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Installment Loans FAQs
An Installment Loan is a loan that is repaid over time with a set number of scheduled payments.
Repayment in full of a Payday Loan is typically due on your next Payday, whereas an Installment Loan typically accrues daily interest and is paid back in installments over a longer period of time.
Speedy Cash offers quick cash Installment Loans, which are useful for paying bills, making credit card payments, etc. Our Installment Loans carry a longer term than a typical Payday Loan but are not as long-term as some secured Installment Loans (such as a mortgage).
A common example of an Installment Loan is a car payment. You pay a specific amount periodically (usually bi-weekly or monthly), with interest accruing at a daily fixed rate. Once you’re approved for an Installment Loan, your repayment schedule will be determined. These scheduled payments are over a set period of time and will include your loan principal and interest.
The amount you can borrow depends on several factors, including your monthly income, credit score, and the maximum loan amount available in your state. To see what your state’s maximum loan amount is, view your state’s loan page.
You cannot have multiple Installment Loans open simultaneously with Speedy Cash. However, you may be eligible to qualify for another type of loan, such as a Title Loan or Payday Loan in addition to having an open Installment Loan.
Funding times depend on how you choose to apply. Here’s a breakdown of the available methods:
Applying in-store: Usually you will receive your money in 10 minutes or less, if approved.
Applying online: If approved, you will be prompted to choose how you would like to receive your funds, which can determine how long it will take to receive your Installment Loan.
Store pickup: Once approved, your funds are available for immediate pick -up at your nearest Speedy Cash store, if you choose.
Direct deposit: You may choose to have your funds directly deposited to your bank account, in which case your funds will typically be available the following business day.
To apply for an Installment Loan you will need:
- To be at least 18 years old
- A valid ID
- A steady source of income
- An open bank account
If applying online, you will need to provide your social security number and a valid email address.
Payments will vary based on the amount you borrow and the maximum term in your state. Generally speaking, installment payments are scheduled payments spread out over the course of the loan.
You will only have to pay the minimum amount due to keep your account in good standing, but Speedy Cash recommends paying off your loan as quickly as possible to avoid large interest payments.
Absolutely. In fact, it’s within your best interest to do so. Paying more than the minimum amount due results in less interest accruing on your loan.
Be aware, however, that some lenders may tack on early payoff fees. Review your loan agreements for such fees. Alternatively, Speedy Cash offers an early payoff option to all Customers for all loans, with no early payoff fees.
Your repayment schedule is defined when your loan is generated. Multiple payment options are available, including the ability to set up automatic payments. If you elect for automatic payments, your Installment Loan payments will be processed when they are due. If you desire to pay off your Installment Loan before you reach full term, call our Customer Service team. They may have options to pay off your loan with a card, bank account, or with cash.
Contact Speedy Cash to let us know if you are experiencing financial hardship. In most cases, we’ll work with you to make alternate payment arrangements.
At Speedy Cash, we try to be understanding in regard to the financial implications of bad credit. You may qualify for an Installment Loan despite bad credit, depending on your income and ability to repay the loan.