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What is a Payday Loan?
Speedy Roo has the answer! A payday loan is a small, short-term loan that is due to be paid back (plus a flat fee) the next time you receive a paycheck. Payday Loans - also called cash advances or payday advance loans - are designed to help cover emergency expenses or other financial obligations that might come up between paychecks. Some payday loan websites might sell your information to others, but at Speedy Cash, we won’t do that. Roo gives his word!
As a direct lender*, we handle your loan from beginning to end!
*In Texas, Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party.
How it works:
What do I need to apply?
- Valid government-issued photo ID
- Working phone number
- Steady source of income
- Bank account
Payday Loan APR explained
You may have heard it before: “The APR on a payday loan is extremely expensive!” We get it, payday loans have a stigma. At face value, we understand why people might make these comments. The reality is this: they likely haven't been in a situation where they have less-than-perfect credit and need cash now.
That's why payday loans exist. For people who don't have access to traditional credit (like a bank loan). For people who can't afford another overdraft fee on their bank account. And for people who are not fortunate to have savings to fall back on.
Let us explain why a high APR on a payday loan shouldn't scare you…
What is "APR"?
APR, or annual percentage rate, is an interest rate for a whole year rather than a bi-weekly or monthly rate.
Why is it so high on Payday Loans?
Payday loans are often associated with high annual percentage rates (APR). APR is what you would be paying if you had the loan out for an entire year. But a typical payday loan is meant to be just that — a loan until your next pay date. So typically your loan principal (the amount of cash you borrow) plus finance fees are due to be paid back on your next payday.
Then How Is Interest Applied?
We love where your head is at! Understanding the interest and fees is important. While it can vary by state and by lender, typically a flat-rate fee is assessed on the amount you borrow. If you refer to the Rates & Terms, this is called a “Finance Charge”.
Why do you even display APR?
Great question! It's a legal requirement. APR is governed by the Truth in Lending Act, which is implemented by the Consumer Financial Protection Bureau (CFPB) in Regulation Z of the Act. It may be easiest to understand the fees by looking at the finance charges (which are often a flat fee on traditional payday loans).
When to consider a Payday Loan
When a Payday
Loan may be a
- Avoid bounced checks and overdraft fees
- Pay for daily essentials (like groceries, utilities, mortgage/rent, etc.)
- Unexpected auto and home repairs
- Other emergency expenses
When a Payday
Loan may not
- When you need a large amount of money
- When you need an extended amount of time to pay back the money you borrow
- When you need to borrow money time and time again
- Non-essential purchases (such as buying the latest and greatest TV, taking a vacation, or buying holiday gifts)
- Use a credit card
- Borrow money from your savings account
- Ask creditors for an extension
- See if friends or family can help
- Sell unused personal items for cash
- Only borrow what you need (even if you are approved for more)
- Make sure you can afford to pay off the loan on your next payday
- Only use for emergencies
- Know the full terms and fees for the loan before signing an agreement
Payday Loans Help Center
We offer INSTANT funding to a debit card for eligible Customers! If you prefer to get cash, apply online and, if approved, pick up your cash in person at a nearby store. No waiting, no money orders, and no checks—just cash on the spot! We also offer direct deposit to your bank account (typically by the next business day—availability depends on your bank).
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 finance fees.
Talk to us! Seriously—we want to help. If you are unable to repay your loan, give us a call or stop by a store. We may be able to change or extend your due date, help you refinance into a new term, or work out an alternate payment plan.
No one is perfect. That's why we offer loans to people with credit scores of all shapes and sizes.