Payday Loan Questions
What is a payday loan?
A small, short-term loan that is typically under $500. They are usually due to be paid back around the time of your next pay day.
What is the maximum amount I can borrow with a payday loan?
Loan amounts are determined by many factors, including income. Each state allows for a different maximum loan amount, see our Rates and Terms pages to see the maximum loan amount in your state. Please note that payday loans may not be available in your state. But we may offer a payday loan alternative that still fits your needs. Check out your state’s Available Loans page to see what is offered where you live.
Why is the payday loan APR is so high?
We get this question all the time, and the truth is: Comparing APR to payday loans isn't like comparing apples to apples. APR — or annual percentage rate — is the total cost of the loan expressed as an annual rate. If the loan is repaid on time, as Speedy Cash encourages, loan fees may be cheaper than overdraft fees or non-sufficient funds fees that may be incurred from your bank.
What are the requirements to apply for a payday loan?
You will need to have the following:
- Valid ID
- Steady source of income
- Open and active checking account
- Working phone number
Where can I find payday loans near me?
Speedy Cash has an entire network of stores for you to visit, but you’re already online - so a payday loan is already near you!
How soon will I have my money?
When you need cash now, this question is top of mind! The amount of time it will take to receive your money depends on how you choose to apply, and how you would like to receive your cash. If approved, Speedy Cash is proud to offer a number of different funding options so that you can select how to receive your cash.
If you’re approved online, then we will direct deposit your money to your checking account (money is typically deposited by the next business day) - but you can also choose from other funding options. If you’re near a store, then you can immediately pick up cash in a store. You may also be eligible for instant funding to your debit card.
If you’re approved at a store, we will give you cash in person. No waiting, no money orders, and no checks - just cash on the spot!
When will I have to pay my loan back?
Payday loans are typically due to be paid back around your next payday, which is usually 7-14 days away, depending on your pay schedule. The amount due includes the principal amount you borrowed plus the corresponding finance fees.
Can I change my due date?
If you need an extension on your payment, you may be able to change your due date online or on the mobile app. Sign in at SpeedyCash.com or download the mobile app.
What should I do if I can't make my payment?
Talk to us! Seriously – we can’t help if we don’t know your current situation. If you are unable to repay your loan, give us a call or stop by a store. We may be able to extend your due date, help you refinance into a new term, or work out an alternate payment plan.