Do you have money on the way that you needed yesterday? According to a 2017 Career Builder survey, nearly eight out of 10 Americans live paycheck to paycheck, which puts them at risk if an unexpected expense comes up. When it’s time to buy groceries, pay a bill, or fill your gas tank but you can’t, it can create a desperate situation really quickly. This is where Speedy Cash comes in.
Speedy Cash offers a variety of loan products for people who can’t get approved by more traditional lenders. However, there are a few things you should know before signing on the dotted line.
Read on to find out about the company’s products, rates, application options, and more.
About Speedy Cash
Speedy Cash is a direct lender that offers several types of financial services to its customers. It has over 20 years in business, starting out as a single store in California and now licensed to serve customers in over 28 states. While payday loans are the company’s main offering, it has a full lineup of additional products.
Below, we will take a look at the different products and services so you can figure out if Speedy Cash Loans is a viable solution for you.
Speedy Cash loan products and services
Speedy Cash advertises loans from $50 all the way up to $26,000, depending on which state you live in, your income, and the loan product you choose. Here’s an overview of the loan types:
Payday loans are small, short-term loans. The full balance, plus any additional borrowing costs, are repaid from the borrower’s next paycheck. Payments are made with a debit card, cash, a post-dated check, or automatic payment from a bank account.
To qualify, you must be 18 (in most states), have an open and active checking account, show proof of income, and have a valid phone number. In some states, you can refinance your loan if you can’t pay it off in full by the due date.
WIth Speedy Cash installment loans, you can borrow a lump sum (up to $2,600) and pay it back over more time with a set number of scheduled payments. The loan will accrue daily interest.
To apply, you need to have an open and active bank account, a valid ID, and a steady source of income. Other factors may be considered such as your credit score and any outstanding short-term loans you have. If you are approved but can’t make your payment, Speedy Cash says it may be able to offer payment arrangements.
Speedy Cash also offers title loans on automobiles. You bring your working vehicle to a Speedy Cash location, complete an application, have your vehicle inspected, get a lending decision, sign the loan documents, and drive away with cash. The loan amount and repayment terms will vary depending on your situation.
To qualify, you will need to have a vehicle in good condition, proof of insurance, proof of address, a valid ID, and a clear title or proof of the first lien. Some stores allow you to borrow even if you don’t have a clear title (depending on the state). Further, there are no restrictions on the year, make, or model of the vehicle.
Another available loan type is a personal line of credit, which typically offers up to three times the amount of cash you can get from a payday loan. Once approved, you can take out any amount of cash (up to your approved limit) and pay it back over time.
The concept is similar to a credit card as the funds become available to withdraw again after payment. You will pay interest only during the time you use the cash. Further, the maximum credit line will vary depending on factors such as your credit score, monthly income, and the maximum limit allowed in your state.
To apply, you need a valid ID, open checking account, and steady source of income. Additionally, if applying online, you’ll need a social security number and a valid email address.
Opt+ prepaid debit card
If you don’t have a bank account and need to pay bills or withdraw money from an ATM, Speedy Cash’s exclusive Opt+ prepaid debit card could be your solution. It is accepted at all Visa locations, works at any ATM, and features a full bill pay system. Also, if you get a Speedy Cash loan, you can have the money instantly loaded onto the Opt+ card.
Lastly, Speedy Cash also offers check-cashing, money transfers, money orders, and cash for gold.
Speedy Cash Fees and costs
Speedy Cash Loan fees and costs vary depending on a few factors, such as where you live, the loan product, how much money you make, and when you pay back the loan.
Typically, a varying one-time service fee is charged for the loan as well as a daily interest accruement. Again, the one-time fee and interest rate will vary based on several factors. The best way to get your total cost is to apply for the loan product you want.
How to apply for a Speedy Cash loan
The application process for a Speedy Cash Loan is designed to be as easy as possible for applicants. The most convenient route is to simply visit the Speedy Cash website and follow the online application process.
If you are approved, you can usually get the cash directly deposited into your bank account or Opt+ card by the next business day. While not as easy as applying online, visiting a Speedy Cash location near you may be faster as you can walk out with the cash. You can also apply by phone.
You may be wondering, “How do I find a Speedy Cash near me?” You can head over to the company’s website, and you’ll find a user-friendly location tool to help.
Flexible eligibility requirements
If you don’t have many loan options and are desperate for cash now, then Speedy Cash may be able to help. The eligibility requirements are flexible, the application process is easy, and you can get cash fast.
However, with these pros come a few serious cons, which you will quickly learn when reading the Speedy Cash Reviews. The rates and costs are extremely high. For instance, on its website, Speedy Cash gives examples of its finance charges by state.
When looking at California, a $5,000, a 42-month auto title loan is shown to cost the borrower $12,310.95. A $5,000 credit line is shown to cost the borrower $18,637.65 over 42 months. The shorter-term loans dig you in much less of a hole, as a 14-day payday loan of $100.00 is shown to cost $17.65.
It’s important to be cautious when signing up for these products. You can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.
If you expect to have the money to repay the loan plus the funds to cover your regular costs by the due date, this route can work. But it is expensive and highly risky for most who need to turn to this lender in the first place.
Compare the pros and cons to make a better decision.
- Easy and convenient application process
- Flexible approval requirements
- Quick decisions
- Multiple loan options
- Very high costs (especially on longer-term loans)
- Short-term loans can be difficult to repay without re-borrowing
The verdict on Speedy Cash
While Speedy Cash does make loans more accessible and offers a streamlined loan process, you should explore other options before committing. With rates and practices walking the line of predatory, and less-than-stellar reviews, you can easily find yourself in a worse position than when you started.
Preferable routes include asking friends or family for a loan, cutting back on expenses so you can make it to your next payday, and checking to see if you can qualify for better rates and terms with another lender. Even if your credit isn’t great, you still may be surprised to find you can qualify with various companies.
Want to compare Speedy Cash to other lenders? Click here to find out what else you qualify for, without hurting your credit.