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Payday Loans Questions

At Speedy Cash, we know what it's like when money dries up leaving you nowhere to turn in emergency situations. In those instances, you may be considering a payday loan. Before borrowing, it's important to understand how payday loans work. Take a look through some of the most frequently asked questions about payday loans.

Payday Loan Basics

A: Here at Speedy Cash, we acknowledge the difficulties associated with bad credit. Based on your ability to repay the loan and your income, you may qualify for a Payday Loan regardless of bad credit.
A: A Payday Loan allows you to borrow money to be repaid on your next pay day. If you need a small sum of money until your next paycheck, a Payday Loan may be for you. Payday Loans allow you to avoid late fees for rent, credit cards, and the likes. These loans are designed to cover short-term financial obligations, and are not intended to be a long-term financial solution.
A: The process to get a Payday Loan varies a bit depending on how you choose to apply, but the main steps remain the same:

    Step 1. Complete an application online, in-store, or over the phone where available

    Step 2. Receive a quick lending decision

    Step 3. If approved, review and sign your Payday Loan documents

    Step 4. Receive your cash

    Step 5. Make your scheduled loan payment

A: Anyone who meets the application requirements is eligible to apply for a Payday Loan, and may qualify for cash.

Requirements to apply for a payday loan:

  • Meet minimum age requirements in your state (18 in most states)
  • Have an open and active checking account
  • Be able to show proof of income
  • Have a valid phone number
A: The number of Payday Loans you can get depends on your state, and on the lender you are borrowing from. See how many Speedy Cash Payday Loans you may be eligible to borrow in your state by visiting our rates and terms page.

Payday Loan Process

A: To get a Payday Loan, you must first fill out an application. Payday Loan applications typically collect personal information, income information, and banking information. Once you submit your application, the lender will provide you with a lending decision letting you know how much you're approved to borrow.

There are three easy ways to apply for a Speedy Cash Payday Loan.

A: How long it takes to get a Payday Loan depends on how you choose to apply, and the lender you apply with. If you apply for a loan online, you will typically get your loan funds within 24 business hours. If you choose to apply at a Payday Loan store, they will typically give you cash right away (please note that some payday lenders may provide your loan funds in the form of a money order, which means you will have to go elsewhere to get cash).

Speedy Cash offers alternate funding options that other payday lenders may not, including:

    Receiving cash from a store when applying online

    Direct deposit to your banking account

A: It's easy to come by businesses that offer Payday Loans with the number of Payday Loans stores and online websites. Depending on the lender you choose to borrow from, you may even be able to get a Payday Loan online – without ever having to leave the comfort of your home. Speedy Cash offers the convenience of "Call, Click or Come In" to apply for Payday Loans.

A: Yes, many Payday lenders offer the ability to apply for Payday Loans online, including Speedy Cash. Check to see if your state offers Payday Loans online by visiting your state’s rates and terms page.

Payday Loan Requirements

A: Payday Loan Requirements may vary from lender to lender, but typically you will need the following to apply:
  • Meet minimum age requirements in your state (18 in most states)
  • Have an open and active checking account
  • Be able to show proof of income
  • Have a valid phone number

Payday Loan Payments

A: Options for paying back your loan vary based on how you choose to apply.
A: Payday Loans are typically due to be paid back on or around your next pay day, which will correlate with your pay cycle – whether you're paid weekly, bi-weekly, monthly, etc.
A: You will owe the principal amount (or the amount you borrowed) plus fees.
A: Contact Speedy Cash to let them know of your financial hardship. In most cases, we’ll be willing to work with you to make alternate payment arrangements.
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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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