Established in 1997, Speedy Cash has since served the interests of more than five million customers in need of the best payday loans. With payday loan solutions available online, in stores and over the phone, Speedy Cash is accessible to most.
The company lends over 28 states overall, and operates around 200 physical stores across half of those states. Borrowers can usually access payday loans in the range of $100 to $500, dependent on individual state laws and the maximum loan amounts they allow.
Speedy Cash belongs to the Online Lenders Alliance, a trade association that ensures borrowers are fully informed and fairly treated by making sure members adhere to a code of conduct. Cash advance loans, installment loans, life of credit loans, title loans are also on offer, while its financial services division allows for check cashing, prepaid debit cards and money transfers.
Speedy Cash review: Cost of loans
- Rates of interest are variable
- Check before signing anything
Rates of interest are variable down to the individual’s specific financial circumstances and geographic location. For our purposes, we took a quote for a married, 45-year old man with two children and a low credit rating. We sought to borrow $300 for a total period of one month (the maximum for a Speedy Cash payday loan).
The total repayment quoted was $355, equaling a total charge of $55, this being equivalent to an Annual Percentage Rate (APR) of 322%. This is just below the average rate for the industry for a first-time borrower, though it is still an expensive option compared to other sources of funding.
If a customer cannot make their repayment at the end of the month, the Speedy Cash policy in most states allows them to just pay the fee, rollover the loan and be charged the fee again at the end of the next month.
Individual circumstances will differ so check before signing anything. To qualify for a Speedy Check payday loan, customers must have a Social Security number, some proof of identity and a regular income as well as a checking account. Customers must also reside in one of the states where Speedy Cash operate.
Speedy Cash review: Products
- One-month loans up to $500 for new customers
- Offers installment loans for larger amounts
Speedy Cash offers one-month payday loans up to $500 for first-time customers, depending on the state that the customer is resident in.
It also offers installment loans for larger amounts and longer repayment periods along with title loans, where a customer’s vehicle is put up as collateral against the loan.
Speedy Cash require proof of income for payday loans to check that customers can make their repayments, though customers with low credit scores are always considered. The company also offers cash advances, prepaid debit cards, installment loans and check cashing services.
Speedy Cash review: Payment times and quote process
- Quote process is straightforward
- Can apply online, over the phone or in store
The quote process for Speedy Cash is as straightforward as any in the industry. Customers can apply online via its intuitive website (which breaks details down by state), over the phone or at one of its stores.
Whichever option customers choose for making their application, decisions are usually arrived at in a matter of minutes. The money can be delivered into a checking account sometimes by the following business day.
Speedy Cash: Usability and user reviews
- Not accredited by the Better Business Bureau
- High Trustpilot score
Speedy Cash was not accredited to nor rated by the Better Business Bureau at the time of writing. Trustpilot, a very similar service that evaluates the global reviews of companies in various industries, gives Speedy Cash a good score, rating it at an excellent 4.6 out of 5.
Its online reviews are relatively positive for the payday loans industry and it is a member of the Community Financial Services Association (CFSA) is also a good point in it favor. Its blog, available to anyone through its homepage, is a good resource and has a wide variety of financial tips while its quote process and general navigation of the website is clean and easy to follow.
Should you choose Speedy Cash?
Speedy Cash has a few elements that makes it worth considering if looking for a payday loan. Firstly, its rates were slightly lower than average, although the amounts available to borrow were slightly less than other companies in the same industry.
Secondly, it has physical store fronts in half of the 28 states where it is active, some 200 properties in all, which makes it useful for customers who would rather talk to someone in person about their loan application (decisions and delivery of funds also tend to be quicker in general at actual stores). Although it doesn’t have a Better Business Bureau rating, it scores highly on Trustpilot and its membership of the CFSA speaks well as there’s at least a nod to ethical behavior.
A note on payday loans
Even the most competitive payday loans charge high rates of interest and can quickly result in significant debt. If you're in debt or looking for a loan to cover expenses, always check out the alternatives to payday loans first. In addition, take the time to consider the following financial solutions that could also prove preferable to a payday loan.