- Sonic Cash is one of the oldest payday lenders in the industry and has been operating online since 2002.
- It is a direct, state licensed lender and unlike some offshore lenders, is headquartered in Idaho.
- Their mimimum application requirements are that you must have a home telephone number and at least a one month verifiable source for income, be it actual employment, alimony, child support, SSI or a disability allowance. This is standard. What is a little more stringent is that they require a net monthly income of at least $2,000. Many lenders will accept applicants with a take home pay of $1,000 per month or less.
- You must also have a checking account active for at least 3 months with a positive balance. This is fairly standard though many other lenders will allow an account active for only 1 month. They do allow up to two outstanding payday loans with other companies, which is relatively rare in our experience.
- On their home page they advertise that they can deposit money into your bank account as fast as one hour. However, there is no other mention of this and in their FAQs, they confirm that funds transfer is next business day via ACH if approved by 6pm EST Monday through Friday. This is normal in the industry, together with the fact that repayment is automatically debited from your checking account on the due date (usually your payday).
- They state that their rates and terms vary depending on the state in which you reside. However on their homepage, there is no explicit mention of the states in which they operate in and how the fees vary. Instead, there is a single rates page which suggests that the maximum loan is $500 (comparatively low), regardless of state. It would appear that that you have fill in their entire application form, which is lengthy, for them to provide you with state specific rates, terms and limits. The rates and fees that are provide for the $500 maximum loan are relatively high compared to other lenders at $35 per $100 borrowed, equating to an APR or 912.50% based on a 14 day term.
- SonicCash does permit extensions providing they are requested at least 2 days before the due date. You can pay solely the fees and interest, or fees and interest plus a contribution towards the principal. Note that after the fourth extension, you must pay something towards the principal in addition to any finance charges.
- They state that a poor credit rating will not prevent approval of your loan. Note however that a history of filing for bankruptcy will likely prevent you from getting your loan. This differs from many other lenders who will permit past bankruptcies, albeit decline if you are currently undergoing bankruptcy proceedings.
- Like many other lenders, no credit checks are performed though they do use a national loan database to check history of similar loans.
- They advertise no faxing payday loans, though state that in some cases it could be required and that you would be informed as such via email or phone.
- SonicCash.com allows you to cancel your loan free of charge if this is done by 6pm EST on the next business day after funds are disbursed. Thereafter you must inform them in writing (fax or email). Do check with the lender directly for specific conditions in your state to be certain of any potential fees.
- Returning customers can use their existing account credentials to login quickly.
- Their website application process is secured.
- They are not members of the CFSA (Credit Financial Services Association) and are not rated by the BBB (Better Business Bureau).
- Overall their website is very easy to read and navigate with a comprehensive set of FAQs. On the other hand and as highlighted above, their application form is long, they are more stringent in some areas than other lenders, their rates appear relatively high and inter-state differences are not clarified on their website.
