William LipovskyA payday loan is a type of small, short-term loan, generally with a high interest rate, loaned on the agreement that it will be repaid when the borrower receives their next paycheck. While Speedy Cash is a well-known payday loan establishment, there are several other stores that offer similar services.
We’ve compiled a list of alternatives to Speedy Cash, along with information on state payday loan regulations, since payday loans are often heavily regulated by state law. Rates, terms, and requirements for borrowers differ by state, so be sure to check the rules specifically for your state before deciding whether or not to take out a payday loan.
Interest rates on payday loans are extremely high, which can potentially lead to a cycle of debt and put you in a worse financial position than where you started. Because of this, it is a good idea to consider other options. For more on loans and borrowing, see our research on types of loans.
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We’ve Done the Comparing for You — Here’s What We Recommend
We’ve compared the companies listed below by researching customer reviews, Better Business Bureau ratings, and company practices. Factors to consider include customer service, transparency, interest rates, and repayment options. Companies like Check City, ACE Cash Express, and Check City lend in several states and are known to offer competitive rates on short-term loans for both online and in-store applicants.
The List of Lenders Like Speedy Cash
Below, we list several major Speedy Cash competitors, ordered starting with the best overall borrowing options.
Check City
- States served: Alabama, Alaska, California, Colorado, Idaho, Kansas, Missouri, Nevada, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming; note that some states are only served online and others are only served in-store.
- Rates and terms: Variable; you can check the state-specific rates and fees online.
- How you receive the loan: In-store applicants will receive cash in store once approved. Online applicants will have funds deposited directly into their checking accounts the business day after the application is approved.
- Repayment: In-store applicants can leave a post-dated check for the repayment amount, pay with cash, or pay with a debit card in person or over the phone. For online applicants, the repayment amount will be automatically withdrawn from their checking account on the due date. If applicants would rather not have funds automatically withdrawn, they can pay by debit card over the phone before the loan is due.
- Find out more or apply online, or find a store
ACE Cash Express
- States served: California, Florida, Idaho, Indiana, Kansas, Louisiana, Minnesota, Missouri, Oregon, South Carolina, Tennessee, Texas, and Virginia
- Rates and terms: Find state-specific rates and terms under “licenses and rates” on the company website. ACE Cash Express loans come with a 72-hour satisfaction guarantee. If you change your mind about the loan, you can return the principal within 72 hours and pay nothing more.
- How you receive the loan: You can pick up cash in-store or have the money deposited directly into your checking account.
- Repayment: In-store applicants should pay the loan amount in store on the due date, and may also pay early without penalty. For online applicants, the amount due is automatically withdrawn from the borrower’s checking account on the due date.
- Find out more or apply online, or find a store
Check Into Cash
- States served: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Mexico, Ohio, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming
- Rates and terms: Vary by state; you can check your state’s rates online
- How you receive the loan: Online borrowers receive money via direct deposit into their checking account; funds will be available on the next business day.
- Repayment: For online borrowers, the repayment amount is withdrawn automatically from their checking account on the due date. In-store customers who pay with a check will have the funds automatically withdrawn from their account on the due date as well, though this policy may vary by location.
- Find out more or apply online, or find a store
Advance America
- States served: Alabama, California, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming
- Rates and terms: Rates are state-specific; you can check your state’s rates online.
- How you receive the loan: In-store applicants receive the money in-store after completing the application process. For online applicants, the money is directly deposited into their checking account, usually by the next business day.
- Repayment: In-store applicants should return to the store on the due date to repay their loan. For online applicants, the money is automatically deducted from their account on the due date.
- Find out more or apply online, or find a store
LendUp
- States served: California, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Wisconsin
- Rates and terms: LendUp offers lower rates for return borrowers who have made on-time payments in the past; its rates are state-specific
- How you receive the loan: The loan amount is deposited directly into the borrower’s checking account; the transfer usually occurs on the next business day, but it may take longer for funds to be available, depending on the bank. Residents of Alabama, Idaho, Indiana, Maine, Mississippi, Missouri, and Utah with qualifying debit cards may choose a “15-minute transfer” option by which LendUp can transfer funds within 15 minutes of application approval. How quickly funds are available still depends on the bank.
- Repayment: The loan amount and fees are automatically withdrawn from the checking account on the due date. For those who chose the “15-minute transfer” option, funds are withdrawn from the corresponding debit card. LendUp also accepts payment via MoneyGram and personal check.
- Find out more or apply (online only)
Moneytree
- States served: California, Idaho, Nevada, and Washington
- Rates and terms: Vary by state; you can check your state’s rates online
- How you receive the loan: Borrowers may choose to have the funds deposited onto a prepaid debit card they purchase from Moneytree or paid to them in cash.
- Repayment: Applicants can choose to leave a post-dated check for the repayment amount, pay with cash or debit card in person before the deposit time on the due date, or pay with a debit card over the phone or online.
- Find out more or apply online, or find a store
Money Mart
- States served: Alaska, California, Florida, Hawaii, Kansas, and Louisiana; online loans are not available in Alaska.
- Rates and terms: Vary by state; you can check your state’s rates online
- How you receive the loan: In-store applicants receive cash or check in a store once approved. Online applicants receive the loan into their checking account via direct deposit.
- Repayment: Depending on the state of residence, Money Mart will either accept a check or withdraw the money from the borrower’s checking account automatically.
- Find out more or apply online, or find a store
Allied Cash Advance
- States served: Indiana and Michigan offer in-store and online payday loans; online payday loans are offered in Alabama, California, Florida, Hawaii, Illinois, Kansas, Maine, Missouri, Mississippi, North Dakota, Nevada, Oklahoma, Texas, Utah, and Wyoming.
- Rates and terms: Contact a store near you to find out state-specific rates.
- How you receive the loan: You can either receive cash in-store or have the money deposited directly into your checking account.
- Repayment: You may leave a post-dated check at the store, or have the money automatically withdrawn from your checking account.
- Find out more or apply online, or find a store. (Note that Allied Cash Advance is not a direct online lender; if you apply online, it will match you with an online payday loan lender based on your information.)
CashNetUSA
- States served: Alabama, Alaska, California, Florida, Hawaii, Illinois, Maine, Michigan, Minnesota, Nevada, North Dakota, Oklahoma, Oregon, Rhode Island, Texas, and Wyoming
- Rates and terms: Vary by state; you can check your state’s rates online
- How you receive the loan: The loan is deposited directly into your checking account. CashNetUSA sends funds within 24 hours of approval, but the funds may take longer to be available, depending on your bank.
- Repayment: The loan amount and fees are directly withdrawn from your checking account on the due date.
- Find out more or apply (online only)
QCHI (or LendNation)
- States served: Idaho, Illinois, Kansas, Kentucky, Louisiana, Missouri, Nebraska, Nevada, Oklahoma, Texas, and Utah
- Rates and terms: For state-specific rates and terms, select your location and click “rate chart(s)” at the bottom of the page.
- How you receive the loan: You can receive your funds in cash, typically the same day, if you apply at a store. If you apply online, you receive your funds via direct deposit, usually within one business day.
- Repayment: For online borrowers, the repayment amount is withdrawn automatically from their checking account on the due date.
- Find out more or apply online, or Find a store.
Cash Central
- States served: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming
- Rates and terms: Vary by state; you can check your state’s rates online
- How you receive the loan: Cash Central deposits loans directly into your checking account.
- Repayment: Loans are usually paid back via an authorized electronic withdrawal from the borrower’s checking account. Other repayment methods are possible. You can talk with a customer service representative to find out if you qualify.
- Find out more or apply (online only)
Check out our list of cash advance companies and online payday loan companies for even more places to consider.
Payday Loan Regulations by State
Lenders usually charge the maximum rate permitted under state law. The most permissive states allow lenders to charge annual percentage rates (APRs) over 800%, and the most restrictive states do not permit payday lending at all.
States That Prohibit Payday Lending
- Arizona
- Arkansas
- Georgia
- North Carolina
- Washington, D.C.
States With Strict Payday Lending Laws
Some states don’t explicitly prohibit payday lending but require payday lenders to comply with traditional interest rate caps on consumer loans. In this regulatory environment, it’s practically impossible for payday loan companies to profit giving short-term loans.
In the following states, you might find companies like Speedy Cash, but they generally won’t provide payday loans or cash advances as they would in other states. Instead, they’ll offer other typical services, like check cashing.
- Connecticut
- Maryland
- Massachusetts
- New Jersey
- New York
- Pennsylvania
- Vermont
- West Virginia
The maximum loan term is also regulated by state law. The National Conference of State Legislatures has published a chart detailing the minimum and maximum loan terms, how days are counted, and various exceptions for each state.
Most states set the maximum value of a payday loan at $500. A few states have no maximum, and a few use a formula to calculate a maximum for the specific borrower. Check the National Conference of State Legislatures’ information to see specifics for your state.
Eligibility requirements for a payday loan also vary by state. Some states require proof of income, and some have set a minimum age higher than 18. Mississippi requires borrowers to be at least 21 years old, and Alabama and Delaware require that lenders be at least 19 years old.
States that require proof of income include Illinois, Montana, New Mexico, Nevada, and Washington. You can check the lender’s state-specific information to see what documentation it accepts as proof of income. Individual lenders in states that do not require proof of income may still choose to require it.
The National Conference of State Legislatures maintains a current list of state-by-state payday loan rates with statutory references. The Consumer Federation of America has also created a resource for state-by-state payday loan regulations. This resource also includes how to contact the regulatory agency overseeing payday loans if you need help or to file a complaint.
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Maria R. Riegger, Esq.
