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 payday loans process every step of the way.

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

1
Fill Out a Payday Loan Application
2
Receive a Lending Decision
3
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. You borrow a small amount of money, and pay it back – along with the fees – on your next pay day.

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

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

If your payday loan 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. Most lenders offer an AutoPay option where your payment can be automatically processed on your due date.

If you prefer to speak with a representative in person, you can also apply at a payday loan store. You will fill out a paper application, and if approved, will write a personal check for the principal loan amount plus the finance charge and get your cash on the spot (some lenders will provide a money order rather than cash).

The store will hold onto your check until your due date, and will deposit your check on that date. When taking out a payday loan at a store, you can also choose to go into the store and pay off your loan in cash before your check is deposited. Some payday loan stores – including most Speedy Cash locations – also accept a debit card or checking account information as a form of repayment if you would prefer not to write a personal check.

Many payday lenders have a loan by phone service where a representative will help you complete the application process over the phone. During the application process, you will provide information for your checking account, which will typically be used for both getting your loan funds to you and repaying your loan.

Once your application is complete, the lender will provide you with a lending decision over the phone. If approved, you will most likely have to go online 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, most payday lenders – including 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 With a Payday Loan?

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, based on the payday lender:

Monthly income
Credit score
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. Some lenders may charge additional fees, such as loan origination fees. 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!"

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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