What Is Speedy Cash?
Speedy Cash is a direct lender that has been offering short-term loans since 1997. Headquartered in Wichita, Kansas, the company operates more than 160 store locations across 11 states and lends online in 27 states total. In some states (Nevada, Oregon, and Washington), Speedy Cash operates under the name Rapid Cash.
The company is owned by QC Holdings and is a member of the Online Lenders Alliance (OLA). Speedy Cash provides payday loans, installment loans, lines of credit, title loans, check cashing, money orders, and prepaid debit cards.
Unlike traditional banks or credit unions, Speedy Cash caters to borrowers who need money fast and may not qualify for conventional loans. The trade-off is cost: APRs on Speedy Cash products range from 132% to over 680%, making these some of the most expensive consumer lending products on the market.
Speedy Cash Loan Products
Speedy Cash offers four main loan products. Availability, amounts, and rates vary by state, so always check your state's specific terms before applying.
Payday Loans Short-term loans of $100 to $1,000 due in full on your next payday (typically 14 to 30 days). Fees range from $10 to $30 per $100 borrowed. For example, a $200 payday loan in California carries a 460.16% APR for a 14-day term, costing $35.30 in finance charges.
Installment Loans Larger loans of $100 to $5,000 repaid in scheduled monthly or bi-weekly payments over up to 18 months. APRs on installment loans start at 132% and can reach 680% depending on your state. These are a better option than payday loans if you need more time to repay.
Lines of Credit Revolving credit lines of up to $3,000 (state-dependent). You draw what you need, pay it back, and borrow again. Interest accrues only on your outstanding balance.
Title Loans Secured loans using your vehicle as collateral, with amounts up to $25,000. You keep driving your car while repaying. If you default, however, the lender can repossess your vehicle.
How Does Speedy Cash Work?
Applying for a Speedy Cash loan is straightforward, whether you go online or visit a store.
Online Application Visit speedycash.com, select your state, and choose your loan type. Fill out a short application with your personal details, income information, and bank account. Most online decisions come within minutes. If approved, you can receive funds via direct deposit (usually next business day) or instant transfer to a debit card.
In-Store Application Walk into any Speedy Cash location during business hours. Bring a valid government-issued ID, proof of income (recent pay stub or benefits statement), and a blank check or bank account details. In-store approvals are often immediate, and you can walk out with cash the same day.
Repayment Payday loans are repaid in a single lump sum on your next payday. Installment loans have a fixed payment schedule. Most borrowers set up automatic ACH withdrawals from their bank account. You can also pay in-store, by phone, or through the Speedy Cash app.
Speedy Cash Eligibility Requirements
To qualify for a Speedy Cash loan, you need to meet these basic requirements:
- Be at least 18 years old
- Have a valid government-issued photo ID
- Provide proof of recurring income (employment, Social Security, disability, or other regular benefits)
- Have an active checking account (for online loans)
- Provide a working phone number and email address
- Meet your state's specific creditworthiness criteria
Speedy Cash does perform credit checks, but they are less strict than traditional lenders. Having bad credit does not automatically disqualify you. However, active-duty military members and their spouses or dependents are not eligible due to the Military Lending Act, which caps APR at 36% for covered borrowers.
Is Speedy Cash Legit?
Yes, Speedy Cash is a legitimate, licensed lender. The company is registered and licensed in every state where it operates, and it complies with state-specific lending regulations.
That said, "legitimate" and "good deal" are two different things. Speedy Cash is legally allowed to charge the rates it does, but those rates are extremely high compared to almost any other form of borrowing.
Here is how Speedy Cash stacks up across major review platforms:
- Trustpilot: Generally positive, with borrowers praising fast funding and helpful in-store staff
- BBB: Mostly negative recent reviews, with complaints about unclear fee structures and aggressive collections
- Yelp: Mixed to negative, with frustrations about costs and customer service
- WalletHub: Low ratings, with borrowers highlighting the debt-cycle risk
- Reddit: Frequent warnings about high costs, with some users reporting threatening collection calls
The pattern is clear: borrowers who use Speedy Cash for a one-time emergency and repay on schedule tend to have positive experiences. Those who end up in repeat borrowing cycles or face collection issues report significant dissatisfaction.
Speedy Cash Rates and Fees
Speedy Cash's costs vary significantly by state and loan product. Here is a general breakdown of what to expect.
Payday Loan Costs Fees typically range from $10 to $30 for every $100 borrowed. On a two-week $500 payday loan at $15 per $100, you would pay $75 in fees. That translates to approximately 391% APR.
Installment Loan Costs APRs range from 132% to 680%. A $1,000 installment loan at the lower end would still cost several hundred dollars in interest over its term. At the higher end, you could pay back more than double the original loan amount.
Line of Credit Costs Fees and interest accrue only on the amount you draw. Rates vary by state but follow similar triple-digit APR patterns.
Title Loan Costs Rates depend on your state and the value of your vehicle. Failure to repay means losing your car.
Additional Fees to Watch Speedy Cash may charge origination fees, late payment fees, and NSF (non-sufficient funds) fees if an automatic payment bounces. Always read your loan agreement carefully. Some states allow a free Extended Payment Plan (EPP) if you request it before your due date.
State Availability
Speedy Cash does not operate in all 50 states. Product availability also varies by state, meaning the loan types offered in Texas may be different from what is available in Ohio.
The company operates physical stores in 11 states and offers online lending in 27 states total. Texas has the highest concentration of stores, with 54 locations accounting for about a third of all Speedy Cash storefronts.
In Nevada, Oregon, and Washington, the company operates under the brand name Rapid Cash. The products and terms are the same.
Before applying, visit Speedy Cash's rates and terms page to confirm exactly which products are available in your state, along with the specific amounts, fees, and APR you can expect.
Speedy Cash Alternatives
Given the high cost of Speedy Cash loans, it is worth exploring alternatives before committing.
Lower-Cost Emergency Options
- Credit union payday alternative loans (PALs) charge a maximum 28% APR
- Personal loans from online lenders may offer rates from 6% to 36% APR, even for bad credit
- Cash advance apps like Earnin or Dave provide small advances with no interest
- Payment plans with your creditors often cost nothing to set up
Similar Payday Lenders If you need a payday-style loan and want to compare, check out Advance America, ACE Cash Express, or CashNetUSA. Keep in mind that these lenders charge similar rates.
For a detailed comparison, see our guide to loans like Speedy Cash.
When Speedy Cash Might Make Sense Speedy Cash could be a reasonable last resort if you face a genuine emergency, you can repay the full amount on your next payday, and you have exhausted all other options. Using it for recurring expenses or rolling over loans is a fast path to a debt spiral.
Frequently Asked Questions
Is Speedy Cash a legitimate loan company?
Yes, Speedy Cash is a licensed and legitimate lender that has operated since 1997. The company is registered in every state where it does business and complies with state-specific lending laws. However, legitimate does not mean affordable. Speedy Cash charges triple-digit APRs that are far higher than traditional loans or credit cards.
Is Speedy Cash hard to get approved for?
No, Speedy Cash has relatively easy approval requirements compared to banks. You need a valid ID, proof of recurring income, and an active checking account. The company does perform credit checks, but bad credit alone will not disqualify you. Most applicants receive a decision within minutes.
Is there a lawsuit against Speedy Cash?
Speedy Cash has faced legal challenges over the years. A notable class action alleged that National Credit Adjusters LLC violated the Fair Debt Collection Practices Act when collecting Speedy Cash debts. Multiple state attorneys general have also scrutinized payday lending practices industrywide. Before borrowing, check your state's consumer protection office for any current actions.
How fast can you get cash from Speedy Cash?
Speedy Cash offers several funding speeds. In-store borrowers can walk out with cash the same day. Online borrowers who qualify for instant funding can receive money to a debit card within minutes. Standard direct deposit typically arrives the next business day.
What happens if you can't pay back Speedy Cash?
If you cannot repay on time, contact Speedy Cash before your due date. In some states, you may qualify for a free Extended Payment Plan (EPP). If you default, Speedy Cash can send your account to collections, report the delinquency, and for title loans, repossess your vehicle. Unpaid debts may also result in a lawsuit.
