In today’s fast-paced world, financial emergencies can arise at any moment, leaving us in need of immediate cash. In such situations, payday loans can be a convenient solution to bridge the financial gap. One such payday loan provider is Speedy Cash. Founded in 1997 and headquartered in Wichita, KS, Speedy Cash has been offering payday loans to customers across 15 states in the USA.
- BBB A+ Rating & Accredited
- $1 Billion Million Debt Resolved
- $10,000 Minimum Debt
However, before considering Speedy Cash as your lender of choice, it is crucial to thoroughly investigate their services and reputation. In this article, we will take a closer look at Speedy Cash to help you determine if it is a legitimate and reliable option for your financial needs.
What is Speedy Cash?
Speedy Cash, also known as Rapid Cash and Community Choice Financial, Inc., is an established online financial service provider. They specialize in offering short-term financial solutions, including payday loans, installment loans, and title loans. With over 200 physical locations throughout the United States and user-friendly online platforms, such as online applications and loan extensions, Speedy Cash aims to provide quick and accessible financial assistance.
Company Overview
Speedy Cash operates under the business name Community Choice Financial, Inc., with its office located in Dublin, OH. They can be contacted via telephone at (888) 333-1360. It is important to note that while Speedy Cash holds an A+ rating with the Better Business Bureau (BBB), they have not received official accreditation from them. In the last three years, the company has accumulated an average of 65 customer reviews and 407 complaints, resulting in a disappointing 1-star rating from customers due to numerous negative reviews.
Loan Options and Eligibility
Speedy Cash provides borrowers with a range of loan options to meet their specific financial requirements. They offer loans ranging from as low as $50 up to as high as $26,000. The loan amounts and terms available to borrowers may vary depending on their location and individual eligibility. To qualify for a Speedy Cash loan, applicants must meet certain minimum requirements, including having a valid government-issued ID, proof of income, an active bank account, and a working contact number. Additionally, applicants must be of legal age and residents of the United States.
Loan Fees and Interest Rates
It is essential to understand the fees and interest rates associated with any loan before committing to it. Speedy Cash charges a loan fee and an origination fee, the specific amounts of which vary depending on the loan product chosen. The interest rates for Speedy Cash loans range from 176.61% to 729.82%, reflecting the short-term nature and convenience of payday loans. Additionally, payday loans offered by them have loan fees ranging from $5.36 to $420. The actual fees and interest rates applicable to your loan can be obtained by contacting a Speedy Cash representative during the loan application process.
Customer Feedback and Reviews
To gain insight into the experiences of customers who have used Speedy Cash’s services, it is important to consider their feedback. As mentioned earlier, Speedy Cash has received mixed reviews from customers. While they hold an A+ rating from the BBB, the numerous complaints and negative customer reviews paint a less favorable picture. With a 1-star rating based on 65 customer reviews and 407 complaints over the past three years, it is clear that Speedy Cash has struggled to satisfy its customers consistently.
FAQs
1. How quickly can I receive funds from Speedy Cash?
Answer: It strives to provide fast access to funds. Once your loan application is approved, you can receive your funds as soon as the next business day. The speed of fund transfer may vary depending on factors such as the loan type, the time of day you apply, and the method of disbursement.
2. Can I apply for a loan with Speedy Cash if I have bad credit?
Answer: Yes, it understands that not everyone has a perfect credit score. They consider applications from individuals with all types of credit backgrounds. While a poor credit history may affect the loan terms and interest rates offered, it doesn’t automatically disqualify you from obtaining a loan.
3. What happens if I am unable to repay my loan on time?
Answer: If you are unable to repay your loan on the due date, it is crucial to contact them as soon as possible. They may be able to provide alternative options such as loan extensions or flexible repayment plans to help you manage your financial situation. However, it’s important to note that additional fees or interest may be applied for these extensions.
4. Can I apply for a loan with Speedy Cash online?
Answer: Yes, Speedy Cash offers the convenience of applying for loans online. Their user-friendly website allows you to complete the application process from the comfort of your own home. Simply provide the necessary information, submit the application, and await a decision.
5. Are there any restrictions on how I can use the funds from a Speedy Cash loan?
Answer: No, once you receive the funds from Speedy Cash, you have the flexibility to use them for various purposes. Whether you need to cover unexpected expenses, handle medical bills, or address any other financial obligations, Speedy Cash does not impose restrictions on the use of loan funds.
6. Can I repay my Speedy Cash loan early?
Answer: Yes, Speedy Cash allows borrowers to repay their loans early without any prepayment penalties. If you have the means to repay your loan ahead of schedule, it can help you save on interest charges and close the loan obligation sooner.
7. What security measures does Speedy Cash have in place to protect my personal information?
Answer: Speedy Cash takes the security of customer information seriously. They employ industry-standard security protocols and encryption technologies to safeguard your personal and financial data. Additionally, they have strict privacy policies in place to ensure the confidentiality of your information.
8. Can I get a loan from Speedy Cash if I am self-employed?
Answer: Yes, Speedy Cash considers applications from self-employed individuals. To qualify, you will need to provide proof of income through bank statements or other relevant documentation. Demonstrating a stable income source is important in the loan approval process.
9. What happens if I change my mind after taking out a loan from Speedy Cash?
Answer: Once a loan amount is disbursed into your bank account, it is not possible to cancel or reverse the loan. It is essential to carefully consider your financial needs before accepting the loan offer. Thoroughly reviewing loan options and terms before applying can help ensure you make an informed decision.
10. Can I refinance my loan with Speedy Cash?
Answer: Speedy Cash does offer refinancing options for eligible borrowers. Refinancing allows you to replace your existing loan with a new loan that may have more favorable terms, such as a lower interest rate or extended repayment period. However, the availability of refinancing options and the specific terms offered will depend on various factors, including your creditworthiness and the loan type.
Tips for Managing Financial Difficulties
Navigating financial difficulties can be challenging, but there are steps you can take to improve your situation. Here are some helpful tips to consider:
- Create a budget: Develop a comprehensive budget that includes all your expenses and prioritize essential payments to ensure you’re not overspending.
- Prioritize debts: Make sure you prioritize essential debts, such as rent, mortgage, and utility bills, to avoid late payment fees and potential consequences.
- Save money: Look for ways to reduce expenses and save money, such as cutting back on non-essential purchases, utilizing discounts, and exploring cost-saving measures like carpooling.
- Seek additional income: Consider taking on a part-time job or freelancing to supplement your income and improve your financial situation.
- Monitor your credit: Stay on top of your credit score and ensure timely payments to maintain a positive credit history, which can help secure better loan terms in the future.
Is Speedy Cash Legitimate?
Considering the mixed customer reviews and complaints, it is crucial to approach Speedy Cash with caution. While they have not received official accreditation from the BBB, their A+ rating may indicate some level of reliability. However, the significant number of negative reviews and complaints should be taken into account when making a decision.
Before choosing a personal loan provider, it is essential to conduct thorough research. Review customer feedback, check for proper licensing and regulation, and ensure the loan terms are transparent and trustworthy. By taking these steps, you can make an informed decision and select the best loan provider and agreement for your specific needs.
Conclusion
Speedy Cash offers payday loans as a convenient financial solution for individuals in need of quick cash. However, the company’s reputation is marred by numerous negative customer reviews and complaints. While they have an A+ rating from the BBB, the absence of official accreditation raises concerns.
It is essential to approach Speedy Cash with caution and carefully consider all available options before committing to a loan. Conducting thorough research, analyzing customer feedback, and evaluating the terms and conditions of the loan are crucial steps to ensure you choose a reputable and trustworthy lender that best suits your financial needs.
