Does Everyone Get Approved for Speedy Cash? The Ultimate Guide

Hey there! Getting quick cash when you’re in a bind can feel like a lifesaver. But you might be wondering if approval from lenders like Speedy Cash is guaranteed.

As an expert in home renovation and repairs, I totally get how stressful an unexpected expense can be. My goal here is to give you the real scoop on Speedy Cash approvals so you can make an informed decision when applying for a loan. Let’s dive in!

Speedy Cash Application Requirements

Speedy Cash does have specific requirements you’ll need to meet before getting approved for one of their loans or cash advances. Here’s what to expect:

Minimum Age 18 Years Old

Unfortunately, Speedy Cash doesn’t lend to anyone under 18. I know, bummer if you’re a teen! All borrowers must be legal adults to apply.

Active Checking Account

You need a valid checking account that‘s been open for at least one month before applying. Speedy Cash needs to be able to deposit funds into your account if approved.

Contact Information

Be ready to provide your current email address and mobile number so Speedy Cash can communicate with you throughout the process.

Proof of Income

Speedy Cash requires you to document steady income, whether from a job, benefits, pensions, investments, or other sources. For anyone self-employed or doing gig work, be prepared to show business bank statements and tax returns.

Valid Photo ID

To verify your identity, Speedy Cash will ask for a government-issued ID such as a driver’s license, passport, military ID, or state ID card.

Social Security Number

You‘ll need to provide a valid Social Security number so Speedy Cash can confirm your identity. This is standard for all lenders when checking credit.

No Active Bankruptcies

If you have an active bankruptcy case ongoing, Speedy Cash cannot legally lend to you until the bankruptcy is discharged.

Meet State Regulations

Every state has its own laws around maximum loan amounts, interest rates, repayment terms, and eligibility rules. Speedy Cash must comply with regulations in your state.

Pass Credit and Income Checks

Speedy Cash will verify your income level and do a soft credit check to ensure you‘re a trustworthy borrower able to handle repayment. If they deem you too high-risk, they may deny the application.

As you can see, Speedy Cash does have more involved eligibility standards than some lenders. But that’s ultimately to protect borrowers from getting in over their heads. Next, let’s look at how they check credit when reviewing your application.

Does Speedy Cash Check Your Credit?

When you apply, Speedy Cash will perform a “soft credit inquiry” to review your credit history. Don’t worry – soft checks don’t negatively impact your credit score!

They simply allow Speedy Cash to verify details from your credit report to assess your eligibility. According to credit bureau Experian, a soft check is visible only to you and generates no hard inquiry for other lenders to see.

Data from all three major credit bureaus gets checked:

• TransUnion
• Equifax
• Experian

So while Speedy Cash doesn’t do a hard credit pull that dings your score, they can still evaluate your creditworthiness and make an approval decision accordingly.

For example, a past bankruptcy, accounts in collection, late payments, or excessive total balances could get your application rejected despite no hard pull being done.

Essentially, Speedy Cash takes a peek at your credit but doesn’t affect your score. Many lenders actually run soft checks routinely to pre-screen prospective borrowers for pre-qualified offers.

Verifying Your Income

As I mentioned earlier, you’ll have to document consistent income to get approved by Speedy Cash. Here are some common ways they validate what you make:

Reviewing Paystubs

For W-2 employees, you’ll likely need to provide a recent paystub showing your earnings. Speedy Cash wants to verify employment and income level.

Bank Statements

1099 contractors, gig workers, and self-employed folks often prove income with personal bank statements. Speedy Cash looks for regular deposits.

Tax Documentation

Your latest tax return can help confirm your income if you’re self-employed or a contract worker. Speedy Cash may ask for a copy.

Employment Verification

Some applicants get linked to an online system to verify employment status and earnings instantly. It’s more convenient than gathering documents.

Benefits Letters

If you receive social security, disability, unemployment, or other government benefits, Speedy Cash asks for an official letter with entitlement amounts.

The bottom line is Speedy Cash wants rock-solid proof of your current income before approving a loan application. Having verifiable earnings is key for approval odds.

What Can Cause Denial of a Loan?

Yes – you can definitely be turned down by Speedy Cash, unfortunately! Here are some common reasons applications get denied:

Insufficient Income

If your income is too low or inconsistently documented, Speedy Cash may reject your application due to inability to repay.

For example, making only $12,000 annually could be grounds for denial.

Poor Credit Score

A very low credit score (below 580) and negative items like bankruptcies and foreclosures can provoke denial.

High Debt-to-Income Ratio

If over half your monthly income is consumed by existing debts, Speedy Cash may deem you too high-risk.

Incomplete Application

Leaving required fields blank or failing to upload necessary documents can get your application rejected.

State Regulation Issues

Each state sets maximum fees and interest on loans. If your application doesn’t adhere to state laws, Speedy Cash cannot approve it.

For instance, payday loans are banned in 15 states.

Active Bankruptcy

Being in an open bankruptcy case means Speedy Cash cannot legally lend to you by law until the case concludes.

Suspicious Activity

If something looks fishy with your application, Speedy Cash does a fraud review and may reject the application as suspicious. For example, if your personal details don’t match databases or prior information provided.

Default History

Previous defaults or charge-offs on Speedy Cash products can sometimes result in declined applications.

I know getting denied is frustrating, but try not to take it personally! Speedy Cash just wants to lend responsibly to borrowers able to handle repayment.

Now, let’s compare Speedy Cash to some other popular lending options…

How Does Speedy Cash Compare to Other Lenders?

Speedy Cash fills an interesting niche in the lending landscape. Here‘s an overview of how it stacks up to other options:

Vs. Payday Loans

Speedy Cash offers better terms, longer repayment periods, and lower fees compared to traditional payday loans. But their APRs are still on the high side.

Payday loans average 400% APR but are banned in 18 states.

Vs. Online Installment Loans

Online lending companies often beat Speedy Cash on rates and flexibility. But Speedy Cash provides faster access to funds through their retail locations.

For example, Upstart offers APRs from 7% to 35% and loan decisions in minutes.

Vs. Credit Unions and Banks

Banks and credit unions provide lower interest rate loans but have much stricter eligibility and underwriting standards. They also often take 1-2 weeks just to make a decision.

For instance, current average interest rates are 9.58% for personal loans and 16.17% on credit cards.

Vs. Advance Apps

Apps like Earnin and Dave provide access to earned wages faster than Speedy Cash. But they offer smaller, lower-risk loan amounts and limits on usage.

Earnin has a maximum “Cash Out” limit of $100-500 per pay cycle.

The bottom line? Speedy Cash holds an interesting middle ground amongst lenders. They provide fast cash and may approve borrowers banks turn down, while also offering more oversight than pure payday loans.

Now let’s get into what happens if you don’t pay back a Speedy Cash loan…

Consequences of Not Repaying Your Loan

Defaulting on a Speedy Cash loan triggers some serious financial impacts:

• Late Fees – Expect late payment fees from $15 to $40 depending on your state. Ouch!

• Higher Interest – Speedy Cash may jack up your APR if you default on original terms.

• Collections Calls – Speedy Cash starts calling within days of a missed payment. Unpaid debts get sent to collections agencies.

• Legal Action – Speedy Cash can sue or pursue arbitration if you breach your loan contract.

• Wage Garnishment – If sued, Speedy Cash can garnish your paycheck, seizing funds directly from your employer.

• Bank Levies – The lender can freeze and seize money from your bank accounts through a court-ordered levy.

• Credit Damage – Missed payments get reported to credit bureaus, tanking your credit score by 100+ points or more.

According to one study, 32% of people with debt in collections had scores below 579!

Obviously, you want to avoid these outcomes at all costs! It’s critical to contact Speedy Cash immediately if struggling to make payments so you can discuss alternative repayment options. Don’t get behind, as the financial impacts are massive.

Who Owns and Operates Speedy Cash?

Speedy Cash is owned by a publicly traded, alternative financial services company called CURO Group Holdings Corp.

CURO has provided loans, credit, and other services to underbanked consumers for over 20 years. In addition to Speedy Cash, they also own these brands:

• Rapid Cash – Offers check cashing and money orders in select states

• Opt+ – Prepaid debit cards and mobile banking

• Avío Credit – Credit cards for people seeking to rebuild credit

• Flexiti – Point-of-sale retail financing plans

As a large conglomerate, CURO Group extends billions in credit annually across its portfolio of brands. The company manages regulatory compliance for its products and maintains lending licenses in all states in which it operates.

Should You Apply for Speedy Cash?

I hope this inside look at Speedy Cash approvals has been helpful as you consider applying for fast cash! Here are a few parting thoughts:

• Be sure you can meet all eligibility criteria before applying, or you may waste time being declined.

• Only borrow what you genuinely need and can realistically repay on time. Late fees and defaults do major financial damage.

• Having strong income proof and a decent credit score, while not perfect, improves your odds of approval greatly.

• Consider alternatives like local credit unions if possible, for lower rates. But Speedy Cash does offer quick, convenient access to funds.

• If approved, be diligent about repaying your loan on time via auto payments to avoid hefty late fees.

Wishing you the best of luck navigating your financial situation! Let me know if you have any other questions.