Depending on your financial situation, you may be in need of a reliable short-term loan service. There are tons of services to choose from, and SpeedyCash just might be the right option for you.
In this SpeedyCash review, we’ll highlight several components, benefits, and drawbacks of this loan service. Depending on what you’re looking for, we can pinpoint which pros and cons of SpeedyCash might entice you to their services.
Ready to learn more? Here’s everything you need to know about SpeedyCash’s reputable loan services.
Chad Faulkner, Doug Rippel, and Mike McKnight founded SpeedyCash in 1997. They soon opened their first store in Riverside, California. Today, the company provides payday loans, line of credit, title loans, installment loans, cash advance loans, and several other financial service options for people who need them.
In 2008, SpeedyCash incorporated online loan application services to accommodate customers as the internet became more accessible and relevant for businesses. In 2015, they created a mobile app for customers to manage their loans.
Some of their in-store services include money orders, wire transfers, prepaid debit card distribution, and check cashing.
They offer loan application services through in-store visits, online outlets, and through the phone. Their services are best suited for people who need access to credit, even if they don’t have a perfect credit score. Another priority they embrace is providing funds and credit quickly, making it essential for people in need of immediate services.
The Pros of SpeedyCash
There are several reasons for using SpeedyCash’s services that we will cover in our SpeedyCash review. If you’re considering using SpeedyCash’s services, keeping these advantages in mind can help you decide. Some of these reasons include:
- Several ways to apply
- No prepayment penalties
- Swift application process
- They’re direct and licensed lenders
Several Ways to Apply
One of the valuable takeaways SpeedyCash offers to its customers is its wide variety of application methods. This service might be ideal for people who want to narrow down their application preferences and select one that’s most comfortable for their lifestyle.
If you prefer applying in person, you can search their website for store locations closest to you. After bringing the necessary documentation, you’ll receive your loan approval and receive your cash in little time.
Another option you can pick is through an online application. This application option might be for people who need loans for everyday bills and utilities, emergency repairs, and medical bills. This option also lets users choose how they want to receive their funds, including instant funding to their opt+ card, store pickup, and direct deposit.
SpeedyCash also lets customers acquire funds through a telephone application process. This option offers payday loans, installment loans, and line of credit loans for users. Some fees may still apply, so consider your options carefully.
No Prepayment Penalties
Another reason people might want to turn to SpeedyCash is its lack of prepayment penalties. Suppose you have money on hand, from a work bonus or a gift from a family member, and want to pay off your loans early.
Unlike some lenders, SpeedyCash doesn’t charge its customers penalties or fees for early payment action. This feature might be an ideal solution for people who don’t want to deal with excessive interest costs whenever they take out loans. Prioritizing saving money strategies can help you decide how much you should borrow and how often you should pay it back.
Another penalty SpeedyCash won’t give you is if you change your mind about taking out any loans. They generally give you a 24-hour grace period to return the money you borrowed if your financial situation changes. When you return the money before the facility closes, they won’t charge any fees.
Swift Application Process
If you’re the type of person who prefers fast application processes, SpeedyCash can provide its customers same-day or cash acquisition. Whether you decide to apply online or at one of SpeedyCash’s stores, the process takes a few minutes to complete.
If you apply at one of the SpeedyCash stores, it would be wise to organize your documentation and keep it on hand to ensure nothing is missing or out of date. On average, it takes about 10 minutes to sign up for a SpeedyCash loan at one of the company’s facilities.
It also takes a few minutes to apply on the phone. These processes may take longer if they ask for more documentation.
When deciding, it would be wise to review how long it takes to receive the cash. For example, a direct deposit may take at least one business day to transfer funds, while in-store pickups let you acquire cash on the spot.
Direct and Licensed Lenders
Another advantage of using SpeedyCash is having direct access and communication with licensed lenders. When people seek reliable lender services, many might have trouble finding legitimate lenders who offer direct interaction and flexibility with their customers.
SpeedyCash prioritizes transparency for their clients and typically shares defined interest rates, payment amounts, and payment dates. This company’s experts do their best to ensure customers won’t encounter hidden fees, unknown charges, and cash disappearances when using their services.
Direct lenders process all necessary data for loan applications and funds without third-party interference. Direct lenders allow people to share their personal information without sending it to places. Some people might find this useful for their data and lower their identity theft chances since some websites bounce the information between lenders without direct interaction.
These lenders adhere to every state, federal, and municipal law and provide excellent resources for helping people overcome financial burdens and other essential tips.
The Cons of SpeedyCash
Although there are many benefits of using SpeedyCash, some might not find it convenient to use. Before deciding on signing up for SpeedyCash loans, consider some factors that may impact your reliance on their services. Some of the cons of using SpeedyDash include:
- Limited availability for services in specific states
- High interest rates
- Eligibility isn’t available for everyone
- Your credit score may lower
Limited Availability in Specific States
One disadvantage some might find using SpeedyCash is its limited availability. Its application services aren’t accessible in every state. For example, if you live in Maine or New York, you can’t access their stores or online venues. Most of their locations are in southern, midwest, and west coast states.
While some people might have the time to go directly to one of SpeedyCash’s stores, others may find it frustrating that SpeedyCash won’t let you apply for their loans over the phone or online if you don’t live in any of their approved states. For some of us, it seems a little unfair to limit accessibility based on where you live.
Depending on your financial needs or situations, this factor might limit your options due to inconvenient locations. People don’t want to waste their time or resources traveling to the nearest state to get SpeedyCash’s services so that they may turn to more reliable alternatives.
High Interest Rates
Although taking out loans might be an ideal solution for people who need emergency funds, there are a few risks that come when taking out one. Ideally, a person should find a short-term loan with a reasonable interest rate to avoid paying extra funds.
Although SpeedyCash ensures customers access to short-term loan payments, payday loan interest rates tend to range within the triple digits. Novice loan applicants might find this percentage intimidating when deciding how much money to borrow, making the interest appear higher than it is.
Some people might not be able to juggle these interest rates securely if their financial situations aren’t stable within the short borrowing term. Ideal financial providers should be able to accommodate your conditions and make repayment easier for you.
Without a secure understanding of SpeedyCash’s terms, some people might worry about these interest rates putting them in more debt. Most may consider using SpeedyCash if they can’t find other options.
Not Everyone Can Be Eligible
Although there are several benefits for people signing up for SpeedyCash, some people might not qualify for a loan application through their services. Some factors that might limit their eligibility for their loans include established income sources, valid bank or checking accounts, or specific personal ID data, such as a license or social security number.
There are strict guidelines one should follow if they want to acquire a SpeedyCash loan. For example, if you don’t have an income source, such as a full-time job and a bank account to store these funds, you won’t be eligible for a payday loan.
Although there are some forms of leverage and support for people with lower credit scores to apply without issues, there might be some limitations present for some people. SpeedyCash might be a viable option for people seeking long-term financial needs since their payment deadlines range between a few weeks to one month.
Impacts on Your Credit Score
Another aspect SpeedyCash has that might not resonate with people is its potential of impacting your credit score. Some lenders may perform credit checks for specific locations or loan types, so having a lower score may affect your eligibility for getting your loan.
When you pay back your SpeedyCash loan, it won’t necessarily improve your credit score. If you want to improve it, it would be wise to consult with a reputable lender to discuss any available options. You can also find other outlets if they don’t have what you need.
However, if you happen to miss your payment days for the loans you take out, your credit score may lower. This factor might not be ideal for people who have inconsistent paydays necessary to pay back their loans or those who have lower credit scores who don’t want late payments to make their financial issues more challenging to overcome.
Low Loan Amount
SpeedyCash might not be suitable for people looking for loans that give you access to hundreds of dollars. Since the company functions to provide short-term funds for people to use for daily amenities, there aren’t many options for loans of $600 or over. You’re better off finding other services that offer more money than SpeedyCash.
Although the amount customers can borrow may differ between each state, some of these rates might not be ideal for some people. For example, the maximum amount customers can borrow as their cash advance is $255. Some people might find these numbers too low and may deter them from taking multiple loans for more money or accruing interest.
There aren’t many options for negotiating loan amounts with experienced lenders to match your financial position and how often you pay it back. Others may have trouble working with low loan amounts and pay them back with higher interest if they fail to meet deadlines.
Overall Reputation and Reviews for SpeedyCash
Many people consider SpeedyCash one of the most reliable lender services for the public to access. SpeedyCash ratings tend to be high among people who need short-term funds and are affordable when people have consistent pay rates.
However, some people might experience occasional inconveniences that might affect their impression of the company.
Trustpilot considers it a helpful tool for financial services outside of your local bank. They note how SpeedyCash’s fast transactions make it ideal for people to borrow cash without waiting too long and the professionalism of the company’s lenders. Trustpilot also considers the high interest fees to be an inconvenience for some people.
Some might have opposite experiences of how they receive and pay back their loans. If you want a counterargument for this SpeedyCash comparison, the Better Business Bureau may offer potential customers some insight.
Some people might experience unauthorized charges that may prompt you to pay more cash than necessary.
Negative Video Reviews Of SpeedyCash From Former Customers
Q&A for SpeedyCash
Looking for more information? Here are some answers to the most commonly asked questions about SpeedyCash.
Which States Does SpeedyCash Operate In?
Although there are limitations for SpeedyCash application locations, people in several states can make their applications without wasting time. If you live in these states, you’re eligible for in-person and online applications. These locations include:
Which Types of Loans Does SpeedyCash Offer?
SpeedyCash offers several loan services for many different financial situations. Depending on what you need, there are several options available for your choosing. Many of them are short-term.
Payday loans give applicants access to funds that typically get paid back by their next payday. This timeframe may differ depending on if you have a weekly or biweekly payday. It’s ideal for emergency funds, including home repairs, groceries, or rent.
Installment loans allow people to borrow a larger amount of money at one time. Borrowers repay this loan over time through a set number of scheduled payments, giving them more freedom to acquire more funds to pay it.
Title loans are ideal for people with lower credit scores because they can use their vehicle’s title as collateral if they qualify. Depending on their vehicle’s value, people can borrow between $100 to $25,000. If you take out this loan, you must pay on time. If not, your lender can repossess your vehicle.
Line of Credit
Line of credit lets you draw as many funds within your credit limit, similar to a credit card. It’s ideal if you don’t know how much money you’ll need, how long you’ll need it, and when you need to access it.
How Do I Qualify for SpeedyCash and Do They Require a Credit Check?
If you want to qualify as eligible for SpeedyCash, there are several prerequisites you must have to sign up for any of their loans. It’s ideal to have this information on hand to make the application process more manageable and keep you from wasting time finding what you need.
To qualify for a SpeedyCash loan, applicants need to be at least 18 years of age and have a valid ID with their name, address, birth date, and phone number.
Other requirements for applying for SpeedyCash include an open bank or checking account and proof of a steady income source. Online applications might ask you to input your email address for verification.
SpeedyCash also performs a credit check after you apply. This credit check might alter your credit score if your credit history is not at a reasonable level. It would be best for applicants to check their credit score before applying to ensure it won’t negatively impact their application process.
How Much Does SpeedyCash Cost?
Although SpeedyCash has varying interest rates for loan payments, the payment amount differs from state to state. For example, if a California resident applies for a $200 payday loan, the loan’s APR equates to about 460% for a 14-day term. With this measurement, the resident must pay $35.30 in finance charges if they pay it on time.
Some other factors that alter SpeedyCash’s annual percentage rates, or APR, include the type of loan a person applies for and the length of the loan term. If the 14-day term’s APR is 460%, a 30-day term decreases the APR to around 215%.