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7 User Reviews
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LAST UPDATED: August 9th, 2022

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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7 Reviews

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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

1 week 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.

6 days 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

6 days 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

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.

1 month 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.

2 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