An indirect payday lender that connects you with a variety of lenders and comes back with a handful of offers tailor-made for your given situation.
SonicCash is not a direct payday lender but a matching service that is able to connect you with a range of lenders to better suit your financial situation and needs. It was founded in 2002 and, while it doesn’t serve every state, there is no indication on the website as to which ones it doesn’t serve. Applying for a loan is easy: one simply fills in a straightforward form with personal details and how much money one wishes to borrow, and SonicCash will do the rest. There is no verification or faxing of extra details It connects you to lenders that understand your situation, and without delay. SonicCash prides itself on understanding and customer service, with a range of different methods of contacting support should you have issues.
While the amount offered depends on factors like monthly income and how long you have been in employment, it should be noted that initial borrowers are only allowed access to $200. Once you have successfully paid off a loan, however, and proven that you are capable of doing so, the figure will increase to $500 which still doesn’t match some of the other payday lenders out there. A typical loan from SonicCash holds an APR (Annual Percentage Rate) of 652%. For every $100 borrowed for the first 18 days, you pay $25, and $20 for each $100 extension. Each borrower is allowed up to three extensions.
Requirements in order to qualify for a short-term loan from SonicCash are as follows: that you are currently employed and have been for at least a month with a net income of at least $2,000 per month. This income can be from your job, alimony or child support. You must also be 18 years old and have a valid checking account which the money can then be paid into. Finally, you must have no more than two loans currently outstanding with other loan companies. Once your loan application has been approved, you can receive your cash in between 24 and 48 hours, depending when you submitted the application. For any questions, there is an FAQ page and customer support can be contacted by email, fax or telephone.