Payday Lender Associations and Licenses

There are a number of payday lender associations and payday loan licenses that protect you, the consumer. Here is a breakdown of the major payday loan associations and types of licenses that you will want to look for when considering a payday lender. While this list identifies some of the major payday loan associations, it does not identify all of them.

CFSA

The Community Financial Services Association of America (CFSA) is a national organization that promotes laws and regulations that protect consumers who borrow small dollar, short-term loans. Lenders that are CFSA members abide by responsible industry practices that ensure customers understand the cost and risk of short-term payday loans to faciditate the best financial decisions. Lenders that are CFSA members will display the CFSA logo on their website or in their store window.

Speedy Cash is proud member of the CFSA!

OLA

The Online Lender Alliance (OLA) works to protect the online lending industry against potential damage caused by unscrupulous lenders. The mission of the OLA is to promote a diverse and responsible marketplace for access to innovative online financial services through education, communication, collaboration and advocacy with policy makers and opinion leaders. All member companies have agreed to a List of Best Practices and a Code of Conduct that ensure consumers are fully informed and treated fairly. Lenders that are OLA members will typically display the OLA logo on their website.

Speedy Cash is proud member of OLA!

State Licensed

Many states have consumer protection laws that apply to payday loans and regulated lenders. These laws regulate how much you can borrow and the fees you are charged. A lender that is state licensed simply means that – they are licensed to lend in that state and abide by its regulations. These lenders are required to apply, register and remain compliant in all states in which they are licensed. State licensed lenders undergo regular audits to ensure compliance with the state’s regulations.

Before applying for a payday advance, check to see that the payday loan company that you are dealing with is licensed to operate in your state. There are states where payday loans are illegal. State licenses are typically displayed on rates and terms web pages on a lender’s website, or displayed in the store. If you are unsure if a lender is licensed in your state, you can check with your state bank regulator to ensure that you’re borrowing from a legitimate company. Please note that some states do not require a state license, depending on the product that is offered in your state.

Speedy Cash is state licensed in every state that requires a license for the products we offer.
 
 

Speedy Cash Payday Loans

Ready to start your payday loan application? Speedy Cash maintains licenses in every state in which we lend and abides by all payday loan best practices to ensure a fair loan experience every time.

Direct Lender

CFSA Member

State Licensed

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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 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.

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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.

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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