Speedy Cash Review

Speedy Cash is a direct lender offering quick financial products to borrowers with any credit. Owned by Curo Financial Technologies, it started nearly 25 years ago with a single store in Riverside, California. Now, Speedy Cash operates in 29 states. The company provides payday loans, installment loans, title loans, lines of credit, and prepaid debit cards. While the products are known for being fast and accessible, they are also quite expensive. Here’s our detailed Speedy Cash review to help you determine whether it’s a suitable option for you.

Products and Services

Speedy Cash offers a variety of loans to reach a broader group of borrowers. Here are some of them:

Things to Know about Speedy Cash Loans

Here is an overview of the main aspects of Speedy Cash to help you better understand what to expect:

Quick funding

Your loan funds can be deposited into your debit card immediately. You can also pick up cash in a store on the same day or get a direct deposit in your bank account within 1 business day.

High interest rates

Speedy Cash interest rates are notably high. The APRs range from 178.42% to 782.14%. It can be especially expensive if you take out an installment loan due to their longer repayment times.

Limited availability

The company only operates in 29 states, meaning many potential borrowers have no access to their loans.

Origination fees

On top of interest, you might also pay a one-time charge for processing your application. This cost may be up to 10% of your loan amount.

No prepayment penalties

Borrowers can potentially save money on interest by repaying their loans early without being charged extra fees.

In-store services

While you can apply for Speedy Cash loans online, the company also has 140+ physical locations. This makes it easier to find a convenient store in your area if you need personalized assistance.

Who Are Speedy Cash Loans Good For?

Speedy Cash loans can be helpful if you need a small sum quickly and have limited access to traditional borrowing options. Their products are quite popular with bad credit borrowers who face financial emergencies, such as urgent medical expenses, car repairs, home improvements, or grocery bills. However, these loans should be used as a last resort due to the high costs. If you have good credit, you may find better options elsewhere.

How Much Does a Speedy Cash Loan Cost?

The APRs vary significantly based on the loan you request and your state. For instance, a $200 payday loan in California might have an APR of around 460% for a 14-day period. This results in a $35.30 in finance charge and a total of $235.50, excluding processing fees. You can see more detailed rates and terms on the company’s website by choosing your state of residence and a preferred loan type.

What Do You Need to Apply with Speedy Cash?

To apply for a loan with Speedy Cash, you need to meet a few criteria and provide several documents:

• Be at least 18 years old;
• Provide valid ID and SSN;
• Specify your working phone number
• Provide bank account number and routing number;
• Provide proof of steady income.

Speedy Cash Reviews

Customer reviews regarding Speedy Cash are quite ambiguous. The company has a 4.5-star rating on Trustpilot but a 1.31/5 rating on BBB. They have received repeated complaints about high interest rates and bad customer service.

Many customers mention problems with title loans. The company refused principal-only payments, which held borrowers back from repaying the owed amount and led to car repossession. There are also many complaints about the service’s partner repossession company Titlemax. Another customer mentioned the principal was not going down after 3 years of loan repayment, meaning that the entire payment was put toward interest only.

On the other hand, borrowers appreciate the fast approval and funding processes. Here is what they say:

• “It is quick, easy, no fuss no mess”
• “Other than much higher interest rates… they were great, quick, knowledgeable..”
• “First time I was on the phone for over twenty minutes just for them to hang up. Second and third time could never get anyone on the phone.”

Pros and Cons According to Customers

Here is an overview of customer reviews gathered from such services as BBB, Trustpilot and Yelp.

Positive

• Quick cash access;
• Easy application process;
• No prepayment penalties;
• User-friendly website.

Negative

• High interest rates;
• Poor customer service;
• Aggressive marketing;
• Problems with repayment.

Customer Support

Many borrowers claim poor or slow Speedy Cash customer service, with some problems not being resolved at all. You can contact the customer support team by calling 1-888-333-1360 (English) or 1-855-734-0111 (Spanish). The company also processes requests via email, so you can write them at [email protected]. Alternatively, you can talk to their representatives in-person at physical locations.

Social Media Presence

Speedy Cash uses Facebook, Instagram, and X to share updates on their services, promotions and financial tips. They also provide customer support by responding to customer inquiries directly on these platforms.

Speedy Cash Alternatives

If Speedy Cash’s terms don’t suit your needs or possibilities, consider these alternatives:

• Payday Alternative Loans (PALs). These loans are offered by federal credit unions and come with APRs of up to 28% and flexible repayment options between 2 and 12 months. You have to be a CU member to access PALs.
• Spotloan. This service offers loans of up to $800 for new borrowers and allows repayment in equal installments within up to 10 months. An average APR for Spotloan loans is about 490%.
• Advance America. Advance America is a well-recognized company that offers similar loan products across 23 states and 870 locations. The company’s products are known for being fast and accessible.

FAQs

Is Speedy Cash legit?

Yes, Speedy Cash is a legitimate lender owned by Curo Financial Technologies. It has the necessary licenses to operate in 29 states.

How do Speedy Cash loans work?

To get a loan with Speedy Cash, you can either apply online or in-person. If approved, the funds are instantly deposited into your debit card or are transferred to your bank account within 1 day. You can also pick up cash in a store. Repayment terms depend on the loan type and state regulations.

Does Speedy Cash check credit and affect my credit score?

Applying won’t affect your credit score, as they don’t conduct hard credit checks. However, defaulting on a loan can lead to a credit score drop since missed and late payments are likely to be reported to the credit bureaus.

Can I pay off my Speedy Cash loan early?

Yes, you can, and you won’t be charged any prepayment fees.

How long does Speedy Cash take to process the loan?

The application process usually takes just 5 minutes. Once completed, you’ll receive the loan decision almost instantly. Money funding may take up to 1 business day, depending on the method you choose.

Apply today and get the money you need by tomorrow!Apply