Sonic Payday Loans: Immediate Loans For Those In Need

2007-03-08 10:33:40

( Financial )



Pay day loans also known as cash advance loans are short-term, high interest yielding loans that are obtained by someone in need of cash during an emergency.

Pay day loans are often discouraged because the high interest rates that is applied. If the individual fails to pay on the due date, which is the person’s next pay period, penalties apply and further interest charges need to be paid. If the pay day loan is still not paid after three pay cycles, the penalties and interest charges can even cost more than the actual loan amount.

One company that offers Internet payday loans is Sonic. Sonic payday loans are processed and approved within hours from the time the loan applicationis received. If the application is submitted before 3 pm, you can the loan proceeds the following day.

There is a limit as to how much money one can receive from a Sonic payday loan. In addition, you can obtain a Sonic payday loan only once at any given time. You should settle any outstanding balances with Sonic prior to applying for a new pay day loan.

In order to be able to avail of Internet payday loans from Sonic, one will need to meet certain conditions: you need to be employed for at least 3 months, have a current account whose paycheck is regularly being deposited into the current account, the checking account must have also been active for at least three months, be a US citizen of at least 18 years of age. A minimum amount of monthly income is also part of these requirements.

Most financial experts agree that payday loans should only be obtained in extreme emergency cases. Make sure you read all the terms and conditions of your loan agreement prior to signing it. Ensure that you are able to repay your Sonic payday loan on your next paycheck to avoid high penalty charges. Also ensure that your current account has enough balance to cover your payday loan, as stiff penalties are charged for checks that are returned.


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