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Types of Online Lenders

When you’re in search of cash loans online, perhaps the most important factor to consider is how you’re going to choose between all of the online loan companies. There are several different types of online lenders and it’s important to understand the differences between lender types before applying for an online loan.

Direct Lenders

Online loans direct lenders are companies that receive and process your online loan application, and fund your loan. They also process your loan payments and conduct any additional service on your loan. A few things to keep in mind when working with online loans direct lenders:

Direct lenders will service your loan throughout the entire process - from application to payoff.
Typically, they do not send your personal information to other companies without your knowledge or consent.
Direct lenders should display the rates and terms for all online loans that they offer on their website.

State Licensed

State licensed online lenders are licensed in each of the states in which they operate in (that they are required to be licensed in; some states do not require licenses). To check to see if online lenders are state licensed, look for their rates and terms pages, which typically display a copy of their license. State licensed lenders will:

Display the licenses for the states that require a license on their website.
Abide by state laws and regulations, which protect your from outrageous fees and unfair lending practices.
Undergo periodic audits by the state to ensure compliance with applicable laws.

Credit Access Businesses & Credit Service Organizations

Credit Access Businesses (CABs) and Credit Service Organizations (CSOs) obtain credit for consumers from independent third-party lenders - typically in the form of payday loans or title loans. The CAB/CSO will process the loan application and the third party lender will fund the loan.

Some states require a CAB, CSO or third party relationship.
Generally, loan documents are signed and payments are made to the CAB/CSO.
A fee may be associated to obtain the loan.

Tribal Lenders

A tribal lender is a lender that is based on a federally recognized American Indian reservation, or is operated by an American Indian community. In the United States, tribal lenders can provide many of the same online loans as traditional lenders. However, tribal lenders may be able to avoid some of the state law restrictions that are placed on state-licensed lenders, because the United States government recognizes these entities as their own independent sovereign nations that govern themselves within U.S. borders.

Tribal lenders can lend to both tribal and non-tribal members.
A website will typically disclose that they are a tribal lender either at the bottom of the website, or on an "about" page.
Tribal lenders can typically charge higher fees than a state-licensed lender.

Offshore Lenders

Simply put, an offshore lender is one in which is based in another country but lends within the U.S. Offshore lenders are not regulated by the states in which they operate in, so you will not get the same level of security in working with an offshore lender as you will with a state-licensed lender. When borrowing from an offshore lender, it may be problematic to resolve any issues.

When working with an offshore lender, be wary of:

Hidden fees.
Increased loan fees and/or interest.
Aggressive collections tactics including threatening emails and phone calls.

Loan Matching Services

Some online loan companies are actually loan matching services, also referred to as “lead generators”, which serve as a middleman when borrowing cash loans online. When using a loan matching service, you will fill out your loan application on their website (sometimes, only a partial application), and then they will sell your information to third party lenders. The lender that buys your information will then fund your loan if approved. Typically, you can pinpoint a matching service in the website disclaimer, which usually will say something like "the operator of this website is not a lender" or "match you with a lender".

A few things to keep in mind when working with a loan matching service:

You will have no control over which companies view the personal information you submit on your application.
Matching services may work with a variety of lender types - including those which are not state licensed.
These services will never determine your loan amount, fees or repayment terms - that will be up to the lender that funds your loan.

Questions About Online Lenders

A: Speedy Cash is a reputable, state-licensed lender. In most states, we operate as a direct lender. In Texas, Speedy Cash is a registered CAB. As a state-licensed lender, we abide by the applicable laws and regulations within each state that we operate in. Speedy Cash offers cash loans online including payday loans, installment loans, and line of credit loans.

A: Yes. Speedy Cash is affiliated with third party, state-regulated lenders in Texas. Speedy Cash has partnered with third party lenders to act as a CAB (Credit Access Business).

A: Speedy Cash is state licensed in every state that requires a license for the products we offer. You can view our state licenses by visiting the rates & terms section.

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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),

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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