How Do Speedy Cash Loans Work?

Speedy Cash offers a variety of fast cash loans including payday loans, title loans, personal line of credit loans, and installment loans. Each of the loans are a bit different, but at a high-level they are very similar.

Speedy Cash Loan FAQs

A: Line of credit loans are designed for consumers who may need access to funds over a period of time. Personal lines of credit have flexible repayment terms accrue daily interest, and provide access to more cash (up to your approved credit limit) as you pay down your loan. Here’s how they work:
- Apply with a valid ID, proof of monthly income, and a checking account or debit card
- Receive an instant lending decision
- If approved, review and sign your loan documents
- Select the amount you would like to borrow (up to your approved credit limit) and receive your cash
- Pay your loan and interest back over time, as defined in your loan agreements
- As you pay down your principal balance, you can access additional cash up to your credit limit
- Your loan will stay open as long as you are using it – no need to re-apply for more cash, just draw against your available credit
A: Payday loans are designed for consumers who need an advance on their next paycheck. Here’s how they work:
- Apply with your valid ID, proof of income, and a checking account
- Receive an instant lending decision
- If approved, review and sign your loan documents
- Get your cash
- Pay your loan and fees back on your next pay day (repayment terms vary by state)
A: Title loans are designed for consumers who do not wish to base their loan eligibility on income, but rather by using their vehicle title as collateral. Here’s how they work:
- Apply at a Speedy Cash store with your car title, proof of address, a valid ID, and the vehicle you wish to use as collateral for your loan
- Speedy Cash will conduct a vehicle inspection and provide you with a lending decision in a matter of minutes
- If approved, review and sign your loan documents
- Get your cash
- Pay your loan and fees back over time, as defined in your loan agreements (repayment terms vary by state)
A: Installment loans are designed for consumers who either need to borrow more money than a typical payday loan offers, or need a longer amount of time to repay their loan than a typical payday loan allows. Here’s how installment loans work:
- Apply with a valid ID, proof of monthly income, and a checking account or debit card
- Receive an instant lending decision
- If approved, review and sign your loan documents
- Get your cash
- Pay your loan and interest back over time, as defined in your loan agreements (typically, installment loans charge daily interest on the amount that you borrow)

Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Installment title loans subject to minimum auto value requirements. See associate for details. Lending decisions and funding times subject to system limitations. Same day funding only available for Opt+ cardholders and in-store pickup. Minimum age to apply in Alabama is 19. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Customers with credit difficulties should seek consumer credit counseling.

NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW, Washington DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington DC 20580.

In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Speedy Cash engages in the money transmission business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. and Western Union Financial Services under Chapter 151 of the Texas Finance Code.

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. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

CA: Licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Financing Law. Installment Title Loans subject to minimum auto value requirements.

Nevada: The use of check-cashing services, deferred deposit loan services, high-interest loan services or title loan services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater.

Opt+: This card is issued by Axiom Bank or Metropolitan Commercial Bank, Member FDIC, pursuant to a license from Visa. Visa is a registered trademark of Visa USA Inc. All trademarks and service marks are property of their respective owners. ATM: Free withdrawals at any Speedy Cash or Rapid Cash location. Transaction fees will apply for all other ATMs. No charge loads/unloads at Speedy Cash and Rapid Cash locations only.

Google Play is a trademark of Google Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Data rates may apply.