Speedy Cash Review

Speedy Cash Review

Features:

APR: Varies by state
Loan Amount: from $50 – $26,000
Credit Check:Yes
Fees: – No Prepayment Fees

 

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Speedy Cash is a reliable licensed lender which has been operating on the market of lending services since 1997. The company operates in the US, United Kingdom and Canada. Apart from payday loans, which is the company’s main financial product, Speedy Cash offers installment loans, title loans, debit card loans and cash for gold. The company offers a wide range of lending services online as well as in its physical locations. The headquarters of the company are based in Wichita Kansas, with offices in the West and Midwest.

How Speedy Cash Works?

Let us have a look at the way the company works in more detail. A customer has to fill out an online application form. Once he or she gets approval, the next stage is to decide on the amount to borrow, then to put the e-signature and either to get the money transferred into a bank account or to collect it at the nearest storefront.

The company’s website has all the information on rates, fees and loan terms. There are several options to choose from:

  • You can get your cash via electronic transfer, which is usually delivered within 24 hours
  • You can get the funds immediately in one of the company’s stores
  • You can apply for a special loan scheme called Opt+Prepaid Card

Pay attention to the Opt+Prepaid Card which is known to be the company’s USP, unique selling proposition. When you choose this option, get ready to pay $5.95 monthly fee. If, however, your monthly deposit makes $1500+, the fee is waived. When you withdraw or upload cash in one of Speedy Cash Stores, it is free of charge.

Buying gold is one of the company’s financial activities, too. Customers can buy gold either online or at Speedy Cash gold buying offices.The  basic requirements you have to meet if you want to sell gold are as follows: a state issued ID and personal data. Besides, you have to specify how long you have had this item.

What if you want to sell the gold online? – Well, in order to send your gold by mail, the company sends its clients a gold kit. Moreover, as soon as Speedy Cash receives the item of gold, the company’s staff video tapes the process so that you can make sure all the operations are  transparent. After weighing and evaluating the gold you get an offer and receive your cash if the amount offered suits you. If not, Speedy Cash sends back the gold without any charge.

Fees and Interest Rates

Fees and interest rates offered by Speedy Cash are competitive and depend on the state you live in, as different states have different laws and regulations concerning short term loans. For instance, if you want to borrow $100, your fee will make $18. A loan of $255 will have a $45 charge, which will make an APR of 460.08% if it is a 14-day loan and 214.71% if you borrow for the period of 30 days. In other words, the longer the term, the lower the APR. Some states, however, charge $15 per every $100 borrowed and APR in this case makes 182.50% if you apply for a 30-day term. As for installment loans, APR is around 180%.

How Much You Can Borrow

The amount you can apply for depends on the state, it varies from $100 to $2,600 in case of installment loans and the highest amount for payday loans is $500. The maximum amount for loan products equivalent to payday loans is $750.

The Application Process

There is no need to waste your time in long lines: the application process is fast and pretty simple. A customer has to provide his address and phone number as well as proof of employment and income. Besides, a potential lender will require your checking account information. Once you get approval, the amount you applied for can be collected either at one of the Speedy Cash offices or transferred into your Opt+ Visa Prepaid Debit Card. In other cases the funds are transacted into the customer’s bank account.


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