What Happens If You Don't Pay Speedy Cash? (2025 Reality)

Speedy Cash loans come with APRs that can exceed 700%. If you've borrowed from them and can't pay, you're about to find out they live up to their name in collections too.

Miss a payment and Speedy Cash will deposit the check you wrote when you borrowed. If that bounces, your bank charges you an NSF fee—usually $30 to $35. Speedy Cash tries again. Another bounce, another fee. Some borrowers rack up $200 in bank penalties before they realize what's happening.

At the same time, the calls start. Your cell phone. Your work number if you gave it. Some collectors call daily. Others call multiple times per day. The Fair Debt Collection Practices Act says they can't call before 8 a.m. Or after 9 p.m., but that still leaves 13 hours of potential harassment.

Speedy Cash Moves to Lawsuit Faster Than Credit Card Companies

Most credit card issuers wait six months before suing. Speedy Cash often files within 60 to 90 days of your first missed payment. Why? The company already has your signed loan agreement, complete with payment schedule and your signature. That's exhibit A in court.

Payday lenders sue quickly because their business model depends on it. They can't afford to let debts age,their effective interest rates only work if they collect or get judgments fast. In 2023, payday lenders filed over 150,000 lawsuits nationwide, according to data from the Consumer Financial Protection Bureau.

If Speedy Cash sues you, the lawsuit comes to your home address via a process server or certified mail. You typically have 20 to 30 days to respond, depending on your state. Most people don't respond. That's a mistake.

What Happens If They Win (And They Usually Do)

Without a response from you, Speedy Cash gets a default judgment. Once they have that judgment, they can:

• Garnish your wages: Up to 25% of your disposable income in most states, though some states cap it lower
• Freeze your bank account: The full judgment amount plus interest, often without warning
• Place a lien on property: Though this is less common for smaller payday loan debts

Wage garnishment hits hardest. If you earn $2,000 per month after taxes, they can take $500 directly from your paycheck. That continues until the debt is paid, which can take months or years depending on the judgment amount.

In Texas, where Speedy Cash operates heavily, wage garnishment for consumer debt isn't allowed. But bank account levies are. If you're in Texas and Speedy Cash wins, they'll go after your bank account first.

Title Loans Create a Different Problem

If you took a title loan instead of a payday loan, Speedy Cash holds your car title. Miss payments and they can repossess your vehicle. Some states require a court order first. Others let lenders take the car as soon as you default.

Repossession happens without warning. You wake up one morning and your car is gone. The lender then sells it at auction. If the sale price doesn't cover what you owe plus repo fees and storage costs, you still owe the difference. That's called a deficiency balance, and yes, they can sue you for it.

You Have More Options Than You Think

Start by checking if Speedy Cash actually has the right to collect. Payday lending is illegal or heavily restricted in 15 states plus DC. If Speedy Cash made you a loan they weren't licensed to make, the debt may be unenforceable. States with bans or strict caps include:

• Arizona
• Arkansas
• Colorado (36% APR cap)
• Connecticut
• Georgia
• Maryland
• Massachusetts
• New Jersey
• New York
• North Carolina
• Pennsylvania
• Vermont
• West Virginia

If you're in one of these states and Speedy Cash lent to you anyway (possibly through an online portal or tribal lending partner), you may not legally owe the money. Consult with a consumer attorney before paying anything.

If the Debt Is Valid, Negotiate

Payday lenders would rather get something than nothing. Before a lawsuit, Speedy Cash may accept a settlement for 50% to 70% of what you owe. Once they sue, that window shrinks but doesn't close entirely.

Call their collections department and ask: "What's the minimum you'll accept as payment in full?" Get any agreement in writing before you pay a dollar. The letter should state the reduced amount satisfies the debt completely.

Pay with a money order or cashier's check, never through ACH authorization. You don't want to give collectors access to your bank account.

If They've Already Sued, Respond

You must file an Answer with the court within the deadline on your summons. Miss that deadline and you lose automatically. Your Answer doesn't need to be complicated. You can:

• Admit you borrowed the money but dispute the amount they claim you owe
• Request proof of the original loan agreement and a full accounting of payments
• Raise affirmative defenses like statute of limitations or licensing violations

Filing an Answer forces Speedy Cash to prove their case. Many debt collectors stumble when they actually have to produce documentation. Even if they have the paperwork, negotiating becomes easier once you've shown you'll fight.

For help drafting a response, check out our free legal tools or consult with a consumer rights attorney. Many offer free consultations.

When Bankruptcy Makes Sense

If you owe Speedy Cash and you're also buried in other debt, bankruptcy might be your best move. Payday loans are unsecured debt, which means they get wiped out in both Chapter 7 and Chapter 13 bankruptcy.

Filing stops collections immediately through the automatic stay. That means no more calls, no wage garnishment, no bank levies. If Speedy Cash has already sued you, the lawsuit freezes.

Chapter 7 bankruptcy costs roughly $300 in filing fees plus attorney fees (usually $1,000 to $2,000). The entire process takes three to four months. If you qualify based on income, all your unsecured debt disappears, including the Speedy Cash loan.

Chapter 13 is a three-to-five-year repayment plan. You pay what you can afford, and the rest gets discharged at the end. This works if you're behind on car payments or a mortgage and need time to catch up while handling the payday loan debt.

Bankruptcy isn't right for everyone, but if you're facing multiple lawsuits or already have a garnishment, it's worth a conversation with a bankruptcy attorney. Most offer free consultations and can tell you quickly whether you qualify.

What Speedy Cash Can't Do

Collectors break the law constantly. Know your rights under the Fair Debt Collection Practices Act:

• They can't threaten you with arrest. Debtor's prison doesn't exist in the United States. Ignoring a court date can lead to contempt charges, but owing money is not a crime.
• They can't call your employer repeatedly. One call to verify employment is allowed. Repeated calls to pressure your boss are illegal.
• They can't discuss your debt with others. If a collector tells your family members, coworkers, or neighbors about what you owe, that's a violation.
• They can't add unauthorized fees. Your loan agreement specifies what you owe. Collectors sometimes inflate balances with made-up fees.

Document every violation. Write down the date, time, collector's name, and what they said. You can sue debt collectors for FDCPA violations and potentially win $1,000 plus attorney fees. That lawsuit can offset what you owe.

Prevention: Don't Borrow from Speedy Cash Again

Once you're out of this mess, avoid payday lenders entirely. A 700% APR loan is financial quicksand. Alternatives exist:

• Credit union payday alternative loans (PALs): Capped at 28% APR, available from federal credit unions
• Payment plans with creditors: Most utility companies and medical providers will let you pay over time with zero interest
• Employer advances: Some companies offer paycheck advances at no cost
• Local assistance programs: Churches, nonprofits, and community organizations often have emergency funds

If you're in a spot where Speedy Cash seems like the only option, you're likely dealing with a larger financial crisis. That's when you need to talk to someone about bankruptcy or debt relief. Borrowing at 700% only makes the problem worse.