Responsible
Lending
What
is a payday loan?
A
payday loan is a small, short-term loan that is intended
to cover a borrower's expenses until his or her next
payday. Typical loans are between $100 and $1500
and are due in two weeks.
Is
a payday loan for me?
If
used responsibly, a payday loan can be a great tool
to provide assistance during a time of financial
need. When choosing a payday loan company, there
are two important things to keep in mind:
- It
is important to choose a company that practices
responsible lending.
- It
is just as important to make sure you use a payday
loan responsibly.
How
does SonicPayday.com practice responsible lending?
- At
SonicPayday.com your first time loan will never
exceed 30% of your net income. This is to ensure
that you are not borrowing more money than you
can pay back. Once you are an established customer,
and have consistently paid back your loan on time
your loan limit may be increased*.
- The
real expense and debt trap for payday loans is
when you rollover or extend your loan multiple
times. The purpose of a payday loan is to provide
a short term solution to a financial emergency
- a payday loan should never be used long term.
For example, if you are short on money and are
in danger of bouncing a check, a payday loan may
be a cheaper alternative for you. If
you have to extend the loan or roll it over multiple
times, your cost savings will be gone. This
is why SonicPayday.com has a strict no rollover
policy.
- SonicPayday.com
always sends their customers an automated reminder
email two days prior to their repayment date. This
is to ensure that the loan is repaid in full to
avoid NSF charges from the bank. Another reminder
email is also sent to each customer on their actual
repayment date.
- SonicPayday.com
is always upfront about their loan fees. When borrowing
from SonicPayday.com you can always be assured
there are no hidden fees or extra charges.
- Many
payday lenders have been accused for “preying” on
pensioners, people on disability, or military personnel.
SonicPayday.com will not enter into a business
relationship with any of the following people:
retired, on disability, receiving Social Security,
paid only by commission, a substitute teacher,
on maternity or medical leave, or an independent
contractor.
- At
SonicPayday.com we take the utmost pride in ensuring
our customers information is always kept completely
confidential.
- SonicPayday.com
provides customer service representatives available
to answer any questions or concerns twenty four
hours a day – seven days a week!
What
can I do to ensure I use my payday loan responsibly?
- Never
use a payday loan for a long term financial challenge.
- Never
borrow more than you will be able to pay back on
your scheduled repayment date.
- Never
borrow money from a company that doesn’t
practice responsible lending.
- Always
make sure you choose a company with superior customer
service, and who puts your best interests first,
before making a profit.
*Based
on your net income
Disclosure |