Speedy Cash in Memphis offers payday loans, title loans, and lines of credit up to $4,000, plus check cashing and money transfer services in-store.
Editorially reviewed by Harvey Brooks
Speedy Cash is a national short-term lending chain with a retail location at 5126 Summer Avenue in Memphis, Tennessee. The store operates six days a week, with extended hours on Mondays and Fridays (9am–7pm) and Saturday hours until 4pm, making it accessible for working borrowers who cannot visit during standard business hours. The Memphis Summer Avenue location is one of several Speedy Cash stores clustered throughout the Memphis metro area.
The store offers three personal loan products: Payday Loans up to $425 with repayment due on the borrower's next payday; Lines of Credit up to $4,000 that allow flexible draws and revolving repayment as the balance is paid down; and Title Loans up to $4,000 secured by the borrower's vehicle, which is appraised in-store during the application process. Beyond lending, the location also provides money orders, wire transfers, check cashing, and Green Dot Visa Debit Card services, making it a multi-service financial outlet for underbanked consumers.
What sets this location apart from a pure payday lender is the combination of revolving credit and title loan options alongside traditional payday products. Borrowers can apply in-store with staff assistance or begin the process online before visiting. Required documents are clearly listed for each product — government ID, proof of income, proof of address, phone, and email — with title loans additionally requiring a clear vehicle title and proof of insurance. The in-store application model allows borrowers to ask questions and review terms before signing.
Honestly, Speedy Cash operates in the high-cost short-term lending space. The payday loan cap of $425 is notably low, and no APR figures are disclosed on the store page — borrowers must review the Tennessee Rates & Terms separately before committing. Title loans require surrendering vehicle collateral, which carries significant financial risk if repayment becomes difficult. This store is best suited for borrowers who have exhausted lower-cost options and need immediate access to small amounts of cash, with the line of credit product offering somewhat more flexibility than a single-advance payday loan.
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Yes. Speedy Cash is a registered company headquartered in 3422 W Walnut St, Garland, TX 75042. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Speedy Cash on Summer Avenue is best suited for Memphis consumers who need fast access to small emergency funds and have no access to lower-cost credit options such as bank loans or credit union PALs. The main caveat is that this is a high-cost lender — payday and title loan products typically carry triple-digit APRs — and the store page provides no rate transparency, requiring borrowers to proactively seek out Tennessee-specific fee disclosures before applying.
FirstCash is the leading international pawn shop operator with 3,300+ locations across 29 U.S. states, the UK, and Latin America, offering pawn loans secured by personal property and retail merchandise sales.
Best for: Consumers with immediate cash needs and valuable collateral items (jewelry, electronics, instruments), Credit-constrained individuals who cannot qualify for traditional bank loans or credit products
FirstCash is the leading international operator of pawn stores with 3,300+ locations across the U.S., UK, and Latin America, offering pawn loans secured by personal property and retail sales.
Best for: Consumers with poor or no credit history who need quick cash without credit evaluation, Individuals with valuable personal property (electronics, jewelry, instruments) they can temporarily pledge
FirstCash is the leading international operator of pawn stores with 3,300+ locations across 29 U.S. states, D.C., UK, and Latin America. They provide pawn loans secured by personal property and retail sales of merchandise.
Best for: Consumers with immediate short-term cash needs and items of value to pledge, Individuals without access to traditional bank loans or credit
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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