About Payday Loans

Are you trying to find out if payday loans are the best way to cover an emergency expense? Are you trying to decide what type of payday lender to borrow from? Or maybe you are just curious as to what a payday loan is and how they work? Speedy Cash has the answers to your questions.

We have created an educational guide on payday loans so that you can make an informed decision if and when you decide to apply for a payday loan. To get started, select a topic.

What are Payday Loans?

Traditionally, a payday loan is a small, short-term loan that is due to be paid back when you are next paid. Payday advance loans are designed to help cover emergency expenses or other financial obligations that might come up between pay checks.

Typically, payday loans:

  • Range from $50 - $1,500
  • Are paid back on your next pay day
  • Carry a flat fee for the amount you borrow

How Do I Know If a Payday Loan Is Right for Me?

Payday loans can be a temporary solution for short-term financial needs. However, they are not intended to be a solution for managing your budget, borrowing a large sum of money, or borrowing money over an extended period of time. Before you decide to borrow, take a step back and consider your options. Review the below examples of when to consider and when to avoid payday loans, as well as some alternatives to taking out a payday loan.

When to Consider a Payday Loan

Here are a few examples of when a payday loan may be a good solution:

  • Avoid bounced checks and overdraft fees
  • Pay for daily essentials (such as groceries, utilities, mortgage/rent, etc.)
  • Unexpected auto and home repairs
  • Other emergency expenses

When to Avoid a Payday Loan

Here are a few examples of when a payday loan may not be a good solution:

  • 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)

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If you determine that a payday loan is a good fit for you, it’s important to borrow responsibly. This will help keep you from falling into a cycle of debt. Here are a couple of tips to help you practice responsible borrowing:

  • Only borrow as much money as you need (even if you’re approved for more)
  • Only take out a payday loan if you can afford to pay it back on your next payday
  • Only use payday loans for emergency expenses
  • Use payday loans with caution, know all of the terms and fees for the loan before signing an agreement

Instead of taking out a payday loan, here are some alternatives to consider:

  • Borrow from family or friends
  • Build up an emergency cash fund or savings account
  • Negotiate with your creditors by calling and asking them if they can work with you
  • Keep a credit card for emergency expenses only
  • Ask your employer for an advance
  • Look into overdraft protection plans for your checking account

Additional Payday Loan Resources

Looking for more information about payday loans? Speedy Cash recommends these articles:

Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Installment title loans subject to minimum auto value requirements. See associate for details. Lending decisions and funding times subject to system limitations. Same day funding only available for Opt+ cardholders and in-store pickup. Minimum age to apply in Alabama is 19. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Customers with credit difficulties should seek consumer credit counseling.

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.

In 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 business as an authorized delegate of Western Union Financial Services, Inc. under Chapter 151 of the Texas Finance Code. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. and Western Union Financial Services under Chapter 151 of the Texas Finance Code.

In Ohio, SCIL, Inc. dba Speedy Cash, is a registered Ohio Credit Services Organization (CS.900174.000) operating pursuant to the Ohio Credit Services Organization Act. The actual lender is an unaffiliated third party. The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

CA: 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. Installment Title Loans subject to minimum auto value requirements.

New Mexico: This lender 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/.

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.

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.

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: Free 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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