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Speedy Cash Review: California Payday Loan Reviews |
Rating: |
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| Lowest minimum loan amount and very good BBB score, but company has a past legal violation | |
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Speedy Cash is located in Wichita, Kansas, though it has franchise locations all over California. Its earliest active DDO (Deferred Deposit Originator) license was obtained on August 23, 2007. It's also held a California Finance Lender license since January 22nd, 2008, which authorizes it to provide additional loan services.
Because the industry is somewhat regulated, the advertised loan offering is fairly standard, although Speedy Cash is one of the few lenders we found willing to loan as little as $50.00. The high end, as per California law is $255.00. The fee cannot be higher than $17.65 per $100.00 borrowed. This translates into an APR of 460.16% on a 14-day loan. Your maximum loan period is the same as your pay period, but can't be longer than 30 days. The website advertises a typical fee being $17.65 (460.16% APR), but it may vary based on your financial situation, though they cannot legally be higher than the limits noted above (note that members of the US Military cannot receive payday loans.). California law prohibits loan rollovers so you will not be able to refinance at your next pay period. Payday loan providers often make money selling non-public information about their customers. Fortunately, California law provides a lot of protection for consumers with regard to this. Still, we recommend customers not "opt-in" to any non-affiliate partnerships, something usually done by checking a box. We likewise suggest consumers "opt-out" or uncheck any offers to have their information shared with affiliates, affinity partners or other entities for purposes of marketing. According to Speedy Cash's privacy policy for California, "as detailed herein, our policy is not to disclose personal information collected online or otherwise for any third party's direct marketing purposes without first obtaining the customer's consent." We could not find anything in the sign-up form that allowed us to opt-in, but we still advise consumers to read all the fine print. Speedy Cash has recently received an A+ grade from the Better Business Bureau (up from a C grade last month). That's good news, though in 2008 the California Department of Corporations found that Speedy Cash was in violation of several provisions of the California Deferred Deposit Transaction Law, mostly for collecting excessive fees. Speedy Cash settled the suit. Speedy Cash seems to have improved its handling of customer complaints. While the past violation does give us some pause, we would also think the company has probably learned from the experience. |
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| Advertised loan amount*: | $50.00 to $255.00 |
| Fee per $100*: | $17.65 |
| APR: | 460.16% |
| Loan period: | 14-30 days |
| BBB Rating**: | A+ |
| California License: | Since 2007 |
**Better Business Bureau rating based on 36-month reporting period
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