Speedy Cash is a direct lender of payday loans that offers loans in 26 states. This is fewer states than Check ‘n Go and RISE are available in. It offers a combination of online and in-person loans, but availability varies depending on the state you live in. Rates and terms are also subject to state regulations, specific information about those rates are posted on Speedy Cash’s website. In addition to payday loans, Speedy Cash also offers installment loans and lines of credit.
To be eligible for an online payday loan you need to meet the minimum age requirements which is 18 in most states, have a valid ID, proof of steady income, an active checking account and a working phone number. If you apply for an in-store loan, you’ll need to submit a post-dated check.
If you apply online you should receive approval quickly, and can choose from several ways to receive your funds. You can also elect to get your funds from a Speedy Cash store, have them deposited into your checking account which usually takes 24 hours, or get the funds immediately added to an opt+ Prepaid Debit Card. Be aware that prepaid debit cards can have additional fees, especially for using ATMs.
The average term for a payday loan is 14 days, after which you’ll need to pay back the entirety of the loan plus the fees. If you are unable to do that you may be able to refinance, depending on the state you live in. By refinancing a payday loan you’ll pay off the fees from the first loan and your principal will roll into a new term and you’ll have to pay the fees again.
In addition to payday loans, you can also get installment loans and lines of credit. An installment loan is usually for a larger amount and is repaid over a longer period of time. A line of credit allows you to borrow as you need and only pay back the amount you borrow. In addition to loans, Speedy Cash also offers check cashing, money orders and money transfers.
While a payday loan may seem like an attractive option for quick money in an emergency, their high rates make them expensive and risky. We recommend exploring alternatives such as a personal loan through a credit union or finding someone to cosign a loan with you before signing on for a payday loan.
Speedy Cash offers both online and in-person payday loans across 26 states. Rates and loan terms depend on the state you live in. To learn about the specific rates in your state visit its website. In addition to payday loans, Speedy Cash also offers installment loans and line of credit loans.