For Federal Employees: ⭐⭐ (2/5) — Better options exist at dramatically lower rates.
What Is Speedy Cash?
Speedy Cash is a consumer lending company owned by CURO Financial Technologies Corp., one of the largest payday lenders in North America. Founded in 1997 in Wichita, Kansas, Speedy Cash operates online and through hundreds of storefronts in approximately 30 states. Their product lineup includes payday loans, installment loans, title loans, and lines of credit.
Speedy Cash is a regulated, legitimate lender — they are licensed in every state where they operate and comply with applicable consumer lending laws. The issue isn't legitimacy; it's cost. Payday loans, by design, carry very high APRs — and Speedy Cash is no exception.
Speedy Cash Loan Products
Payday Loans
Speedy Cash's flagship product. Payday loans are short-term loans — typically $100–$500 due in full on your next payday (2–4 weeks). They charge a flat fee per $100 borrowed, typically $15–$30 depending on state regulations.
Installment Loans
Speedy Cash also offers installment loans — larger amounts repaid over multiple months. Rates vary significantly by state, but installment loan APRs at Speedy Cash typically range from 100%–250% APR, still far above traditional bank loan rates but lower than their payday products.
Title Loans
Speedy Cash title loans use your vehicle as collateral. APRs are high and you risk losing your car if you default. Not recommended as a primary borrowing option for most consumers.
Line of Credit
Available in select states, a line of credit lets you draw as needed up to a limit. Like all Speedy Cash products, interest rates are high compared to traditional financing.
Speedy Cash: What We Like
- Legitimate and licensed: Speedy Cash is a real company that complies with state lending laws
- Fast funding: Same-day cash available at physical locations; online deposits usually next business day
- Wide availability: Storefront presence in 30 states is convenient for in-person borrowing
- No minimum credit score for payday loans: Generally accessible to borrowers with poor or no credit
Speedy Cash: What We Don't Like
- ⚠️ Extremely high APRs: 200–400%+ on payday loans; 100–250%+ on installment loans
- ⚠️ Short repayment windows: Payday loans due in full in 2–4 weeks creates repayment pressure
- ⚠️ Rollover trap risk: Many borrowers end up rolling over payday loans repeatedly, multiplying cost
- ⚠️ Does not build credit: Most Speedy Cash payday loan payments are not reported to credit bureaus
- ⚠️ Title loan risk: Secured lending puts your vehicle at risk
Who Should Consider Speedy Cash?
Speedy Cash may be appropriate for:
- Non-federal-employees who need cash immediately and have exhausted all other options
- Borrowers who need a very small amount ($200–$500) and can repay the full amount in 2 weeks without financial strain
- In-person same-day cash needs where online alternatives aren't fast enough
Who Should Look for a Speedy Cash Alternative?
- Federal employees and retirees — You qualify for BMG Money allotment loans at 19.99–35.99% APR
- Anyone who cannot repay the full payday loan amount within 2 weeks
- Anyone who needs more than $1,000 (payday loan limits are low)
- Anyone who wants to build their credit score while borrowing
| Feature | Speedy Cash | BMG Money |
|---|---|---|
| Max APR (Payday) | ~400% | 35.99% |
| Loan Amounts | $100–$500 (payday) | $500–$12,000 |
| Repayment Terms | 2–4 weeks (payday) | 6–60 months |
| Credit Bureau Reporting | Usually no | Yes — all 3 |
| Hard Credit Check | No (payday) | No |
| Repayment Method | Lump sum on due date | Auto payroll allotment |
| For Federal Employees | General public lender | Specialized program |