How Speedy Cash Works
About Speedy Cash
Speedy Cash is a well established financial institution that stands out from the crowd by having a strong offline presence. Founded in 1997, Speedy Cash has spread nation-wide, having visually appealing stores in all states. The main target of the company is hard working people who find themselves in an urgent need of cash for unexpected expenses.
Credit history checks
They don’t openly state whether they check with credit bureaus, but claim that you can get a payday loan even if you have a bad credit score. This is where they are trying to be different from the competition – you can get a loan with Speedy Cash even if you were turned down by other credit companies.
Maximum amount offered
Speedy Cash offers payday loans of up to $1,000 – yet state regulations apply. To find out how much you are eligible for, you have to start an application and you will find all details after you fill in your personal data. In California, for example, loans are capped at $255.
Speed of service
Filling in the online form takes a few minutes, and the process is extremely simple and straightforward. After you file in the application, a Speedy Cash representative will process it and let you know whether you are eligible for a loan. No further action will be required from your side, and definitely there are no documents to be faxed in. You should receive the funds within one day, excluding weekends and bank holidays.
Regarding paying off your debit, Speedy Cash warns customers that payments through bank accounts with ACH/EFT debit can take up to three business days. This should be taken into account if you plan on paying off your debt at the last moment.
Costs involved
Depending on your state, the Annual Percentage Rate lies between 182.50% (in Kansas, for a 30 day loan) and 651,79% (Idaho and several other states, for a 14 day loan). The rate goes down with each refinancing or re-borrowing, provided certain conditions are met (like eligibility of extending the loan, according to your state laws, and having paid your dues on time)
Ability to refinance or extend loans
You must follow your state regulations for extending loans. Missouri, for example, allows you to refinance your loan only a couple of times before paying it in full, whereas in Alabama, according to the state law, you are only eligible for a new loan once the initial debt is completely settled.
Overall look and feel
Speedy Cash is a long established state licensed lender. Unlike some of their competitors, they have a strong presence in the offline market, with nation-wide branches. They also offer loans by phone – instead of going to a brick and mortar store or filing an application online, the customer can call in at a number listed on the website, 6 days a week.
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