For those of us who have experienced abrupt financial difficulties, we know that loans can really save you on a rainy day. They are an excellent way to fill up your finances and solve unforeseen and unplanned emergencies.
Unfortunately, for borrowers with bad credit, even borrowing a loan can be a problem, which is why companies like Speedy Cash which provide installment loans for bad credit are a lifesaver.
The challenge is that there are hundreds of such companies and they may not always be the best option, especially since some of them are not legit.
Thankfully, Speedy Cash is a legit company and a fair option for borrowers who are looking for quick funding to solve an urgent need.
Of course, if you're looking for a lender with lower interest rates, higher loan amounts, and longer loan terms, you should look into other lenders.
Speedy Cash Overview
Speedy Cash is a direct lender that offers fast funding to borrowers and mainly caters to personal loans for bad credit. The service operates both online and in-store and is registered in 12 states.
It is an excellent option for borrowers looking for quick, short-term loans but offers significantly higher interest rates than its competitors.
Speedy Cash Loans Highlights
- Loan amounts: $50 - $26,000.
- Loan types: Payday loans, Title loans, and Installment loans.
- Credit check: Doesn't conduct a credit check.
- Minimum credit score: Not disclosed, but bad credit is considered and accepted.
- Funding time: Same business day after approval of the loan application.
- Repayment terms: Inconsistent but short and depends heavily on the borrower's state of residence.
- Interest rate: Not disclosed, but it is estimated to be higher than 36%.
- Fees: May have an origination fee but that depends on the borrower's state of residence.
- BBB rating: A+ but is not BBB accredited.
- Quick funding.
- Easy online process.
- Accept customers with poor credit scores.
- High-interest rate.
- Only available in 12 States.
- May affect your credit.
Speedy Cash is a short-term direct lender that operates in 12 states and provides personal loans for bad credit including title loans, payday loans, and installment loans.
Where Speedy Cash Loans Stand Out
Speedy Cash Loans embodies its name by providing its clients with quick funding. If your application for the loan is approved, you can have it deposited to your account by the same business day.
As a direct lender, Speedy Cash doesn't have to go through third parties to review your application or approve your loan, which makes the process faster.
Easy online process
The online application process for Speedy Cash Loans is a very easy process that starts with registering an account with an email, password, and security question.
After that, you'll complete the login process, find the application portal, fill in the online form, and wait for the review - a process that takes only a few minutes.
Most of the products are offered online but some, like title loans, require you to visit their storefront physically.
Accept customers with poor credit scores
Borrowers with low credit scores are often not accepted by banks and credit unions. The only alternative is to find online payday loans or other similarly readily available but expensive loans.
Speedy Cash is an excellent alternative for people with bad credit, since their loans, including installment loans, are available to borrowers with poor credit.
Where Speedy Cash Loans Fall Short
For a personal loan, you shouldn't risk one that exceeds 36% interest rate according to the National Consumer Law Center.
However, you'll find that Speedy Cash loan interest rates can be significantly higher and sometimes may even fall into the triple digits.
Therefore, you should only consider Speedy Cash loans as a last resort when you've exhausted all other means.
Only available in 12 States
Speedy Cash Loans are available in 12 states: Alabama, Colorado, Illinois, Missouri, Mississippi, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Texas, and Wisconsin.
May affect your credit
Speedy Cash is not a safe option for borrowing loans because they have too high an interest rate and very short loan terms.
At the end of the repayment term, you might find yourself incapable of paying back the loan, which would result in additional fees and even higher interest rates.
In the end, you'd find yourself in debt and incapable of paying back, which could be reported to a credit bureau and affect your credit score.
Therefore, you should only borrow loans from Speedy Cash as a last resort and when you have some surety you can comfortably pay back the loan.
Compare Speedy Cash Loans to other lenders
Higher than 36%
5.99% to 35.99%
5.99% to 35.99%
$50 - $26,000
$1,000 to $35,000
$500 - $10,000
depending on different states
3 - 72 months
3 - 72 months
Soft credit check
Soft credit check
Owing to its high-interest rates and short loan repayment terms, Speedy Cash might not be the best alternative for lenders who don't want to deal with stressful, high-pressure loans.
Thankfully, if you're not pressed for time, there are better alternative lenders that you could opt to loan from. Some of these lenders include:
Speedy Cash Loans vs. Personal LoansTM
Personal LoansTM is one of the best alternatives for borrowers looking for installment loans for bad credit. Unlike Speedy Cash, Personal LoansTM is not a direct lender.
Instead, it works as a network that connects borrowers and lenders. That means that while you lose the direct lender advantage, you also gain access to more lenders, which provides greater flexibility in the long run.
Personal LoansTM is also very upfront with its rates, fees, and requirements, which are all listed on the website. Speedy Cash is very unclear on the terms and there are significant fluctuations in its rates, especially since they differ depending on the state.
This puts a strain on people who live in some states where the rates may be unfavorable, such as states that pay semi-monthly or even bi-weekly. Speedy Cash terms of payment are calculated based on the payment schedule.
Personal LoansTM offers interest rates of between 5.99% to 35.99% and offers amounts between $1,000 to $35,000, whereas Speedy Cash loan rates are higher than 36% and offer loan amounts between $50 to $26,000.
Personal LoansTM repayment terms vary from between 3 - 72 months, unlike Speedy Cash where the terms depend on the state and can be as short as weekly.
Personal LoansTM is BBB accredited and has an A- rating, while Speedy Cash has an A+ rating but is not BBB accredited.
Finally, unlike Speedy Cash which doesn't conduct a credit check, Personal LoansTM conducts a soft credit check. Additionally, the specific lender may also conduct stricter credit checks.
Speedy Cash Loans vs. Cashusa.com
Cashusa.com is a network that connects borrowers to lenders and is an excellent alternative for installment loans for bad credit.
Unlike Speedy Cash, which has a direct login and application process, Cashusa.com collects your information and sends that information, and provides that information to a list of lenders whose profile you fit into. That makes Speedy Cash a better option for borrowers looking for a fast loan.
Cashusa.com is very upfront with its fees, rates, and the lender's requirements, which are all posted on the website. Speedy Cash, on the other hand, is not very upfront with its fees and rates, especially since they change depending on the state.
Cashusa.com's interest rates vary between 5.99% to 35.99% and offer loan amounts between $500 to $10,000 while Speedy Cash loan rates are above 36% with loan amounts ranging from $50 to $26,000.
Cashusa.com loan repayment terms range from 3 months to 72 months, while Speedy Cash has varying loan terms that fluctuate depending on the state of residence. Cashusa.com is BBB accredited with a rating of C- while Speedy Cash has a rating of A+ but is not BBB accredited.
Requirements for Speedy Cash Loans
- You must be a resident in one of the following states: Alabama, Colorado, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Texas, and Wisconsin.
- You must be of legal age, which varies depending on the state.
- You should have a steady source of income.
- You must provide a valid government-issued ID.
- You should have an active, open, and valid checking account.
- You should have an active phone number.
- You should have an active email address.
How to Apply with Speedy Cash Loans
- To apply for an online Speedy Cash loan, you should first create an account on the website using a valid email.
- After you've created an account and logged into the website, fill in the correct information on the loan application form.
- Wait for the approval process and after approval, you can receive your money directly to your account, or at the storefront location.
How CreditYelp rates Speedy Cash Loans
|Requirements & Application||3.5/5||It accepts bad credit, with easy-to-meet requirements but is only available in 12 states.|
|Loan Application||4.0/5||Provides multiple application channels including both online and in-store and accepts bad credit.|
|Loan Flexibility||2.0/5||Has significantly short repayment terms, which are dependent on the borrower’s state of residence. The APR is also considerably high. Both options make it a high-pressure lender, which might be stressful for borrowers.|
|Loan Affordability||3.0/5||There’s limited upfront information about loan terms and rates, which fluctuate according to the state.|
Speedy Cash Loans FAQs
Q1: Is Speedy Cash Loans legit?
A: Speedy Cash is a legit company that is registered under the law in different states to operate as a direct lender. The only exception would be Texas where Speedy Cash is registered as a Credit Access Business (CAB), and the actual lender is an unaffiliated third party.
That means that its operating directives and terms vary depending on the state. For instance, in the state of Alabama, the minimum legal age to apply for a loan is 19, while in most other states it is 18.
Q2: Does Speedy Cash Loans affect your credit?
A: Speedy Cash doesn't directly affect your credit score. For starters, they don't conduct a credit check when applying for a loan.
However, if you default on the loan, especially if it is a payday loan, they may resort to using a debt collector. Debt collectors often report your credit activity to credit bureaus, which may affect your credit.
Q3: What if I change my mind after taking out a Speedy Cash Loan?
A: Situations are always flexible and might change at the drop of a hat, which is why it is best to look into lenders that are equally flexible.
If you change your mind after applying for and receiving the Speedy Cash loan, then Speedy Cash allows you a 24-hour grace period to return the loan, without any fees. The 24-hour window begins from the moment you receive the loan.
If this period passes, then you are required to pay the loan based on the calculated interest and agreed on terms.
Q4: How much will I owe on my due date?
A: The due date for Speedy Cash payday loans correlates to the borrower's pay cycle and could be either weekly, bi-weekly, or monthly. The borrower has to pay the amount that was borrowed (the principal amount) in addition to the fees after calculating the interest.
Q5: What if I can't pay on my due date?
A: If you fail to pay back your loan on time, then you should contact Speedy Cash early and notify them of your difficulties. Depending on the situation, you may be able to work out an arrangement to extend your loan term.
Of course, the applied interest and fees will be higher after the extension. If you fail to pay even after that, then Speedy Cash can take legal action against you, solicit the help of debt collectors, and report your credit activity to credit bureaus, which may ruin your credit.
Q6: How do I find a Speedy Cash store near me?
A: If you don't know and can't find the nearest Speedy Cash store to your location, then you can use the store locator feature on the website or call 1-866-916-6639 for information on the store closest to you.
Q7: How fast can I get my loan from Speedy Cash?
A: The speed at which you receive your loan depends on your application process. You have an online and in-store application option for your loan. When you apply for the loan at the store, you can get your loan approved and receive your cash in under 10 minutes.
If you apply online, how fast you receive your money depends on whether you intend to receive the money at a physical storefront or through direct deposit. Obviously, you receive the money faster if you have it deposited into your checking account.
Q8: Which loan should I apply for?
A: You should choose your loan based on your needs and circumstances. If you're not certain and don't have a directive on how to choose your loan, consider the amount you need to borrow, and how long it might take you to comfortably pay the loan as your guide.
The good thing about Speedy Cash is that they have different loan options for which you can apply including payday loans, title loans, and installment loans.
- A payday loan is a loan where you get a small amount of money, usually $300 or less, and has relatively short repayment terms.
- A title loan is also a short-term loan. However, you can get more money compared to a payday loan, but you'll be required to provide the title to your house or car as collateral for the loan.
- An installment loan is the ideal loan since it offers more money and longer loan terms. Of course, Speedy Cash may shorten the terms needed to pay the installments but the entire loan is paid off over a considerably longer duration.