LINE OF CREDIT LOANS

Flexible Credit for Your Personal Needs

How does a Line of Credit work?

1

APPLY FOR A CREDIT LINE

Apply online or in a store and you could get up to $3,000. If approved, the full credit line is yours to use as you need - draw the amount you need whenever you need it.

2

SELECT YOUR INITIAL DRAW

Select the amount of money that you would like to draw from your credit line initially. If you do not draw your full credit line, then the remaining balance will be available to access in the future.

3

GET YOUR FUNDS

Once you review and agree to your line of credit agreement, we will provide the funds for your initial draw.

4

RECEIVE STATEMENTS

You will receive periodic statements before your due dates (you can choose to receive these by email or by mail). These statements are similar to credit card statements, they outline your outstanding principal amount, interest charged during the billing cycle, and your minimum due.

5

MAKE PAYMENTS

As long as you carry a balance, minimum payments will be due around your paydays. As you pay down your principal balance, you will have credit to access.

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Line of Credit vs Installment Loan

Typically, an installment loan comes with a fixed term. Whereas lines of credit are usually open-ended.

Term

LINE OF CREDIT

Open-ended: Stays open as long as you need it.


INSTALLMENT LOAN

Fixed term

Access to Credit

LINE OF CREDIT

Revolving: Draw and spend money as you have available credit.


INSTALLMENT LOAN

Re-apply: Once you have an installment loan, you will have to pay it off before you can re-apply to access more money.

Repayment

LINE OF CREDIT

Minimum payments


INSTALLMENT LOAN

Fixed payments

Line of Credit Loan

When Should I...

WHEN SHOULD I CONSIDER A LINE OF CREDIT?

  • When you're not sure how much money you need.
  • When you don't know how long you will need the money.
  • When you will need ongoing access to credit.

WHEN SHOULD I CONSIDER AN INSTALLMENT LOAN?

  • When you know how much money you need to borrow.
  • When you only need the money for a specific amount of time.

Flexible Loans that Fit Your Ongoing Needs

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NO ORGINATION FEE

At Speedy Cash, we believe in having transparent terms. There are no origination fees, no fees to open a line, and no fee for draws (you will however, have to pay interest on the amount you draw).


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ONGOING ACCESS TO CASH

You decide when to use your funds and how much to borrow. As long as you have available credit, you can withdraw cash∞ whenever you need. No additional credit checks an no need to re-apply.


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CONVENIENT ACCESS

Withdraw cash from your credit line by signing into your account online. No need to visit a store or ATM, but you can check out our In-Store Services if you want to see our smiling faces!


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FLEXIBLE PAYMENTS

Pay the minimum amount due on your due dates, or make larger payments to reduce your balance (recommended to save on interest). Payments will also be due around your paydays – we do this to help you manage payments when you get paid.


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FIXED RATE

Once you have a credit line, your interest rate is locked in. The rate will not fluctuate and will not change throughout the life of your loan. Our goal is to help you better manage payments, which is tricky to do when your interest rate changes.


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ALWAYS AVAILABLE

Your credit line will remain open as long as you need it. If your loan carries a $0 balance for a full year then we will take your cue and close your line as a courtesy. But as long as you continue withdrawing cash, your line will stay open.

Line of Credit Help Center

Not seeing the answer to your Line of Credit question here?

Our Help Center dives in a little deeper to answer questions about maximum lending amounts, minimum payments, and more.

Did you receive a reservation number in the mail? Click here to get started.