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How Do Payday Loans Work?

Whether you are applying for payday loans online, in a store or over the phone, Speedy Cash is here to give you an easy application process. We will help you through the process every step of the way.

Getting a payday loan can be as easy as 1, 2, 3!

Fill Out an Application
Receive a Lending Decision
If Approved, Get Your Cash
Apply Now

How Do Payday Loans Work?

Actual Speedy Cash customers explain why they choose Speedy Cash for their personal lending needs!

How do I Get a Payday Loan?

To put the need for a payday loan into perspective, say you’re on your way to work and your car breaks down. You used the rest of the money in your bank account to pay to get your car towed, but now you don’t have enough to pay to get your car repaired. You don’t need a lot of cash, and you don’t need it very long, you just need some cash to get your car back on the road before pay day. A payday loan could provide you the cash you need in a tight situation. You borrow a small amount of money, and pay it back – along with interest and fees accrued – on your next pay day.

Payday lenders like Speedy Cash offer multiple ways to get a payday loan, so you can choose the option most convenient for you. Whether you choose to apply for a loan online, in-store or over the phone, they all have the same basic process.

The need for fast cash can come up at any time, so Speedy Cash offers an online application process that allows borrowers to apply 24/7 from your smart phone, computer, or tablet for a convenient and secure process.

If your application is approved, then your money will typically be direct deposited to your checking account, and your loan payment will be due around your next pay day. We offer an AutoPay option where your payment can be automatically processed on your due date – meaning one less bill to have to remember come pay day.

If you prefer to speak with a representative in person, you can also apply at a Speedy Cash store. You will fill out an application, and if approved, the representative will walk you through any fees and interest rates, repayment methods and next steps to receiving your cash. Repaying your loan is offered in many different forms, including automatic withdraw, writing a check, paying cash, or using a debit card. Be sure to ask your representative about which repayment method best matches your needs.

Speedy Cash offers a loan by phone service where a representative will help you complete the application process over the phone. This process is extremely helpful for times where you do not have immediate access to reliable internet, or you would like a representative to walk you through the lending process but cannot make it into one of our branches.

Once your application is complete, we will provide you with a lending decision over the phone. If approved, it’s time to sign your loan documents. Once you have agreed to the loan terms by signing your documents, your money will be direct deposited to the checking account that you provided during the application process. Just like with online payday loans, Speedy Cash will give you the option to enroll in AutoPay during your application process. If you agree to AutoPay, then your payment will be automatically processed (using either your checking account information, or debit card information) when your loan comes due.

Requirements to Apply for a Payday Loan

Most lenders have the same basic requirements to apply for a payday loan. Some lenders may also require minimum time at your current job or a minimum amount of income to qualify for a payday loan.

When applying for a payday loan, most lenders will require the following information:

  • Personal Information

Including your phone number, home
address, email address, birth date
(showing that you meet the minimum
age requirement), and a valid ID

  • Income Information

  • Including your pay frequency, gross
    (before taxes are taken out) and net
    income (after taxes are taken out),
    and employment information

Banking information

Including your checking account
number and routing number

How Much Money Can I Get?

The amount that you’re approved to borrow can be based on a number of different factors, but payday loans typically range from $50 – $1,000. The following items could impact the amount that you’re approved to borrow:

Monthly income
State regulations that limit the maximum loan amount

Understanding Payday Loan Rates and Fees

Payday loans generally charge a fixed fee on the principal amount you borrow. Rates and fees vary based on the type of lender, the location that the loan originated in and corresponding state regulations. It is important to read the loan agreement carefully to be aware of such fees and other costs before you take out a loan.

Additional fees will be charged if you renew or refinance your loan. If you don’t pay your payday loan on time, the lender may also charge a late or returned check fee.

Get a Payday Loan from Speedy Cash

No matter how you choose to apply for a payday loan, Speedy Cash is here for you.
As we like to say, just "Call, Click or Come In!"

Did you receive a reservation number in the mail? Click here to get started.

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 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.

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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