Speedy Cash Review
Good for: Bad Credit Loans, Fast Cash, Easy Approval, Installment Loans, Small Loans, Title Loans, Line of Credit
Speedy Cash Overview
Speedy Cash has been one of America’s foremost payday, installment, and title lenders since they were founded in 1997. Based out of Wichita, Kansas, Speedy Cash built their lending business by giving the customer what they what and letting them get their loan their way. They broke down the application barriers which made for a speedy loan application process.
Sometimes life will throw a wrench in your gears when you least expect it. Not everyone has the greatest credit or has been able to tuck money away and they need some help to get out of their financial jam. Whether it’s an unexpected bill or your car broke down on your way to work, Speedy Cash can help you get the money you need quickly and easily.
Services Provided
From payday loans to installment loans and more, Speedy Cash has a wide array of lending services to suit your needs.
Speedy Cash Payday Loans
Payday loans, also known as cash advances or payroll loan, are short term loans for relatively small amounts that are usually due by your next payday. As they are a type of unsecured loan, there’s no collateral needed to apply and a traditional credit check isn’t needed, but you will incur additional fees based on the value of the loan. Speedy Cash payday loans are ideal for borrowers with bad credit or no credit.
Speedy Cash Installment Loans
Installment loans and short term, unsecured loans that are broken up into even monthly payments over a set period of time. They typically have fixed interest rates, but some lenders still provide installment loans with variable interest rates, though they are far more rare. Installment loans give you a regular payment schedule that makes paying them off simple.
Speedy Cash Line of Credit
Lines of credit are like credit cards that are valid for a set period of time. You’re approved for a set amount and can use up to said amount. As you pay it off, that money is freed up to be used again. There are no restrictions on how you can use it. You can use it all in one go or just like you would a credit card. However, it isn’t for forever and whatever balance remains when the term is up comes due.
Speedy Cash Title Loans
Title loans are secured loans that use a clear and free (paid off) title as collateral to be approved for an amount that’s dependent upon the value of the vehicle. Some title lenders only offer loans up to $10,000, but Speedy Cash offers title loans up to $25,000. The approval rate for title loans is higher than the industry average as the only requirement for approval is a vehicle’s title. Your credit rating and history has little impact on whether you’ll be approved or not which makes title loans ideal for those with bad or no credit.
Area of Operation
Speedy Cash has expanding their lending services to hundreds of locations across nearly 30 states. All of their stores are staffed by professional loan specialists that can assess your needs and help you through the loan application process right there in the store. Speedy Cash is fully licensed to operate and fully complies with all applicable state laws and registrations where they operate.
Speedy Cash Loan Requirements
- Government Issued ID
- Proof of Income
- Active Checking Account
- Active Phone Number
- Vehicle in driving condition (Title loan only)
- Current registration (Title loan only)
- Clear and free title (Title loan only)
Speedy Cash Loan Details & Statistics
- Loan Amount: $50 - $26,000
- Loan Duration: Undisclosed
- Collateral Needed: No (Excluding title loans)
- Interest Rates: 260% - 680%
- Minimum Credit Score: N/A
- Approval Time: Minutes
- Loan Deposit Time: ~1 business day
- Late Fees: Undisclosed
- Insufficient Funds Fees: Undisclosed
Speedy Cash Review
Speedy Cash lives up to their name. They make borrowing money fast and easy. You could even say that it’s...speedy. Out of all of the lenders we’ve reviewed, they have the lowest barrier to entry. Their loans have very few requirements and all you need to qualify is a bank account, a phone number, proof of income, and an ID. This is without a doubt why they can approve your loan within minutes and deposit the money into your account within 1 business day.
Speedy Cash funds loans anywhere between $50 to $25,000 so no matter your needs, they can help. Need to buy a part to repair your car? Done. Have an emergency hospital bill? Done. Need funding to start a business? Done. However, one thing to keep in mind is that their payday and installment loans cap out at around $3,000. It’s their title loans that can go up to $25,000 so if you need the big bucks, you’ll need to put your car title up as collateral.
However, we do have a bone to pick with Speedy Cash. When it comes to the nitty gritty information about their product and services, they’re a bit spare and that’s something we’re not fond of. Not one bit. Give us the info. All of it. Knowledge is power, especially when it comes to borrowing money.
Regardless of the industry, product, or service, we tend to steer clear of any business that doesn’t make important information easy to find. (Loan interest rates and terms are pretty darn important in our humble opinion.) Speedy Cash made it difficult for us to find, but we found it and it was pretty apparent why they weren’t advertising their 260% - 680% interest rates. These are some of the highest rates we’ve seen. As you can imagine, that makes getting a loan and paying it off rather difficult when it shouldn’t be. We also couldn’t find any information about late fees or fees for insufficient funds which doesn’t instill any more confidence in their services.
Is Speedy Cash Right For You?
We already tipped our hand a little bit with our review of Speedy Cash and if you’ve read our other reviews of title lenders, you probably already know what we’re going to say. Title loans and payday loans are predatory. They are not in the borrower’s best interest. They are positioned to target the most financially vulnerable and are not structured to benefit them. With how much easier it is to be approved for a personal loan these days, it’s hard to recommend that anyone use a payday or title lender. Skip Speedy Cash and find a personal loan provider.
