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Speedy Cash Payday Loan Frequently Asked Questions

Q. Why Should I Work With Speedy Cash?

Q. Is My Personal Information Secure With Speedy Cash?

Q. What Is a Payday Loan?

Q. What Is a Flex Loan?

Q. Why Do People Choose Short-Term Loans Such as Payday or Flex Loans?

Q. What Is Required to Complete an Online Payday or Flex Loan?

Q. What Is Required to Complete a Payday or Flex Loan in a Speedy Cash Store?

Q. How Do I Apply for a Speedy Cash ONLINE Payday or Flex Loan?

Q. Can I Complete My Payday or Flex Loan 100% Online?

Q. How Can I Find the Speedy Cash Store Location Nearest Me?

Q. What Are the Hours at My Local Speedy Cash Store?

Q. How Much Money Can I Get With a Payday or Flex Loan?

Q. How Will I Receive My Payday or Flex Loan Money?

Q. When Can I Expect to Receive My Payday or Flex Loan Money?

Q. How Much Does a Speedy Cash Payday or Flex Loan Cost?

Q. What Does "APR" or "Annual Percentage Rate" Mean?

Q. Does Speedy Cash use Credit Reference Agencies?

Q. When Will My Payday Loan Be Due?

Q. When Will My Flex Loan Be Due?

Q. Can I Refinance My Payday Loan?

Q. What If I'm Unable to Repay My Payday or Flex Loan on My Due Date?

Q. If I Default on My Loan Repayment, Will I Face Penalties?

Q. If I Default on My Flex Loan Repayment, Will I Face Penalties?

Q. Should I Contact Speedy Cash If My Personal or Financial Information Has Changed?

Q. Do I Have the Right to Withdraw From My Loan?

Q. After I Pay Off My Payday Loan, When Can I Receive Another Loan?

Q. What Is the Minimum Monthly Income Required to Qualify for a Payday Loan?

Q. How Do I Update My Speedy Cash Online Account Information?

Q. What Should I Do If I Cannot Log in Online as a Returning Customer?

Q. Whom Do I Contact If I Have a Complaint?

Q. What Should I Do if I am in Financial Difficulty?

Q. What is Continuous Payment Authority?

Q. How Does a Continuous Payment Authority Work?

Q. How Do I cancel a Continuous Payment Authority?


Q. Why Should I Work With Speedy Cash?

A. For simply the best Payday Loan experience, we're glad you found Speedy Cash®. You will be, too! As a Payday Loan Lender for more than a decade, Speedy Cash is different. Our Customers know we're different. The more you learn About Speedy Cash, the more you'll agree! We pride ourselves in offering our own direct Payday Loans & other Financial Services with professional, courteous customer service. Now we're excited to begin serving customers in the UK. Speedy Cash Payday Loans are fast — even if it's your first time! Complete our Payday Loan Application ONLINE 24/7. Or stop in one of your local Speedy Cash UK Payday Loan Stores soon, and our Customer Advocates will warmly welcome you to the Speedy Cash Easy, Fast & Friendly UK Payday Loan, Cheque Cashing, Cash for Gold and Money Transfer process.

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Q. Is My Personal Information Secure With Speedy Cash?

A. The safety & security of your financial information is very important to Speedy Cash, whether we're working with you online, by phone, or in a Speedy Cash Store. Our Online Loan Application is encrypted for security. For your peace of mind, look for the https://secure web address when completing your loan application on our website.

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Q. What Is a Payday Loan?

A. A Payday Loan is a short-term Cash Advance from your next pay date. With a Speedy Cash ONLINE Payday Loan, you can receive the cash you need directly deposited into your bank account. Or drop by a Speedy Cash UK Payday Loan Store today! If approved for a Speedy Cash loan in accordance with our lending criteria, you can simply write us a personal cheque (due on your next pay date) for the loan amount plus finance charge. We hold this cheque for you, and you get cash today! You may also provide your Debit Card for easy automatic repayment.

When you take out a loan with Speedy Cash you commit to repay in accordance with the terms and conditions of the agreement. For a single payday loan this means that you are committing to pay the amount you borrowed plus all charges accrued on the date specified.

If you are not able to repay in accordance with the agreement terms, a payday loan may be unsuitable for you and you may want to consider applying for our Flex Loan.

Speedy Cash is committed to responsible lending and undertakes checks to ensure you can afford to repay in accordance with the loan terms when you apply. Please note that Payday Loans are an expensive form of credit and are not suitable for longer term credit needs. Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Q. What Is a Flex Loan?

A. A Flex Loan is an instalment loan, with the added flexibility of being able to settle your balance in full whenever you choose. Finally a product that’s gives you the choice of using it like a payday loan in sense that you can barrow the cash you need and settle as early as you like or keep it open for small instalments over the 18 month term.

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Q. Why Do People Choose Short-Term Loans?

A. Payday Loans offer a fast cash alternative to long-term loan & bank overdrafts. Within every budget, there are times when money is tighter than normal. A short-term Payday Loan (Cash Advance) is an easy, cash option. Speedy Cash Loans offer convenient, flexible, short-term personal borrowing.

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Q. What Is Required to Complete an Online Payday or Flex Loan?

A. In order to apply for an Online Payday or Flex Loan you need an open and active bank account with Debit Card in your name, a steady source of income, details of reoccurring expenditure, and a working phone number. You must be at least 18 years of age. Simply complete our simple online Payday or Flex Loan application form; submit to see the cash amount you may qualify; & review and complete your loan with your electronic signature.

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Q. What Is Required to Complete a Payday or Flex Loan in a Speedy Cash Store?

A. You need just a few things to apply for a Speedy Cash UK Payday or Flex Loan:


•  An Open Bank Account  •  Income/Expenditure Information  •  Identification
•  A Cheque Book or Debit Card  •  Working Telephone Number


Subject to Creditworthiness Assessment

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Q. How Do I Apply for a Speedy Cash ONLINE Payday or Flex Loan?

A. Speedy Cash Online Payday or Flex Loans are Easy & Friendly! Our simple one-page Payday and Flex Loan Application lets you create a Speedy Cash account with just your contact, income/expenditure, & bank account information. Submit your application online, choose your product and receive a loan approval decision! You'll see your approved Cash Advance amount right away, & your electronic signature completes your No Fax Payday or Flex Faster Payments*, most Speedy Cash loans are funded on the same day they're approved. We've made applying for a Payday Loan stress-free & friendly - from the convenience & privacy of your own home.

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Q. Can I Complete My Payday or Flex Loan 100% Online?

A. In most cases you can complete a Speedy Cash Payday or Flex Loan 100% online, no faxing required. However, we carefully review your lending criteria to make certain repayment will not be a financial burden. Occasionally we require additional information to complete this process. We provide Internet-based and fax options for you to send more information if needed, and priority process it to ensure you an Easy & Friendly Online Payday Loan experience.

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Q. How Can I Find the Speedy Cash Store Location Nearest Me?

A. Speedy Cash UK Store Locations are easy to find on our interactive map.

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Q. What Are the Hours at My Local Speedy Cash Store?

A. Speedy Cash UK Payday Loan Stores are open extended hours for your convenience. See our daytime, evening, & weekend hours by selecting the Speedy Cash UK Store Location nearest you.

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Q. How Much Money Can I Get With a Payday or Flex Loan?

A. In the United Kingdom, you may qualify for a loan up to £1000. Within the allowed range, you qualify for a Payday Loan amount based primarily on your current income. Please note that as a first time customer the maximum amount you can borrow is £500.

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Q. How Will I Receive My Payday or Flex Loan Money?

A. Our ONLINE Payday Loan process is automatic and convenient. Once your loan is approved, Speedy Cash electronically deposits funds into your bank account by Faster Payments* or BACS transaction at no extra cost. If you choose to complete your Payday Loan in a Speedy Cash Store, once you're approved you'll get cash on the spot.

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Q. When Can I Expect to Receive My Payday or Flex Loan Money?

A. Your ONLINE Payday Loan Application will be processed once it has been received. Speedy Cash funds most approved loans same-day! If your bank accepts Faster Payments*, & your Payday Loan application is approved by 10 p.m., your loan will be funded the same day. Loans completed after 10 p.m. will be funded by Faster Payments on the following day. If your bank does not accept Faster Payments, Speedy Cash must send funds by BACS transaction. BACS requires three banking business days: payments are entered on day one, processed on day two, and fund on day three.

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Q. How Much Does a Speedy Cash Payday or Flex Loan Cost?

A. Our UK Payday and Flex Loan Rates & Terms are affordably & competitively priced. Please see our Payday or Flex Loan Rates and Terms pages.

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Q. What Does "APR" or "Annual Percentage Rate" Mean?

A. We're glad you want to know and are not surprised you asked! APR is the cost of credit and other charges calculated at a yearly rate. All UK lenders are required by law to post representative APR so customers can compare the cost of credit from one UK lender to another.

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Q. Does Speedy Cash use Credit Reference Agencies?

A. Yes. For more information please see our Guide to the use of your personal data by Speedy Cash and Credit Reference and Fraud Prevention Agencies.

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Q. When Will My Payday Loan Be Due?

A. Your Payday Loan repayment will be due on your next pay date. There's nothing you need to do! Speedy Cash will automatically process your repayment on your due date.

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Q. When Will My Flex Loan Be Due?

A. Your Flex Loan will be due in instalments aligned with your payment schedule across the next 18 months. So if you are paid every two weeks on Friday, your minimum instalment payment will be due each Friday, however with the added flexibility of being able to settle your balance in full whenever you choose.

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Q. Can I Refinance My Payday Loan?

A. Speedy Cash is a responsible lender and urges you to borrow only what you can afford to pay back. We do not offer the ability to refinance a payday loan, therefore we do not recommend you take out a payday loan unless you are sure you can repay in full on your next pay date. Alternatively, you may want to ask about out longer term repayment Flex Loan.

Q. What If I'm Unable to Repay My Payday or Flex Loan on My Due Date?

A. Speedy Cash is a responsible Payday and Flex Loan Lender and urges you to borrow only what you can afford to repay. However, if you are faced with unexpected circumstances and are unable to repay on time, please Contact Speedy Cash immediately. We value our relationship with you and will work with you to find alternative repayment solutions regarding your Payday Loan repayment.

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Q. If I Default on My Loan Repayment, Will I Face Penalties?

A. Speedy Cash will charge you the sum of £25 on a Payday Loan if you default on your loan agreement or if your payment form is returned for any reason. Missing payment could have severe consequences, such as to make obtaining credit more difficult and/or more expensive because of the adverse effect on your credit record.

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Q. If I Default on My Flex Loan Repayment, Will I Face Penalties?

A. Yes, £10 per missed instalment as well as daily interest that accrues. That is why it is important that when making a late payment on your Flex Loan you pay more than just your minimum amount due, if not the additional interest that has accrued will continue to compound throughout the life of the loan, resulting in a larger final due amount.

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Q. Should I Contact Speedy Cash If My Personal or Financial Information Has Changed?

A. We expect all applicants to provide full and honest information upon loan application. You should contact Customer Support if you believe your financial circumstances may change and if that change would affect your ability to repay. We also expect to be advised of any changes in personal details such as address, contact phone numbers, and income.

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Q. Do I Have the Right to Withdraw From My Loan?

A. You have the right to withdraw from your loan agreement within 14 days without having to give any reason. The period of withdrawal begins from either, the day after the day on which you receive a copy of the loan agreement, or you are notified of its execution where you have an identical unexecuted copy in accordance with section 61A (2) and (3) of the Consumer Credit Act 1974 and ends 14 days after that date. If you choose to exercise your right of withdrawal you must notify Speedy Cash of your intention to do so, either in writing or verbally. If you do withdraw you must repay to Speedy Cash, no later than 30 calendar days after giving notice of your withdrawal, any monies paid to you under the loan agreement and any interest accrued, from the date the credit was provided until the date you repay.

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Q. After I Pay Off My Payday Loan, When Can I Receive Another Loan?

A. After Speedy Cash has received your repayment in full, you may be eligible to apply for a new Payday Loan -  subject to our creditworthiness assessment. Simply log in as a Returning Customer and request a new online loan, contact us by phone, or visit a Speedy Cash Store. Please note, Payday Loans should be used for short-term financial needs only, not as long-term financial solutions. It is not appropriate to use this product in consecutive months over a period of time and you should consider other forms of credit if you require this level of credit.

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Q. What Is the Minimum Monthly Income Required to Qualify for a Payday Loan?

A. You may qualify for a Speedy Cash Payday Loan with just £400 net monthly income.

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Q. How Do I Update My Speedy Cash Online Account Information?

A. It's easy to update & manage your Speedy Cash account online! Click the Returning Customer link & log in with your Email address & password. Once you've logged into your account, you can update your personal information. You can also manage your account, with options to view your loan documents, due date, or balance; pay off your loan; or get a new loan. If you would like assistance creating or updating your account information, please Contact Speedy Cash at 0808 168 3652.

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Q. What Should I Do If I Cannot Log in Online as a Returning Customer?

A. If you've forgotten your Speedy Cash online account password, simply click Did You Forget Your Password? and Speedy Cash will quickly Email your login information to you. If you need further assistance, please Contact Speedy Cash at
0808 168 3652 for help with your account.

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Q. Whom Do I Contact If I Have a Complaint?

A. Please let us know about your concerns. If you are dissatisfied with any aspect of our staff service or products it is important that you tell us about those concerns. It is equally important to us that we rectify an error that may have occurred or simply explain in further detail something that you do not understand. We would like you to contact us in anyway convenient: Call us at 0115 896 9990; Visit your local Speedy Cash store; Send an email to UKComplaints@speedycash.com; or Mail a letter to our Quality & Compliance Department, Speedy Cash, PO Box 10258, Nottingham, NG1 9JD.

In the case that you are still not satisfied with our internal review, you are eligible to have your complaint reviewed by the Financial Ombudsman Service, which is an independent service for settling disputes between businesses providing financial services and their customers, at the following address:

Financial Ombudsman Service
Exchange Tower
Exchange Harbour
London
E14 9SR

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Q. What Should I Do If I am In Financial Difficulty?

A. If you already have a loan outstanding with us and feel you are in financial difficulty, please contact us right away
on 0333 240 1313* or email us at

UKFinancialSolutions@speedyinc.com

These free and independent debt-counselling organisations may also be able to help you:

Step Change Debt charity
www.stepchange.org
0800 1381111

Citizens Advice
www.adviceguide.org.uk
To find your local office, look in your phonebook

National Debtline
www.nationaldebtline.co.uk
0808 808 4000

Money Advice Service
www.moneyadviceservice.org.uk
0300 500 5000

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Q. What Is Continuous Payment Authority?

A. Continuous Payment Authority is a type of regular automatic payment arrangement that can be set up using your debit card and is linked to the bank account of the debit card details that you supply. A continuous payment authority is different from a direct debit or standing order, as the timing and amount of payment(s) may vary. When you provide your debit card details to us you permit us to use the continuous payment authority to take payments from your account.

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Q. How Does a Continuous Payment Authority work?

A. This method of payment is set up by you giving your debit card details to our company for a loan on which you wish to make regular payment(s).This can be done over the phone, in person at one of our stores or online.

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Q. How Do I Cancel a Continuous Payment Authority?

A. You may contact your bank directly. Alternatively, you may ask us to cancel it by contacting the store at which you obtained your loan or writing to Speedy Cash at Customer Relations, P.O. Box 10258, Nottingham, NG1 9JD. You will still owe any outstanding amount due, as set out in your agreement and you will need to provide an alternative method of repayment.

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If you have additional UK Payday Loan questions, please Contact Speedy Cash personally. Interested in joining our United Kingdom team? Apply at Speedy Cash Careers.

Payday Loan Representative Example: Borrow £100 for 30 days.

The total charge for credit is £29.

Interest is fixed at a rate of £29 per £100 borrowed for the loan period.

Annual interest rate 304.2%.
The total repayable is £129. Representative 2115.69% APR.

Flex Loan Representative Example:

Amount of credit: £150.00 for 18 months. Interest: £625.06.

Interest rate: 348% pa (fixed)

Total repayment of £775.06, 18 Payments of £43.05 per month

Representative APR 2033.89%

What Does APR Mean To Me?

*Find out if your bank accepts Faster Payments.

Contact Information

Speedy Cash
PO Box 10258
Nottingham, NG1 9JD
Phone: 0808 168 3652
Fax: 0333 240 7650

Email Speedy Cash

Authorised and regulated by the Financial Conduct Authority. Authorisation can be checked on the Financial Service Register at www.fca.org.uk/register.


©1997 - 2012 All Rights Reserved. Speedy Cash. Interim Permission number: 636512
SRC Transatlantic Limited trading as Speedy Cash, Registered Company No. 7225997. VAT Registration Number 125 7439 09.
Notice: Payday advances should be used for short-term financial needs only, not as long-term financial solutions. Customers with credit difficulties should seek credit counselling.