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Pros / Relative to other payday lenders, it is less expensive.

Cons / The service doesn’t lend high amounts.

 Verdict / Speedy Cash offers a wide variety of additional services, and in some states, it may have lower fees than other lenders.

Speedy Cash provides payday loans, installment loans and other financial services in 27 states. Loans are available in storefront locations and online, depending on the state you live in. Consult Speedy Cash’s website before applying to see which loans are available in the state you live in.

To apply for a payday loan, you need an active checking account, ID and an active phone number. In some states, you may need to show proof of income. Whether you apply online or in person, you follow the same process and the requirements don’t differ. The main difference is that when you apply online, you may have to wait one to two business days to get your money. However, if you use Speedy Cash’s Opt+ pre-paid card, you can choose to have the money deposited onto it immediately.

Each state has different regulations for payday lenders and the fees they can charge. Some states, like California, limit the amount lenders can charge. In states like that, Speedy Cash always charges the maximum it can – in the case of California, that’s $17 per every $100 you borrow. Some states have fewer regulations, and loans in those places tend to have higher costs, though we noticed Speedy Cash had lower fees than other lenders in those same states. The highest fee we saw was $22 per $100 borrowed, which is less than Check ‘n Go charges in similar states. Speedy Cash also lends smaller amounts than some of the other lenders – the most we saw it offer was $1,000.

Speedy Cash also offers installment loans. These loans are like payday loans in that they have costly fees, but installment loans can be taken out in larger amounts and repaid over a longer period of time. If you have an emergency expense and need more money than you can get with a payday loan, an installment loan may be worth looking at. However, even with the longer term, you can expect to pay back double to triple the amount you borrowed.

Another option Speedy Cash offers in some states is a line of credit. This functions like a credit card – you have a certain amount of money you can borrow, and you only pay back what you use. Interest is only applied to the money you access from your line of credit, and you have 16 days to make payments.

Speedy Cash Visit Site

Specifications and Benchmarks

Financial Services

Payday Loans
Installment Loans
Lines of Credit
Check Cashing

Availability

States Eligible in
27
Online
Storefront

Pricing

Maximum Loan Amount
$1,000
Maximum Fee (For methodology see testing section)
$22
Minimum Fee (For methodology see testing section)
$13