What is the Interest Rate on a Loan or Cash Advance?

Cash advance loans can provide a fast way to pay for an emergency expense or create a little breathing room in your budget until pay day, but getting one is not free. Speedy Cash offers a variety of cash advance loans including short-term payday loans, longer-term installment loans, and flexible lines of credit. The interest you pay on a loan from Speedy Cash will depend on the type of loan you borrow and individual state rates and regulations.

Payday Loans

Assume that your pay day is seven days away, but your electricity will be turned off if you do not pay the bill within five days. A short-term payday loan could help you avoid disconnection and reconnection fees – typically, for a flat fee.

Installment Loans

If your water heater breaks and you need a larger loan, chances are you'll need longer to pay it off. A Speedy Cash installment loan with multiple fixed payments could be your solution. Instead of a flat fee, your installment loan will accrue interest daily until your loan balance is paid in full.

Line of Credit Loans

If you’ve had a streak of bad luck, and have found yourself needing a helping hand month over month, then a line of credit may be right for you. A line of credit functions much like a credit card. You’re given a maximum amount that you can use over a period of time, and you can borrow against that amount as you need money. Similar to an installment loan, you will be charged daily interest until your balance is paid in full. As you pay down your principal balance, you can withdrawal cash, up to your approved credit limit.

Interest Rate FAQs

A: APR is the interest rate for a whole year (annual), rather than a monthly fee or rate. As applied to a loan, mortgage or credit card, APR is a finance charge expressed at an annual rate.
A: It's a bit confusing because comparing personal loans isn't like comparing apples to apples. Unlike traditional bank loans (such as a mortgage or car loan), typical payday loans are short-term loans that do not accrue charges over a long period of time. Since payday loans are intended to be paid back on your next pay day, interest does not accrue annually.
A: You can view this information by visiting your state’s rates and terms page. In addition, you can see the loans that Speedy Cash offers in your state.

Customer Notice:
There are a wide variety of loan products available in the marketplace, so your choice of lending products should match your financial needs. Small-dollar loans used over a long period of time can be expensive.

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. Some applications may require additional verification, which can delay the lending decision. Same day funding only available for Opt+ cardholders and in-store pickup. Minimum age to apply in Alabama is 19.

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.

New Mexico: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

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.

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