The Risks of Not Paying Speedy Cash: Are You Willing to Take the Heat?

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It could be a medical emergency, a sudden car breakdown, or an unexpected home repair. Regardless, there are times when you need quick access to Cash.

Payday loans – a type of short-term, high-interest loan, have gained widespread popularity for filling this need.

According to a report from the Consumer Financial Protection Bureau, more than 12 million Americans take out payday loans yearly.

One of the biggest payday loan providers is Speedy Cash, which offers quick and easy access to funds for those in need. But what happens when you can’t pay back your loan on time? In this blog, we’ll explore the risks of not paying back a payday loan with Speedy Cash, and

What is Speedy Cash, and What Services Does it Offer?

Speedy Cash is a financial services company that provides access to short-term loans and other financial solutions to needy individuals.

In addition to payday loans, the company offers a range of other loan options, including installment loans, title loans, and lines of credit. These loans are designed to help people meet their short-term financial needs and offer a quick and convenient way to access funds.

Loans from Speedy Cash can range from $100 to $1,000, depending on the borrower’s state of residence and income. The loan term is typically two to four weeks, and the interest rate and fees can vary based on the loan amount and state regulations.

To apply for a loan with Speedy Cash, customers just need to visit one of the company’s locations or apply online. The application process is fast and straightforward; approved applicants can typically receive their funds in as little as 24 hours.

Risks of Not Paying Speedy Cash:

1. Damaged Credit Score

Your payment history is one key factor credit reporting agencies use to calculate your credit score. Late or missed payments can negatively impact your credit score, and can last for years.

If you default on a loan from Speedy Cash, the company may report your delinquency to credit reporting agencies, such as Equifax, TransUnion, or Experian. This negative mark will stay on your credit report for up to seven years.

Hence, a low credit score will result in higher interest rates on loans and credit cards, making it more expensive for you to borrow money in the future. This can create a cycle of debt and financial hardship that can be difficult to break.

For example, landlords may be less likely to rent an apartment to someone with a low credit score, and employers may check your credit score before offering you a job. Even utility providers may require a deposit or higher fees from those with poor credit.

2. Late Fees and Interest Charges

One of the immediate consequences of not paying your Speedy Cash loan on time is that you will incur late fees and interest charges.

Late fees are charged when you miss a payment deadline. Speedy Cash charges a late fee of $15 for every $100 borrowed in most states, with a maximum fee of $45. If you miss multiple payments, you will be charged multiple late fees.

In addition to late fees, you will also be charged interest on the unpaid loan amount. The interest rate varies depending on your state and the loan amount, but can be as high as 782.14% APR.

The longer you wait to pay, the more fees interest you will accumulate, making it even harder to pay off the loan.

3. Legal Consequences

In some cases, failure to pay a loan can lead to legal consequences. When you take out a loan with Speedy Cash, you sign a contract agreeing to repay the loan on time and in full. If you fail to do so, Speedy Cash has the right to take legal action against you.

Legal action can include a lawsuit to collect the debt. If a judgment is entered against you, it could result in garnishment of your wages, and seizure of your assets.

Consequently, a portion of your paycheck will be withheld by your employer and sent directly to Speedy Cash to repay the debt. Speedy Cash may also seize your assets including your car, home, or other property.

All this can be a time-consuming and stressful process, and it’s important to act quickly to resolve the issue before it becomes a legal matter.

4. Difficulty Obtaining Future Loans

If you have a history of not paying your loans on time, it can be difficult to obtain future loans. Lenders may view you as a high-risk borrower, and they may not be willing to approve your loan application. This can limit your access to funds when you need them, making it difficult to meet unexpected expenses.

5. Mental and Emotional Stress

Not being able to pay your loans can cause a lot of stress and anxiety. The thought of legal consequences and damage to your credit score can weigh heavily on your mind, and the financial strain can make it difficult to focus on other aspects of your life.

Ignoring the mental and emotional toll of debt can have long-term effects on your overall well-being. It is crucial to prioritize your mental health and seek help if needed to manage the stress and anxiety associated with unpaid debt to Speedy Cash or any other creditor.

Coping with the Financial Consequences of Not Paying Speedy Cash

If you cannot pay your Speedy Cash loan, ignoring the problem won’t make it go away, and it could lead to even greater financial difficulties. Here are some steps you can take to help manage the consequences of not being able to pay your loan.

1. Communication is Key

The first step is to reach out to Speedy Cash and inform them of your situation.

Ignoring their calls or avoiding their emails is not a solution, and it only makes the situation worse. Instead, you should reach out to them as soon as possible.

When you speak with Speedy Cash, be honest about your situation and explain why you’re having difficulty making your payments. They may be willing to work with you to find a solution that works for both of you. For example, they may be able to offer you a payment plan that allows you to make smaller, more manageable payments over a longer period of time. During the negotiation, be realistic about what you can afford to pay. Don’t make promises that you can’t keep.

2. Prioritize Your Expenses

Evaluate your budget and prioritize your expenses. Cut back on discretionary spending and focus on paying for necessities. Some expenses, like rent or mortgage payments and utilities, are typically considered a top priority because failing to pay them can lead to eviction or having your utilities shut off. Other expenses, like entertainment or eating out, can be put on hold until your financial situation improves.

3. Negotiate with Speedy Cash:

You can negotiate a payment plan or settlement with the company. This can involve setting up a new payment schedule with lower monthly payments or negotiating a lump-sum payment to settle the debt for less than what you owe.

To negotiate a payment plan or settlement:

  • Reach out to Speedy Cash as soon as possible.
  • Explain your financial situation and ask if they have any options for repayment.
  • Consider working with a credit counseling agency or debt settlement company for assistance.

4. Seek Financial Counseling

Financial counselors can offer a range of services, including budgeting advice, debt management plans, and debt settlement negotiations. They can also provide resources and education on money management, credit repair, and other financial topics.

There are many organizations that offer free or low-cost financial counseling services, including non-profit credit counseling agencies and government-sponsored programs. To find a reputable financial counselor, do your research and check for reviews and accreditation from organizations such as the National Foundation for Credit Counseling or the Financial Counseling Association of America.


In conclusion, taking out a loan from Speedy Cash or any other lender can be a helpful solution in a financial emergency, but it comes with risks that should not be overlooked. Failing to pay back a loan can have serious consequences, from damaging your credit score to being harassed by debt collectors. It is important to carefully consider your options and only borrow what you can afford to pay back.

If you find yourself struggling to pay back a loan from Speedy Cash, don’t panic. There are steps you can take to manage the situation and minimize the financial impact. Ultimately, the best way to avoid the risks of payday loans and other high-interest loans is to maintain a healthy financial plan and only borrow what you can afford to repay. By staying informed and being proactive about your finances, you can minimize the risk of falling into a cycle of debt and achieve long-term financial stability.


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