Line of Credit Loans

Flexible Credit for Your Personal Needs

How Does a Line of Credit Work?

  1. Apply for a credit line

    Apply online or in a store and you could get up to $3,000. If approved, the full credit line is yours to use as you need - draw the amount you need whenever you need it.

  2. Select your initial draw

    Select the amount of money that you would like to draw from your credit line initially. If you do not draw your full credit line, then the remaining balance will be available to access in the future.

  3. Get your funds

    Once you review and agree to your line of credit agreement, we will provide the funds for your initial draw.

  4. Receive statements

    You will receive periodic statements before your due dates (you can choose to receive these by email or by mail). These statements are similar to credit card statements, they outline your outstanding principal amount, interest charged during the billing cycle, and your minimum due.

  5. Make payments

    As long as you carry a balance, minimum payments will be due around your paydays. As you pay down your principal balance, you will have credit to access.

Line of Credit vs. Installment Loan

Typically, an installment loan comes with a fixed term. Whereas lines of credit are usually open-ended.

Term

Line of Credit

Open-ended: Stays open as long as you need it.

Installment loan

Fixed term

Access to Credit

Line of Credit

Revolving: Draw and spend money as you have available credit.

Installment loan

Re-apply: Once you have an installment loan, you will have to pay it off before you can re-apply to access more money.

Repayment

Line of Credit

Minimum payments

Installment loan

Fixed payments

When should I consider a line of credit?

  • When you're not sure how much money you need.
  • When you don't know how long you will need the money.
  • When you will need ongoing access to credit.

When should I consider an installment loan?

  • When you know how much money you need to borrow.
  • When you only need the money for a specific amount of time.

Flexible Loans that Fit Your Ongoing Needs

No Origination Fee

At Speedy Cash, we believe in having transparent terms. There are no origination fees, no fees to open a line, and no fee for draws (you will however, have to pay interest on the amount you draw).

Ongoing Access to Cash

You decide when to use your funds and how much to borrow. As long as you have available credit, you can withdraw cash whenever you need. No additional credit checks an no need to re-apply.

Convenient Access

Withdraw cash from your credit line by signing into your account online or using our mobile app. No need to visit a store or ATM, but you can visit a store to draw cash if you want to see our smiling faces!

Flexible Payments

Pay the minimum amount due on your due dates, or make larger payments to reduce your balance (recommended to save on interest). Payments will also be due around your paydays – we do this to help you manage payments when you get paid.

Fixed Rate

Once you have a credit line, your interest rate is locked in. The rate will not fluctuate and will not change throughout the life of your loan. Our goal is to help you better manage payments, which is tricky to do when your interest rate changes.

Always Available

Your credit line will remain open as long as you need it. If your loan carries a $0 balance for a full year then we will take your cue and close your line as a courtesy. But as long as you continue withdrawing cash, your line will stay open.

Trusted by Millions

People just like you have trusted us since 1997. But don't just take our word for it; check out our rave reviews on Trustpilot and Consumer Affairs.

Line of Credit Answers

What is a line of credit?

A line of credit loan from Speedy Cash is similar to a credit card. You apply once and can draw funds as often as you need up to your credit limit.

What is a credit limit?

A credit limit – credit line – is the amount that you're approved to borrow. For example, if you're approved to borrow $750 then $750 is the maximum amount that you can withdraw.

What is the maximum credit limit I can get?

The following factors (among others) are taken into consideration when assigning credit line amounts:

What documents do I need to apply?

We aim to make the application process as smooth as possible. You may not be required to provide physical documentation, but you will need the following to complete an application:

  • Form of valid identification
  • Steady source of income
  • Checking account

Note: We may ask you to provide documentation to verify your income or your identity. The reason we do this is 1.) To keep your personal information safe and make sure someone else isn't trying to apply for a loan in your name, 2.) To assign loan amounts with payments that will be affordable to your current situation.

When will my payments be due?

Your payments will be due around your paydays. For example, if you are paid bi-weekly, then your payments will be due bi-weekly.

How much will my loan payments be?

Payments include a percentage of your principal balance, plus the accrued interest. Daily interest will be charged on the amount you borrow. You can choose to pay off your balance at any time – putting you in control of the amount of interest you pay. See your state's Rates and Terms page for examples of loan amounts with calculated APR and payments.

How can I access my available credit?

If you have available credit, you can access your credit line online, in a Speedy Cash store, or in the Speedy Cash mobile app.

I can't make my minimum payment. What should I do?

Emergencies happen when we least expect them – we understand. Call us or pop into a store. We may be able to change your due date or arrange a different payment plan. The key here is to let us know; we can't help if we don't know your situation.

Did you receive a reservation number in the mail? Click here to get started.

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.

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 to a debit card is only available for online loans. 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 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.

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 http://www.rld.state.nm.us/financialinstitutions/.

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), www.dob.texas.gov.

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: No fee 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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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.