Sonic Cash Review

Sonic Cash ReviewConsidering a loan from Sonic Cash? Many Americans are struggling through tough times and a tough economy. They are living from paycheck to paycheck, trying hard to put their money away and take care of their families.

Sometimes, all you need is just a little extra cash to make the bills or buy those few extra items at the grocery store that your family needs. When these horrible times occur, sometimes the only option is a loan, and many people consider getting a payday loan. Payday loans are quick loans that usually need to be paid back in the time-span of two weeks, or at your next payday. They are good for getting quick cash in your pocket when you need it, but they are not always the best rates available.

Payday loan companies sell themselves on the fact that they can get money in your bank account for you to use either that day or the next business day depending on the company. The interest rates are high because they approve virtually anybody, no matter what type of credit you have, and therefore need to charge higher rates to ensure that they don’t lose that money on those people who won’t pay them back. A payday loan is often a last resort for most people.

Review of Sonic Cash

Sonic Cash is a payday loan company that operates over the web. They will lend you a maximum of $500 and a minimum of $100. All you need to do is fill out a quick application on the Internet and if you meet a few requirements, you are approved for the loan. At the time of your approval, you are awarded the loan and the money will be deposited into your account.

Sonic Cash claims that it provides outstanding personal service, a simple process for getting fast cash when you need it and a secure, reliable, state licensed transaction. Sonic Cash does not serve every state, so it may not be the choice for you if they do not serve your state. Sonic Cash claims that the information you give to them is confidential and that they will be online 24/7 to assist you at any time with your loan or to answer any of your questions.

The most attractive part of Sonic Cash is that they guarantee that they will have the money deposited in your account that day if you apply before six, or they will have the money to you by the next business day if the application is approved after that time.

Requirements
There are not many requirements for obtaining a loan from Sonic Cash, which is the reason for the high prices. In order to be eligible for a Sonic Cash loan you have to be employed, with a verifiable source of income for at least one month. This includes a job, SSI, Disability, Alimony, and Child Support. From this source of income, you need to bring home at least $2,0000 a month. This is to ensure that you have the money to pay them back. You also must not have any other loans outstanding at this time.

Along with these requirements you must also have a checking account with a positive balance and no outstanding sufficient fund checks. If you don’t have any money in your account, they are not going to give you a loan. And for the obvious one, you must be 18 to apply. All in all, they are very minimal requirements and applicants are not screened based on credit or past loan performance.

Payment Options
There are a couple of ways that you can choose to pay your loan back so that you can choose the option that best fits your lifestyle and your family needs. Sonic Cash allows you the option of paying your loan in full at a selected date, depending on when the loan was taken out. There are also options for making payments over a longer period of time, although you will most likely end up paying more in the long run if you choose this option.

If you have the need to extend your loan, you must contact Sonic Cash and work it out with them directly, however you will be subject to even more fees than the ones that you are already paying. If you choose to extend your loan for an even longer amount of time after you have missed your second due date, you will pay the interest, the fees and the amount towards the principal.

Sonic Cash has rules for extending your loan, if the need arises. You must extend your loan at least 2 days prior to your scheduled due date by calling their toll free number. After four extensions of your loan, Sonic Cash will require you to pay a portion of your loan plus any finance charge, which adds up to even more money.

Rates
In the world of loans, Sonic Cash’s rates are astronomical. They require you to pay $35 on every $100 that you borrow. This rate is one of the highest in even the payday loan world, with most providers charging $25 on every $100. On top of this, the maximum loan amount that you can borrow is $500, whereas most payday companies allow you to borrow either $1000 or $1500.

Although their interest rates are high, Sonic Cash is very transparent in their prices. They provide a spreadsheet of the amount you will end up paying based on the amount that you borrow, so you do know what your getting yourself into before you do it. This company is not a scam as many have expressed in reviews, but it is not the best choice for a loan because of their astronomically high rates.

Our Recommendation
If you are in the market for a payday loan, we do not recommend Sonic Cash. Their rates are high even for the payday market, a market that has very high rates to begin with. They pile on even more high fees when the loan is late, and the amount of time that they give you to pay the money back is very short, a time span of only one pay period.

If you are in the market for fast cash, it is suggested that you try to borrow from the bank or a friend or family member before a payday loan. If a payday loan is your only option, then choose another company besides Sonic Cash. You will still get raked over the coals, but the amount of money you hand them will be less at other companies that it will be with Sonic Cash.

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