|
Frequently Asked QuestionsWhat is a Cash Advance or Payday Loan?A payday loan is a short term unsecured loan until your next paycheck. When unexpected expenses come up, a payday loan is a quick way to get the money you need and avoid overdraft charges. At SuperSonic Payday, you can apply for a payday loan online and have money deposited directly to your checking or savings account. What do I need to qualify? Qualifying for a payday loan is simple. No credit checks are required. You simply need to meet the following requirements: • Have a job • Make at least $1000 per month with direct deposit • Are 18 years of age or older and a U.S. citizen or resident • Have checking account or savings account Does the process take long? Typically approval takes a few hours. Once approved, the money will be in your bank account the next day. What if I have bad credit or a bankruptcy? No problem! SuperSonic does not perform credit checks to qualify for a loan. What collateral is required for the loan? None. Your job and your paycheck are your collateral. Do I need direct deposit? At this time we can only process your loan if your paycheck is direct deposited; it is the most secure way to offer loans as quickly as we do. Is there an application fee? SuperSonic Payday never charges an application fee. Is my application and financial information secure? Absolutely.. Our site has security measures in place to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology. How is the payday cash advance loan amount determined? Each state regulates the maximum advance amount which can be borrowed. You qualify for a loan based on your income. How are fees established? Our fees are competitive and in compliance with all applicable state and federal laws. Why is there so much information in the Loan Agreement? The Agreement is a contract that complies with all applicable state or federal disclosure requirements. It completely outlines the terms of the payday advance, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). When is the loan amount due? Payday loans are usually due when you receive your next paycheck via direct deposit. The standard time for loan repayment is usually no less than seven days and no longer than eighteen days. You may also pay back your loan early without prepayment penalties. What if I can't repay the payday loan in full on my due date? We have different payment options available for our customers: 1. Paying the loan in full on the maturity date listed on your loan agreement*. 2. Paying the finance fee and a portion of the principle on or before the maturity date*. 3. Paying only the finance fee on the maturity date*. *Some additional terms and conditions may apply. Please ask your loan officer about all of the repayment options |