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Frequently Asked Questions
- What is required to get a loan?
- How much can I borrow and at what cost?
- How soon can I get my cash?
- What if I have poor credit or have filed bankruptcy?
- Do you perform a credit check?
- How long does it take to get approved?
- How does getting a payday loan work?
- What is a payday loan?
- Can I rescind (cancel) my loan?
What is required to get a loan?
You need a job or proven source of income of at least $2000/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?
Your first SonicCash loan is based upon the information you provide in your application. After successful payment of your payday loan, we may increase your loan amount on any future SonicCash loans. The maximum you can borrow and fees charged vary depending on the rules and regulations of the state you reside in. Please refer to our Rates & Terms for details relating to your state.
If your application is approved by 6 pm EST, 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 6 pm EST 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 your loan is approved by 6 pm EST, Monday through Friday).
A payday loan is designed to be used for short-term financial needs. The due date will be your next payday. 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 $35 fee = 912.50% APR (This is our most common rate)
- $100 bounced check with $25 NSF + $24 merchant fees = 1,278% APR
- $100 utility bill with $50 late/reconnect fees = 1,304% APR
Can I rescind (cancel) my loan?
You may rescind future payment obligations under this Loan Agreement, without cost or finance charges, no later than 6:00 p.m. EST of the next business day immediately following the Disbursement Date (?Rescission Deadline?). To rescind future payment obligations on this loan, you must inform us in writing, by or before the Rescission Deadline, either by email to support@soniccash.com or by fax to (866) 574-2433, that you want to cancel the future payment obligations on this loan and that you authorize us to effect a debit entry to Your Account for the principal amount of the Loan Agreement.
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*
*SonicCash provides extensions in states where permitted. Please refer to our Rates & Terms to see if you are elligible for an extension. Extension, partial payment, and early payoff requests must be received at least 2 business days prior to your due date. Note: You must pay at least enough to cover interest earned. It is also in your best interest to pay an extra amount (in excess of interest due) to reduce the principal balance and the interest for the extension period.
If you repay early, you may be refunded part of your loan fee. Contact our Customer Service Team if you want to repay your loan early.
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. This may affect your ability to receive future loans from us.
If you are unable to make the payment on your due date, please contact Customer Support.
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.
How do I update my bank information or password?
To update your bank information or login/password, you must email us or call customer support at 1-800-876-7169.