A: When you need cash now, this question is probably top of mind! The amount of time it will take to receive your money depends on how you choose to apply, and how you would like to receive your cash. Speedy Cash is proud to offer a number of different funding options so that you can select how to receive your loan funds – including instant payday loan options.
With deposit advance, banks and credit unions will usually pay themselves back automatically when the next electronic deposit to the customer’s account is made, regardless of source, which could be much sooner than two to four weeks. If the amount of the incoming deposit is not enough to pay back the loan, the bank or credit union will repay itself out of subsequent deposits. Typically, if any loan balance remains after 35 days, the bank or credit union will automatically charge the customer’s account for the remaining balance, even if that causes the account to become overdrawn.
In terms of online lending, a cash advance usually refers to a short-term loan that is quickly funded to your bank account after approval. Typically, the amount you borrow for a cash advance loan is relatively small, which often means you can pay it back in only one or two payments. These short-term loans are very similar to what many people call payday loans, but cash advance loans don't always require a single repayment on payday.
When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may request in the event that you are unable to repay your loan in full or if you make a late payment. We cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. Additionally, we have no knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. Our company makes a reasonable effort to work only with reputable lenders who abide by Fair Debt Collection Practices. If you have a complaint about a specific lender, please Contact Us and one of our agents will look into the matter further.
Disclaimers: Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page. MoneyKey – OH, Inc. is licensed as a Credit Services Organization (CSO) by the Ohio Department of Financial Institutions, Department of Commerce: CS.900134.000. MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO and/or CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey.
If you carry only credit cards for day-to-day spending, you could find yourself in a pinch when confronted with a cash-only situation, such as buying lunch from a street vendor, veggies at a farmers market or a sandwich at a mom-and-pop deli. In that case, a cash advance might be tempting. Some people also turn to credit card cash advances when they need paper money but don’t have enough in their bank account.
Cash Advance® is not a lender and does not engage in debt collection practices. Your lenders' collection practices will be disclosed to you in the loan documents. If you are unsure of the collection practices used by a specific lender, we recommend that you discuss this issue with your lender directly. Cash Advance® makes reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct and in compliance with the provisions of the Fair Debt Collection Practices Act by the Federal Trade Commission.
This is an expensive form of credit. RISE is designed to help you meet your borrowing needs. Appropriate emergencies might be a car repair, medical care for you or your family, or travel expenses in connection with your job. This service is not intended to provide a solution for all credit or other financial needs. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs. Refinancing may be available and is not automatic. Refinancing will result in additional charges. We will never charge you any "hidden fees" that are not fully disclosed in your Agreement or the Rates & Terms. If you don’t make a payment on time we will attempt to contact you via one or more authorized methods. Because we report your payment history to one or more credit bureaus, late or non-payment of your debt may negatively impact your credit rating. If you fail to repay in accordance with your terms, we may place or sell your debt with a third-party collection agency or other company that acquires and/or collects delinquent consumer debt. Be sure you fully understand the terms and conditions of your credit before signing your agreement.
You can’t always predict when an emergency will occur, but you can prepare for it. Ideally, you should keep enough money to cover your household expenses for two months or more in a savings account. If that goal is too high, aim to save at least the amount of one paycheck. It is also a good idea to have a few credit cards available for unexpected costs.
Payday loans are legal in 27 states, and 9 others allows some form of short term storefront lending with restrictions. The remaining 14 and the District of Columbia forbid the practice. The annual percentage rate (APR) is also limited in some jurisdictions to prevent usury. And in some states, there are laws limiting the number of loans a borrower can take at a single time.
Payday loans can be very costly. Loan amounts generally range from $50 to $1,000, depending on state laws. Fees also depend on state laws, but the structure might be something like $15 per $100 borrowed, and some states may cap how high the fee goes. Because the loans have such short terms, the cost of borrowing is generally high. A typical payday loan with a two-week term and a $15 per $100 fee has an annual percentage rate (APR) of nearly 400%, according to the CFPB. (Here’s a primer on how interest rates work.)
At MoneyKey, our customers matter the most! If you have changed your mind about the cash advance or have arranged the cash you need from somewhere else, you can cancel your online cash advance at no charge. To cancel your cash advance, just contact our Customer Care team and return the full amount borrowed within 3 business days to avoid applicable interest and/or fees.
Payday loans are designed to help people cover short-term cash needs until their next payday. Also referred to as cash advances, payday loans can be a practical and secure way to tide you over when unexpected expenses crop up. If you have expenses related to an auto accident, emergency medical expenses, or other unexpected bills, a cash advance could help you bridge the gap.
Consider a small loan from your credit union or a small loan company. Some banks may offer short-term loans for small amounts at competitive rates. A local community-based organization may make small business loans to people. A cash advance on a credit card also may be possible, but it may have a higher interest rate than other sources of funds: find out the terms before you decide. In any case, shop first and compare all available offers.
Several factors determine how much you can borrow, but your credit isn’t one of them, as the phrase “no credit check” indicates. (“No credit check” and other terms like “fast cash” and “easy” are usually the main selling points in payday loan ads and part of what makes them appealing to borrowers, though new rules proposed by the CFPB in 2016 require short-term lenders to measure a consumer’s ability to repay in certain instances.)
If we extend credit to a consumer, we will consider the bank account information provided by the consumer as eligible for us to process payments against. In addition, as part of our information collection process, we may detect additional bank accounts under the ownership of the consumer. We will consider these additional accounts to be part of the application process.***
* If your loan is approved before 9:00 PM ET from Monday through Thursday, or before 7:00 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time funds are made available to you are subject to your bank's policies.
Once you determine that cash advances are allowed, you’ll need to request one. Some companies have a formal process in place, while others may allow you to speak privately with your supervisor. Experts suggest that employees approach this conversation tactfully. Time it so you don’t ask when things are hectic at work and prepare a good argument for why you need the advance and why it’s urgent.6
Find out if you have — or if your bank will offer you — overdraft protection on your checking account. If you are using most or all the funds in your account regularly and you make a mistake in your account records, overdraft protection can help protect you from further credit problems. Find out the terms of the overdraft protection available to you — both what it costs and what it covers. Some banks offer “bounce protection,” which may cover individual overdrafts from checks or electronic withdrawals, generally for a fee. It can be costly, and may not guarantee that the bank automatically will pay the overdraft.
The report was reinforced by a Federal Reserve Board (FRB) 2014 study which found that while bankruptcies did double among users of payday loans, the increase was too small to be considered significant. The same FRB researchers found that payday usage had no positive or negative impact on household welfare as measured by credit score changes over time.
A: When approving an applicant for a loan, several factors are considered. During the application process, Speedy Cash considers your current income and the type of loan you are applying for, among several other factors. Once we process your application we will give you a lending decision, typically within just a few minutes, and if approved, let you know how much you're approved to borrow.
Paying bills on time is crucial to financial management, but what about paying yourself as part of that commitment? People who consider their future selves just as important as their monthly mortgage are more effective at building savings accounts. To build up your savings on a consistent basis, start "paying yourself first" by setting aside a certain amount each pay period for your savings account. Treat this account just like you would a recurring bill and, if possible, make it automatic. You can also download a tool like Digit, which reviews your spending and finds unused funds to transfer into an FDIC-insured savings account.
To borrow through the bank you will typically have to gather pay slips, bank statements, or other time-consuming documentation, as well as waiting some time for approval. The MoneyMe way is different – we use secure, fast Proviso technology to obtain 90 days of bank statements online in seconds. Along with your personal details, this is all the information we need to process your loan. You can be assured we will keep all your information safe and secure.
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