company is now based in Wichita, Kansas, offering customers easily accessible financial services such as check cashing, lines of credit, prepaid debit cards, and several different types of loans.
Speedy Cash is a direct lender, not an intermediary, so when you apply for a loan with Speedy Cash, you are applying directly to the company. Speedy Cash will service your loan by providing cash and processing payments, as they have served millions of other customers during their more than 20 years in business.
Speedy Cash is ideal for borrowers who need immediate funding and have less than stellar credit. The lender also serves as a one-stop-shop for a variety of different types of loans, allowing the company to better serve those who need cash fast. However, their lack of rating and a high number of complaints with the Better Business Bureau is cause for concern and borrowers should be mindful of these issues when choosing a lending agency.