How Speedy Cash Calculates Its Rates
Speedy Cash uses a fee-per-$100 model for payday loans rather than a traditional interest rate. This makes the cost look small until you calculate the APR — the annualized cost required by law on all loan disclosures.
APR formula for a payday loan: (Fee ÷ Principal) × (365 ÷ Loan Days) × 100
Speedy Cash Rate Examples by Loan Type
| Product | Fee / Rate | Loan Amount | Finance Charge | APR |
|---|---|---|---|---|
| Payday Loan ($15/100) | $15 per $100 | $500 | $75 | ~391% |
| Payday Loan ($20/100) | $20 per $100 | $500 | $100 | ~521% |
| Payday Loan ($30/100) | $30 per $100 | $500 | $150 | ~782% |
| Installment Loan | ~100–200% APR | $1,000 | ~$290–$720 | ~100–200% |
| Title Loan | ~200%+ APR | Varies | Varies | ~200%+ |
* Actual rates vary by state. These are representative industry estimates. Verify current Speedy Cash rates at speedycash.com for your state.
Real Dollar Comparison: $1,000 Loan, 6 Months
Speedy Cash Installment — $1,000
APR: ~150% (mid estimate)
Monthly payment: ~$215
Total repaid (6 mo): ~$1,290
Total interest: ~$290
Builds credit: Usually no
BMG Money — $1,000, 6 months
APR: ~30% (mid estimate)
Monthly payment: ~$183
Total repaid (6 mo): ~$1,098
Total interest: ~$98
Builds credit: ✅ All 3 bureaus
Why Speedy Cash Rates Are So High
Speedy Cash rates are high for structural reasons common to all payday lenders:
- No income verification: Approval without deep verification means higher default risk → higher rates
- No collateral (payday): Unsecured short-term lending is inherently high-risk to price
- Regulatory model: Many states cap payday fees by the dollar amount, not the APR — allowing very high equivalent rates
- General public borrower pool: Serving all income levels and credit profiles requires pricing for the highest-risk segment
By contrast, BMG Money serves federal employees with stable, verifiable income and uses payroll allotment to eliminate default risk — allowing dramatically lower rates that reflect the actual risk profile of government borrowers.