If you don’t pay back Speedy Cash, you run the risk of having a negative impact on your credit report as they will send your delinquency status to the credit bureaus. This can stay on your credit report for up to 7 years and have a significant and damaging effect on your credit score.
In addition, they may also send your account to a collections agency, who will pursue payment and could have an additional negative impact on your credit.
Speedy Cash may also take legal action against you and take the non payment of your loan through the courts. This is a serious situation and one that can take a prolonged period of time to resolve and incur additional costs for you.
Make sure to pay back Speedy Cash on time and on schedule, as this is the best option for your financial wellbeing.
How do I stop paying speedy cash?
If you are looking to stop paying Speedy Cash, you can do so by contacting their customer service team at 1-888-333-1360 and letting them know you wish to stop making payments. They will then be able to assist you in setting up a new payment plan or canceling your loan entirely if you no longer wish to use their services.
Additionally, you can also close your Speedy Cash account at any time if you wish to do so. To do this, you will need to write a letter to their Customer Service department and inform them of your decision in writing.
The address to which you should send the letter is provided on their website. Once they have reviewed the letter and determined that you wish to close the account, they will send you a confirmation letter detailing the closure.
Is there a lawsuit against Speedy Cash?
At present, there does not appear to be any lawsuits against Speedy Cash. However, a review of their customer reviews suggests that some customers have had issues with the quality of service and the handling of their payments.
Speedy Cash has an A+ rating from the Better Business Bureau and ongoing accreditation since October 2019. This indicates that customers are generally satisfied with the services provided by Speedy Cash.
If a customer believes that they have been treated unfairly or their payments mishandled, they may have grounds to pursue a lawsuit against the company. If this is the case, they should reach out to a lawyer in their local area to discuss their legal options.
How do I get out of a payday loan nightmare?
The best way to get out of a payday loan nightmare is to work with your lender to establish a realistic repayment plan. Payday loan lenders often allow borrowers to extend the length of the loan or adjust the repayment schedule in order to make payments more manageable.
You should contact your lender as soon as possible to request a new payment plan. If you borrowed from a payday lender with physical stores in your area, you can also speak to a representative about your repayment plan.
If creating a new payment plan is not an option, then you should work with a credit counseling agency or a debt consolidation company to help you manage your payday loan debt. These companies will work with you to negotiate payment terms with your lender and may even be able to settle the debt for a lower amount that you can afford to pay.
You can also contact your local consumer credit counseling service to get help understanding your current situation and developing a strategy to manage it.
It is important to note that if you are struggling with payday loans, then you may be facing serious financial difficulties. If you are unable to resolve your payday loan situation on your own, it is important to seek professional help as soon as possible.
Can a payday loan sue you after 7 years?
In general, repayment of a payday loan falls under a statute of limitations, which is a law that sets a time limit on pursuing legal action. Depending on your state, this time limit can be anywhere from three to six years, but it could also be up to seven years if your payday loan agreement includes a written acknowledgement of the debt.
That means, if the payday loan company decides to sue you after seven years, it could be possible if there’s written evidence of the debt.
However, even if the time limit for filing a lawsuit has passed, you may still be responsible for paying off the debt. Even if the payday loan company can’t legally take any legal action to collect the debt from you, it can still try to get the money directly from you.
This means it may send letters or make phone calls asking for payment. Additionally, the payday loan company may be able to report the unpaid debt to the credit bureaus, which can have a negative impact on your credit score.
In conclusion, although it is unlikely that the payday loan company can sue you after seven years, it is still important to make sure you understand the terms of your loan agreement and comply with the repayment schedule.
Can online payday lenders sue you?
Yes, online payday lenders can sue you if you default on a loan. Depending on the terms of your loan agreement and the laws of your state, they may be able to initiate a lawsuit against you or place a lien against your property.
If you are sued, you may end up having to pay attorney’s fees, court costs, and damages. Online payday lenders may also send a debt collector to try and get you to pay the amount you owe. If you have defaulted on a loan from an online payday lender, it is important to take legal action and contact an attorney to help resolve the matter.
Who is Speedy Cash owned by?
Speedy Cash is owned by Optigo, which is a subsidiary of the United Midwest Savings Bank based in Bowling Green, Kentucky. The United Midwest Savings Bank is FDIC-insured and is managed by industry leaders and respected financial professionals.
In addition to Speedy Cash, the United Midwest Savings Bank also owns and operates Official Money Store, Globe Social Media and more. All of these entities address financial solutions such as online loans and credit in a responsible and transparent manner with the goal of helping their customers improve their financial wellbeing.
Can you get a loan on a class action lawsuit?
Yes, it is possible to get a loan on a class action lawsuit. This type of loan is generally referred to as a pre-settlement loan, also known as a lawsuit loan. Pre-settlement loans are advances provided to plaintiffs who are waiting for a settlement in a civil lawsuit.
The loan is based on the expected outcome of the lawsuit, allowing plaintiffs to receive financial assistance during the course of their civil suit. Individuals and companies can use pre-settlement loans in order to cover legal costs, medical bills, and living expenses, until the resolution of the case.
However, these types of loans typically come with a high rate of interest, often resulting in greater debt for plaintiffs by the end of the lawsuit. It is important to be aware of the terms and conditions before taking out a loan on a class action lawsuit.
How long does it take for a loan to be deposited into your account?
The amount of time for a loan to be deposited into your account can vary significantly depending on the lender and the type of loan. Generally, it can take anywhere from a few minutes to a few weeks for the funds to be deposited.
If you’re borrowing from a traditional financial institution, such as a bank, processing times can take anywhere from a few days to a few weeks. On the other hand, if you’re using an online lending platform, you may receive funds as quickly as the same day or within one to two business days.
Approval and deposit times will depend on the terms of the specific loan and the lender’s policies. Additionally, if you’re using an online platform, the deposit speed will depend on how quickly the lender processes your application, which can be heavily influenced by how complete the information you provided is.
How long does it take to get money from a payday loan?
The exact amount of time it takes to receive money from a payday loan can vary based on the lender and the type of loan, but it can generally range from one to two business days. On the day the loan is approved, the funds may be deposited electronically into the borrower’s bank account within a few hours.
Other processes may take longer depending on the lender’s procedures, such as going through verification processes or waiting for a check to clear. For instance, some lenders require that the check be physically deposited into a bank account before it can be cashed.
Additionally, if the loan is being taken out through an online loan service, it may take the service an additional day to process the loan. In any case, the loan will generally be available for use within 24 hours of approval.
What time do loan deposits Post?
The exact time a loan deposit posts to your account is dependent on a few factors, such as the type of loan, type of lender, and payment method used. Some loan deposits may post to your account on the same day you apply, while others may take up to five business days.
Typically, online lenders are able to transfer funds faster than traditional banks or credit unions because they use electronic payment systems such as ACH transfers. ACH transfers typically take 1-2 business days to post, so if you receive a loan from an online lender, you should expect to see it in your account within a few days.
For loans from traditional banks or credit unions, it is not unusual for them to take up to 5 business days to post. This is because they often require additional paperwork and processing time in order to initiate the loan transfer.
In addition to the loan transfer time, if you are receiving a loan from a lender who does not use electronic payment systems, it is important to factor in extra time for the check to arrive in the mail.
Overall, the time it takes for a loan deposit to post to your account can vary based on the type of loan and lender, but you should generally expect to see it within 1-5 business days.
When you get approved for a loan do you get the money the same day?
Generally, when you get approved for a loan, you won’t receive the funds the same day. This will depend on the lender, loan product and the individual situation, but it usually takes several days for loan proceeds to be deposited into your account after you get approved.
The specific timeline for each loan will depend on the lender and the type of loan you’ve applied for. Some loan products can take up to a week or longer for the funds to be deposited into your account, while other loan products could have the funds deposited the next day after approval.
Additionally, if you apply for a loan over the weekend or holidays, this may cause additional delays.
Be sure to ask your lender the exact timeline you can expect the funds to be available to you. In some cases, the lender may be able to provide the money on the same day, while in other cases, it may take several days.
In any case, it is important to be aware of how long it will take to receive your loan proceeds, so you can plan accordingly.
Do loans get deposited into your bank account?
Yes, loans typically get deposited into the bank account that you have provided the lender. When you apply for the loan, you will be asked to provide your banking information, such as a routing and account number, so that the loan funds can be transferred.
Generally, it takes a few business days for the funds to be available in your account. Some lenders may offer same-day deposit options. Be sure to ask your lender how long it takes for loan funds to be deposited into your account.
Is Speedy Cash legitimate?
Yes, Speedy Cash is a legitimate lender. Speedy Cash is a trusted source of loan services since 1997. They are dedicated to providing customers with fast, reliable, and secure lending services. Speedy Cash is a direct lender providing short-term solutions for loan products ranging from Pay Day Loans, Installment Loans and Line of Credit Loans.
They also offer a variety of online services to make getting a loan easier and faster. All of their loan products are fully compliant with applicable federal and state regulatory requirements ensuring fair and responsible lending practices.
Furthermore, Speedy Cash is part of a large network of lenders and lenders associated with them, increasing the chance of finding the right loan option for you. Finally, Speedy Cash also offers many helpful resources such as a loan calculator, loan resources, and frequently asked questions to assist you with making a better-educated decision on what loan product suits you best.
Therefore, it is safe to say that Speedy Cash is a legitimate lender and is trustworthy.