Are you in urgent need of money and have been turned down by Speedy Cash? Rejection can be frustrating, but don’t worry, you still have options. There are alternative lenders who may be able to get you the funds you need. In this article, we’ll explore four alternatives to Speedy Cash that offer fast cash. Whether you have bad credit or are looking for a more flexible loan option, we’ve got you covered. Let’s dive in!
Speedy Cash Loans: An Overview
Speedy Cash is an industry leader in the world of short-term financial services, with a history of providing reliable loans for over a quarter century. Their primary product is payday loans, but the company offers other products that are basically a variation on this theme.
They’re called installment loans, fast cash loans, short term loans, etc. but the idea is that you get a small but significant amount of money very quickly without having to put up any kind of collateral.
The terms aren’t cheap, and payback time arrives very quickly. Specifically, you usually have 2-4 weeks to pay up, which for most working people basically amounts to the arrival time of their next paycheck, hence the term “payday” loans.
Alternatives to Speedy Cash
It shouldn’t be all that surprising that Speedy Cash has plenty of viable competition, so let’s talk about some of the alternatives to see which one is best.
Best Alternative Overall: Sound Financial
As the name implies, Sound Financial is trying to provide a more transparent option when it comes to short-term loans. The company provides many of the same products as Speedy Cash – payday loans, installment loans, title loans, title pawns, etc., according to their website.
But transparency is emphasized more, which is why they’re a better option than Speedy Cash. Sound Financial offers financial support and personalized service, with no hidden fees or complicated terms that are often beyond the understanding of those in dire financial straits.
Whether this works as intended depends on the borrower to a large extent, of course. But it’s reassuring to find a company that’s providing some amount of financial education as part of its support package, which is something that’s largely missing from the Speedy Cash approach.
Alternative for Speedy Cash Installment Loans: OppLoans
OppLoans offers a similar financial product, with the emphasis on installment loans to get fast cash. The downside is that the company’s interest rates are high, and the loan ceilings are low. Additionally, they’re only available in 37 states as well as Washington, DC.
Alternative for Speedy Cash Title Loans: TitleMax
TitleMax offers title loans as well as other personal loans. They offer higher amounts than OppLoans but require your vehicle’s title to secure the loan. If a title loan from Speedy Cash is out of reach for you, then TitleMax might be another great option in terms of locations and loan amounts.
Alternative for Speedy Cash Payday Loans: CashNetUSA
CashNetUSA offers payday loans that are like Speedy Cash. However, CashNetUSA operates exclusively online while Speedy Cash has online and in-store options. So, you’ll probably get your money faster with CashNetUSA but if you run into any trouble during the process, you’ll have to wait for email support.
Pros and Cons of Short-Term Loans
On the surface, the justification for short-term loans is sound. The idea is to provide temporary relief prior to payday when you have sudden, unexpected expenses, which is a useful financial service.
That relief can be applied to things like medical emergencies, a large car repair bill, last-minute bereavement travel, and so on. The big plus is it covers you in these situations while giving you time to recover financially. You get money you need quickly, you use it effectively, and your temporary financial emergency passes.
But there is a downside. Some people who use short-term loans are often just getting by to begin with, so they end up digging a deeper financial hole. Furthermore, the industry is full of predatory lenders, hence the shady reputation for these kinds of loans.
How to Approach a Short-Term Loan
If you do find yourself in need of fast cash for whatever reason, it’s important to do your homework to protect yourself financially.
That means understanding everything about the loan-the interest rate, the exact payback period, the impact on your credit score, who can access information about the loan and so on.
If you’re in need of a loan because you’ve made some questionable financial decisions, it’s important to educate yourself, too. The basics of personal finance aren’t that hard to learn, especially when it comes to budgeting and saving money for a rainy day. That combination alone can easily protect you from having to get a short-term loan in the first place, and financial accountability is part of becoming a responsible adult.
It’s also important to do some homework on the companies that provide these loans, too. This, too, isn’t all that hard to do. A few simple searches will give you an idea of which companies operate with integrity and which ones are charging excessively high rates with confusing terms.
Summing It Up
Now that we’ve given you some information and advice about short-term loans, let’s do a quick recap of the steps you should take if you need one.
- Consider all options. Before you dive into a loan offer that seems too good to be true, compare your options. Do some research if you have the time or consult with a financial counselor.
- Define your parameters. How much do you actually need? What’s the highest interest rate you’ll accept? What are your resources when it comes to paying back the short-term loan? You should know the answers to all these questions before you choose a company.
- Do your homework. Companies like Speedy Cash succeed in part because they’re ubiquitous, and they advertise a lot. Find better options like Sound Financial, and if they fit the parameters of your situation, use their services. You’ll be better off for it, both in the short term and in the long run.
