Cashcall Don't fall for cash call. It will ruin your life Internet
When I bought my restaurant, I needed some extra cash for remodeling, repairs and business expenses. I couldn't get a local loan so I went through cashcall. Two years later I have paid $9473.53 into a $10,000 loan. I have never had a late payment. I now owe $9681.37. I never thought this could be legal in America. This is no loan. This should be illegal. No matter how badly you need money, do not use cashcall. This is such a ripoff. How is this company allowed to charge such rates? When I called cashcall for my balance I was floored. I have never gotten statements in the mail. Cashcall takes the fees directly from my bank account. When I asked what my interest rate is I was told it is 39% daily. Of my $332.15 monthly payment the average interest taken out is $320. This should be illegal but like everything else in America, Screw the little guy. They prey on lives. Do not use cashcall!
Amber
Morro Bay, California
U.S.A.
4 Updates & Rebuttals
Robert
Buffalo,New York,
U.S.A.
Yup... about 39.32 percent APR.
#5Consumer Comment
Tue, May 06, 2008
Your loan works out on an amortizing calculator with an APR of about 39.32 percent.
After 24 monthly payments you would owe about 9677.79 on the principal.
All I can suggest is to keep up your payments and try to improve your credit score enough so that you can get a loan from a normal commercial lender at a more reasonable interest rate.
The sooner you get out from under this the better. Also, my figures are based on their standard 120 month payment schedule for a $10,000 loan.
Just so you know, after 120 months, you'll have paid them $29932 in interest as well as the original $9975 you borrowed.
Unfortunately, only a handfull of States have laws preventing such high interest rates.
Good luck.
Robert
Buffalo,New York,
U.S.A.
Yup... about 39.32 percent APR.
#5Consumer Comment
Tue, May 06, 2008
Your loan works out on an amortizing calculator with an APR of about 39.32 percent.
After 24 monthly payments you would owe about 9677.79 on the principal.
All I can suggest is to keep up your payments and try to improve your credit score enough so that you can get a loan from a normal commercial lender at a more reasonable interest rate.
The sooner you get out from under this the better. Also, my figures are based on their standard 120 month payment schedule for a $10,000 loan.
Just so you know, after 120 months, you'll have paid them $29932 in interest as well as the original $9975 you borrowed.
Unfortunately, only a handfull of States have laws preventing such high interest rates.
Good luck.
Robert
Buffalo,New York,
U.S.A.
Yup... about 39.32 percent APR.
#5Consumer Comment
Tue, May 06, 2008
Your loan works out on an amortizing calculator with an APR of about 39.32 percent.
After 24 monthly payments you would owe about 9677.79 on the principal.
All I can suggest is to keep up your payments and try to improve your credit score enough so that you can get a loan from a normal commercial lender at a more reasonable interest rate.
The sooner you get out from under this the better. Also, my figures are based on their standard 120 month payment schedule for a $10,000 loan.
Just so you know, after 120 months, you'll have paid them $29932 in interest as well as the original $9975 you borrowed.
Unfortunately, only a handfull of States have laws preventing such high interest rates.
Good luck.
Robert
Buffalo,New York,
U.S.A.
Yup... about 39.32 percent APR.
#5Consumer Comment
Tue, May 06, 2008
Your loan works out on an amortizing calculator with an APR of about 39.32 percent.
After 24 monthly payments you would owe about 9677.79 on the principal.
All I can suggest is to keep up your payments and try to improve your credit score enough so that you can get a loan from a normal commercial lender at a more reasonable interest rate.
The sooner you get out from under this the better. Also, my figures are based on their standard 120 month payment schedule for a $10,000 loan.
Just so you know, after 120 months, you'll have paid them $29932 in interest as well as the original $9975 you borrowed.
Unfortunately, only a handfull of States have laws preventing such high interest rates.
Good luck.