Speedy Cash offers online loans ranging from $100 to $1,500 with a term of 14 days. The application process is quick and straightforward, requiring less than five minutes to complete. Applicants must provide a valid government-issued ID and complete online banking verification. Once approved, funds can be transferred to your bank account on the same day via e-Transfer. To qualify, applicants must be of legal age in their province, have an active bank account, and a steady income. For a loan of $1,500, a fee of $158 is charged, making the total repayment $1,658. The charges for a payday loan vary by province, with a maximum of 15% of the principal in Alberta, Ontario, British Columbia, and New Brunswick. In Nova Scotia, the APR is 391.07% for a $300 loan, while in Saskatchewan and Manitoba, it’s 443.21%. In Newfoundland/Labrador, the maximum total cost of borrowing is $14 per $100 lent.
Speedy Cash review
Speedy Cash offers online loans ranging from $100 to $1,500 with a term of 14 days. The application process is swift and straightforward, taking less than five minutes to complete online. Applicants are required to provide a valid government-issued ID and complete an online banking verification. Once approved, the funds can be transferred to your bank account on the same day via e-Transfer.
To be eligible for a loan, you must be of legal age in your province, have an active bank account, and a steady income. The loan terms vary depending on the province. For example, in Alberta, Ontario, British Columbia, and New Brunswick, the maximum charge for a payday loan is 15% of the principal, equating to $15 per $100 borrowed. Therefore, a $300 loan for 14 days would cost $45, resulting in a total payback amount of $345 and an APR of 391.07%.
In Nova Scotia, the total cost of borrowing $300 for 14 days is also $45, with a total repayment of $345 and an APR of 391.07%. In Saskatchewan and Manitoba, the maximum allowable cost of borrowing under payday loan agreements is $17 per $100 borrowed, meaning a $300 loan for 14 days would cost $51, with a total payback amount of $351 and an APR of 443.21%. In Newfoundland/Labrador, the maximum total cost of borrowing for a payday loan is $14 per $100 lent.
For a loan of $1,500, the fee is $158, making the total payment $1,658 over a term of 14 days. It’s important to note that payday loans are high-cost loans, and they should be considered as a last resort for financial emergencies.
Table of repayments
| Amount | Fee | Total payment | Term |
| $1 500 | $158 | $1 658 | 14 days |
Alberta, Ontario, British Columbia (license# 59868), and New Brunswick residents: The maximum charges permitted for a Payday Loan is 15% of the principal. We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total payback amount of $345 and an APR of 391.07%. Nova Scotia: Payday loans are high-cost loans. Example: $300 for 14 days; Principal amount: $300; Total cost of borrowing: $45; Total to repay: $300 PLUS $45 = $345′ Annual percentage rate – APR 391.07%. Saskatchewan and Manitoba residents: The maximum allowable cost of borrowing under payday loan agreements is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21 %. Payday Loans are a High-Cost Loan. Newfoundland/Labrador residents: The maximum total cost of borrowing permitted in NFLD for a payday loan is $14 per $100 lent. We charge $14 per $100 lent.