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Who is speedy cash owned by?

Speedy Cash is a national financial services provider headquartered in Wichita, Kansas. Founded in 1997, they are known for providing a variety of financial services, including payday loans, installment loans, lines of credit, and more.

They have over 3,000 stores located in 16 U. S. states and Canada. They also offer cash advances from their website and mobile app.

Speedy Cash is owned by Hearth, LLC. Hearth is a private investment vehicle that focuses on acquiring, managing, and growing small companies in the consumer and financial services industries. They are dedicated to helping their companies succeed and build relationships with their customers.

Hearth was founded in 2017 and is based in New York City.

Who bought Speedy Cash?

Speedy Cash is a financial services company that has been providing short-term loans, payout services, and other financial solutions since 1997. The company has more than 300 locations in the United States, Canada, and the United Kingdom as of 2020.

Speedy Cash was founded by executives from Credito Mexico in 1997 and was initially called Credito Familiar. In 2002, the founders decided to branch out, and the company became Speedy Cash. In 2020, the company was purchased by Grupo Elektra, a Latin American financial services company based in Mexico.

The acquisition was part of Grupo Elektra’s plans to expand its financial services business in North America, and the company has since continued to open new locations throughout the continent.

Is Speedy Cash USA legitimate?

Yes, Speedy Cash USA is a legitimate loan provider. The company was founded in 1997 and has provided loans to consumers in 29 states in the US. Speedy Cash is a member of the CFSA (Community Financial Services Association) which holds members to a high standard of conduct and encourages responsible lending decisions.

The company also has a valid state license to operate in each state it serves. Speedy Cash is also licensed and regulated by the British Columbia Financial Services Commission and the Alberta Consumer Protection Act.

This ensures the company complies with all the requirements of Canadian law.

Speedy Cash is fully transparent with its customers and has an established customer service team to answer any queries or concerns that may arise. They also provide financial counseling to customers to help them make well-informed decisions.

Furthermore, customers can find all the information regarding their loan agreements online with Speedy Cash.

In conclusion, based on its legitimacy and transparency, Speedy Cash USA is a safe and reliable loan provider.

What happens if you stop paying Speedy Cash?

If you stop making payments to Speedy Cash, it could have serious consequences depending on how you chose to borrow. If you took out a loan, loan payments are expected to be made on the agreed-upon schedule and failure to do so could lead to a variety of consequences.

This could include late fees, penalties, damage to your credit score, and in some cases, legal action.

If you used payday loans, non-payment of those loans could result in additional fees, rollover fees, damage to your credit score, and in some cases, legal action. As a way of preventing this from happening, be sure to never borrow more than you can realistically pay back and to create a plan for making payments to Speedy Cash in order to stay on top of your loan.

Missing payments could have serious repercussions so it’s important to stay on top of your loan payments and stay in contact with Speedy Cash to avoid any issues.

How long can payday loans come after you?

Payday loans can come after you indefinitely, as they are typically unsecured loans. Meaning, if the borrower fails to make their payments, the lender can attempt to collect the debt by any legal means including using a collection agency or filing a lawsuit.

This could result in judgments and liens against the borrower. If a borrower defaults on their loan and is unable to pay the remaining balance in full, interest may continue to accrue and late fees may be added.

Depending on the state laws, a lender could pursue the debt years after they fail to make payments, even if they don’t follow through with an actual lawsuit.

Can speedy cash be trusted?

Yes, Speedy Cash can be trusted. They have an A+ rating with the Better Business Bureau and have served over 2 million customers since their inception in 1997. They have locations in select U. S. states and have been featured by many media outlets, including U.

S. News & World Report and NBC. Furthermore, they offer high-quality communication throughout the process and have a variety of financial products that can be tailored to your needs, including emergency cash loan options such as payday loans and installment loans.

They also provide services such as MoneyGram transfers and other ways to access quick cash. For more information and to speak with a qualified representative, you can contact Speedy Cash’s customer service.

Is there a lawsuit against Speedy Cash?

At this time, there does not appear to be any current lawsuits against Speedy Cash. However, there have been a few settlements of class action lawsuits against them in the past.

In November of 2019, a class action lawsuit was filed alleging that Speedy Cash had violated the Fair Credit Reporting Act and the Fair Debt Collection Practices Act by filing a lawsuit in a Colorado court when the defendant was from Michigan.

The lawsuit claimed that Speedy Cash attempted to collect a debt using improper debt collection practices. Ultimately, the case was settled and Speedy Cash agreed to pay a total of $2. 39 million to the class of affected consumers and attorneys’ fees.

In December of 2017, a class action lawsuit was filed alleging that Speedy Cash violated the Telephone Consumer Protection Act by making automatic telephone calls to cell phones without the recipient’s prior consent.

The lawsuit ultimately settled and Speedy Cash agreed to pay a total of $2. 75 million to the class of affected consumers and attorneys’ fees.

Due to these past cases, it is important for consumers to fully understand their rights and any debt collection activities that Speedy Cash may be attempting. Consumers should also be aware of their state’s laws regarding debt collection and make sure they are following all applicable laws and regulations.

Does Speedy Cash approve everyone?

No, Speedy Cash does not approve everyone for a loan. The lender evaluates an applicant’s information to determine whether or not they are eligible for a loan. This includes factors such as the applicant’s income and other financial details.

In order to be approved for a loan, applicants must meet certain criteria and demonstrate the ability to repay the loan. Additionally, applicants must also provide Speedy Cash with valid identity, income, residence, and bank account information.

Depending on the specific loan product and individual state regulations, additional eligibility criteria may be required to qualify for a loan. If approved, Speedy Cash will provide a loan offer based on the individual’s credit history.

How can I get out of a predatory payday loan?

Getting out of a predatory payday loan can be difficult but it is possible. The first step is to understand the loan and the risks of taking out a payday loan. Payday loan interest rates can be incredibly high, and it’s essential to understand what you’re getting into before taking out a loan.

The next step to getting out of a predatory payday loan is to contact a reputable credit counseling agency. A credit counselor can help you understand the terms of the loan, review budgeting and repayment options and provide tools to help you make changes to lower your debt and improve your credit score.

Additionally, the credit counselor can contact the payday loan lender to negotiate better payment plans or interest rates on the loan.

The third step is to make sure that you can pay the loan back in full and on time. Make payments towards the loan as soon as possible, and if you need to cut back on expenses so you can make payments, make sure to make necessary changes to stick to the budget.

Finally, if you can’t get out of the loan and cannot make payments, consider filing for bankruptcy. Bankruptcy can help you get out of the loan and eliminate your debt, but it will have an effect on your credit and can take years to rebuild your credit.

Seek legal advice to understand the effects of filing for bankruptcy and what other alternatives you may have.

Can online payday lenders sue you?

Yes, online payday lenders can sue you, either directly through filing a lawsuit in court, or through debt collectors that may have acquired the debt after the loan went into default. If the lender does file a lawsuit and you fail to appear in court, the lender may be awarded a default judgment that could include additional late fees, court expenses, and even interest on the amount owed.

In these cases, the lender may be able to garnish wages, put a lien on assets, or even seize other property as payment. Additionally, if the loan was taken out in a state where payday lending is legal, the lender may have the ability to impose criminal charges for not paying back the loan.

Therefore, it is important to take action if you’ve defaulted on a payday loan, as the lender has the right to pursue action through both civil and criminal means.

Can you get a loan on a class action lawsuit?

Yes, in some cases you may be able to get a loan on a class action lawsuit. Depending on the specifics of the lawsuit and the lender’s criteria, a loan may be an option. Generally, these types of loans are referred to as lawsuit funding, litigation funding, or pre-settlement funding.

Lawsuit funding can provide individuals with the necessary funds to cover financial hardships that may be caused by legal action.

When applying for a loan against a lawsuit, it’s important to understand the terms of the loan and the payment plan that will be required. Additionally, you should look for a lawsuit loan provider that has a good reputation and a track record of dealing ethically and responsibly with borrowers.

You should also be aware of the potential risks associated with lawsuit funding and make sure to discuss any questions or concerns you may have with the lender prior to taking out a loan.

What is the interest rate at Speedy Cash?

The interest rate at Speedy Cash varies depending on the type of loan that you take out. For example, a loan from Speedy Cash’s payday loan product typically comes with an Annual Percentage Rate (APR) from 260.

71% to 782. 14%. For short-term installment loans, the APR can range from 140. 77% to 399. 99%. The rate for Auto Title Loans is typically 270. 71% APR, and for Line of Credit Loans, it can range from 9.

99% to 24. 99% APR. You can find the exact interest rate for the type of loan you are interested in taking out by visiting the Speedy Cash website.

How much would a $200 payday loan cost?

The total cost of a $200 payday loan will depend on the lender’s terms, providing you meet their loan criteria. Generally, payday loan lenders charge a flat fee for each $100 borrowed. In the case of a $200 loan, this fee can range from $15-$30 for each $100 borrowed, which means the total cost for a $200 loan can range from $30-$60, plus any additional fees the lender may charge.

Additionally, some payday lenders may require you to pay an interest rate of approximately 15-30% of the total loan amount. Depending on the duration of the loan and the lender’s terms, this could mean added fees of around $25-$50.

Therefore, the total cost of a $200 payday loan can be anywhere from $55-$110.