Frequently Asked Questions
What is required to get a loan?
You need a job or proven source of income of at least $1000/mo, checking or savings account open for at least 3 months and currently in good standing, email address, home phone, and you must be at least 18 years of age. All signed Loan Agreements are subject to verification of prior loan history and application data.
Your application will be either approved or declined based on our evaluation of the information you provide. Occasionally we may ask customers to fax additional information.
How much can I borrow and at what cost?
As a first-time applicant you can choose up to $200 to borrow. After you pay off your first loan, you will continue to receive increases, as long as your payments are made on time. The maximum you can borrow is up to $500. The fee of a Sonic Cash loan is $20.00 per $100.00 borrowed. Please refer to our APR disclosure for details relating to the fees associated with the payday loan.
How soon can I get my cash?
If your application is approved by 4 pm MST, the funds will be electronically transferred (ACH) to your bank that day (Monday through Friday excluding bank holidays). The funds should arrive at your bank the following BUSINESS DAY. Weekend requests will be treated as though they are Monday requests.
*Note: Some banks can take two (2) days to process and transfer the funds into your account. You can contact the ACH department of your bank to verify that the funds have been credited to your account.
What if I have poor credit or have filed bankruptcy?
If you have poor credit it will not affect the approval of your
loan. However, if you have filed for bankruptcy within the past
year or if you have filed multiple times, we will not be able
to extend a cash advance to you.
Do you perform a credit check?
We do not perform credit checks, however, we do verify your check
writing/loan history with national databases.
How long does it take to get approved?
Depending on what time of day you apply and how quickly you complete
the application process, you can be approved within minutes. However,
keep in mind that we are open from 8 am to 5 pm MST Monday through
Friday.
How does getting a payday loan work?
Applicants will begin the process by filling out our online application.
Once submitted, we review your application and notify you either by phone or email regarding
your status. Upon approval, log in to request the payday loan. If your payday loan is approved, you will receive
the funds the next business day (as long as you are approved by
4 pm MST, Monday through Friday).
What is a payday loan?
A payday loan is designed to be used for short-term financial needs. The due date will be your next payday (up to 18 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are, however, lower than many of consumers’ alternatives.
In comparison, when expressed as APRs for two-week terms:
- $100 payday loan with $20 fee = 521% APR
- $100 bounced check with $25 NSF + $24 merchant fees = 1,278% APR
- $100 credit card balance with $26 late fee = 678% APR
- $100 utility bill with $50 late/reconnect fees = 1,304% APR
What are my repayment options?
You have 4 payment options to choose from:
1) Pay the loan off in full
2) Pay the loan off early
3) Extension: Pay only the fee*
4) Extension Plus: Pay the fee + part principal (in increments of $50)*
*Sonic Cash policy allows a maximum of 3 extensions. Extension requests need to be made by 4 PM MST the business day prior to your due date.
For your convenience, your payments will be electronically debited from your bank account unless you make alternate payment arrangements.
What happens if I do not make a payment on my due date?
If your payment is returned by your bank, then our collections
department will contact you to arrange a second attempt to debit
the payment. A $20 NSF fee will also be
collected with the next debit.
If you are unable to make the payment on your due date, please contact Customer Service.
Do I need access to a fax machine?
There is usualy NO FAXING required in order to get approved! In some cases,
if more information is needed, we will contact you by phone or email to
request the materials.
How do I find out the status of my application?
All applicants will receive their status via email. Applications are processed 8am to 5pm MST Monday through Friday. Depending on the application, you can be approved within minutes.
Is my loan secure and kept confidential?
Every payday loan is completely confidential and protected under our Privacy Policy. |