Speedy Cash review
- APR
- Varies by province
- Loan Amount
- $250 - $1,500
- Loan Term
- Up to 62 days
- Turnaround Time
- 24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications
- Serviced Provinces
- All provinces except Quebec and PEI
Our verdict
Borrow between $200 and $1,500 from Speedy Cash without a credit check.
If you find yourself in need of some extra cash and don't have access to it, you may consider a payday loan from Speedy Cash. Whether you're facing a late bill or simply a shortfall in your monthly budget, Speedy Cash can help you make it to your next payday.
Before taking out a payday loan, however, consider other financing alternatives. Payday loans like Speedy Cash are extremely expensive and should only be a last resort.
Pros
-
Fast approvals and funding
-
Bad credit is okay
Cons
-
Very costly
Features of a Speedy Cash payday loan
- Loan amounts are between $200 and $1,500.
- They accept the following types of income: employment, employment insurance, child tax benefit and seniors’ pension.
- The borrowing fee is between $15 and $17 for every $100 borrowed depending on your province.
- Get your Speedy Cash payday loan within 1 hour to 1 business day via e-transfer or direct deposit.
- Pay back the loan by your next pay date.
Is Speedy Cash legitimate?
Yes. Speedy Cash is a licensed payday lender that has been operating for over 20 years. It has store locations in four provinces.
Where does Speedy Cash operate?
If you want to get a payday loan online, Speedy Cash operates in the following provinces and territories:
- British Columbia
- Alberta
- Saskatchewan
- Nova Scotia
- Yukon
- Nunavut
- Northwest Territories
Speedy Cash has physical locations in the following provinces:
- Alberta
- British Columbia
- Nova Scotia
- Saskatchewan
How does borrowing from Speedy Cash work?
To get a Speedy Cash payday loan online, apply with your personal and financial details. If you’re a new customer, you’ll need to provide proof of identity and income by providing documents, such as a copy of government-issued ID and pay stubs. You can borrow between $200 and $1,500 based on your income.
To repay the loan, you can visit a Speedy Cash branch on or before the due date, or you can have the payment withdrawn from your bank account with a pre-authorized debit agreement. Make sure you have enough funds in your account that day, or you could be charged fees.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Compare other payday loans
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.| Province | Max. cost of borrowing a $100 payday loan | Cooling off period to cancel loan | Max. penalty for returned cheque or pre-authorized debit |
|---|---|---|---|
| Alberta | $15 | 2 business days | $25 |
| British Columbia | $15 | 2 business days | $20 |
| Manitoba | $17 | 48 hours excluding Sundays and holidays | $20 |
| New Brunswick | $15 | 48 hours excluding Sundays and holidays | $20 |
| Newfoundland and Labrador | $14 | 2 business days | $20 |
| Nova Scotia | $15 | Next business day (2 days for online loans) | $40 (default penalty) |
| Ontario | $15 | 2 business days | $25 |
| Prince Edward Island | $15 | 2 business days | N/A |
| Quebec | Limit of 35% AIR | N/A | N/A |
| Saskatchewan | $17 | Next business day | $25 |
Benefits of a Speedy Cash payday loan
Here are some of the benefits of taking out a payday loan provided Speedy Cash is active in your area:
- Quick process. The application doesn’t take much time to complete, whether you apply in-store or online. If you apply in-store, you can expect funding in a matter of minutes. With online applications, Speedy Cash typically informs you about your application’s status almost immediately and then transfers funds into your bank account as soon as the following business day.
- Flexibility to use funds. Once you get access to your approved funds, you can use this money for anything, from paying utility or rent bills to tuition fees or simple budget shortfalls, as long as you use the money for legitimate purposes.
- Bad credit or no credit is OK. Speedy Cash does not do credit checks, so you can still qualify even with bad credit.
- Additional services. Speedy Cash offers more than just payday loans. You can also use the service to cash cheques.
What to watch out for
- Exorbitant rates. Payday loans are extremely expensive, with fees between $15 and $17 for every $100 borrowed.
- Short repayment terms. Payday loans need to be repaid by your next payday, which doesn’t give your finances much time to recover. The short repayment term combined with the high interest rate can lead to a cycle of debt.
The costs of borrowing from Speedy Cash
After Speedy Cash lets you know of your application’s approval, you’ll be provided with loan documents that detail the loan’s terms and conditions as well as all applicable fees and charges. It’s in your best interest to review this document carefully before signing it so you know exactly how much you’ll be repaying before you commit to the loan.
The fees you have to pay will depend on where you live, since regulations differ across Canada. Additionally, how much money you borrow will affect the amount you will need to pay in interest and fees.
If you don’t pay the loan off in time, you could have to pay late charges and additional fees if you wish to refinance your loan. This may also negatively affect your credit score if the lender reports you to one of the 2 credit bureaus in Canada.
As with all payday loans, make sure you have an ability to repay the full loan amount, including the interest, before you borrow money. Extra fees can quickly add up, and you could find yourself in a spiral of bad debt if you don’t prepare.
How to apply for a payday loan from Speedy Cash
You can apply for a Speedy Cash payday loan in-store or online (depending on whether it has services in your location) as long as you meet the following eligibility criteria:
- You are a Canadian citizen or a permanent resident
- You have a steady source of income
- If you apply online, you will need to have a bank account
In order to complete the application successfully, you’ll need the following:
- Your name, home address, email address, date of birth and phone number
- A valid government-issued ID
- Blank personal cheque or a pre-authorized debit form
- 60 day bank statement from date of application
- Most recent pay stub
- Proof of address
What other loan products does Speedy Cash offer?
Speedy Cash also offers cheque cashing services with a fee of $3.50 plus 3.5% of the cheque. If you don’t have a bank account or you need a cheque cashed quickly, you can cash a variety of different cheques including government cheques, pay cheques, insurance, money orders and other types of cheques.Are payday loans available in my province or territory?
Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.
The Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.
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