No, not everyone gets approved for Speedy Cash. To be approved for a loan from Speedy Cash, you must meet certain eligibility requirements. The requirements vary by loan product, but generally require you to: be at least 18 years old, have an active checking account, have a valid and verifiable email address, have a valid and verifiable phone number, have a steady and reliable source of income, and have a Social Security Number.
In addition, you will need to pass certain identity and credit checks to be approved. If you do not meet the eligibility requirements, or if your credit score is not high enough, you may not be approved for a loan from Speedy Cash.
How does Speedy Cash verify income?
Speedy Cash verifies income in a few different ways depending on the type of income you have. For salaried/hourly jobs, Speedy Cash will typically request a paystub or provide you with a link to an online verification system.
For self-employment, they may request bank statements or ask you to upload tax documents. Lastly, if your income is coming from a government source such as unemployment or social security, they will usually ask for documents showing your benefits, such as an award letter or bank deposit statement.
Once they have received verification of your income, they will use that to calculate your loan amount and payment.
Does Speedy Cash run your credit?
No, Speedy Cash does not run your credit. Speedy Cash provides cash advance loans to customers and does not use traditional credit checks. Instead, Speedy Cash uses alternative methods to determine loan eligibility such as verifying income and bank account information.
This means that you can apply for a cash advance loan with Speedy Cash without worrying about your credit score. Furthermore, Speedy Cash also offers payday loans, installment loans, and other products, which do not require credit checks.
To apply for a loan with Speedy Cash, you will instead need to provide proof of income and a valid bank account.
Can you be denied a payday loan?
Yes, you can be denied a payday loan. Payday lenders carry out stringent checks when assessing whether to provide a loan and those with a poor credit history, a very low income or a lack of sufficient collateral are likely to be declined.
Additionally, if you’re applying for a payday loan online you may also be denied if you don’t meet the lender’s requirements and state regulations, or have ‘opted out’ of an existing scheme with another payday loan provider.
Other factors, such as your employment status, may also be taken into consideration by the lender. If you’re stuck in an already existing debt cycle and appear to be applying for a loan to pay off debt, you may be denied.
Finally, it’s possible to be denied a payday loan due to insufficient funds or failing to meet the lender’s criteria, in which case you should look for alternate loan options.
Does Speedy Cash do a soft pull?
Yes, Speedy Cash does conduct a soft pull when you apply for a loan. A soft pull is when a lender checks your credit history, but the inquiry is not visible to other lenders or on your credit report.
It’s also referred to as a soft credit inquiry or a soft credit check. Soft pulls are usually done by lenders and financial institutions just to see if you meet their lending criteria without negatively affecting your credit score.
With Speedy Cash, you can apply and get approved for a loan without any hard pull being done, so your credit score stays protected. Provided you meet Speedy Cash’s lending criteria and are approved for a loan, you can rest assured that only a soft pull has been done to verify your personal information.
Is Speedy Cash and Rapid Cash the same?
No, Speedy Cash and Rapid Cash are not the same. Speedy Cash is a direct lender offering short-term financial services and products, including payday loans, cash advances, installment loans, check cashing, and more.
They have over 400 storefronts throughout the US and Mexico and provide a wide range of online loan services as well. Rapid Cash is a payday lender that is operated by Flagship Financial Services and has over 130 locations in eight states throughout the US.
They provide short-term, small dollar loans with quick access to funds. Their services include online loans, cash advances, and check cashing. They also offer installment loans and credit services like prepaid debit cards and money orders.
So, while Speedy Cash and Rapid Cash both offer payday loans, cash advances, and check cashing, they differ in the types of services and loan amounts they offer.
Do soft pulls show up as inquiry?
No, a soft pull does not show up as an inquiry on your credit report. This type of inquiry will not negatively affect your credit score either. Soft pulls, also known as soft inquiries, are only visible to you when you look at your credit report and are not seen by lenders.
Soft inquiries are most often used to pre-qualify someone for a credit card, loan, mortgage, or other type of financial product. They also allow lenders to check your credit periodically without a hard pull inquiry or having any negative impact on your credit score.
What banks do soft pull?
Soft pulls are often associated with credit inquiries that do not directly impact an individual’s credit score. Banks are generally willing to do a soft pull due to the lower risk of doing so, such as banks that provide services such as pre-approved credit cards, secured credit cards, payday loans, or checking and savings accounts.
Wells Fargo, US Bank, First Midwest Bank, Huntington Bank, and Fifth Third Bank are some of the banks that often do a soft pull. US Bank also offers pre-approved credit cards and checking accounts which requires a soft pull.
Wells Fargo, First Midwest Bank, and Fifth Third Bank offer payday loans and secured credit cards which generally require soft pulls as well.
Most banks that require a potential customer to furnish an SSN or other identifying information for approval will typically do a soft pull. In most cases, the hard pull might only be necessary for approval when obtaining a loan, as the bank wants to review credit reports and histories in greater detail before granting approval.
Do you get a credit score with a soft pull?
Yes, when a lender or creditor performs a soft pull, they will obtain your credit score in addition to your credit report. A soft pull does not affect your credit score, as it does not leave an inquiry on your credit report.
Soft pulls are commonly performed to verify the accuracy of your credit report and to help lenders make decisions about loan qualifications. When you request a copy of your credit report, which you can do for free once a year from each of the major credit bureaus, you will also receive your credit score.
Be aware that the credit score you obtain from the credit bureau may be different from the score that lenders receive because lenders may use different scoring models.
What stores do soft pull credit cards?
Soft pull credit cards can be found at numerous stores, both online and in physical locations. Some of the larger banks such as Chase, Capital One, Citi, and Bank of America typically offer soft pull cards.
Other financial institutions and credit unions such as Navy Federal Credit Union, USAA, First Tech Federal Credit Union, and Wells Fargo may also offer soft pull cards.
When shopping online, it’s usually fairly easy to find soft pull cards. Many websites including Amazon and Walmart offer soft pull credit cards. Additionally, many online lenders and loan companies provide soft pull cards as well.
In physical locations, many department stores, furniture stores, and food stores may offer soft pull cards. Some places that may offer this type of card include Walmart, Target, Best Buy, Lowe’s, and Stop & Shop.
Additionally, many gas station chains such as BP, Shell, Exxon, and Chevron also offer soft pull credit cards.
Overall, there are a wide variety of stores that provide soft pull credit cards, both online and in physical locations. With a little bit of research and comparison shopping, it should be easy to find the card that best meets your needs.
Is Speedy Cash legitimate?
Yes, Speedy Cash is a legitimate lender and financial services provider. They have been in business since 1997 and have provided financial services to more than 2 million customers across the United States.
In addition to providing payday loans, they have a wide range of services to meet customers’ needs, including online loans, cash advances, title loans, check cashing services, and more. All of their locations are licensed and in compliance with state regulations, and they have various partnerships with financial service providers such as banks, credit unions, and online finance companies.
They also adhere to all applicable federal and state regulations, including anti-discrimination laws. Overall, Speedy Cash is a legitimate lender with a good reputation for providing fast and easy financial solutions for customers in need.
Does Speedy Cash approve everyone?
No, Speedy Cash does not approve everyone for their loan services. Like with any lender, they have eligibility criteria to ensure borrowers can responsibly handle the financial responsibility of repayment.
This includes a checking account, proof of steady income, and meeting certain requirements regarding identity validation, employment status, and banking activity. The lender also reserves the right to review credit reports to determine whether they are willing to provide a loan.
Ultimately, though not everyone may be approved, Speedy Cash is committed to providing access to convenient, safe financial services to their customers.
Is there a lawsuit against Speedy Cash?
At this time, there are no reported lawsuits against Speedy Cash. However, you may want to check with your local jurisdiction to ensure that there are no applicable laws in your area that would prohibit Speedy Cash from conducting business in your area.
Additionally, you can always contact your state attorney general for more information.
If you have experienced unsatisfactory service with Speedy Cash, you may consider filing a complaint against them with the Consumer Financial Protection Bureau (CFPB). The CFPB is a federal agency that helps consumers obtain financial services and is dedicated to protecting consumers from unethical or fraudulent behavior.
You can submit your complaint online at www. consumerfinance. gov.
Speedy Cash is also subject to the Truth in Lending Act (TILA), which requires that lenders provide consumers with information about their loan terms andthe cost of their loan before signing. If you feel that you have been mistreated or that the loan agreement you signed does not reflect the agreements you were originally provided when you applied for the loan, you may want to file a complaint with the CFPB.
It is also a good idea to contact a consumer law attorney who can review the documents and advise you as to any potential causes of action that may apply in your situation.
What happens if you don’t pay back a Speedy Cash loan?
If you don’t pay back a Speedy Cash loan, you may be subject to late fees, collection activities, and legal proceedings. Speedy Cash may take action to recover the money you owe, which could include taking action in court, sending your account to a collections agency, and/or reporting your nonpayment to credit bureaus.
In some circumstances, you may also be subject to extra fees and/or higher interest rates. If you think you won’t be able to repay your loan in full, it’s important to contact Speedy Cash as soon as you can to discuss other repayment options or payment plans that may be available.
Failing to pay back a loan from Speedy Cash could have a negative impact on your credit, financial stability, and future borrowing capabilities.
Who is Speedy Cash owned by?
Speedy Cash is owned by a company called CURO Group Holdings Corp. (formerly Dollar Financial Group). CURO Group Holdings is a leading provider of financial services and products to underserved customers across the United States and Canada.
They specialize in providing innovative solutions in the form of payday loans, installment loans, check cashing, and more. CURO Group Holdings owns and operates multiple brands, including Speedy Cash, LoanMart, The Check Cashing Store, and more.