Speedy Cash is a personal loans company that states they offer a quick solution to an unexpected financial obligation.
The company states that since they are a direct lender they are able to process loan applications faster than a typical lending institution.
How Does it Work?
SpeedyCash offers cash advance loans, installment loans, credit lines, title loans, prepaid debit cards, check cashing and cash for gold.
The application process is fairly simple, you can submit an application online, by phone or in one of the many stores located across the nation. You must have a verified source of income with a minimum of $400.00 per month, a bank account, and must be at least 18 years old.
Once your loan is approved you can have the cash deposited electronically directly into your checking account within one business day. The maximum amount of a loan they will grant is $1500.00.
With an installment loan you can borrow money without having to pay back the entire loan at once; instead, you select the time frame in which you can pay back the loan in smaller increments.
With a line of credit they grant you a revolving cash flow, thus, allowing you to take money out up to your approved limit.
As you make payments to your account, you can then take out more money, again, up to your credit limit. With prepaid debit cards, you can put money onto the card and use it for bills, purchases or even take money out at an ATM.
Having a card instead of cash is a convenient way to travel with money; you can reload it and withdraw money at any of their ATMs.
If you need more than $1500.00, an auto title loan is another viable option. Using your car as collateral, Speedy Cash will lend you up $50,000 based on the value of your car.
You still have your vehicle but they have the title. If you can’t pay back the amount of the loan within the allotted time period you agreed upon, it is possible to pay the interest and roll the loan amount over to a whole new loan.
Cost & Price Plans
SpeedyCash charges a flat fee charge and has a daily interest accrual rate. Even though you may avoid fees and overdraft charges through your bank, those costs are considerable when compared to a payday loan.
They charge a very high interest rate and you will ultimately end up paying back over three times the amount of money you initially borrowed.
The amount of money you borrow and the amount of interest accruing as fast as it is, within a minimal time frame could create a potential problem in the future.
Even though you may be obtaining a short term solution to immediate financial crises, you are creating a potential problem in the future which requires you to pay back what you borrowed in addition to rest of the charges.
If you can’t afford to meet a short term financial need then how will you return the money you borrowed in excess of three times the initial amount.
Weigh your options carefully and read the fine print before accepting any of these loan offers, it is shocking to see what you may discover within the terms of the agreement.
You may want to consider even asking your employer for a payroll advance or ask friends or family to borrow the money.
If you have any experience with Speedy Cash or their services, please leave your reviews below.
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