SpeedyCash is a direct lender that offers a wide selection of financial services both online and at its brick-and-mortar locations. The company is based Wichita Kansas, but has offices and is licensed to operate in states throughout the West and Midwest. As well as payday loans, which are its main product, SpeedyCash offers lines of credit, title loans, installment loans, cash for gold and debit card loans.
To get a loan you must complete an online application form. If you are approved, choose how much you want to borrow up to your maximum loan amount. Once you electronically sign the documents you can either pick up the money from your closest office or request a bank transfer.
Interest rates vary depending on the state you live in. This is because laws on short-term loans differ from state to state. A typical fee is $18 for every $100 you borrow. For instance, a $255 loan, has a $45 charge. This translates into an APR of 460.08% for a 14-day term and 214.71% for the same loan with a 30-day term. The shorter the term, the higher the APR. In some states, such as Alaska, the charge is $15 per $100 borrowed, which gives you an APR of 182.50% for a 30-day term. Installment loans are priced at around 180% APR.
Maximum loan amounts vary by state. The maximum range is $100 to $2,600, but this includes installment loans. The maximum payday loan is $500. Lines of credit, which are similar to payday loans, have a maximum loan amount of $750.
As with most online payday lenders, the process is fast and easy to navigate. The application form requests information such as your address, phone number, place of employment, income, pay dates and checking account information. If your application is approved you can pick up the money immediately from a SpeedyCash office or, if you have one, get the funds loaded onto your Opt+ Visa Prepaid Debit Card. Otherwise you can have the money wired to your bank account.
SpeedyCash offers a selection of short-term products to choose from and you can choose between waiting for a bank transfer and getting your cash instantly by either picking up the cash from one of their offices or loading it onto a prepaid card. It is a direct lender and is licensed in all the states where it operates.