Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Speedy Cash

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About lender

Speedy Cash in Canada offers a diverse range of financial solutions tailored to serve the immediate needs of its customers. With a focus on providing convenient and accessible services, Speedy Cash has established itself as a trusted leader in the short-term financial services industry. Whether individuals are seeking payday loans, cash loans, vacation loans, personal loans, or assistance with child tax loans and pension loans, Speedy Cash aims to offer quick and easy solutions to address their financial challenges.

With a strong presence across Canada, including provinces like British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland & Labrador, Speedy Cash serves its customers through 20 store locations and a user-friendly online platform. This allows customers the flexibility to choose the most convenient option for their borrowing needs, whether they prefer in-person assistance or the efficiency of online transactions. Speedy Cash's commitment to transparency, convenience, and excellent customer service positions it as a reliable partner for individuals navigating financial uncertainties and seeking immediate solutions.

Speedy Cash

Features

  1. Quick Access to Funds. Speedy Cash offers fast and efficient access to funds, ensuring that customers can address their financial needs promptly. Whether it's a payday loan, cash loan, or personal loan, Speedy Cash understands the urgency of financial matters and strives to provide timely assistance.

  2. Flexible Loan Options. With Speedy Cash, borrowers have the flexibility to customize their loan according to their specific requirements. Whether they need a small amount to cover unexpected expenses or a larger sum for a vacation or emergency, Speedy Cash offers loan options that cater to diverse needs.

  3. No Credit Check Loans. Speedy Cash provides no credit check loans, offering a solution for individuals with less than perfect credit history. This feature ensures that customers can access financial assistance without the hassle of undergoing a traditional credit check process.

  4. Convenient Online Application. Through Speedy Cash's user-friendly online platform, customers can conveniently apply for loans from the comfort of their homes. The online application process is fast and straightforward, allowing borrowers to submit their applications with ease.

  5. Dedicated Customer Support. Speedy Cash provides dedicated customer support to assist borrowers throughout the loan process. Whether customers have questions about the application process or need guidance on loan repayment, Speedy Cash's knowledgeable support team is available to provide assistance.

Pros and cons

Pros

Multiple Store Locations. With 20 store locations across Canada, Speedy Cash offers convenience and accessibility to customers nationwide. Whether individuals prefer in-person service or online transactions, Speedy Cash's extensive network of locations ensures that help is never far away.

Competitive Interest Rates. Speedy Cash strives to offer competitive interest rates compared to traditional payday lenders, allowing customers to save on interest costs over the life of their loans. This feature enables borrowers to access financial assistance without incurring excessive borrowing costs.

Secure and Confidential. Speedy Cash prioritizes the security and privacy of customers' personal and financial information. Robust encryption and data protection measures are in place to safeguard sensitive information, ensuring a secure borrowing experience.

Cons

Higher Interest Rates. Payday loans and similar short-term loans typically come with higher interest rates compared to traditional bank loans, potentially increasing the overall cost of borrowing.

Risk of Debt Cycle. Borrowers may fall into a cycle of debt if they rely on payday loans frequently without addressing the underlying financial issues that led to the need for borrowing.

Limited Loan Amounts. Payday loans typically provide access to smaller loan amounts compared to other types of loans, which may not be sufficient to cover larger expenses or financial emergencies.

Reliability

When evaluating the reliability of a company, customer feedback often serves as a crucial indicator. With 4.5 stars and a total of 9,299 reviews on Trustpilot, Speedy Cash demonstrates a notable level of customer satisfaction. While such a high rating suggests a positive overall experience for many customers, it's important to recognize that individual experiences may vary. Factors such as responsiveness, transparency, and the ability to address customer concerns contribute to the perception of reliability. While a high Trustpilot score can be indicative of reliability, it's advisable for potential customers to conduct thorough research and consider various sources of information before forming their own judgment.

How to apply for a Speedy Cash loan?

  1. Determine Your Loan Needs. Before you begin the application process, it's essential to determine the amount of money you need to borrow and the type of loan that best suits your financial situation. Whether you need a payday loan, cash loan, or personal loan, Speedy Cash offers a variety of loan options to meet your needs.

  2. Gather Required Documents. To complete the loan application, you'll need to gather the necessary documentation. This typically includes a valid government-issued ID, proof of income (such as a pay stub or bank statement), and proof of address. Specific requirements may vary depending on your location and the type of loan you're applying for.

  3. Choose Your Application Method. Speedy Cash offers both online and in-person application options. If you prefer the convenience of applying from home, you can complete the application process online through our user-friendly website. Alternatively, if you prefer in-person assistance, you can visit one of our 20 store locations across Canada to speak with a loan specialist.

  4. Complete the Application. If you're applying online, navigate to the Speedy Cash website and select the "Apply Now" option. You'll be guided through a series of steps to provide personal and financial information, including your name, address, employment details, and desired loan amount. Ensure that all information provided is accurate and up-to-date to expedite the application process.

  5. Submit Documentation. As part of the application process, you'll need to upload or provide copies of the required documentation, such as your ID, proof of income, and proof of address. Make sure to have these documents readily available to upload or present to the loan specialist if applying in person.

  6. Review Terms and Conditions. Before finalizing your loan application, carefully review the terms and conditions associated with the loan, including interest rates, repayment schedules, and any applicable fees. It's essential to fully understand the terms of the loan before proceeding to ensure that it aligns with your financial goals and capabilities.

  7. Await Approval. Once you've submitted your loan application and required documentation, the Speedy Cash team will review your application promptly. In many cases, applicants receive a decision within minutes. If approved, you'll be notified of the loan terms and the amount of funds you're eligible to receive.

  8. Receive Your Funds. Upon approval, the funds will be deposited directly into your bank account, typically within the same business day or the next business day, depending on your bank's processing times. You can then use the funds as needed to address your financial needs.

Conditions

  1. Loan Amount. Speedy Cash offers loans ranging from $250 to $1,500, based on the borrower's income and eligibility criteria. This flexibility allows borrowers to access the funds they need to cover various expenses, whether it's for unexpected bills, emergencies, or other financial needs.

  2. Repayment Terms. The repayment terms for Speedy Cash loans vary depending on the borrower's location and the type of loan. Typically, loans are repaid on the borrower's next pay date, with repayment amounts automatically deducted from their bank account through a pre-authorized debit agreement. Speedy Cash offers transparent terms and conditions, ensuring that borrowers understand their repayment obligations upfront.

  3. Interest Rates and Fees. Speedy Cash discloses all applicable interest rates and fees associated with its loans upfront, allowing borrowers to make informed decisions. The maximum charges permitted for a payday loan vary by province, with rates ranging from $14 to $17 per $100 borrowed, depending on the borrower's location. For example, in BC, the maximum allowable charges for a Payday Loan amount to 15% of the principal.

  4. Loan Extensions and Renewals. In some cases, Speedy Cash may offer loan extensions or renewals to borrowers who are unable to repay their loans by the due date. However, loan extensions and renewals are subject to eligibility criteria and may incur additional fees. Borrowers should carefully consider their options and contact Speedy Cash if they anticipate difficulty repaying their loan on time.

Requirements

  1. Proof of Identity. Borrowers are required to provide one piece of government-issued photo identification to verify their identity. This ensures that Speedy Cash complies with regulatory requirements and prevents fraudulent loan applications.

  2. Proof of Income. Borrowers must provide proof of income to demonstrate their ability to repay the loan. Acceptable forms of income may include employment income, Employment Insurance (EI) benefits, Canada Pension Plan (CPP) or private pension payments (paid via direct deposit), or child tax benefits (also paid via direct deposit). Proof of income helps Speedy Cash assess the borrower's financial stability and determine their eligibility for a loan.

  3. Bank Account. Borrowers must have a valid Canadian bank account in good standing to receive loan funds via direct deposit and facilitate repayment through pre-authorized debit agreements. A bank account is essential for managing loan transactions and ensuring timely repayment.

  4. Other Documentation. Depending on the borrower's location and the type of loan, additional documentation may be required. This could include a blank personal cheque, pre-authorized debit form, recent bank statements, and proof of address. Borrowers should check with their local Speedy Cash store for specific documentation requirements.

Ways to receive the money

  1. Electronic Email Money Transfer. Borrowers have the option to receive their loan funds through an electronic email money transfer (EMT). With this method, the loan amount is transferred electronically to the borrower's email address, providing quick and secure access to the funds. Once the EMT is received, borrowers can easily deposit the funds into their bank account or use them for their intended purpose.

  2. Direct Deposit into Bank Account. Another convenient option is to have the loan funds deposited directly into the borrower's bank account. Upon loan approval, Speedy Cash transfers the funds electronically to the borrower's designated bank account. Direct deposit ensures that the funds are available quickly and securely, allowing borrowers to access the money without delay.

Products

  1. Payday Loans. Payday loans provide quick access to small amounts of cash to cover unexpected expenses or bridge financial gaps until the borrower's next payday.

  2. Cash Loans. Cash loans offer borrowers a convenient way to access funds for various purposes, including emergencies, bills, or other financial obligations.

  3. Personal Loans. Personal loans provide borrowers with larger loan amounts to cover expenses such as home repairs, car maintenance, or debt consolidation.

  4. Child Tax Loans. Child tax loans are designed to help families access funds quickly to cover expenses related to raising children.

  5. Pension Loans. Pension loans offer retirees access to funds based on their pension income, providing financial flexibility during retirement.

  6. Emergency Loans. Emergency loans provide borrowers with quick access to funds to address urgent financial needs, such as medical bills, car repairs, or home emergencies.

Loan amounts are ranging from $250 to $1,500.

Reasons you may be denied a Speedy Cash loan

  1. Insufficient Income. Speedy Cash requires borrowers to have a stable source of income to ensure their ability to repay the loan. If your income is deemed insufficient to cover the loan amount requested or if it does not meet Speedy Cash's minimum income requirements, your loan application may be denied.

  2. Poor Credit History. While Speedy Cash offers loans without requiring a traditional credit check, certain negative credit indicators or a history of defaulting on loans may still impact your eligibility. If your credit history suggests a high risk of default, Speedy Cash may deny your loan application.

  3. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your loan application can lead to delays or outright denial of your loan request. It's essential to ensure that all information provided is accurate and up-to-date to avoid potential issues with your application.

  4. Outstanding Loans. If you have existing loans with Speedy Cash or other lenders that are not yet repaid, Speedy Cash may deny your loan application. Having multiple outstanding loans can indicate financial strain and may affect your ability to repay additional debt.

  5. Bank Account Issues. Speedy Cash requires borrowers to have a valid Canadian bank account in good standing to receive loan funds via direct deposit and facilitate loan repayment. If your bank account has a history of insufficient funds, overdrafts, or other issues, your loan application may be denied.

How to repay a Speedy Cash loan

  1. Understand Repayment Terms. Before taking out a loan with Speedy Cash, it's crucial to fully understand the repayment terms. This includes the loan amount, repayment schedule, interest rates, and any applicable fees. Speedy Cash provides transparent information about these terms upfront, allowing borrowers to make informed decisions.

  2. Choose Repayment Method. Speedy Cash offers multiple repayment methods to accommodate borrowers' preferences and ensure timely repayment. Borrowers have the option to repay their loan in person at any Speedy Cash branch location. Simply visit the nearest branch before the loan due date and make a payment using cash, debit card, or other accepted payment methods. Alternatively, borrowers can choose to set up a pre-authorized debit agreement, allowing Speedy Cash to automatically withdraw the loan repayment amount from their bank account on the loan due date. This ensures that payments are made on time, without the need for manual intervention.

  3. Monitor Repayment Schedule. It's essential to keep track of your loan repayment schedule to avoid missing payments and incurring additional fees or penalties. Speedy Cash provides borrowers with a clear repayment schedule outlining the due dates for each installment or the full repayment amount.

  4. Ensure Sufficient Funds. If you've opted for pre-authorized debit repayment, ensure that your bank account has sufficient funds available on the loan due date. This prevents failed payment attempts and potential overdraft fees from your bank.

  5. Make Timely Payments. Whether repaying in person or through pre-authorized debit, it's important to make payments on time according to the agreed-upon schedule. Timely repayment helps maintain a positive borrowing history and demonstrates financial responsibility.

Editorial opinion

Speedy Cash plays a significant role in providing financial solutions to individuals facing short-term monetary needs, offering a range of loan options tailored to different circumstances. With a transparent approach to lending and a commitment to customer service, Speedy Cash aims to empower borrowers with access to quick and convenient financial assistance. However, it's important for borrowers to carefully consider the terms and conditions of their loans and ensure that they can comfortably manage repayments to avoid potential financial strain.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What types of loans does Speedy Cash offer?

Speedy Cash offers a variety of loan options to meet the diverse needs of its customers, including payday loans, cash loans, personal loans, child tax loans, and pension loans. Whether individuals require quick access to small amounts of cash for unexpected expenses or larger sums for emergencies or personal needs, Speedy Cash provides flexible borrowing solutions tailored to different financial circumstances.

How quickly the funds can be received?

The speed at which borrowers can receive funds from Speedy Cash depends on various factors, including the loan type, application method, and verification process. In many cases, borrowers can receive funds as quickly as the same day or the next business day after loan approval. Speedy Cash prioritizes efficiency and aims to expedite the disbursement of funds to ensure that borrowers can address their financial needs promptly.

How do you qualify for Speedy Cash?

To qualify for a loan with Speedy Cash, borrowers typically need to meet certain eligibility criteria, including having a stable source of income, a valid government-issued ID, and a Canadian bank account. Speedy Cash assesses each loan application individually, considering factors such as income, employment status, and credit history. While Speedy Cash offers loans without requiring a traditional credit check, meeting these eligibility requirements is essential to ensure approval and timely access to funds.

How much can you borrow from Speedy Cash?

The amount borrowers can borrow from Speedy Cash varies depending on factors such as their income, creditworthiness, and the type of loan they are applying for. Typically, Speedy Cash offers loan amounts ranging from $250 to $1,500, providing borrowers with flexibility to address their immediate financial needs. Whether individuals require a small payday loan to cover unexpected expenses or a larger personal loan for a significant expense, Speedy Cash aims to offer borrowing solutions tailored to diverse financial situations.

Is Speedy Cash a legitimate company?

Speedy Cash is a legitimate company with a longstanding presence in the financial services industry. Founded in 1998, Speedy Cash operates multiple store locations across Canada and is licensed to provide loans in accordance with provincial regulations. The company adheres to industry standards and regulations, ensuring transparency, fairness, and responsible lending practices. With a commitment to customer service and a track record of providing reliable financial solutions, Speedy Cash has established itself as a trusted provider of short-term loans and other financial services in the communities it serves.

Company documents

Privacy Policy

Through our business, it is our mission to empower you with the ability to live your life the way you want, when you want!

© Speedy Cash
Financial products
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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200.00 – 1500.00 C$
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Effective interest rate on the product

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to 14 days
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