SPEEDY CASH LOANS: Review & How it Works

SPEEDY CASH LOANS
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If you’re in need of a rapid loan in an emergency situation, Speedy Cash might be a possible option. However, its high-interest rates and low loan availability mean that you may wish to explore elsewhere for financing. Speedy Cash, as a leader in financial services, offers payday loans, check-to-cash loans, and other short-term loans. You can also get Speedy Cash payday loans online around the clock and have 20 physical locations across Canada. They aim at establishing itself as the preeminent provider of payday loans in the areas they service, working toward its goal of giving people the freedom to do what they want when they wish to do it. When it comes to federal, state, and local restrictions, Speedy Cash follows the rules. To make it easy for, we explain in detail, the Speedy Cash loans way and requirements

Speedy Cash Loans- All You Need to Know

To get Speedy Cash loans, you can basically submit an application online, by phone, or at any of their physical stores across the nation. You can get different loan types from Speedy Cash including payday loans, title loans, lines of credit, and installment loans. However, below we’ll be looking specifically at Speedy Cash’s installment loans (which it markets as personal loans).

Installment loans typically have lengthier repayment periods than payday loans, which are normally due by the borrower’s next paycheck.

#1. High-Interest Rates

According to the National Consumer Law Center, one should try to only get a personal loan with an interest rate of 36% or less. However, even Speedy Cash’s cheapest annual percentage rates (APRs) are well into the hundreds of percent. Because of this, you should only consider Speedy Cash loans if it’s an absolute last resort.

#2. Could Probably Charge an Origination Fee

An origination fee is a one-time cost paid at the beginning of the loan process that is mandated by some states. Therefore, the origination costs charged by Speedy Cash may change based on your location.

#3. Possibility of Quick Funding

If you apply for a loan in person and are approved, you might be able to have the money placed into your bank account as soon as the following business day. That might come in if you need to pay for something unexpected and urgent, like car repairs.

#4. Restricted Accessibility

Unfortunately, Speedy Cash isn’t available in a lot of states. Only residents of Alabama, Colorado, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Texas, and Wisconsin can apply for installment loans from Speedy Cash online.

#5. Terms are Ambiguous

Speedy Cash’s installment loans have different requirements in each state. Keep in mind that in some areas, you may be required to pay your loan every two months instead of the usual monthly payment schedule. That being said, if you need a loan that you can pay back gradually, with just one payment per month, this could be a problem for your finances.

Analyzing Speedy Cash’s Loans

For those thinking about applying for installment loans from Speedy Cash, here are some additional details to consider.

#1. No Early Termination Fee

There is no prepayment penalty for a loan from Speedy Cash. On the contrary, if you do this, you might be able to reduce your interest payments.

#2. Several Ways to Make Money

In addition to direct deposit, customers can choose to have their funds delivered to a local Speedy Cash outlet. Money from your loan can also be loaded into one of three distinct prepaid debit cards known as Opt+ cards. However, you should be aware that there may be costs associated with your chosen method of obtaining funds.

#3. Permits Automatic Payments

You can also set up automatic payments so that they are taken out of your bank account on a monthly basis.

Who Can Benefit from Speedy Cash Loans?

Because of the high demand and little supply of Speedy Cash loans, they are only a good choice if you fall into one of the categories below.

  • You are fortunate enough to be a resident of a state that permits such loans.
  • Even though you wish to borrow a small sum, keep in mind that the maximum loan amount is determined by your state.
  • The loan is easily repayable. The APRs for Speedy Cash loans can be extremely expensive, so you should only use them if you truly have nowhere else to turn for money in an emergency.

Does Speedy Cash Approve Everyone?

Yes. Anyone who satisfies the application conditions is entitled to do so and can be approved for a payday loan. Just meet the necessary age requirements in your state (18 in most states) and have an open, active checking account. With all these in check, you will basically qualify for a payday loan.

Does Speedy Cash offer Personal Loans?

Speedy Cash generally provides loans online, in person, and over the phone. They offer Payday loans, installment loans, and lines of credit. Speedy Cash Loans vary by state with each state having different loan policies. Therefore, find out the types of loans that are offered in your state as well as the maximum loan amounts. To find out about loans available in your state, visit Speedy Cash Loans stores or online platforms.

What is the Easiest Loan to Get Approved for?

Payday loans, auto title loans, pawn shop loans, and personal installment loans are likely the loans that are simplest to be approved for. These are all emergency short-term cash solutions for debtors with poor credit. Many of these solutions are generally made to assist borrowers who require quick cash in emergency situations.

Does Speedy Cash Check Your Credit Score?

Applying for a Speedy Cash loan is a rather simple process. You’ll need the following details about yourself when you apply. Once you apply, Speedy Cash will run a credit check, which could nevertheless lower your credit ratings by a few points.

Can You Be Denied a Payday Loan?

Your credit rating, your income, and your prior borrowing history are the three most frequent reasons you might get a denial when you apply for a payday loan (or any loan). While many payday lenders do accept applicants with below-average credit ratings, some won’t. This is basically because, judging from your records, they can tell you won’t be able to pay back the loan.

Does Speedy Cash Call Your Employer?

While a payday loan provider won’t speak with your supervisor, they will need to make sure you match the criteria needed to qualify for a loan.

How Can I Apply for Speedy Cash Loans?

Basically, Speedy Cash loans have an easy application process. Here are all of the data you will need to apply.

  • Your full name and birthdate
  • Valid ID
  • Home address
  • Steady source of income
  • Open bank account

As soon as you apply, Speedy Cash will run your credit check, which notwithstanding may lower your credit scores slightly.

Loan Types Offered by Speedy Cash

#1. Payday Loan

This type of loan is specifically for customers with a need for a cash advance on their next pay period. These are short-term loans and are basically the quickest borrowing option available to customers. However, to benefit from these loans, you’ll need a government-issued photo ID, proof of income, and a bank account. This is undoubtedly the finest loan you will see for unforeseen costs like new tires or a doctor’s visit.

#2. Installment Loan

This type of loan is applicable to customers who require access to larger sums of money that can not be provided through the normal payday loan. The main features of installment loans are longer payback periods and fixed interest rates. However, to apply, you’ll need to provide both your identification and your regular income. It is a good option for those who need to make a sizable purchase but requires a longer repayment period.

#3. Car Title Loan

These Loans offer benefits for customers who would choose not to use their monthly income as a qualification metric for a loan. But instead, they prefer using the equity in their vehicles as the basis for their loan amount. Nevertheless, to secure a loan using your car as collateral, you’ll need the car’s clean title, evidence of residency, a government-issued photo ID, and the loan itself. This is best for those who don’t want to count their income while qualifying for a loan but have already paid off their vehicle in full.

#4. Line of Credit Loan

These are loans for customers with fluctuating financial needs or who might require ongoing access to additional finances. A personal line of credit gives you access to more money as you pay down your loan, and the repayment conditions are adjustable. Interest is also calculated daily. However, to be eligible, you must have a checking account. This would benefit customers that need a steady flow of cash to keep their monthly spending under control the most.

Does Speedy Cash Give Money the Same Day?

Absolutely. Once you’ve been authorized, a few lenders do indeed provide online same-day loans. By picking up your cash at a Speedy Cash facility, for instance, you can get money the same day.

Can Speedy Cash Garnish My Wages?

Only if there is a court judgment arising from a lawsuit against you can a payday lender garnish your earnings. There can be other limitations on a payday lender’s ability to deduct money from your paycheck. However, it’s critical to heed all court orders and notices.

How Do You Get Out of a Payday Loan Nightmare?

Although they are difficult, the actions you must take to repay your payday loan debt are as follows:

  • If you need more time to pay back your loan, talk to your lender about setting up an installment plan.
  • Payday loans should be repaid with lower-interest debt.
  • Make a pact to stop taking out loans.
  • Increase your loan payment.
  • Think about your options, including bankruptcy and debt settlement.

What Happens If You Don’t Pay a Payday Loan?

It can be extremely challenging to repay a payday loan due to the high-interest rates and fees that are typically associated with them. Payday loans are notoriously difficult to repay, and failure to do so can have serious consequences, including the involvement of a collection agency.

Online Speedy Cash Loans

Speedy Cash is an online financial service that provides a number of loans option. Payday loans, vehicle title loans, personal installment loans, credit lines, and cash advances are all listed as services provided on their website. Loans on a short-term basis, such as those offered by payday lenders generally include high-interest rates and other fees. Therefore,  borrowers should be aware of the risks involved.

While you can access some of these products online, some services, however, like title loans, necessitate a visit to a storefront.

Many of the services provided by Speedy Cash and similar loan providers are not backed by any kind of collateral (except for title loans). Because of this, they won’t ask for security. Instead, your application will be processed on the basis of your income and credit history. However, there are a few factors to keep in mind whether you’re looking into a secured or unsecured loan.

When looking for a personal loan, it’s also crucial to browse around and compare interest rates. Although Speedy Cash-like loan providers may initially appear to be the best option, a thorough investigation should always be conducted.

How Do Online Speedy Cash Loans Work?

On the whole, you can easily find online loans at Speedy Cash and similar establishments. Like many other online lenders, the application, funding, and payback processes are standard.

To start with, you can basically submit an application for the loan which you can accomplish online. The loan application you submitted will be evaluated and a decision made. If your application for a loan is successful, you will receive the funds.

In addition, when the loan money arrives, you can put it toward whatever expense most urgently demands attention. Then, on the due date of the loan, you’ll start making payments. If the loan is paid in whole by the due date, the agreement will be considered settled. However, if you find yourself unable to repay the loan, your financial situation may worsen.

Most lenders that offer online loans like Speedy Cash will let you extend your loan for another term if you need to. This will give you more time to pay. However,  it will also cost you more in interest and fees. Since fees and interest are added on top of the original loan balance every time a “roll over” occurs, it becomes very impossible to repay the debt in full. This strategy is used by certain businesses as a primary revenue generator.

Conclusion

Fast cash is not always simple or secure. However, quick money is essential in a dire financial situation. Still, it is in your best interest to make sure that any lenders you are really thinking about are real. Many lenders today seek to exploit clients with low credit scores. To that end, the above are some things to keep in mind if you’re interested in loans like the ones Speedy Cash provides.

Speedy Cash Loans FAQs

Is online Speedy Cash legit?

Despite having high-interest rates, Speedy Cash is a respectable choice for those who need money right away and have the means to repay it.

What credit rating is necessary for Speedy Cash?

  1. A minimum 670 credit score is required. 
  2. Reliable income: 
  3. Ensures that the loan will be repaid in the event of a default.

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