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Payday Loans
Terms & Definitions

Need help with payday loan terminology? Speedy Cash has a few definitions to get you started.

Payday Loan

A payday loan – also referred to as a payday advance – is a small, short-term loan that is intended to get you by until your next pay day.

APR

APR, or Annual Percentage Rate, is the interest rate and all fees charged for borrowing expressed as a yearly rate. So, why is it so high on payday loans? APR looks at the ANNUAL rate. Typical payday loans are intended to be paid on your next pay day, so interest doesn’t accrue annually. You will typically pay a flat rate for the amount borrowed.

Refinance

If you can’t repay your payday lender, you may have the ability to refinance – or rollover – your payday loan. Refinancing your loan starts a brand new loan term with the original principal amount borrowed, in which you will pay finance charges on. If you choose to refinance your payday loan, then you will only pay your finance charges on your due date, and your principal balance will be rolled into a new term. If you continue to rollover your payday loan, the fees on the money borrowed increases. Therefore it is important to pay when the loan is due when possible.

Maturity Date

The maturity date is the date you are expected to repay your loan in full (including the loan principal and fees). This can also be referred to as your due date.

Principal

The amount of money borrowed, excluding any fees or finance charges.

ACH

The Automated Clearing House (ACH) Network is the backbone for the electronic movement of money and payment-related data. It provides a safe, secure, electronic network for direct consumer, business, and government payments, and annually facilitates billions of Direct Deposits via ACH and Direct Payments via ACH transactions.

Speedy Cash Online Payday Loans

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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, Oklahoma, Oregon, 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: Deferred deposit loans are provided in accordance with the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law, Cal. Fin. Code §23000 et seq.

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.

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), www.dob.texas.gov.

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