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: A payday loan – also known as a cash advance or payday advance – allows you to borrow money against your next pay day. If you are in need of a small sum of money to hold you over until your next paycheck, a payday loan may be right for you. Instead of paying bank overdraft fees, dipping into overdraft protection or paying late fees for credit cards or rent, a payday loan can give you the money you need to take care of your expenses immediately. 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

    Step 2. Receive a lending decision

    Step 3. Sign your payday loan documents

    Step 4. Receive your cash

    Step 5. Repay your payday loan amount plus fees

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 a few more funding options than most payday lenders.

    Select our instant funding option online if you have an opt+ prepaid card

    Opt to get your online loan in cash immediately by picking it up at a Speedy Cash location

    Have your loan deposited directly to your bank 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: Different lenders may have different pay off options including:

Debit card payment

Cash payoff

Automatic payment from your bank account

Post-dated check

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: Some states put restrictions on refinancing a payday loan. However, in some states you can refinance your payday loan for another term. To refinance means that you will only pay your fees on your due date. Your principal loan amount will then roll into a new term, and you will be charged fees again.

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.

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