Loans Like Speedy Cash: 6 Alternatives for Quick Cash

Struggling to find loans like Speedy Cash and in the need for quick cash?

Discover reliable alternatives, including direct lenders, cash advance apps, and payday loan substitutes, to get you the money you need fast.

Advance America

Advance America is a prominent nationwide lender specializing in payday loans and installment loans. It boasts a substantial number of physical locations across the United States and maintains a strong online presence for customer convenience.

Customer Reviews: Boasts an impressive Trustpilot rating of 4.8 from 93,845 reviews, indicating high customer satisfaction and commendable customer support.

Key Advantages over Speedy Cash:

• Longer Repayment Terms: Offers installment loans with extended repayment periods, affording borrowers more flexibility.
• Higher Borrowing Limits: Depending on the regulations of your state, Advance America may provide higher borrowing limits compared to those typically available through Speedy Cash loans.
• Online Applications and Funding: Enhances borrower convenience by allowing for online loan applications and providing various online funding options.

While Advance America presents several advantages, it is important to remember that it remains a high-cost lender. Prospective borrowers should meticulously compare rates and terms across different lenders before making a commitment. Furthermore, the availability of specific loan products may differ based on your state of residence.

Ace Cash Express

Ace Cash Express stands out as a leading payday loan provider, featuring extensive storefronts nationwide coupled with an expanding online footprint. Besides payday loans, they offer an array of financial services, including check cashing and money transfers.

Customer Reviews: Ace Cash Express has a Trustpilot rating of 4.6 from over 10,000 reviews, reflecting high customer satisfaction.

Key Advantages over Speedy Cash:

• Potential Approval with Lower Credit: Ace Cash Express is often recognized for its willingness to work with borrowers possessing limited or damaged credit histories.
• Additional Services: The convenience of their in-store locations is underscored if you’re in need of additional services such as check cashing, money orders, or other financial assistance.
• Expanding Online Options: Although their online application process may differ from one state to another, it represents an additional, convenient point of access for users.

Important Considerations:

• High-Interest Lender: Ace Cash Express is known for its high-interest rates. It’s crucial to meticulously compare their rates with those offered by Speedy Cash before making a decision.
• Availability of Services: Not every service advertised by Ace Cash Express is available in all states.
• Transparency: Some reviews have pointed out less-than-transparent practices by Ace Cash Express, highlighting the importance of thoroughly reading all documentation before agreeing to any terms.

Check City

Check City is recognized as a regional lender with a focus on payday loans, installment loans, and a variety of other financial services.

They operate storefronts in numerous states and offer online lending solutions in specific areas.

Customer Reviews: Trustpilot rating of 3.7 from over 1,400 reviews, indicating mixed customer experiences.

Key Advantages over Speedy Cash:

• Flexible Loan Amounts: Check City frequently accommodates borrowers seeking either smaller or larger sums than what is typically available through Speedy Cash payday loans.
• Installment Loan Options: The availability of installment loans at Check City can offer more manageable repayment terms, potentially diminishing the likelihood of entering a debt cycle.
• Adaptability to State Regulations: The terms and offerings of Check City loans are influenced by the legal landscape of each state, potentially offering more favorable conditions in regions with stricter payday lending regulations.

Specific Information:

• Interest Rates/APRs: For detailed information on rates and APRs, refer to Check City’s website or consult with a store representative in your locality.
• Loan Amount Minimums/Maximums: It’s advisable to understand how these figures align with your borrowing needs and how they compare to other lenders.
• Online Loan Process: Verify whether Check City provides online loan services in your state and familiarize yourself with their application and processing protocols.

Important Considerations:

• Comparison of Rates: It’s essential to compare Check City’s interest rates with those of Speedy Cash and other lenders, as costs can vary significantly.
• Availability of Loan Types: Make sure the specific type of loan you are seeking (be it payday, installment, etc.) is available through Check City in your state.
• Customer Service: Given some reviews point to variability in customer service quality, it’s prudent to proceed with caution and ensure any questions or concerns are addressed thoroughly before proceeding.

Low Credit Finance

Low Credit Finance serves as a loan connection platform rather than a direct lender, focusing on helping individuals with poor credit scores.

They facilitate connections between borrowers and a diverse network of lenders willing to consider applications that might not meet traditional lending criteria, operating exclusively online.

Key Advantages over Speedy Cash:

• Focus on Poor Credit: This service caters specifically to those who face challenges in securing loans due to their credit history, offering a pathway to financial assistance.
• Access to a Broad Lending Network: A single application through Low Credit Finance can put you in touch with several lenders, enhancing the likelihood of finding a loan with terms that suit your financial situation.
• Efficiency and User Convenience: The process is streamlined for speed, with an online application designed to quickly connect applicants with potential lenders.

Specific Information:

• No Direct Influence on Rates: Rates, loan amounts, and terms are set by the individual lenders in their network, not by Low Credit Finance itself.
• Variability in Lender Specializations: The lenders you might be connected with can vary greatly, with some focusing on payday loans, others on installment loans, and so on, depending on what they specialize in.
• Importance of Lender Reputation: It’s crucial to research the background and reputation of any lender you’re matched with before agreeing to a loan to ensure you’re making a safe financial decision.

Important Considerations:

• No Guaranteed Approvals: Even with Low Credit Finance, loan approval is not guaranteed and depends on the criteria of the lenders in their network.
• Need for Careful Comparison: Given the target audience of borrowers with low credit, it’s vital to meticulously compare loan offers, as such situations often attract higher interest rates.
• Potential Impact on Credit Score: Utilizing a loan connection service may lead to multiple lenders performing credit inquiries, which could have an adverse effect on your credit score if not managed carefully.

Paycheck Advance Apps: A Modern Alternative

Need cash fast but want to steer clear of payday loans? Paycheck advance apps offer a different solution. These apps let you access a portion of your earned wages before your actual payday, often with lower fees and more flexibility than traditional lenders.

How Paycheck Advance Apps Work

• Connect to Your Bank: You link your bank account and provide information about your pay schedule.
• Small Advances: They generally offer advances in the range of $50 to a few hundred dollars, depending on the app and your income.
• Repayment on Payday: When your paycheck arrives, the advance amount, plus any fees, is automatically deducted.

Read More: 7 Best $100 Loan Instant Apps

Brigit

Brigit distinguishes itself with a transparent pricing model, a stark contrast to the often complex fee structures associated with payday loans.

For a flat monthly subscription of $9.99, users gain access to paycheck advances without the burden of interest charges or hidden fees, making it a viable alternative for those seeking loans like Speedy Cash.

Customer Reviews: Apple App Store: 4.8/5

User reviews for Brigit are largely positive, and the negative reviews typically state the $9.99 monthly charge. Many users shared how Brigit helped them survive between paychecks during a financial crunch.

Key Features:

• Budgeting Assistance: Offers tools to track income and spending, along with alerts for upcoming bills to help users avoid late payments, fostering financial stability.
• Credit Builder Option: Provides a separate paid service aimed at helping users establish or improve their credit scores through small installment loans that are reported to credit bureaus. The effectiveness of this program may vary.
• Overdraft Protection: Includes automatic advances in the Plus membership tier to prevent overdraft fees, enhancing financial security for eligible users.

Important Considerations

• Monthly Fee: The subscription fee applies regardless of whether an advance is utilized, necessitating budget consideration.
• Advance Availability: The amount accessible for advances is influenced by factors such as income and previous interactions with Brigit, with potential variations in eligibility.
• Credit Builder Cost: The credit building program incurs an additional fee, adding to the overall cost for those opting into this service.

Through its user-centric offerings, Brigit presents a multifaceted platform that not only competes with services like Speedy Cash but also addresses broader financial health aspects, making it an attractive option for those in search of comprehensive financial support.

Dave

Dave offers paycheck advances, powerful budgeting tools, and even connects users with side gig opportunities to boost income, serving as a notable alternative in the market for loans similar to Speedy Cash.

Key Features:

• Small Advances at Low Cost: Allows access to up to $500 before payday for a monthly subscription fee, with optional express fees for faster funding and “tips” for the service, providing a cost-effective solution for immediate financial needs.
• Budgeting Focus: Features robust budgeting tools to help users track spending, plan for bills, and find savings, aiding in long-term financial planning and stability.
• Side Hustle Platform: Offers a “Side Hustle” section to connect users with gig work, presenting an innovative way to supplement income and enhance financial flexibility.

Important Considerations

• Potential for Fees to Accumulate: While generally lower than traditional payday loans, the costs associated with the subscription, express funding, and tipping can add up, warranting careful budget management.
• Advance Limits: Eligibility and the amount available for advance depend on banking history and income, with the possibility of lower limits for new users.

Dave’s approach to providing financial assistance, with its emphasis on low-cost advances, budgeting support, and income-boosting opportunities, positions it as a comprehensive alternative for those seeking solutions beyond what Speedy Cash and similar lenders offer.

The Risks of Payday Loans Like Speedy Cash

While getting fast cash is tempting, it’s important to understand the serious problems that come with loans like Speedy Cash. Here’s why they can end up costing you way more than you expect:

• High Costs: Payday loans don’t just have high interest rates, they have super high APRs (that’s the total cost over a year). A Speedy Cash loan could easily have an APR of 400% or more! Fees add up quickly, even if you borrow a small amount. For example, a $300 loan with a $45 fee and a short two-week term could end up costing you over $500 to pay back.
• Debt Trap: The short repayment periods (often just two weeks until your next paycheck) make it hard to pay back the whole loan at once. Lenders push you to “roll over” your loan, which means taking out a new loan to pay off the old one – but this traps you in a cycle where you keep owing more and more money.
• Aggressive Collection Tactics: If you get behind, some lenders might use aggressive ways to get their money back. This could mean constant calls, threatening to take money from your paycheck, or even taking you to court.

Payday loans are designed so it’s hard to pay them back in full, keeping you hooked and paying huge amounts over time.

Why Consider Speedy Cash Alternatives?

While Speedy Cash and similar lenders offer speed, there are compelling reasons to explore other options. Here’s what alternatives might provide:

• Potentially Lower Interest Rates: Even a slightly lower interest rate can significantly decrease the total cost of your loan. Alternatives may offer APRs that are far more manageable than payday lenders.
• Flexible Repayment Terms: Instead of a lump sum payment due in two weeks, some lenders offer installment plans. This breaks down your loan into smaller, more manageable payments over a longer duration.
• Expanded Loan Amounts: You might need to borrow more (or less) than the typical payday loan limit. Alternatives often have wider ranges available, letting you find the amount that fits your needs.
• Alternative Credit Requirements: Traditional lenders rely heavily on credit scores. However, some Speedy Cash alternatives consider income, bank history, and other factors when determining eligibility, potentially opening doors for those with poor credit.
• Possible Online Applications: Many alternative lenders have easy online applications and quick approvals. This can be particularly helpful if you need money fast and don’t have time to visit a physical storefront.

Speedy Cash alternatives might not be perfect for everyone, but they give you more choice and the potential to find a loan that aligns better with your financial situation.

How to Qualify for an Alternative Payday Loan

While payday lenders like Speedy Cash often have very loose qualification requirements, alternatives may have slightly different criteria. Here’s what you need to understand:

• Credit Score: Not Always the Deciding Factor Unlike traditional banks, many alternative lenders look beyond just your credit score. They may consider factors like your income stability, bank account history, and overall financial behavior. This can be beneficial for borrowers with less-than-perfect credit.
• Income: Proof Usually Required Most legitimate lenders will want proof of some kind of income, whether it’s from employment, benefits, or self-employment. This helps them assess your ability to repay the loan.
• State Regulations: Crucial to Know Payday lending laws vary dramatically from state to state. Some states have strict caps on interest rates or ban certain types of loans altogether. Before applying, make sure the lender you’re considering operates legally in your area.

How to Find the Best Loan

Choosing an alternative to Speedy Cash requires careful consideration. Follow these steps to make the process easier and protect yourself:

• Compare APRs: The True Cost Factor Don’t just look at interest rates. Focus on the APR (Annual Percentage Rate), which includes all fees and gives a clearer picture of how much you’ll actually pay over a year.
• Read the Fine Print: No Surprises Pay close attention to the full loan agreement. Know the total cost of borrowing, repayment terms, any late payment fees, and collection practices if you fall behind.
• Check Lender Reputation: Do Your Research Look for reviews on the Better Business Bureau, Trustpilot, or similar independent review sites. This can uncover red flags about lenders with a history of poor practices.
• Only Borrow What You Need: Avoid Debt Traps Even with a good lender, take out the absolute minimum you can manage. This reduces the risk of getting overwhelmed and needing to borrow more, creating a larger debt burden.

What To Do If You Can’t Repay a Payday Loan

Falling behind on a payday loan can be incredibly stressful. However, it’s crucial to act quickly and understand your options:

• Contact the Lender Immediately: Don’t ignore the situation. Be proactive in contacting the lender, explaining your hardship. Some lenders may offer short-term adjustments to help you get back on track.
• Explore Their Options: Ask about extended payment plans (though likely with added fees), or inquire if they have any hardship programs in place.
• Seek Credit Counseling: Nonprofit credit counseling agencies offer free or low-cost advice about debt management. They might be able to negotiate with the lender on your behalf or help you create a repayment plan.
• Know Your Rights: Consumer protection laws vary by state, but you generally have rights against harassment or illegal collection practices. The Consumer Financial Protection Bureau is a good resource.

Alternatives to Payday Loans

If you’re facing a financial emergency, avoiding a payday loan trap is ideal. Consider these additional potential alternatives:

• Borrowing from Friends or Family: While potentially awkward, if you have someone willing and able to lend you money, this can be interest-free and with flexible terms. Be upfront about when you can repay.
• Credit Card Cash Advance: If you have available credit, the interest rates and fees on a cash advance might still be lower than a payday loan. However, do your research on the terms.
• Charities and Social Services: Many local organizations offer help with bills, rent, or groceries. This can free up cash during a crisis. Your city website or calling 211 might connect you with resources.
• Employer Paycheck Advance: Some employers have programs letting you access a portion of your earned wages early. Check if this is an option at your job with minimal fees.

Frequently Asked Questions