Hey there! Lillie here, your friendly neighborhood home improvement nerd with a passion for helping others make smart money moves. As a seasoned renovator who’s made my share of financial blunders, I’ve learned to research thoroughly before making major purchases or taking out loans.
So when my buddy Brad asked me about Speedy Cash and who they‘re affiliated with, I decided to dig deep and share what I uncovered in this comprehensive guide. Whether you’re considering Speedy Cash for a quick loan or just curious about their business, I’m here to provide the insider info you need to make the smartest choice for your unique situation. Let’s get started!
Breaking Down Speedy Cash Basics
Speedy Cash first opened for business in 1997 and has since grown to over 350 storefronts across 21 U.S. states. They specialize in short-term lending solutions like payday loans, installment loans, and lines of credit.
Speedy Cash is a subsidiary of CURO Group Holdings Corp., a publicly traded company that also operates the lenders LendDirect and Opt+. So while Speedy Cash branches operate under state lending regulations, they have the financial backing of a major corporation.
According to their website, Speedy Cash aims to “provide customers with convenient, friendly, and dependable services to help them with their financial needs.” They promise fast funding decisions and access to trained customer service reps.
But does Speedy Cash truly deliver on these promises? Let’s explore some of their key products and policies:
Speedy Cash Loan Options
Payday Loans
- Purpose: Quick cash for unexpected expenses before payday
- Amounts: $50-$1,000 based on state limits
- Term: 2-4 weeks (aligned with pay date)
- Fees: Around $15-$20 per $100 borrowed
Installment Loans
- Purpose: Larger loan amounts repaid over time
- Amounts: $100-$2,500
- Term: 3-18 months
- Interest: Up to 36% APR
Lines of Credit
- Purpose: Revolving credit for flexible borrowing
- Limits: Varies based on approval
- Interest Rates: 79% – 299% APR
- Minimum Payments: 2.5-5% of outstanding balance
As you can see, Speedy Cash offers a decent range of loan products to suit different needs. But it’s essential to note those sky-high interest rates!
For example, at 36% APR on a 2-year, $2,000 installment loan, you‘d end up paying over $1,200 in interest! Yikes! While Speedy Cash discloses these rates upfront, make sure you assess if it‘s truly worth borrowing at such a premium.
Speedy Cash Approval Process and Qualifications
When you apply for a Speedy Cash loan, here are some of the key criteria they evaluate to make an approval decision:
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Income Requirements – You must provide proof of income through pay stubs, tax forms, or bank statements. Minimum monthly income varies by state, typically $1,000-$1,500 per month.
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Employment Status – You must have steady verifiable employment. Gigs and freelance income may not qualify.
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Credit History – Speedy Cash does a “soft” credit check that doesn’t impact your score. Poor credit doesn’t automatically disqualify you.
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Existing Debt – Higher debt-to-income ratios may impact approval chances. Ideal ratio is under 30%.
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Identification – Valid U.S. government-issued ID is required.
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Age – Must be minimum of 18 years old (19 in Alabama and Nebraska, 21 in Mississippi).
Speedy Cash claims to offer quick approval decisions. While it’s not guaranteed, many customers report getting approved and funded in as fast as 15-20 minutes! So if you need cash ASAP, Speedy Cash may be able to deliver.
The Truth About Speedy Cash – My Personal Take
After researching Speedy Cash extensively, here are some of my honest pros and cons:
PROS
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Fast funding decisions and cash availability
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Flexible qualifying criteria, including no hard credit check
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Multiple loan product options to suit different needs
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Clear upfront disclosure of interest rates and fees
CONS
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Very high interest rates compared to alternatives like credit cards or personal loans
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Predatory lending practices with little regard for ability to repay
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Potential for endless loan renewal fees and vicious cycles of debt
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Collection activities and legal action for delinquent borrowers
In my opinion, Speedy Cash makes it too easy to get quick cash without determining if the customer can actually afford repayment. And those astronomical interest rates are simply predatory.
Sure, Speedy Cash may work in an absolute emergency if you have no other options. But the interest fees will add up QUICK. I would exhaust all other reasonable alternatives first before resorting to Speedy Cash.
And if you do take a loan, have a solid repayment plan in place and avoid the temptation to “renew” and extend your loan, as this gets very expensive over time!
Speedy Cash vs. The Competition
Across the short-term lending space, Speedy Cash contends with giants like Advance America, Check Into Cash, ACE Cash Express and more.
Based on my comparative research, here’s how Speedy Cash stacks up against the top players:
| Lender | Loan Amounts | Approval Time | Interest Rates | State Availability |
|---|---|---|---|---|
| Speedy Cash | $50-$2,500 | 15-20 minutes | 79%-299% APR | 21 states |
| Advance America | $100-$4,000 | 24-48 hours | 83%-655% APR | 29 states |
| Check Into Cash | $50-$5,000 | 15-30 minutes | 156%-354% APR | 30 states |
| ACE Cash Express | $100-$5,000 | 24 hours | 85%-229% APR | 12 states |
While loan products and terms vary somewhat across lenders, the sky-high APRs are unfortunately standard in this business. Speedy Cash is competitive in approval time and availability but doesn’t necessarily offer better rates or limits compared to alternatives.
My advice? Avoid payday loans altogether if humanly possible! But if you must take one, shop around extensively to find the best rates and terms for your situation. Don’t get so fixated on speed that you overpay on interest!
Answers to Your Burning Speedy Cash Questions
By this point, you’re probably still wondering:
- Who is behind Speedy Cash?
- How do they verify my income?
- Can they sue me or garnish wages if I default?
Let me answer some of those burning questions for you!
Who is the parent company of Speedy Cash?
Speedy Cash is owned by CURO Group Holdings, a publicly traded company that also operates the lenders LendDirect, Opt+, and Avío Credit.
How does Speedy Cash verify my income?
Speedy Cash may ask for pay stubs, tax forms, or bank statements. They may also contact your employer directly to verify employment.
Can Speedy Cash garnish my wages or sue me?
Yes, if you default on your loan Speedy Cash can pursue legal action including wage garnishment with a court order. They may also send accounts to collections.
Does Speedy Cash do hard or soft credit checks?
Speedy Cash only does a soft credit inquiry that doesn’t impact your credit score. Your credit history impacts approval but bad credit does not automatically disqualify you.
Is Speedy Cash available in my state?
Speedy Cash currently operates in 21 U.S. states. Check their store locator to find your closest branch or apply online.
Should You Use Speedy Cash? My Final Takeaway
Hopefully this detailed guide provided the transparency into Speedy Cash that my buddy Brad was seeking! To summarize my recommendations:
If you have fair to bad credit and need quick cash to cover an emergency, Speedy Cash provides a reasonably convenient option LAST RESORT option. Just be extremely mindful of the high interest rates and set up an affordable repayment plan. Avoid loan renewals if at all possible, as fees add up quickly.
However, for any non-emergency situation, I would strongly advise seeking lower interest alternatives such as a traditional bank loan or line of credit, borrowing from friends and family, or even utilizing a credit card. The premium you’ll pay in APR fees just isn’t worth it!
At the end of the day, tread carefully and use your best judgment. Never borrow more than you can realistically repay on time. And maybe set up an emergency savings fund for life surprises – take it from me, it’s saved my behind more than once!
With smart planning and responsible borrowing, you can establish the strong financial footing needed to pursue your dreams, whether it’s renovating your home, taking a dream vacation, or even starting your own business one day. Think long term!
Wishing you all the best in your money adventures ahead! Let me know if you have any other questions.
Your Friend,
Lillie
