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Loan Process as Easy as 1 2 3!

By Michelle VanOverloop

Applying for a loan can be a daunting task, especially if you’re in a situation where you really need some cash fast. Trying to sort out all the requirements to apply, how quickly you receive your funds, and what the repayment process looks like can all feel like too much. At Speedy Cash, we believe all loans should be easy loans - that’s why we’re here to break down the steps and walk you through the loan process from start to finish.

1. Applying for a loan

While there are many loan options to fit your needs, if you’re looking for a quick loan in between paychecks to cover emergency expenses, then a Payday Loan could be your best bet. Speedy Cash offers a convenient loan application online, but if you have specific questions or want to be guided through the loan process, you can visit one of our stores too.

Before you can apply for a Payday Loan, you should:

  • Be at least 18 years old (19 years old in Alabama)
  • Have an open and active bank account
  • Have valid identification

One important thing to note is that “great credit” is not on that list. One of the reasons Payday Loans are so popular is the fact that people with less-than-stellar credit could still be approved.1

If you’re eligible based on the list above, the loan application itself becomes fairly straightforward. Think of it like taking a long quiz (except we won’t ask you for your astrological sign). To ensure you have all the information required to complete your application, it might help to have the following items on hand before you apply:

  1. Valid ID such as your driver’s license or passport
  2. Social Security Number
  3. Valid phone number
  4. Income information such as income type, pay frequency, and amount
  5. Checking account and routing number
  6. Optional items required for some states such as
    • Bank statement from the last 60 days
    • Recent proof of income

Once you’ve completed your application and receive a lending decision, you’ll be asked to review and sign your loan documents (if you’re approved). Aspects of the loan can vary by state, so be sure to read these documents carefully before signing.2 They will also spell out important details like the terms of your loan, repayment timeline, and any additional charges or fees.

2. Receiving your funds

This is our favorite part - getting you your funds! Speedy Cash is one of the first online lenders to offer online Payday Loan funds instantly deposited† to a debit card (just another way we try to put the “quick” in quick loan). This means that if you are approved online and have provided your debit card information during the application process, then you can be prepared to start using your funds right away!

If you would rather have your funds deposited into your bank account, we also offer direct deposit. This is where the banking account and routing numbers you gathered to apply come in handy. Funding times vary for direct deposit, but typically you should receive your funds by the next business day.

The final option for payment is simple - cash in hand. If you applied in-store and were approved, you can walk out of the door with your full loan amount. Our store representatives may notice a little extra bounce in your step, but we promise to be discreet about it.

Once you receive your funds, they are yours to spend however you need. Payday Loans are typically used to cover emergency repairs, higher-than-normal bills, or any other expenses that can’t wait until your next paycheck.

3. Repaying your loan

Payday Loans tend to come due at the time of your next pay. The loan amount is usually due all at once, and there are several different options for repayment:

At Speedy Cash, some of our top priorities are honesty and support. If you’re having trouble paying off your loan, call us or stop by a store! We may be able to work out a payment plan, extend your due date, or refinance your loan. Our goal is to get you back on your feet and back out there doing your thing (…thang? Nope, sorry we went there).

We’re here for you

Knowing the ins and outs of the Payday Loan process is a vital piece in navigating your financial puzzle, but we also think it’s important to be honest about your individual situation. Payday Loans can be a useful option in an emergency but come with no small amount of risk. If you’re worried about the potential pitfalls of a quick loan or have realized you have needs that require a different lending situation, we can help you sort things out! Give us a call or stop by a store near you and we could help you take on your next big challenge .

† Instant funding is not applicable for all debit cards and is not available in New Mexico, Ohio or South Carolina. Subject to system limitations. Some restrictions may apply.

Sources:

  1. Luthi, Ben (2019, January 3). What Is a Payday Loan and How Does It Work? Retrieved from Experian: https://www.experian.com/blogs/ask-experian/how-payday-loans-work/ 
  2. Johnson, Jamie (2021, October 26). 4 things to know about payday loans Retrieved from: https://www.creditkarma.com/advice/i/payday-loans 
  3. Bareham, Hanneh (2022, March 29). What you need to know about payday loans. Retrieved from: https://www.bankrate.com/loans/personal-loans/payday-loans/ 
About
Michelle VanOverloop
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Michelle VanOverloop

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© 2024 Speedy Cash. All Rights Reserved.

Loan Products: Subject to state regulations, eligibility, credit check, underwriting & approval, and meet state database eligibility, where required based on type of lending product requested. All products are not available at all locations. Rates, terms and conditions apply. See associate for details. Lending decisions and funding times subject to system limitations. Some applications may require additional verification, which can delay the lending decision.

Non-Loan Store Services: Rules, restrictions, and fees apply. See store for details.

Short term loans should be used for short-term financial needs and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

The credit decision on your application may be based in whole or in part on information obtained from a national database including, but not limited to, TransUnion, Equifax, LexisNexis or FactorTrust, Inc.

†Instant funding is not applicable for all debit cards and is not available in Ohio, Oklahoma, Oregon, or South Carolina. Subject to system limitations. Some restrictions may apply.

∞Cash advances only available up to approved credit limit; some restrictions may apply.

Green Dot: Must be 18 or older to open an account. Online access, mobile number verification (via text message) and identity verification (including SSN) are required to open and use your account. Mobile number verification, email address verification and mobile app are required to access all features.

1. Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures. As such, early direct deposit availability may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your Green Dot account to prevent fraud restrictions on the account.

2. Opt-in required. Account must be in good standing and chip-enabled debit card activated to opt-in. Initial and ongoing eligible direct deposits are required for overdraft coverage. Additional criteria may apply which can affect your eligibility and your overdraft coverage. Overdrafts are paid at our discretion. Overdraft fees may cause your account to be overdrawn by an amount that is greater than your overdraft coverage. A $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid a fee.

3. See app for free ATM locations. 1 free in-network withdrawal per calendar month. $3.00 per withdrawal thereafter. $3.00 for out-of-network withdrawals and $1.00 for balance inquiries, plus any fee the ATM owner may charge. Limits apply.

Green Dot® cards are issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. And by Mastercard International Inc. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. ©2023 Green Dot Bank. All rights reserved. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739

NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW, Washington DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington DC 20580.

Alabama: Minimum age to apply in Alabama is 19.

California: Company is licensed by the California Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law, Cal. Fin. Code §23000 et seq.

California: Compañía está autorizada por el Departamento de Protección e Innovación Financiera bajo la ley de Transacciones Depósito Diferidas de California, Cal. Fin. Código § 23000, et seq.

Customers who are California residents may request information from us to know what personal information we may collect, have, or maintain about them and what we do with it per the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA). If you are a California resident and wish to make a request under CCPA or CPRA, click on the “Do Not Sell or Share My Personal Information” button or link.

Nevada: The use of check-cashing services, deferred deposit loan services, high-interest loan services or title loan services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

Oregon: Licensed by the Oregon Department of Consumer and Business Services to make Deferred Deposit Loans, NLMS Id. #0267-004-S.

Tennessee: The State of Tennessee requires a minimum principal reduction. In order to comply with the minimum state-required principal reduction, Speedy Cash requires that minimum payments include a principal reduction of 2% or $2.50 for Customers who get paid bi-weekly/twice-a-month, or 4% or $5 for Customers who get paid monthly, whichever is greater.

Texas: Speedy Cash operates as a Registered Credit Access Business (CAB). The actual Lender is an unaffiliated third party. Speedy Cash engages in the money transmission and/or currency exchange business as an authorized delegate of MoneyGram Payment Systems, Inc. under Chapter 151 of the Texas Finance Code. If you have a complaint, first contact MoneyGram Payment Systems, Inc. at 1-800-MONEYGRAM . If you still have an unresolved complaint regarding the company’s money transmission or currency exchange activity, please direct your complaint to the Texas Department of Banking: 2601 North Lamar Boulevard, Austin, TX 78705-4294, 1-877-276-5554 (toll free), www.dob.texas.gov.