Apply for a credit line
Select Your Initial Draw
Get Your Funds
Line of Credit vs Installment Loan
Typically, an installment loan comes with a fixed term. Whereas lines of credit are usually open-ended.
LINE OF CREDIT
Open-ended: Stays open as long as you need it.
Access to Credit
LINE OF CREDIT
Revolving: Draw and spend money as you have available credit..
Re-apply: Once you have an installment loan, you will have to pay it off before you can re-apply to access more money.
LINE OF CREDIT
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 ORGINATION 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.
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!
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.
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.
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.
Line of Credit Loan Questions
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.
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.
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.
Your payments will be due around your paydays. For example, if you are paid bi-weekly, then your payments will be due bi-weekly.
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.
If you have available credit, you can access your credit line online, in a Speedy Cash store, or in the Speedy Cash mobile app.
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.