Installment Loan FAQs

An installment loan allows you to pay off your loan over a longer period of time than a traditional payday loan. Are you wondering “what is an installment loan?” and “how do installment loans work?" You’ve come to the right place! Speedy Cash has answers to your questions.

Installment Loan Basics

A: The installment loan definition is “a loan that is repaid over time with a set number of scheduled payments.
A: Installment loans come in many shapes and sizes. Installment loans can be as little as a few months, and as long as 30 years. A mortgage, for example, is a type of installment loan.
A: Speedy Cash offers quick cash installment loans. A Speedy Cash installment loan could give you the cash you need to help you keep up with bills, pay your rent, make a card payment, etc. Our installment loans carry a longer term than a typical payday loan, but are not as long term as some installment loans (such as mortgages).
A: Both loans can provide quick cash in an emergency. The main differences between the two loans are the repayment term and the fee structure. With a traditional payday loan, your loan principal and fees are due on your next pay day. An installment loan typically accrues daily interest, and is paid back over a longer, set period of time.
A: The amount you can borrow with an installment loan depends on several factors, including your monthly income, credit score, and the maximum loan amount available in your state. To see the maximum amount available in your state, view your state’s loan page.
A: You cannot have multiple installment loans open simultaneously with Speedy Cash. However, you may be able eligible to get another loan – such as a title loan or payday loan – that you can have while also having an open installment loan.

Installment Loan Process

A: Think of an installment loan like car payments. You pay a specific amount periodically (usually bi-weekly or monthly), and interest accrues at a daily fixed rate. Once you’re approved for a loan, your repayment schedule is determined, and your loan principal and interest will be due over a scheduled period of time.
A: Speedy Cash offers installment loans for borrowers in several states – online, in stores, and over the phone. Depending on what state you live in, you may be able to apply online. Or, you can visit your local Speedy Cash store to apply in-person, and get cash fast – within minutes!
A: Speedy Cash makes the installment loan process easy by phone, online or in store.
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If you've been thinking, “I need a loan fast”, Speedy Cash is the place to go! We are committed to get your money to you as quickly as possible, in some cases, even instantly! Funding times vary depending on how you choose to apply. Here is a breakdown of when you can expect to receive your money:

Apply at a Speedy Cash Location - Simply apply for a loan, providing documentation of your age, identity, income and checking account. You could be approved for a loan on the spot – often in just 10 minutes or less. Upon approval, you will receive your cash right away.

Apply Online – Complete your loan application in a matter of minutes. Upon submitting your application, we will provide you with an instant lending decision. If approved, you can select how you would like to receive your loan funds – which can change how long it will take to receive your installment loan.

Instant Funding to Opt+: Have your funds instantly loaded to your opt+ card (subject to system limitations). This is the fastest funding option available.

Cash at Store Pickup: If you live near a Speedy Cash store, then you can choose to pick up your cash there. Your cash will be available for immediate pick up.

Direct Deposit: If you choose to have your funds direct deposited to your bank account, you will typically receive your funds by the next business day.

Installment Loan Requirements

A: To apply for an installment you will need to be at least 18 years old and have the following:
    • Valid ID
    • Steady source of income
    • Open bank account
If you choose to apply online, you will also need a valid email address and to provide your social security number.
A: Several factors may be taken into consideration when processing your installment loan application. Depending on the state you live in and the lender you borrow from, these factors may include: your current income, your ability to repay the loan, your credit score, and if you have any outstanding short-term loans.

Installment Loan Payments

A: Unlike payday loans – which are usually due in full on your next pay day – installment loans are paid back over a longer period of time, typically over a specified number of months.
A: Your loan will be due over a set number of payments that are scheduled at the time you take out your loan. Payments will be spread out over the entire length of your loan (which will vary depending on the amount you borrow and the maximum term in your state).
A: At Speedy Cash, when each payment is due, you will only have to pay the minimum payment to keep your account in good standing. Speedy Cash recommends paying off your loan as quickly as you can to avoid large interest payments.
A: Installment loans are usually paid back over a series of payments over time – your repayment schedule is defined when your loan is originated. Multiple payment options are usually available, including the ability to setup automatic payments. If you elect to let your payments happen automatically – without interference – then your installment loan payments will be automatically setup to be processed when they are due. If you want to pay off your installment loan in full before you reach full term, then work with your lender. They may have options available to pay off your loan with a card, bank account, or by paying in cash.
A: In most cases, it will be in your best interest to pay more than the minimum payment when you can, which will result in less interest accruing on your loan. Be alert! Some lenders may tack on early payoff fees. Carefully review your loan agreements for such fees. Speedy Cash offers an early payoff option to ALL of our Customers on ALL of our loans, including installment loans, with no early payoff fees!
A: Financial hardships can hit, leaving you unable to make a loan payment. When this happens, most lenders (like Speedy Cash) will work with you. As soon as you suspect your payment is in jeopardy, contact your lender immediately. In most cases, they will be willing to make alternate payment arrangements.