What Happens If You Don’t Pay Speedy Cash? Real Consequences
Speedy Cash can sue you within months of missed payments and garnish your wages. The payday lender's 729% APR loans trap borrowers in cycles of debt. Negotiate payment plans or settlements immediately, and consider all alternatives before taking payday loans.
Settle Your DebtSpeedy Cash is a payday lender offering short-term loans with astronomical interest rates. You don’t need good credit to qualify. You just need a job or collateral like your car.
The company operates legally in many states. But legal doesn’t mean fair.
Respond to Speedy Cash Before They Sue
Speedy Cash files lawsuits within months of missed payments. Negotiate a settlement now to avoid wage garnishment and protect your property. Time is running out.
Start Negotiating NowA $300 Speedy Cash loan in Texas carries a 729.82% effective APR. You’ll repay $1,321.81 for borrowing just $300. The 5.5-month loan charges only 10% interest, but fees drive costs through the roof.
Payday lenders target people facing emergencies without other options. You deserve better alternatives.
What Happens When You Miss a Speedy Cash Payment
Speedy Cash moves fast when you miss payments. The company starts aggressive collection efforts immediately.
You likely wrote a check when taking out your loan. Speedy Cash will deposit that check on your due date. If it bounces, you’ll face bank fees on top of everything else.
The company keeps trying to withdraw money from your account. Each failed attempt triggers more fees. Your other payments may bounce as a result.
Expect phone calls at work, home, and on your cell. Letters will flood your mailbox. The harassment continues until you pay or make arrangements.
Speedy Cash Files Lawsuits Quickly
Unlike credit card companies, Speedy Cash sues fast. The company often files lawsuits within months of nonpayment.
Your signed loan agreement becomes evidence against you. Winning becomes extremely difficult unless someone stole your identity.
A judgment allows Speedy Cash to garnish your wages. The company can seize your property. If you used your car as collateral, they can take it.
How to Pay Off Your Speedy Cash Loan
You can manage payments through the Speedy Cash online portal. Contact customer service at CustomerService@speedycash.com or PO Box 782260, Wichita, KS 67278.
Try these strategies before you default:
- Contact Speedy Cash immediately to discuss payment plans
- Request an extension on your due date
- Ask about refinancing options
- Offer a lump-sum settlement if you can scrape together partial payment
- Act before your due date, not after defaulting
Some payday lenders accept settlements when borrowers can’t pay in full. Our partner Solo can help you negotiate a settlement that works.
Getting Out of Financial Trouble with Speedy Cash
The best approach is avoiding payday lenders entirely. But if you’re already trapped, you need immediate action.
Cut every possible expense from your budget. Cancel subscriptions like Netflix and Spotify. Skip dining out completely.
Consider these options:
- Take on side work or gig jobs
- Ask family and friends for help
- Sell items you don’t need
- Negotiate with Speedy Cash for modified terms
- Propose a longer repayment period
Explain your situation honestly if you’ve lost your job. Show you’re working toward repayment. The company might give you breathing room.
Debt settlement remains an option, though savings may be limited. Speedy Cash knows it can sue successfully. Still, settlement beats a judgment on your credit report.
Can Speedy Cash Threaten You with Jail?
No lender can legally threaten jail time for unpaid debts. Some payday lenders have filed criminal cases over bad checks, but threats are illegal.
File a complaint with the Consumer Financial Protection Bureau if threatened. Include all evidence of threats. Note employee names and locations for verbal threats.
The CFPB reviews complaints and attempts resolution. The agency may pursue legal action against Speedy Cash on your behalf.
What to Do If Speedy Cash Sues You
Respond to court summons immediately. You must file an Answer before the deadline passes.
Winning becomes difficult since Speedy Cash has your signed agreement. The company may have your check authorizing account withdrawals.
Try raising money before your court date. Closing your account avoids a judgment on your record.
Settlement before court remains possible if Speedy Cash doubts your ability to pay. Our partner Solo helps you send settlement offers and handle negotiations.
If You Never Received Court Papers
File a Motion to Set Aside Judgment if you missed the lawsuit. Submit an Answer simultaneously to fight the case.
Identity theft victims have strong defenses. Proving you never authorized the loan can win your case.
Draft and file answers in all 50 states through proper legal channels. Don’t ignore court documents or deadlines.
Better Alternatives to Payday Loans
Exhaust every option before considering payday lenders. Speedy Cash should be your absolute last resort.
Contact creditors to explain late payments. Credit card companies may work with you. A late payment mark beats a 730% APR loan.
Try these alternatives first:
- Borrow from family and friends
- Take odd jobs for quick cash
- Sell unnecessary items
- Apply for credit cards with lower rates
- Seek bank loans if your credit qualifies
Credit card interest tops out around 35%. Bank loans offer even better rates. Both options prevent the Speedy Cash debt trap.
When Financial Problems Feel Overwhelming
Sometimes you can’t overcome debt alone. Credit counseling and bankruptcy offer solutions for different situations.
Credit Counseling
Credit counselors analyze where your money goes. They teach borrowing basics and help you create management plans. Anyone wanting better financial habits benefits from counseling.
Bankruptcy
Bankruptcy wipes out unsecured debt completely. You get a clean financial slate without monthly minimum payments. The court discharges your debts.
Bankruptcy carries serious drawbacks. It stays on your credit report seven to ten years. Your credit score drops significantly. Qualifying for mortgages and loans becomes extremely difficult.
Bankruptcy doesn’t erase student loans or most tax obligations. Chapter 13 bankruptcy requires repayment plans if you don’t qualify for Chapter 7.
Before filing bankruptcy, speak with a bankruptcy attorney for free to understand your options.
Avoid Payday Loans at All Costs
Remember this critical point: never take out payday loans. Companies like Speedy Cash exploit people facing financial emergencies.
Victims quickly enter debt traps they cannot escape. The cycle destroys financial health.
Examine your finances carefully instead. Determine how to regain control. Work with financial advisors if needed.
Better options always exist, even when situations feel desperate.