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Robert Henderson

Last updated: 10/2019

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The Personal Loan Industry in the USA

The country’s personal loan industry has evolved and matured since 2007-08, when the recessionary trend pulled the country’s economy southward and there was scarcity of cash at retail level. The personal borrowing trend has retained its momentum since then, and has also morphed as an alternate financing concept.

Speedy Cash Personal Loan Reviews

When Do Americans Borrow Money, and for What?

The current personal borrowing pattern shows that it is mostly need-based. At the top of the borrowing chart is loan for vehicles, which accounts for 31 percent of the pie. Next is the ‘staying on top of the bills’ category, which consumes 26 percent of borrowed amount in the country.

Then there is the vast blue-collared mass that borrows for emergency and unforeseen needs, amounting to 21 percent of the pie. Tuition and study loans, at 19 percent, rank fourth, and finally, 15 percent of borrowers who borrow to consolidate debt.

A gender analysis of personal borrowing in the US reveals that 36 percent of adult men have resorted to personal loans, while this percentage is 33 percent among adult women.

A demographic perspective to the US’ borrowing trend shows that the Gen X is the largest cohort, which has an average personal loan amount of $8,592.

And finally, the married and domestic partners are the largest borrowing group, also with an average borrowing of $8,592.

The above statistics clearly indicate that:

  • The US’ personal borrowing is largely need-based (64 percent)
  • Both males and females contribute equally to the borrowing basket of the country
  • The Gen X or those born between 1966 and 1976 (long before the Patriots started to cheat and the Barney Frank real estate crisis of 2008 occurred) and currently around the age of 45-50 are the largest demographic borrowers in the country. This implies that advancing age is a significant reason for personal borrowing
  • Americans with domestic and social responsibilities borrow more than others

The Rise of Private Lenders

The small dollar borrowers in the country have a brittle and fragile financial profile. They have a low credit score, they are economically marginalized with no alternate income sources, and they have very limited borrowing options. Often, they have been refused loans by banks and other financial institutions.

Due to these reasons, the payday loan industry has flourished in the country. Its size was around $40 billion in 2017. Approximately 2.5 million, or one in 50 American households resorted to payday loans to meet their bill payment and other emergency needs, with a typical loan size of $350. Even with Americans having to pay lower taxes and more jobs being available this is a factor.

In the last two decades, a host of private lenders offering prompt short-term, small dollar loans have established themselves in the country. Speedy Cash is one of them.

Speedy Cash – Short-Term Loans at The Speed of Need

Speedy Cash is one of the leading short-term, small capital lenders in the US. The company started its operations in 1997 in California with a single store. Since then, the lender has spread its operations across the country. Speedy Cash operates as Rapid Cash in Nevada, Washington, and Oregon.

Unique Multi-Mode Operations

Speedy Cash utilizes multiple channels to conduct its business. Strategically located stores in major cities makes it easier for customers to get a short term loan. Apart from the conventional brick-and-mortar stores, customers can also use company’s website, phone, or app to avail its services. The idea behind this multi-channel presence in the marketplace is to:

  • Maximize the company’s outreach and capitalize on the “omnipresence” factor.
  • Offer convenience and accessibility to customers no matter where they are and who they are.
  • Fully utilize the reach of digital marketing through its website and app. This is particularly helpful to address the millennials’ market since they prefer digital transactions online over cash transactions at conventional stores.
  • The Loan-On-Phone concept is specifically designed by Speedy Cash to service those customers who are not able to visit Speedy Cash’s stores due to various reasons. Loan-On-Phone specifically targets senior citizens, differently abled people, those with time limitations, individuals doing odd jobs at odd-hours and those who are hospitalized. Speedy Cash’s Loan-On-Phone service is also beneficial for people from areas who cannot access a company store easily, and are not digitally literate to transact through the company’s website or app.

By serving its customers through all the available retail marketing channels, Speedy Cash is able to tap into a broad customer base and maximize its outreach across the country.

Speed and Efficiency – The Success Factors

As the name indicates, Speedy Cash is all about speed, and efficiency is embedded in their speedy processing and disbursal of loans.

According to the company’s vision and mission statement, short-term, small dollar money requirement arises due to unusual circumstances. Quick cash is often needed by blue-collared workforce. If the cash is not available to them in time, it may result in dire consequences.

Realizing this, the company gives maximum importance to speed and efficiency and makes “Time is money” their service motto. Due to this, the company has gained a reputation as one of the most approachable, friendly, and sympathetic lenders in the country.

The loan products of Speedy Cash

The company offers a broad range of loan products to its customers:

Payday loans

These are short-term and small amount loans that are repayable on the next payday from the date of loan disbursal. Usually, the loan tenure is between 15-30 days. The credit is utilized for paying overdue bills, meeting an emergency, providing for a special occasion like a child’s birthday, or a health emergency. The interest burden on this type of loans is high because it is an unsecured cash advance and hence the lender’s risk factor is high.

Payday loan is a primary product of Speedy Cash, and also its growth engine. The company has a country-wide customer base in this category. Considering the urgent need for funds by the borrower, it ensures next-day disbursal of all payday loans.

Installment

This type of loan is similar to a payday loan, but the amount is larger and the repayment period is longer, spread over several monthly installments. For installment loans, the borrower decides the amount and repayment schedule, depending on their need, financial standing, and repayment capacity.

As the demand for installment loans has increased over the years, Speedy Cash has sharpened its focus on this segment and registered impressive growth.

Title Loans – These are loans given against the collateral of passenger cars. They have gained popularity because of the relatively easy-to-offer collateral, i.e., the borrower’s car. Its main advantage is that the lending company does not require the borrower to have a good credit score to qualify for a loan.

Speedy Cash makes it easier by doing away with the requirement of a clear title of the car. Moreover, the company processes title loans against cars of any make and any year.

Line of Credit – This is a longer-term loan with flexible borrowing and repayment terms. Under the line of credit, the lender approves a fixed upper limit of credit for the borrower, from which they can utilize any amount at any time.

The upper limit is sanctioned by the lender, depending upon the borrower’s credit rating, their average income, nature of the occupation, and other financial aspects. The interest is charged only on the amount utilized, and not on the entire line of credit. The repayment plan is also drawn by the borrower, based on their projected income.

Speedy Cash has made its line of credit offering more attractive by understanding the customer needs and accordingly, tailoring a better fit of the loan product. As an innovative strategy, the company allows lapses in payment of installments by stressed borrowers without any additional interest burden or penal conditions.

The Speedy Cash STORE – Many Services Under One Roof

The Speedy Cash store is like a one-stop shop for multiple financial requirements. It does not limit its activities to providing loans. Rather, it offers a broader and diverse range of financial services which include:

  • Money Transfer – This is a simple, safe, time-tested way of money transfer that is still preferred by many over checks, cash or digital online transactions.
  • Wire Transfer – Anybody can use the wire transfer facility from the Speedy Cash store to transfer money anywhere in the world.
  • Prepaid Debit Cards – This is a great option to cash payments. Speedy Cash stores offer the facility of payment and transaction with the Opt+® Visa® debit card.
  • Check Encashment – A person can walk into any Speedy Cash store with a check drawn on their name, and walk out with cash. This prompt and hassle-free service is offered at a nominal fee, though. It avoids the time-consuming visits to banks for check encashment.
  • Cash for Gold – Gold is a precious asset. Anybody who has old, unused or broken gold in their possession and needs an instant cash loan against it, has to just walk into a Speedy Cash store. Their gold will be valued as per that day’s London Fix retail value index, and they will be paid an equivalent amount in cash instantly.

The Speedy Cash store, located at a convenient city square or other strategic location, provides end-to-end solutions for manual and electronic money transfer, cash transaction, encashment of financial instruments such as a check, and cash against valuable assets such as gold.

The best part is that a person does not need to be a Speedy Cash customer to utilize these services. The company has an open door policy for all its service products at its stores.

Compliance, Certifications, And Adherence to National and State Laws

Speedy Cash has built its credibility on fairness, transparency and legitimate business practices. The company is a member of The Certified Financial Services Auditor® or CFSA®. CFSA® is a reputed certification for businesses in the banking, financial, lending, investment, and insurance verticals.

Speedy Cash strictly adheres to the clauses and provisions laid down by the Federal Equal Credit Opportunity Act. This Act prohibits lending agencies from discriminating against any loan applicant. The non-discrimination clause applies to race, color, religion, national origin, sex, marital status, and age factors.

The company also abides by the Consumer Credit Protection Act in totem. The compliance agency for this Act is the Consumer Financial Protection Bureau. The company’s business activities are well aligned with the requirements laid down by this regulatory agency.

Speedy Cash adheres to all state laws where it operates.

Safety and Security of Personal Information

The security architecture of Speedy Cash portal is robust and reliable. Its backend and frontend functions are encrypted, so all customer data like SS number, bank details, and personal information shared while filling the loan application is secure. A customer can give these details with confidence that it is pilfer-proof.

Moreover, the company’s privacy policy is one of the best in the industry, and it pledges non-use of personal data for any other purpose than processing the loan application and communicating with the customer post-loan approval.

Speedy Cash also pledges non-transfer of personal details to any third party, which means that any personal data shared with Speedy Cash will never land in anybody else’s hands.

Consumer Reputation

We want you to have all the information you need to make a decision about your personal loan. That’s why we’ve included reviews and information from other sources. We only use objective sources and will let you know if we think there’s an issue with the reviews.

Better Business Bureau

The BBB gives SpeedyCash an A- rating. There are 13 total reviews on the site. 100% are negative. There is a total of 139 customer complaints. The customers on the BBB website give SpeedyCash 3.23 stars out of five.

 Most of the negative reviews focus on the high interest rates the company charged for personal loans. However, this seems like a case of buyer’s remorse. The customers would have to sign documentation stating that they understood the interest rate when they got the loan.

There aren’t any complaints against the company from the government. The BBB found that their advertising meets BBB standards.

Yelp

Yelp tracks SpeedyCash reviews by the specific SpeedyCash location. There aren’t any reviews for the company as a whole. Generally, the reviews for the individual locations average around 3 stars out of 5. Most of the complaints center on customer-service issues. That means you may or may not have a similar experience. We recommend checking out the reviews for the SpeedyCash location you’re thinking of visiting to get a more accurate picture of their services.

Consumer Affairs

Consumer affairs gives SpeedyCash a 4.2 out of 5. They base this rating on the 364 ratings submitted in the past year. Overall, there are 1,423 ratings regarding SpeedyCash on the Consumer Affairs website. The reviews from verified reviewers and verified buyers all mention how fast and easy the application was. They also universally praise the company for getting them their money quickly.

Many of the reviews praise the customer service that SpeedyCash delivers. This is true for people who called and those that visited a physical location. On the whole, this shows that SpeedyCash is a good option if you’re short on cash and need a personal loan quickly.

Conclusion

Based on all its findings and observations, this Speedy Cash review can confidently place it in the elite league of the country’s private money lenders.

Despite being in a business that is prone to mistrust and bias by its customers, Speedy Cash is one company that has earned a reputation for fair play and transparency. We noted that the Speedy Cash customers have genuine faith and trust in the company.

This trust is the best reward a private lender can get, far more valuable than its strong top-line and bottom-line. This is especially true for Speedy Cash, which walks the talk as far as its fair policies and practices go.

The popularity of Speedy Cash is not limited to a certain region or a cluster of states. The company is the borrowers’ favorite across the country. TrustPilot, an online rating portal, gives Speedy Cash an excellent 5-star rating based on actual customer feedback. Many of these are repeat customers.

To put it in a line, Speedy Cash does it in style, and with speed. 

FAQ

101 on Speedy Cash Personal Loan

If you are new to Speedy Cash, or payday loans in general, this section will provide the answers to questions you might have. Check out the list of questions that are frequently asked by those who are new to Speedy Cash.

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What is Speedy Cash?

Speedy Cash is a company that provides payday loans, installment loans, and other types of financial services. They also have storefront locations aside from their online website. Many consider them to be the best loans company for these types of loans.

How does speedy cash work?

Speedy Cash is a type of payday lender, which offers payday loans for individuals who are in a tight financial situation and need quick access to cash. The great thing is that you can easily qualify as there is no need for a credit check.

Is Speedy Cash legit?

Yes. Speedy Cash is a legitimate company that operates as a payday lender, providing quick cash to individuals in need of immediate financial assistance. If you’re looking for an alternative option then check out Lendup reviews.

Is Speedy Cash a payday loan?

Yes. Speedy Cash is a type of financial service that provides payday loans, among other types of loan services.

Is Speedy Cash and Rapid Cash the same?

Yes. Rapid Cash, like Speedy Cash, is a financial company that offers payday loans for those in immediate need of cash.

Does Speedy Cash buy gift cards?

No. Speedy Cash currently does not buy gift cards.

Does Speedy Cash do installment loans?

Yes. Installment loan is one of the financial services or products that are being offered at Speedy Cash for people in need of cash.

Is Speedy Cash a scam?

No. This company is a legitimate payday loan provider with multiple locations across the US. Another similar legit option is Check n Go loans.

Where's the nearest Speedy Cash?

Speedy Cash has storefront locations in California, Texas, Missouri, and Arizona. You can visit their website to find a location near your city. Doing a search for a local loans company on maps should also bring some options up.

Who is Speedy Cash affiliated with?

Speedy Cash is affiliated with companies that they share common ownership with. These can be financial or non-financial companies.

Who owns Speedy Cash?

Speedy Cash is owned by CURO Group Holdings, which was formerly known as Speedy Cash Holdings Corp.

Are Ace and Speedy Cash the same?

Ace Cash is similar to Speedy Cash in that both are established payday loan lenders online. They have been around since 1968. Also check out our Cashnetusa reviews for comparison.

Can Speedy Cash gift cards be used for gas?

Yes. You can use your Speedy Cash gift card for gas as long as it is for affiliated gas pumping companies.

Does Speedy Cash operate in Florida?

No. Speedy Cash does not have a storefront in Florida. Currently, they have locations in California, Texas, Missouri, and Arizona. They also have locations in Canada and UK. You can also get personal loans online approval made easy.

Speedy Cash Personal Loan Specifics

Do you want to know the interest rates and other terms associated with your Speedy Cash loan? Browse this section to find a comprehensive list of questions and their corresponding answers to provide the information you need.

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What time does Speedy Cash close?

The operating hours of Speedy Cash will vary according to location. Most stores close at 8PM on weekdays, and 4PM on Sundays.

What time does Speedy Cash open?

The operating hours will vary depending on the specific storefront of Speedy Cash. But the opening hours could be 8AM in most locations.

Is Speedy Cash open today?

The operating hours for Speedy Cash will vary from one location to another. It is best to call the location near you to determine their operating hours.

What happens if you don’t pay Speedy Cash?

Even if Speedy Cash won’t pursue your debt legally (although they have filed lawsuits from borrowers in the past), defaulting on your loan can impact your credit score negatively. It can also cause your wage to be garnished and for your future loans to incur high interest rates.

Will Speedy Cash take you to court?

Yes, payday lenders like Speedy Cash can sue you for not paying your debt. You will receive a court summon and if they win, the judge will provide a judgment against you, stating how much money you owe.

Does Speedy Cash affect your credit?

Paying your Speedy Cash loan in time won’t affect your credit. But it does if you miss payment or default on your loan altogether. If you’re credit is already low then check out places to get a loan with bad credit.

What is Speedy Cash interest rate?

The interest rate offered on Speedy Cash loans will vary from one location to another as individual states and regulations apply. But to give you an idea, you will be charged $15 for every $100 you borrow. You can get a better rate with a Citizens Bank personal loan for example.

Can Speedy Cash repo my car?

If you make your payments on time, you can keep possession of your car. In the event that you miss or default on your payments, they can repossess your vehicle. Make sure to read the loan documents fully before signing to determine if this is part of the loan clause.

How many loans can you have with Speedy Cash?

Multiple installment loans cannot be provided simultaneously at Speedy Cash. But they do have numerous fast cash loans to help you survive when in a financial pinch.

Does Speedy Cash help build credit?

In general, payday loans (such as ones offered by Speedy Cash) won’t help build your credit score. In fact, it is important to pay them back on time as it can cause your credit score to plummet if you don’t. However, secured loans from other places can help build credit. Take a look at secured loan rates.

Can Speedy Cash garnish my wages?

Speedy Cash, just like any payday loan provider, can only garnish your wages if they have a court order against you. They will generally sue you to collect the unpaid loan from you.

Does Speedy Cash cash personal checks?

Yes. Speedy Cash offers cash checking as one of their services, which includes not just personal checks but also government checks, and employment checks.

Does Speedy Cash do money orders?

Yes. Speedy Cash can pay for your money order via cash. The process of cashing them through Speedy Cash is very easy.

Does Speedy Cash do personal loans?

Yes. Personal loans are one of many types of loans that you can apply for in Speedy Cash. However you may not get the lower interest you’re wanting if you’re looking for swimming pool loans for example.

Does Speedy Cash have Moneygram?

Yes. Speedy Cash and MoneyGram are affiliated to make it easier to transfer money – whether you are sending or receiving it.

Does Speedy Cash report to credit bureaus?

No. Most payday lenders do not report to credit bureaus (except when you are late on your payments or default on your loan). Hence, they are not a suitable option if you are looking to build your credit. This is one of th reasons some people prefer bad credit loans direct lenders only.

How much does Speedy Cash loan?

The amount you can loan through Speedy Cash will vary depending on your monthly income, but it can be anywhere from $100 to $1,500. The actual loan will vary from one location to another but this can be a great fast cash loan option.

How to pay Speedy Cash loan online?

To make online loan payments, you can use your bank’s online payment facility and indicate Speedy Cash as the payee. You can also make payments via Email Money Transfer directly to Speedy Cash. 

Can Speedy Cash take money from my account?

No. Speedy Cash won’t be able to garnish money from your bank account unless you have given them access to electronically debit money from your bank account.

Can you restructure your Speedy Cash loan?

If you are having trouble making payments, Speedy Cash will be open to restructure your loan, such as extending your payment plan. Discuss this option with them before you can get a negative impact on your credit score.

Can you wire money thru Speedy Cash?

Yes. Wire transfers are faster as compared to bank deposits or mailing a check. You can wire your money through Moneygram.

Does debt consolidation work with Speedy Cash?

Yes. But for payday loans just like in Speedy Cash, this might be more costly to pay off in the long run. It is best to handle the debt payments on your own.

Does Speedy Cash pay weekly?

It depends on the specific type of loan that you applied for.  Most of the loans provided by Speedy Cash are given to you in lump sum and then the amount should be repaid over an agreed period of time.

Does Speedy Cash refinance?

Yes. Speedy Cash does offer refinancing for those interested borrowers but there will be certain fees and finance charges involved.

Does Speedy Cash take debit cards or just checks?

Currently, Speedy Cash take any of the following options: checks, cash, and direct deposit to your bank.

How much interest is charged on Speedy Cash?

The interest rate will vary from one location to another, though the APR could range from 300 to 400%. For example, a loan worth $100 will have an interest of $15 over a 14-day period. So if you’re looking for personal loans with low interest rates then its a good idea to look elsewhere.

Application for Speedy Cash Personal Loan

Do you need to apply for a payday loan or other types of personal loans from Speedy Cash? This section will provide you with some information you need to know about qualifying and the steps involved.

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Does Speedy Cash run credit checks?

No. Payday loan provides such as Speedy Cash don’t perform credit checks. Instead, they will need your credit score and your monthly income to determine the maximum amount you can borrow.

Does Speedy Cash call your employer?

Yes. This is part of the process of income verification for your loan. But during the call, Speedy Cash won’t divulge its name to your employer.

Can I get Speedy Cash title loan and payday loan?

You cannot take out multiple loans through Speedy Cash. But a title loan is available if you need to borrow a higher amount of money than what you can get with payday loans.

Can you apply for a Speedy Cash loan eligibility?

If you meet the application requirements, you are eligible to apply for any type of loan through Speedy Cash. The requirement across all states is that you must be at least 18 years old and have an active bank account.

Can you do Speedy Cash online?

Yes. Since Speedy Cash is an online payday loan provider, most of the transactions (such as applying for a loan) can be done online, too. Compare other options for cash loans online.

Can you get more than one loan at Speedy Cash?

No. You cannot open multiple loans at Speedy Cash. If you need to take out a higher amount, you can opt for a title loan.

Do you need a bank account for Speedy Cash?

Yes. An active bank account is one of the basic requirements to qualify for a Speedy Cash loan.

Do you need credit for a loan at Speedy Cash?

No. Speedy Cash will not perform a credit check during your application. You can still qualify as long as you can provide proof of income.

Does Speedy Cash verify employment?

Yes. Income verification is one of the steps that is performed before your payday loan is approved.

What People Say

4.8
4.8 rating
4.8 out of 5 stars (based on 11 reviews)
Excellent82%
Very good18%
Average0%
Poor0%
Terrible0%

Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.