Understanding Payday Lenders

It's important to know what you're getting into before applying for a payday loan. When you begin researching payday lenders, it's important to know that there are different types of lenders out there that offer different types of products, different application steps, and different rates and terms. While all payday loan companies are meant to offer you cash when you need it, some might be better suited to meet your current need than others.

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Speedy Cash - Your Direct Payday Lender

*In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. In Ohio, SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party.

Types of Payday Loan Lenders

When you need money and you need it now, you may be keen to borrow from the first lender that approves you. But before you do, it's important to understand the different types of payday loan companies and how the different lender types can affect you as a consumer.

Direct Lenders

A direct payday lender is a lender that both processes your application and funds your loan. These lenders do not broker or sell your information to other lenders.

Credit Access Business (CAB)

"Credit access businesses" are state-registered CSOs (Credit Service Organizations) that obtain for or assist a consumer in obtaining an extension of consumer credit. Basically, this means that you apply for a payday loan with the CAB, and if you are approved, they arrange a loan between you and a third party lender. The CAB still services your loan, meaning you will still make your loan payments with them.

State Regulated Lenders

State regulated payday loan lenders are regulated by each state in which they offer payday loans. Using a state regulated lender means that the interest rates and fees you pay will not exceed the laws and regulations set forth by your state. State regulated payday loan companies can be found both online and at store locations.

Tribal Lenders

Tribal payday lenders operate by affiliating with Native American tribes. Tribal lenders consider themselves sovereign nations, which mean that they are only limited to the laws and regulations of their tribe - no federal or state payday laws. This affiliation allows their interest rates to exceed what is permitted by state regulations.

Offshore Lenders

Offshore lenders operate outside of the US. They do not comply with the state or federal regulations that are in place to protect payday loan consumers. Because offshore lenders do not follow these regulations, they can typically lend more money but that can come with higher finance fees (and sometimes hidden fees that may not be apparent).

Lead Generators

A lead generator is a liaison between loan applicants and online lenders. Lead generators often have a network of websites where they collect payday loan applications online. Sometimes these websites can appear to be a direct lender, but they don't actually lend money. Instead, they sell the applicant's information to a direct lender that will then fund the loan. To identify if a website or company is a loan broker, look for the small print that typically says something along the lines of "the operator of this website is not a lender" or "match you with a lender".

Direct Payday Loans from Speedy Cash

Speedy Cash is a direct payday lender.* We set ourselves apart from other payday loan lenders with our heightened Customer Service and commitment to always providing easy, fast and friendly service. Are you ready to apply for a Speedy Cash payday loan?

*In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. In Ohio, SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party.