You don't need a checking account to get a Speedy Cash loan, but the company will require some form of bank account to deposit money into

Speedy Cash does not require you to have an existing checking account before you borrow. However, you will need a bank account — checking or savings — because that is where Speedy Cash deposits the loan money and where they withdraw your repayment. If you don't have any bank account yet, you'll need to open one before the loan can go through.

The account doesn't have to be at a major bank. Speedy Cash accepts accounts at credit unions, online banks, and some prepaid card providers. What matters is that the account is in your name, is active, and can receive electronic deposits and allow electronic withdrawals.

Key Takeaways

  • Speedy Cash requires a bank account for deposit and repayment, but not specifically a checking account — a savings account works.
  • If you don't have a bank account, you can open one at a credit union, online bank, or traditional bank before applying for the loan.
  • The account must be in your own name and capable of receiving ACH deposits and electronic withdrawals.
  • Opening a basic bank account typically takes one to three business days, so plan ahead if you're applying for a Speedy Cash loan soon.

What types of bank accounts Speedy Cash will accept

Speedy Cash will work with a checking account, a savings account, or a money market account. The company does not care which type you use, as long as the account is active and in your name. Many people use a savings account specifically for loans to keep the money separate from their everyday spending account.

The account can be at a traditional bank, a credit union, or an online bank. Speedy Cash also accepts some prepaid debit cards that have routing and account numbers — not all prepaid cards work, so if you're using one, contact Speedy Cash customer service to confirm yours is accepted before you apply.

What Speedy Cash will not accept: accounts in someone else's name, joint accounts where you're not the primary holder, or accounts that are frozen or closed. The company verifies the account during the application process.

How to open a bank account if you don't have one

If you need to open an account before borrowing, the fastest option is usually an online bank. Online banks like Chime, LendingClub, or Ally can open an account in minutes through their website or app, and the account is typically active within one to three business days. You'll need a valid ID, a Social Security number, and an initial deposit (often $0 to $25).

Credit unions are another option and often have lower fees than traditional banks. You can find a credit union near you through the CO-OP network or your employer. Some credit unions let you open an account online; others require you to visit in person.

Traditional banks like Bank of America, Wells Fargo, or your local community bank also work. Opening an account in person usually takes 15 to 30 minutes, and the account is active the same day. Online applications at traditional banks typically take one to three business days.

What information you'll need to provide about your bank account

When you apply for a Speedy Cash loan, you'll need to give the company your routing number and account number. Both appear on the bottom left of your checks, or you can find them by logging into your online banking portal or calling your bank's customer service line.

Speedy Cash will also ask you to confirm the account is in your name and that you authorize them to deposit the loan and withdraw repayments. Some applications require you to upload a photo of a voided check or a bank statement showing your name and account details.

Do not provide your PIN, password, or debit card number. Speedy Cash only needs the routing and account numbers to move money electronically.

What happens if your bank account is closed or inactive

If your account closes after you receive the loan but before repayment is due, contact Speedy Cash immediately with your new account information. The company can update your account on file, and your next payment will go to the new account. If you don't update it, the payment may fail, and you could face late fees or default consequences.

If your account is inactive (no deposits or withdrawals for a long period), some banks will close it automatically. Before applying for a Speedy Cash loan, log into your account or call your bank to confirm it's still active. If it's been closed, open a new one before you apply.

Alternatives if you can't open a bank account

If you're unable to open a traditional bank account — whether due to banking history, identification issues, or other reasons — some credit unions and online banks offer second-chance accounts designed for people with past banking problems. LendingClub, Chime, and some credit unions have fewer restrictions than traditional banks.

If you still cannot open any account, Speedy Cash may not be an option for you. Other lenders have different requirements; some work with prepaid cards or money transfer services, though these are less common. Contact lenders directly to ask about alternatives before giving up.

How long it takes to get money after you're approved

Once Speedy Cash approves your loan, the money is deposited into your bank account. The timing depends on when you're approved and your bank's processing speed. If you're approved during business hours on a weekday, the deposit often appears the same day or the next business day. If you're approved on a weekend or holiday, expect the deposit on the next business day.

Some online banks process deposits faster than traditional banks. If speed matters, confirm your bank's deposit timeline before you apply. Speedy Cash cannot control how quickly your bank posts the money once it's sent.

Frequently Asked Questions

Can I use a joint bank account for a Speedy Cash loan?

Most lenders, including Speedy Cash, require the account to be in your name alone. If the account is joint, contact Speedy Cash customer service to ask whether they'll accept it. Some will if you're the primary account holder; others will not.

What if I don't have a routing number or account number?

Log into your online banking portal and look for account details, or call your bank's customer service line. They can provide both numbers over the phone. If you have checks, the routing number is the first set of numbers on the bottom left, and the account number follows it.

Can I use a prepaid debit card instead of a bank account?

Some prepaid cards work if they have a routing number and account number. Not all do. If you're using a prepaid card, contact Speedy Cash before you apply to confirm yours is accepted. The card must be in your name.

How long does it take to open a bank account?

Online banks typically take one to three business days. In-person applications at traditional banks or credit unions are often active the same day. Plan to open an account at least a few days before you need the loan.

What happens if my bank rejects the Speedy Cash deposit?

This is rare, but if it happens, contact Speedy Cash immediately. The company will work with you to update your account information or troubleshoot the issue. Do not ignore the problem, as it can delay your access to the loan money.