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Speedy Cash Loans Review
28 Sep 2018

Speedy Cash Loans

Lots of lenders offer payday loans online, and Speedy Cash loans are no different. You can get a loan from Speedy Cash in just a few minutes and might even qualify for a special deal along the way.

Get a quick payday loan from a lender with a penchant for promotions!

You are interested if

You need some money in a hurry and prefer a lender with standard loan options and just a few bells and whistles for interest.

 

Key Points

Brief Description These are small loans you can access online, by phone, and in-store, even with fairly little income.
Limits and Deadlines You can borrow between $200 and $1,500, capping out at 50% of your monthly income. Speedy Cash loans are only available to residents of Nova Scotia, British Columbia, Ontario, Saskatchewan, Newfoundland and Alberta.
Urgency Cases vary, but some applicants can receive their funds in as little as 30 minutes.
APR Range Varies based on your province of residence, but it is frequently set at the maximum allowable rate for short-term loans in that province. You can find a list of these maximum rates here.
Closing/Origination Fees Do not apply.
Early Payment Fees None; the payment will be due too quickly for there to be any time to pay early.
How to Contract the Product You can get one of these loans by filling out a simple online application, calling Speedy Cash’s customer service line and having a representative help you, or by going to one of their store locations in person.
Main requirements All you need is to be a resident of one of the 6 provinces Speedy Cash serves who is of legal age (18+) and has an income of at least 50% of the amount you want to borrow (making the minimum $400 per month). They accept income from a job, the Canada Child Tax Benefit, a pension, or a combination of any of these. You’ll need to provide copies of one piece of government-issued photo ID, some form of proof of address, a blank cheque or pre-authorized debit form, your most recent pay stub, and 60 days of bank statements.

About Speedy Cash Loans

Main Features

Speedy Cash is a payday lender with impressive accessibility for a smaller company. They grant loans through three different channels, allowing virtually everyone to use the application method they prefer. The minimum income threshold they accept is very low and they allow more diverse sources of income than other lenders in this part of the market.

Further, there are several promotions running constantly that make Speedy Cash a more attractive lender. If you refer a friend to Speedy Cash and they take out a loan of at least $450 that they repay on time, you can receive $100 yourself as a referral bonus. You must have borrowed from Speedy Cash before yourself and must pick up the prize at a physical location, but there is no limit to what you can earn this way provided you know enough people.

The other two promotions are accessible to borrowers on their own. When you first borrow $300 or more and repay it in full and on time, you can receive 50$ cash back by visiting one of this company’s store branches. If you’ve borrowed from Speedy Cash before, remained in good standing with them throughout the whole process, and have now not borrowed from them again in the past 60 days, you will be given the chance to take out a new loan at 25% off their regular costs.

How Does It Work?

There are a few ways to get a Speedy Cash loan. The easiest is to apply online using the form found on their website. These applications will be processed the fastest and will get you your money the soonest. However, if you prefer, you can call them and have your application done by a staff member or visit them at one of their branch locations. These methods are still quick, but can’t be done as efficiently as online processing as you will still need to provide verifiable proof of your income and other requirements.

Once this is done, you have the choice between getting your money sent to you via direct deposit, an email money transfer, or a re-load of your Prizm Visa card. Your repayment period will be the same length as one pay period (typically 14 days) and Speedy Cash will automatically debit your bank account for the entire balance you owe on your scheduled repayment date. Don’t forget to make sure you have enough money at that time!

Conclusions

Speedy Cash loans are small, standard, and surprisingly easy to get. Few people will have a hard time applying or being approved, regardless of technical skill or income level. Their steep APR range is definitely a detriment, but the cost will still be minimal in such a short amount of time. You can also offset those costs with some of the promotions they run, potentially reducing their cost to well under what you would pay with most other lenders.

Speedy Cash: Fast Cash With No Hold-Ups

Speedy Cash loans have been extended to thousands of customers since 1998, and since significantly bumping up their online component, they have been able to serve many more. They also have over 20 store location scattered across British Columbia, Saskatchewan, Alberta and Nova Scotia where customers can be helped with loans or cheque cashing as needed.

What We Think

Speedy Cash loans are largely unremarkable financial products, but they serve their purpose well enough and do not come with any glaring downsides. They are on fairly even playing field with all their competitors and are a perfectly adequate choice for that reason alone.   What does set this lender apart is their willingness to entice both first-time and repeat customers with fun promotions that help to get customers excited about their brand. This is an uncommon approach to lender marketing that not only saves you money, but makes the process of getting a loan a little more fun. If you enjoy these kinds of incentives, you’ll find few lenders as ready to offer them as Speedy Cash.