What is Payday Loans or Paycheck Advance?
Payday Loans or Paycheck Advances are short term loans to help you monetarily until your next payday. This loan is helpful for unforeseen circumstances when they occur in the middle of the month and you need some extra cash to fulfill the need.
What can a Payday Loan be used for?
For any unexpected expense which wasn’t included in the budget, any special occasion to be celebrated or any bill to be payed off or to prevent from a late payment fee on your credit card, this is at your own discretion.
How much can I borrow?
You can apply between $100 to $1500, depending upon your monthly income.
Is there any applicable fees?
There is no administrative fees. The interest on the base amount borrowed will be levied. For instance, if you borrow $100 for 2 weeks, you need to pay $115, i.e. the APR is 390%.
What is APR?
APR is Annual Percentage Rate. It is the interest payable on amount borrowed as an annual rate charge. Before you take a loan you should get the APR calculated.
When will I get the amount?
The amount is generally received within an hour that’s the reason its also know as Fast Cash Loan.
For how long can I use the Fast Cash Loan?
Fast Cash Loan also termed as Payday loan is a short term credit facility so it should be returned back when the next paycheck is received. It should not be used for longer period.
What all information’s are needed?
Sonic Cash requires some of your Personal and Financial Details to be filled in the form:
- Specify the loan amount required.
- Name, date of birth, contact numbers, email id.
- Home Status with complete address.
- Company name, designation, monthly income.
- Current employer with complete office address.
- Next Payday date.
- Bank name, Account number, ABA/Routing Number, Type of debit card.
- Social Security number.
Is my information secured?
All information’s are kept secured and confidential.
Do I have to be the home owner?
No, its not important to be home owner, you can be tenant but must fulfill all other requirements.
If I don’t have a debit card?
Its mandatory to have a debit card, without that you cannot get loan amount.
What are the basic norms to apply for Payday loan?
- Be a US resident.
- Employed with a regular income.
- Have a checking or saving account with facility of direct debit.
- Age above 18 yrs.
Would bad credit history affect my loan request?
It may have some effect but as long as your information’s are verified and you fulfill the minimum requirements of the lender, your loan could be approved.