Sonic Cash : Any Success Stories?

Sarah, Sonic is a very tough place to get your account marked paid in full. They are an illegal business and will always try to withdraw from the account. You need to be aware of your rights and stop them from getting your money, especially if you have already paid their principal loan amount. How much have you paid so far?

I took out a first loan with them for $300.
I paid them back $490, which is $148 over what Michigan finds legal.

I took out a second loan with them to make up for how far behind I was on the first -- BIG mistake -- this loan (which is in default now because I closed my checking account) is for $400. I believe the fees should be 72 in Michigan for this loan. I have paid them $180. And after taking that overpayment that I paid on the first loan, in my mind, I only owe them $144 legally.

I had this all written out and I've faxed it to them and mailed it, and emailed it. They refuse to accept $144 to close out the account as PAID IN FULL. I am thinking about just using a prepaid debit card to authorize them $144 in a "payment plan" (in their minds) -- close out that debit card, and then document the whole thing showing that my obligation to them is done.

Does that all make sense??

My only worry is they sending this off to collections and reflecting poorly on my credit report, but if they are illegal.... well, what can I do???

Sarah, be sure that you know the charges legal in your state. You must calculate all the charges thoroughly and don't pay any excessive amount. I will also not want you to make the payment using your debit card. Is there any other way to get the payment done? Like a money order etc..

They want moneygram --
Bleh.
I am not paying moneygram -- the fees are horrible.

Sarah, did Sonic Cash disclose their fees to you? Did you agree to the terms? It seems to me that you had a choice on whether to use their service or not.

As I've already stated, they have agreed to take off all fees and just require me to pay the principle in four payments, which is fair. But, they should still be following the laws of the state in which they are providing loans to -- that is, following Michigan laws to MI customers, Idaho laws with Idaho customers. I did not know this when I used their services that it was illegal of them; if I had known they were illegal in that regard I WOULD NOT have done business with them. In the future, I will only use thes services of PDL companies that are allowed to do business in my state.

As I've already stated, they have agreed to take off all fees and just require me to pay the principle in four payments, which is fair. But, they should still be following the laws of the state in which they are providing loans to -- that is, following Michigan laws to MI customers, Idaho laws with Idaho customers. I did not know this when I used their services that it was illegal of them; if I had known they were illegal in that regard I WOULD NOT have done business with them. In the future, I will only use thes services of PDL companies that are allowed to do business in my state.

Please, this is a company that is not licensed, they charge illegal interest rates, ILLEGAL! Unless you understand the nature of how these companies operate and the illegal collection tactics operate, I'm afraid that you don't understand the nature of this issue. The contracts are written with a bunch of mumbo jumbo and double talke that is easy enough to confuse anybody and you would have to be an attorney to understand them. This company isn't legit, Sarah, I think your idea is fine. Do not allow them access to any of your new accounts. Pay them on your terms, IF you still owe them anything.

Yes, according to what I figured out, I still owe them about $250 according to MI law. I am going to pay them that much and then demand paid in full. I am doing that because of my own belief that I should follow what is legal in my state. I overpaid the first loan a bit (about $50), but I am going to let that go. The other companies though, I am going to fight them tooth and nail!

The other companies? If you have several of these payday loans, you should really take better control over your finances. Even if they are located in your state, PDL's should be used in a limited manner.

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I think John is filty rich. He's just trying to give us advice on how to become filty rich too. See - john was poor way back when......nevermind...

Sarah we're all here for basically the same reasons. Its just sooo horrible that PDL companies, and even collection agencies prey on those of us who've been struck with hard times. All of us know that letting our finances get like this was irresponsible, but what else could we have done??

John, this forum is for people to get support with finances etc. Since you obviously have no issues in that area and have it all figured out, maybe there would be a better forum for you to visit. The reason some of us get payday loans is because we are desperate. These companies prey on that desperation.

LOL :-D

I know -- I didn't spend one of those dimes I borrowed on things for myself -- diamonds, new clothes -- it all went to my rent and gas for the car and groceries and diapers and formula -- and it was a relief to be able to get the basics for my family, but you hit a point where you take out one loan to pay for another to pay for another.

It's hard. It's embarrassing. But I'm getting out of that rut, and it's so nice to know I am not alone.

I know...all I want are new shoes... LOL....

necessities necessities.....

I have a handbag that cost $800. Don't get mad at me...I bought it for myself when I was able to care for myself and my son, while having all my bills paid etc....

.....then I got married.... :-S he he he

That is a very unfortunate situation you have there. I am truly sorry you have to go through that. However, we all have situations that bring on tough times. It is up to OURSELVES to figure out a way out. You chose to seek out these companies. They disclosed their fees to you and YOU agreed to them. They provided a service to you to help you with your situation. If they weren't there, where would you have turned to? If you mismanaged the services they provided, that is not the same thing as them taking advantage.

- as for me, I am here to help but I believe it is important for people to take responsibility for their own actions. I think you should see if they will accept a payment plan to get this paid in full.

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I used my payday loans to pay for my house, utilities, living necessities....it wasn't like I just wanted money to go shopping. So what kind of help do you want to give, John? Or do you just find our stories entertaining?

Ahhh...good catch Sarah. Its like saying that you signed a contract to take out a hit on your husband, you paid half up front, and will pay the other half when he's in the ground....

Just b/c you signed the contract doesn't make it legal!

sswett-I had money before I got married too. I was able to buy clothes, shoes, cd's, basically whatever I wanted. Ever since I got married, I can barely afford the basic necessities.

So basically you are both saying that they helped you keep your house, keep your utilities from being shut off, and other necessities.....Yet you are criticizing the service they provided???

I don't advocate the use of payday loans but they do fill a need. There are other alternatives out there to use such as credit cards, prosper.com, installment loans.

What gives Sass?!? lol, I know what happened...I married a union roofer in october, didn't realize taht my savings would be gone after a long winter, two electricity rate increases (to the tune of 122%)....

Sigh....... (we hijacked this thread to gripe). It will all be over soon. I hope!

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John,do have a point you wish to discuss or something to add to this topic or do you just wish to play holier than thou!

$10? Sarah I think that is a little unreasonable...LOL

John, OK we'll use credit cards when we don't have credit right, or our credit is tarnished because we were irresponsible in college...?

I wasn't born with a gold spoon in my mouth

And I apologize for my last post! I just get so upset when others act like they know better than me or that they know my situation! And I was just trying to make light of John's comments.

But I have nothing else to add to the coversation -- at least not regarding John's comments.

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We are not criticizing the service that they provide. We are criticizing the illegal fees they charge, the illegal rollovers, the harassment....perhaps you should read some of the threads on this forum and then you will understand what we are criticizing. And not all of us have credit cards or access to installment loans. As far as prosper.com, I know nothing about it. Are you one of the collectors for these companies or what?

sswett-yep, long cold winters, electric and gas bills, higher cost of living, unexpected emergencies.....

Why am I bothering to argue with this guest?

To our registered members and honored guests,if someone is going to attack your viewpoint,it is perfectly reasonable to defend yourself and your beliefs as long as we follow our forum rules.

You're bothering to argue b/c you feel like you're being attacked due to circumstances beyond your control!!!!!!!

All jokes aside, even if you pay off these loans (like they want you too) some of these companies continue to debit your account, etc. Harass you years later for something that you legitimately paid off....

Its okay to stand up for yourself, no matter what the situation, no matter who the offender is. It just feels good, to stand up for who you are, what you believe it. Even though we've made mistakes with our finances, we are only human.

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Right, maybe you can explain that to us John since you are so knowledgable.

Loansharking is illegal in most states.