Speedy Cash's personal loan products (their installment loan line) are marketed as an upgrade from payday loans — longer terms, larger amounts, and structured payments. Here's our honest review of what you actually get, and what federal employees should choose instead.
Speedy Cash Personal Loan Overview
- Loan amounts: Approximately $200–$5,000 (varies by state)
- Repayment terms: 3–24 months
- APR: ~99%–250% depending on state, loan size, and creditworthiness
- Application: Online or in-store; relatively fast approval
- Funding: Next business day (online) or same day (in-store)
- Credit check: May include soft or hard inquiry for larger amounts
What's Good About Speedy Cash Personal Loans
- Legitimate, licensed lender — not a scam
- Accessible to borrowers with poor or no credit
- Faster funding than traditional banks
- No collateral required (unlike title loans)
- Fixed payments — predictable monthly cost
What's Not Good
- ⚠️ APRs of 99–250%+ are extremely high by any standard
- ⚠️ Loan maximum ($5,000) may be insufficient for significant expenses
- ⚠️ Repayment via bank ACH — NSF fees possible if account balance is low
- ⚠️ Does not consistently report to credit bureaus — may not build credit
- ⚠️ Total repayment on a large loan can be 2–3× the original principal
Speedy Cash Personal Loan vs BMG Money: Real Example
| Scenario | Speedy Cash (est. 150% APR) | BMG Money (31% APR) |
|---|---|---|
| Loan Amount | $2,000 | $2,000 |
| Term | 12 months | 12 months |
| Monthly Payment | ~$415 | ~$195 |
| Total Interest | ~$2,980 | ~$340 |
| Builds Credit | Uncertain | Yes — all 3 bureaus |
Our Verdict
For federal employees, Speedy Cash personal loans are not the right choice. The APR disparity is too large to justify — you pay ~5× more in interest on a comparable loan compared to BMG Money, and you don't even get the credit-building benefit. Speedy Cash personal loans serve a market need for borrowers without access to better alternatives. Federal employees have a better alternative.
Federal Employee Verdict: Skip Speedy Cash personal loans. Apply for a BMG Money allotment loan at 19.99–35.99% APR. Same fast funding, automatic payroll repayment, credit building included. Apply now →