If you need an emergency loan urgently, Speedy Cash may be able to help. However, due to restricted availability and high-interest rates on its personal loans, you may wish to explore elsewhere for a loan.
|There is no prepayment penalty||Interest rates are quite high|
|Fast financing is possible||Some states may charge an origination fee|
|There are several methods to apply||Availability is limited|
What You Should Know About Speedy Cash Loans
You may apply for a Speedy Cash loan online, via phone, or in-person at one of the company’s retail locations around the nation. Speedy Cash provides payday loans, title loans, trade lines, and installment loans. In this study, we’ll concentrate on its personal loans, also known as installment loans from Speedy Cash.
While payday loans are often repaid with your next paycheck, installment loans typically offer lengthier lending durations.
High interest rates
According to the National Consumer Law Center, you should opt for a personal loan with an interest rate of 36% or below. However, even Speedy Cash’s lowest APRs much surpass that, with rates in the triple digits. As a result, you should only choose a Speedy Cash loan if you are in a serious emergency and have exhausted all other choices.
There might be an origination cost
Some states impose an origination fee, which is a one-time cost levied to complete your loan application. The origination costs charged by Speedy Cash vary based on where you reside.
Fast financing is possible
If you are authorized for a loan in person, your loan money may be put immediately into your bank account as soon as the next working day. This might be useful if you have an unexpected bill, such as a vehicle repair.
Availability is limited
Speedy Cash is not available in all states.
Only Alabama, Colorado, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Texas, and Wisconsin are eligible for online installment loans from Speedy Cash.
Terms are inconsistent
The terms of a Speedy Cash installment loan vary by state.
Take notice that in certain areas, you may be required to make semimonthly loan installments. If you’re searching for a loan that you can pay back over time with one payment each month, this might put a burden on your budget.
A more in-depth look at Speedy Cash loans
Here are a few more things to consider if you’re thinking about getting an installment loan from Speedy Cash.
- No prepayment penalty – If you pay off your loan early, Speedy Cash will not charge you a prepayment penalty. This might help you save money on interest.
- Money may be obtained in a variety of ways — In addition to direct deposit, Speedy Cash allows you to pick up your money at a storefront location (if one is available near you). You may also acquire your loan cash on one of three different kinds of prepaid debit cards known as Opt+ cards. However, bear in mind that depending on how you choose to get cash, there may be expenses.
- Automatic payments are possible – You may set up automatic payments so that your payments are debited from your checking account automatically each month.
Who is a Speedy Cash loan good for?
Given its restricted availability, a Speedy Cash loan may be a useful lending choice only if you fall into one of these categories.
- You reside in one of the states where installment loans are available.
- You wish to borrow a modest sum, but keep in mind that the loan amount permitted is determined by your state.
- You’ll be able to pay it off soon. Because its APRs might be quite high, you should only choose a Speedy Cash loan if you have no other choices for covering an unexpected need.
How to apply with Speedy Cash
The application procedure for a Speedy Cash loan is rather simple. Here is the personal information you will need to apply.
- Your full name and birthdate
- Valid ID
- Home address
- Steady source of income
- Open bank account