Payday loans are fast becoming one of the leading sources of lending. Why? It’s an easy way to get cash fast when you’re in a hurry. There are about 10 million people a year who turn to payday loans to make ends meet or to finance an emergency.
Since they’re a popular form of lending, there are thousands of companies to choose from to get a payday loan.
In this article, we’ll turn our attention to Speedy Cash, one of the largest payday loan companies in the US.
Read on to learn more about Speedy Cash and whether or not you can turn to them for a payday loan.
The Speedy Cash Story
Speedy Cash was founded in 1997 with its first retail location opening in California. Speedy Cash operates in 15 states: Alabama, Alaska, California, Hawaii, Louisiana, Mississippi, Missouri, Nevada, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Washington, and Wyoming.
Speedy Cash is a subsidiary of the CURO Group Holdings. CURO Group also owns Rapid Cash, which is another payday loan company in the U.S. The group also has operations in the United Kingdom (Juo Loans, Wage Day Advance) and Canada (LendDirect and Cash Money).
As you can tell, Speedy Cash is a small part of a much larger payday loan operation.
What Does Speedy Cash Offer?
Speedy Cash is well known for its payday loans, but the company expanded its offerings to include prepaid debit cards, title loans, and lines of credit.
There are limits to how much you can borrow. The amount will depend on where you live and your credit.
For borrowers in Kansas looking at getting a payday loan, you can only borrow $500. You can get a title loan of up to $25,000 and a line of credit of up to $1,500 if you apply online. You can get a loan of up to $4,000 if you apply in person.
In California, the company offers a different range of loans and products. You can get a payday loan, but only up to $255. Speedy Cash also offers express installment loans between $2,600 and $6,000.
There are also title loans, where you can use the title of your car as collateral in exchange for a loan. California residents can get a title loan of up to $25,000 or an express title loan between $2,600 and $6,000.
How Does Speedy Cash Work?
When you get a payday loan, you want to know what it takes to get a loan. Payday loan companies do have minimum standards to get a payday loan.
In the case of Speedy Cash, those requirements are very low. The company requires that you meet the age requirements in your state, have an open checking account that’s active, a working phone number, and proof of income.
These services are great for people who need an influx of cash in a hurry and have bad credit. About two-thirds of people use payday loans to cover monthly expenses like rent and utilities. They’re pretty easy to get, which makes them an attractive way to get funds fast.
Payday loans are very easy to get, but they often come at a price. For example, in Kansas, if you were to take out a $500 loan and pay it back in 14 days, you’ll pay an additional $75 in fees. Your $500 loan will cost you a total of $575. That’s a 391.07% interest rate.
It’s something that you have to weigh to get cash. That being said, you can get cash very quickly. In most cases, you can get cash in 24 business hours to 3 days.
Speedy Cash also offers a number of ways for you to get your money. You can have it deposited right into your bank account, put it on a pre-paid debit card, or pick it up at a store location.
What’s it Like to Work with Speedy Cash?
It can be difficult to find a great payday lender to work with. Some lenders have a bad reputation, while others are known for great customer service.
Speedy Cash falls into the second category. People who have used Speedy Cash to get money fast were impressed by the speed of the company’s approvals and the amount of time to get the funds.
In many ways, Speedy Cash lives up to its name. Even if there is an issue or a question, Speedy Cash has friendly customer service and staff ready to assist customers.
The Downsides of Speedy Cash
With all payday loans, you will see higher than normal interest rates. This is one reason why you should proceed with caution when you get a payday loan. Payday loans are great, but you want to be sure that you can pay the loan back on time.
The other downside of Speedy Cash is that even though the standards are pretty low to get approved, not everyone is.
There are many reasons why people will get denied a payday loan. Speedy Cash requires that you have a bank account and proof of income.
If you’re in the same boat as 17 million Americans who don’t have a bank account, you can get denied a loan.
Documenting a steady income can be trickier for some people, too. If you get paid in cash or are self-employed, you’ll have a very hard time proving that you can pay back the loan.
Speedy Cash wants to see that you can pay back the money borrowed, which usually means showing paystubs that show a consistent and steady income.
Get Money Fast with Speedy Cash
When you’re considering a payday loan, you have to weigh the convenience of getting money fast with potentially high fees.
If you decide that a payday loan is a good option for you, then Speedy Cash is a way to get money fast if you’re in one of the 15 states it serves.
The company gets high marks for the application process, speed of funds, and customer service.
Want to know more about payday loans? Read this article, which tells you everything you need to know about getting a loan with bad credit.