Personal Loan
A personal loan is a lump sum you borrow from a lender and repay over time, often in fixed monthly payments. People use personal loans for larger costs like home repairs or debt consolidation. Speedy Cash offers short-term payday loans, a quicker option than a traditional personal loan.
How a Personal Loan Works
A personal loan gives you a set amount of money up front. You agree to repay it, plus any interest and fees, on a schedule. Here is what a typical personal loan involves:
- A lender reviews your income and your ability to repay before approval.
- You receive a lump sum and repay it in regular installments.
- The loan term and cost depend on the lender and your province.
- A longer term lowers each payment but raises the total cost.
Personal Loans and Payday Loans
Speedy Cash offers payday loans, rather than long-term personal loans. A payday loan gives you a smaller amount for a short period. You borrow from $100 to $1,500, based on your income and personal information. You repay the balance in full on your next paycheque, or through scheduled payments in Alberta. The most you pay is 14% of the principal, which is $14 for every $100 you borrow. Fees are explained up front, and there are no hidden fees.
Who Can Apply
Speedy Cash does not run a traditional credit score check. The review focuses on your income, banking history, and ability to repay. Products are designed for people with less than perfect credit. You can apply online any time, and approvals and funding happen during business hours. Read more about loan eligibility before you start.
How You Receive Your Money
Once approved, most customers receive their money the same day, often within an hour. Speedy Cash sends approved funds by Interac e-Transfer or Instant Debit Card Funding during business hours, and the exact timing varies based on your bank. Many approved borrowers receive funds in as little as 30 minutes.
Where Speedy Cash Lends
Speedy Cash serves eight provinces: Alberta, British Columbia, Saskatchewan, Nova Scotia, Manitoba, New Brunswick, Newfoundland and Labrador, and Ontario. Stores operate in Alberta, British Columbia, Saskatchewan, and Nova Scotia, while the other provinces are served online. Amounts, costs, and rules vary by province, so check your local Speedy Cash location before you apply.
Frequently Asked Questions
Does Speedy Cash offer personal loans?
Speedy Cash offers short-term payday loans from $100 to $1,500, not long-term personal loans.
Do I need good credit to apply?
No. Speedy Cash has offerings specially designed for people with less-than-perfect credit. The review looks at your income and ability to repay.
How fast can I get my money?
Once approved, most customers receive their money the same day, often within an hour by Electronic Money Transfer or Instant Debit Card Funding. Timing varies based on your bank.
Summary
A personal loan spreads a higher cost over time, while a payday loan covers a small, short-term gap. If a short-term need comes up, you can apply online with Speedy Cash or visit a nearby store where one is available.