Speedy Cash loans review: High-rate loans for emergency expenses

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In a Nutshell

If you need an emergency loan quickly, you might be able to get one from Speedy Cash. But its personal loans have limited availability and high interest rates, so you may want to look elsewhere for a loan.
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Pros Cons
No prepayment penalty High interest rates
Potentially fast funding May charge an origination fee in some states
Multiple ways to apply Limited availability

What you need to know about a Speedy Cash loan

You can apply for a Speedy Cash loan online, over the phone or at one of its storefront locations across the country. Speedy Cash offers payday loans, title loans, lines of credit and installment loans. In this review we’ll focus on its personal loans, which Speedy Cash refers to as installment loans.

While payday loans typically require repayment by your next paycheck, installment loans usually have longer loan terms.

High interest rates

You should look for a personal loan with an interest rate of 36% or less, according to the National Consumer Law Center. But you’ll find that even Speedy Cash’s lowest APRs far exceed that, with rates in the triple digits. For that reason, you should only consider a Speedy Cash loan if it’s a true emergency and you’ve exhausted all other options.

May have an origination fee

Some states require an origination fee — an upfront fee charged for processing your loan application. Speedy Cash’s origination fees can vary depending on where you live.

Potentially fast funding

If you’re approved for a loan in person, you may be able to get your loan funds deposited directly into your bank account as soon as the same business day. That could be a benefit if you’re facing an emergency expense, such as a car repair.

Limited availability

Speedy Cash doesn’t operate in many states.

Speedy Cash offers online installment loans only in Alabama, Colorado, Illinois, Mississippi, Missouri, Nevada, New Mexico, Ohio, Oklahoma, South Carolina, Texas and Wisconsin.

Terms are inconsistent

Terms for a Speedy Cash installment loan vary depending on the state.

Take note that if you live in some states, you may have to make semimonthly payments on your loan. This could potentially put a strain on your budget if you’re looking for a loan that you can pay back over time with one payment each month.

A closer look at Speedy Cash loans

Here are a few other features to keep in mind if you’re considering an installment loan from Speedy Cash.

  • No prepayment penalty — If you want to pay off your loan early, Speedy Cash won’t charge a prepayment penalty. This could help you save interest costs.
  • Multiple ways to get money — Along with direct deposit, Speedy Cash lets you pick up your money at a storefront location (if there’s one near you). You also can get your loan funds on one of three types of prepaid debit cards, called Opt+ cards. But keep in mind that there may be fees depending on how you decide to get funds.
  • Automatic payments allowed — You can set up automatic payments so that your payments are automatically deducted from your checking account each month.

Who is a Speedy Cash loan good for?

Considering its limited availability, a Speedy Cash loan may be a good loan option only if one of these situations applies to you.

  • You live in one of the states where it offers installment loans.
  • You want to borrow a small amount — but remember that the loan amount available depends on your state.
  • You can pay it off quickly. Since its APRs can be very high, you should consider a Speedy Cash loan only if you don’t have any other options to cover an emergency expense.

How to apply with Speedy Cash

The application process for a Speedy Cash loan is fairly straightforward. Here’s the personal information you’ll need when you apply.

  • Your full name and birthdate
  • Valid ID
  • Home address
  • Steady source of income
  • Open bank account

Speedy Cash will perform a credit check once you apply — which could negatively affect your credit scores by a few points.

Not sure if Speedy Cash is right for you? Consider these alternatives.

  • Earnin:
  • Earnin is an alternative option for emergency cash. It’s an app that allows you to borrow against your paycheck without fees or interest.
  • Upstart:
  • Upstart might be ideal if you want a lender with a prequalification option that considers more than just your credit scores.
  • Payday alternative loans:
  • Federal credit union members can consider these emergency cash options, which have limits on fees.

About the author: Dori Zinn is a personal finance journalist based in Fort Lauderdale, Florida. She enjoys helping people find ways to better manage their money. Her work can be found on numerous websites, including Bankrate, FinanceBu… Read more.