Online Loan FAQ's

Speedy Cash knows money can be tight. Supporting yourself is hard enough in today’s fickle economy, let alone providing for your family. You do your best to stay on top of your finances, but surprises can pop up from time to time. If you are looking for an online cash advance to help you get by, you may have a few questions. Speedy Cash is here to help you understand the process of getting short term loans online.

Online Loan Basics

A: Online loans come in many shapes and sizes. You may hear to them referred to as a payday advance online, line of credit, or online cash advance. An online loan allows you to apply for cash using a website, and get money deposited to your bank account – all without having to go to a store.
A: The types of available online loans will vary by the lender and the state. Depending on the lender, the following loans may be available online: Payday loans, installment loans or line of credit loans.
A: Loans vary by state, but Speedy Cash offers online payday loans, installment loans, title loans and line of credit loans. To see what online loans are available in your state, visit your state’s available loans page.
A: The amount you can borrow depends on several factors, including your state and income. Visit our available Loans page to see what online loans Speedy Cash offers in your state, and what the maximum loan amount is.

Online Loan Process

A: Online loans are meant to be just that – a loan that you can complete 100% online. The process begins with filling out a loan application online. Once you submit your application, the lender will provide you with a lending decision. If approved, you will select your loan amount and sign your loan documents by providing electronic consent. After your loan documents are signed, your money is sent directly to your bank account. As loan payments come due, you can use your bank account or debit card to make payments to your lender online.
A: There are several online lenders, Speedy Cash included! When selecting a lender, a few questions to keep in mind are: Does the lender operate in my state of residence? What online loans are available in my state? Do the repayment terms meet my needs? Usually, you can find the answers to each of these questions on the lenders rates and terms pages on their website.
A: Yes, some lenders do offer online loans same day. Speedy Cash offers two funding options for online loans that would allow you to get cash the same day you’re approved. The first option is to pick up your cash at a Speedy Cash location. This process is simple: Once you’re approved, you will be presented with a page to select your funding option. Once you select Cash at Store Pickup, you will be provided with a confirmation number. Take your confirmation number and photo ID to any Speedy Cash location to get your cash on the spot! In addition, Speedy Cash offers instant funding to opt+ prepaid debit cards (subject to system limitations).
A: Because you are completing your loan online, it will typically take a bit longer to get your cash than it would take at a store location. Different online lenders have different processes to send your money to your bank account, but typically your cash will be deposited within 24 business hours. Some lenders (like Speedy Cash) have options to get funds quicker, including options to pick up your cash at a store or have your funds deposited to a prepaid debit card.
A: If you choose to have your money direct deposited to your bank account, then usually your lender will send you a communication letting you know that your funds have been sent to your bank account. However, this does not meant that your cash is available to you. The best way to know that your money is in your account is to check your bank account. Once the funds show up, they are available to you.

Online Loan Requirements

A: When you apply for a loan online, at minimum you will need:
    • To meet minimum age requirements (which is 18 in most states)
    • Have an open and active checking account
    • A steady source of income
    • A valid email address
When applying online, you will typically need to provide personal information including:
    • Your birth date
    • Social Security Number
    • Contact information
    • Income information (pay frequency, net income and gross income amounts, employer information)
A: Yes, you can still apply if you are not employed; however, you will need a steady source of income. If, for example, you are on Social Security benefits, you will enter your income information rather than your employment information.

Online Loan Payments

A: Payments can be made using your checking account information (routing number and account number) or a debit card.
A: Most online lenders have an option for you to sign up to AutoPay. If you consent to AutoPay, then your payment(s) will be processed automatically on your due date(s) with the information you provide.
A: That depends on the type of loan you borrow. Online payday advance loans are typically due on or around your next pay day. Some lenders also offer loans online with monthly payments including online title loans, installment loans and line of credit loans. These loans typically have recurring installment payments scheduled throughout the duration of your loan (your loan term).

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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