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Line of Credit FAQs

A line of credit loan allows you to apply for a loan and use all - or just some - of those funds right away. It's up to you. Your line of credit stays open until it becomes inactive or you decide you don't need it, so you can continue borrowing against your maximum approved amount. Are you wondering “what is a line of credit?” or “how does a line of credit work?” Speedy Cash has answers to your questions.

Line of Credit Basics

A: If you need to get cash fast but aren't sure whether you can repay a loan right away, a line of credit loan from Speedy Cash may be the solution for you. What is a line of credit loan? Simply put, it's a loan that gives you the freedom to borrow what you need, when you need it. When you apply for a loan, we'll look at your monthly income to help us determine your maximum loan eligibility. Once approved, you can begin borrowing right away!

You're not obligated to borrow the full amount you've been approved for. So even if you're approved for $500, you can choose to borrow only what you need now, and that means you'll pay interest only on the amount you actually borrow. You decide whether to pay the minimum amount due on your due date, or whether to make larger payments to reduce your principal balance more quickly. As you pay down your principal balance, you can borrow more money (up to your credit limit), so this loan gives you control over how and when you use your funds.

A: Our line of credit loan isn't necessarily better than our other loans; however, it may be a better choice for borrowers who aren't sure how much money they need, because it offers more flexibility.
A: Here's how a line of credit works: You apply for a loan, and we determine the amount you're eligible to borrow. If you're approved, you may borrow as much or as little of that money as you need. With other services - like our payday loans - you must repay the entire loan before you can borrow more money. But with a line of credit loan, as soon as you begin repaying your loan, you can continue borrowing until you hit your maximum approval amount.
A: What is a line of credit? It's similar to our installment loan, only it provides greater flexibility for borrowers who may need cash on an ongoing basis.

In select states we do not offer payday loans or installment loans online, we offer line of credit loans instead. Here's an explanation of the different loans we offer and how they're different:

Payday Loans
Also known as a cash advance, a payday loan is a short-term loan with a single due date. Borrowers typically use this loan for immediate needs - like paying an overdue bill - and the balance is due in-full on their next pay day.

Installment Loans
Installment loans offer a generous repayment period. When you receive your loan, you'll know how long your repayment period is, how much your payments will be and when they will be due.

Line of Credit Loans
When we approve borrowers for a line of credit, we specify the maximum amount you're eligible to borrow. You may then borrow as much of that amount as you need. As you make payments, you can borrow more until you reach your maximum credit limit.

Title Loans
In some states, if you have a clear title to your vehicle, you may use it as collateral for a title loan. As with installment loans, your payments will be scheduled when you receive your loan funds.

Line of Credit Loan Process

A: Speedy Cash offers line of credit loans in select states. Depending on the state you live in, you may be able to apply for a line of credit online, in stores, or over the phone. As we like to say, just call, click or come in! Visit your state’s page to see if line of credit loans are available to you, and how you can apply.
A: Speedy Cash offers an online application so you can apply for a line of credit whether you’re at home, in the office, or on the go. The online process can be completed in about 10 minutes, and upon submitting your application, we will provide you with an instant lending decision.
A: A line of credit loan puts you in control of how you borrow. If approved, you may choose to borrow the full amount or use as much or as little of your loan funds, when and if you need them. Here’s an overview of how the process works:

Complete an application online, over the phone or at a store

Receive an instant lending decision

If approved, select how much you would like to borrow (up to your maximum approval amount)

Review and sign your loan documents

Get your cash

Make scheduled loan payments (you can make additional payments if you’d like to save in interest)

Access available credit by getting additional cash advances (up to your credit limit)

Line of Credit Requirements

A: To apply for a line of credit loan, you will need to be at least 18 years old and have the following:
  • Valid ID
  • Steady source of income
  • Open checking account
If you choose to apply online, you will also need a valid email address and to provide your social security number.
A: It is possible, but depends on a number of factors. One of those factors is the state you live in and the products that Speedy Cash offers. In some states, we only offer line of credit loans, and in that case you will not be able to get another loan. Another factor is a review of your current income, ability to repay, and credit score. For more information, please contact your local store or call Customer Service at 1-888-333-1360.

Rates & Payments

A: With a line of credit, you will be charged daily interest on the amount you borrow (your principal loan amount). Speedy Cash recommends only borrowing what you need at the time to keep your interest as low as possible.
A: Typically, your payments will be scheduled around your pay dates. So if you are paid biweekly, then you would make biweekly payments. And if you are paid monthly, then you would make monthly payments. At Speedy Cash, you can always make additional payments to save in interest.
A: A line of credit loan gives you the freedom to access funds as you need them. So if you're approved for $300 but only need $100 right now, you can borrow what you need and pay interest only on that amount, rather than the entire loan. Payday loans must be paid in-full before you can take out another one, but with line of credit loans, you can continue to request funds until you reach your approved maximum amount. No need to apply for another loan!
A: If you have credit available on your loan, then you can access it by visiting a store or signing into your account online or via the Speedy Cash mobile app.
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Product types and maximum loan amounts vary by market. Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. 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.

Short term loans should be used for short-term financial needs and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

The credit decision on your application may be based in whole or in part on information obtained from a national database including, but not limited to, TransUnion, Equifax, LexisNexis or FactorTrust, Inc.

Instant funding is not applicable for all debit cards and is not available in New Mexico, Ohio or South Carolina. Subject to system limitations. Some restrictions may apply.

Cash advances only available up to approved credit limit; some restrictions may apply.

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.

Alabama: Minimum age to apply in Alabama is 19.

California: Speedy Cash is licensed by the Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law. California loans other than deferred deposit loans are issued pursuant to the California Financing Law.

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.

New Mexico: Speedy Cash 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

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.

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 and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. under Chapter 151 of the Texas Finance Code. If you have a complaint, first contact MoneyGram Payment Systems, Inc. at 1-800-MONEYGRAM. If you still have an unresolved complaint regarding the company’s money transmission or currency exchange activity, please direct your complaint to the Texas Department of Banking: 2601 North Lamar Boulevard, Austin, TX 78705-4294, 1-877-276-5554 (toll free),

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