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LAST UPDATED: January 10th, 2023

Sonic Cash is a payday loan and payday cash advance company that matches borrowers with lenders; it is also no longer in business. However, because their website is still functional and they were not a direct lender, it appears that customers can still fill out an application through their website and be redirected to other lending companies. Specific loan terms will depend on the individual lenders, but Sonic Cash advertised payday loans of up to $1,000 with repayment terms of 2 to 4 weeks, depending on the frequency of the borrower's paychecks. Sonic Cash was established in 2002, and while it is unclear how long Sonic Cash was operating, they were no longer in business by 2012.

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The Good

  • Matching Service
  • Instant Pre-Approval

Matching Service

According to the information still up on the Sonic Cash website, Sonic Cash matches approved applicants with one of their 60+ lenders for loans that generally range between $300 and $1,000. The loans are usually paid back over 2 to 4 weeks, depending on the lender's policies and the borrower's payday schedule. Interest rates and additional fees will also vary from lender to lender and depend on the amount borrowed and repayment term length. In order to apply, customers must meet the following requirements:

  • Employment: verifiable source of income for at least 1 month
  • Income: net income of at least $800 per month
  • Other Loans: no more than two outstanding loans with other companies
  • Account: valid checking account with a positive balance
  • Age: minimum of 18 years old

Instant Pre-Approval

Applications can be submitted online (or, previously, over the phone) and initial pre-approval is received instantly. Funds can be distributed as soon as the next business day. The application asks customers for:

  • Requested loan amount
  • Checking account (yes/no)
  • Personal information: name, address, length of time at address, phone number(s), email address(es), birthdate, social security number, driver's license number
  • Employment information: employer name and phone number, type of income, military (yes/no), length of employment, job title, payday frequency and the dates of the next two paydays, paycheck amount and how it is received
  • Financial information: bank name and phone number, length of time with bank, routing number, account number

The Bad

  • Third Party Lender
  • High APRs
  • Security Seal Issues

Third Party Lender

Because Sonic Cash was not a direct lender, they did not control the specific terms or fees for each loan. However, they do state on their website that borrowers can expect to be charged anywhere from $10 to $30 interest for every $100 borrowed, which equates to annual interest rates of 261% to 1,304% APR.

High APRs

Interest is calculated on the entire repayment term, regardless of an early loan payoff. While these rates are normal for the payday loan industry, they are drastically higher than interest rates for other types of funding, and customer can expect to pay quite a bit of money just in interest fees. Loans are generally due to be paid in full on the borrower's next payday. However, is appears that online customers are automatically enrolled in a renewal program in which only the minimum payment will be withdrawn until the customer requests that the loan (plus fees) be paid in full. While this may sound like a convenient system, it is a way for the lending company to collect even more than the usual amount of fees and interest charges, and will cost customers much more money than they originally borrowed.

Security Seal Issues

While the Sonic Cash website is still functional and can potentially be used to connect borrowers to lenders, it is not up-to-date in terms of information or security. The website appears provide customers with several resources and informational pages about loans and about the company, including:

  • Payday Loan Resources
  • Payday vs. Tax Refund Loan
  • Non-payment Policy
  • Disclosures
  • Privacy Policy
  • Terms & Conditions
  • Fraudulent Collections Alert
  • About Us

However, each of these pages contains only the same filler text instead of any real information. Additionally, the Norton VeriSign and McAfee Secure seals do not link to security verification pages as they should. This indicates that the seals may be simply pasted there without any of the security actually in place. Because the company is out of business, if there are any questions, concerns, or difficulties that arise, there is no customer service department to help. Emails do not receive any response and while the phone is still connected, callers will be on hold indefinitely.


The Bottom Line

While it was still in operation, Sonic Cash was a payday loan company that connected borrowers to its network of lenders for loans of up to $1,000. Sonic Cash did not determine or control the terms or rates of the approved loans, but advertised repayment terms of between 2 to 4 weeks and interest rates that could range anywhere from 261% to 1304% APR.

However, it was indicated that online customers would only have the minimum payment amount automatically withdrawn on the due date and customers would have to specifically indicate when they wanted to pay the entire loan amount. In order to match borrowers with lenders, the application asked for fairly detailed information, but very little specific information about additional fees or terms was included.

Although the website still seems functional and it's likely that applicants would be redirected to other lending sites, there is no guarantee that personal information is secure or that any of the stated information on the website is still accurate. There is no longer a customer service department or anyone to hold accountable from Sonic Cash; therefore, it is not recommended that potential borrowers use Sonic Cash's website or services.

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15 Reviews

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Ashlee Hanson Cranbrook, BC

So far I've had no issues with this company. I took out a loan, and then i started reading all of the bad reviews, which made me really nervous. I've had one payment come out of my account so far, and it was for the amount we agreed on. As of right now, I've had no issues with this company

2 months ago

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Dale Foreman Airdrie, AB

They called looking for an employee who no longer works with us, and I explained that this person was no longer employed, however they were still insistent on having me contact this person even though I explained we are not communicating with this person anymore. After that first call, we received back to back hang up calls from their collection agency. We received over 150 hang up calls from their collection agency within an hour!! Our customers could not get through to us, and when I called the number they gave me from the first call, the guy was not helpful at all, and said he felt "threatened" because I was "hostile" ... All I wanted were the calls to be stopped, but he was so sensitive and felt afraid of me, a 53 year old woman .. Unbelievably unprofessional and their business conduct is questionable, to say the least. VERY unprofessional

1 month ago

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Nona Simi Calgary, AB

This company deserves a -50 rating. What they are doing is illegal. They are harassing innocent people. Does this strategy actually work. Calling my phone hundreds of times a day? Filling up my voicmail. I have a legitimate business to run. The RCMP have been advised. I'm now taking action. Anyone else want to join in a class action suit? When I told the man called, Gates at IDC - Sonic Cash, that I do not know nor have I ever met the 2 individuals he keeps naming (this is a violation of their privacy) - he said they gave the number in their loan application as a gaurentuer???? Someone is not doing their job at IDC Sonic Cash verifying correct information on loan applications . I did a quick Google search on the 2 names and they are relatives to each other. They live in cites close to me where I did business during 2019. So they fraudulently used my phone number in their application. Now if this so called collection agent was any good at his job he could have Google searched these 2 individuals himself and gone to their work and harassed them there! But no he stupidly and stubbornly continues his futile harassment of me, an innocent victim. I know those are big words Gates but try googling their meaning. Get a life loser!

1 month ago

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marcel maas Maple Ridge, BC

No stars for this company. I am not a customer of theirs but an employee of mine was and they called me and told me that I had to get them to call them, then they called me again and told me again to get them to call me and called me 3 times after that within the hour. I told them that this was a work number and to stop calling it and they told me " no I am going to call this number all I want". I blocked their number. Today they called me from a blocked number with nobody on the other end. They called me 252 times!!! In one day, I couldn't even do my job and run my yard properly because of them and they drained my phone. This is absolute horrible practice and I am looking into harassment charges through the RCMP. Again I am not and never would be a customer to this company! I had to put 1 star

1 month ago

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Jackie G Blackville, NB

I have applied for a loan and was approved and had the funds in an hour. Gates was quick and very friendly to deal with. I give this company 5 stars and would recommend to anyone !

5 months ago

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Kaveh Parsi Calgary, AB

Good payday loan company i was in need of urgent cash and they had me approved and sent the money within 1 hour. They answered all of my questions through phone and email. Will definitely recommend this company to family and friends

6 months ago

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Jay Fisher Red Deer, AB

If I could give you guys a zero I would whoever works for this company that calls you and tries to bully you it's a joke they'll send you 500 reminders 3 days before your payment and then when your payments about due not do yet they'll start sending you threatening messages they're the worst if you can go to any other company go to them these guys truly suck

3 months ago

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•Lovely_Cake • Edmonton, AB

I never took out a loan but they called me and asked if I knew someone and I said yes and they hung up. A couple months later the person they asked me about was late on her payment. I got a text from them telling me that I had to tell her to contact them. 20 minutes later I received a call from them. Then when we hung up my phone started ringing and nobody on the line. Both lines were ringing and my voicemail was filled. I called the guy back and he said he can’t stop them and he hung up on me. I text him back and he threatened me. This went on for hours until she called him and instantly stopped. Even if she is a minute late in the morning I get spammed. Not my loan but I get threatened and spammed.

5 months ago

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Avery Haggerty Saskatoon, SK

I received horrible death threats from this company. They say they hired a IDC company I made a police report to find out that they hire some guy that cam download any number but is out of country. The threats got so bad that they called my company 34 times resulting me losing my job. They threatened to eliminate my kid and saying they have my address and will find me. Please do not use the company I have now taken legal action

6 months ago

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Jackie Olson Calgary, AB

You borrow 500 and you want to pay it off a week later and it costs you 800 do not get roped in

3 weeks ago

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Edrav316 Toronto, ON

Do not...I repeat do not borrow from them. God forbid you kiss a payment they will harass you with calls and texts and emails . Even when you're talking to them to make arrangements. I'm talking over 75 calls in an hour.

7 months ago

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herry sekhon Brampton, ON

hey if you guys anyone need money then i am telling you guys to never take a loan with these guys i take a 500$ loan first they told me i have to payback around 681$ and after only 3 days i send them a email and ask for email transfer details and they told me first i have to send 681$ and they told me they renew my loan when i said i don't want any loan then they start saying i have to pay the total amount is 817$ and if i don't pay then they will put on my record

1 year ago

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Krista Chapman Newmarket, ON

Sonic 500 is a horrible company. They say you're approves for a loan and then don't answer your emails. They ignore everything. Horrible service and company.

7 months ago

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Keanu Siamese Calgary, AB

Very rude company! Said I was approved for loan yesterday. Get an email this morning with nothing but, all in caps, DENIED. I sent a reply saying they didn’t need to be rude, they answered, again all in caps, READ OUR WEBSITE. No explanation why, just rude! Do not trust these guys.

5 months ago

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Daniel Stewart

Do not loan from this company. Life happens to some of use and miss 1 payment they will çall u none stop and hang up. Call u a percent AMF make threats. DO NOT LOAN FROM THIS COMPANY

5 months ago