Cash Call ripoff Fountain Valley California
My husband and I decided to use cashcall because we were unable to get an unsecured loan anywhere else. We were aware of their high interest rate but the loan officer told us that at any time we could pay towards principal and get the loan paid off. My husband and I decided to take out from his life insurance policy and paid 1500.00 to cashcall it took our 2500.00 loan to 1165.00.
I told cashcall that I would be coming up with the rest shortly to pay the remaining balance. I finally came up with the remaining balance on the account which was 1248.74 several agents told me this amount. I also looked back at the website and looked at my account which I saved to my computer, the amount was the same. I finally made the arrangements to send off this payment and they told me that my account was being debited for 220.00 with is the monthly payment.
I asked them if they would refund that amount since I was sending them a moneygram for the payoff and they told me NO. They said that the pay of 1248.74 was after the payment of 220.00. I looked back at my document that they had posted and the amount was 1248.74 It never said that it was the amount after the payment was recieved. I also went back read to them a statement in my contract which read " I understand that I have the right to prepay all or specified amount to principal at anytime without penalty.
I read that entire document several times and never found where they said I couldnt just pay the full amount without having to make a payment also. They are stealing money from customers. I have sent them their payment in full I want to let people know that they are bad business. I was penalized for paying an entire amount because they want the interest that builds up everyday. stay clear of cashcall.
They are very rude to thier customers. I had someone cuss at me and threaten to debit my account on a daily basis until the payment is made. I have researched that and you cannot debit someones account more than 4 times a day. I will be writing to newpapers to get rid of this company
Tessa
porterville, California
U.S.A.
1 Updates & Rebuttals
Kieran
Mission Viejo,California,
U.S.A.
Unsecured Loans Have Interest
#2Consumer Suggestion
Sat, July 22, 2006
Of course your balance was larger...it's called interest. " I understand that I have the right to prepay all or specified amount to principal at anytime without penalty." This is correct. But, on all loans or credit cards, interest is paid first.