Complaint Review: Cashcall

Cash Call is really not exempt from any laws; however in your contract, please go back and read about the arbitration clause in the contract. If you do not opt out of the clause 60 days after your loan becomes effective, their contract states that you must go through arbitration, they must also. We all know that arbitration is a joke. They knew that you were going to be so happy to get the money that you probably would not read this. If this clause is not present in your contract, go for it.

Now the good news is that some states have made it illegal for a company to have such clauses in their contracts, because the very natrue of the clause goes against's a consumer acting in his/her best interest, thus the courts are saying that the company can not be the only beneficiary in a deal. Do the research to see if this is the case in your state. Now check the laws in your state and the Fed so that you can argue your point from the point of view of the law. If your state does not do this get with your local representative.

Now here is the bad news it all depends on how Cash Call operates in your state. If Cash Call has rented a bank license- for example if your first contact is with the First Bank of Whatever out of state-a federal loop hole gives this bank power to charge whatever interest they want going across state lines. You can check on the Federal Web Site about this. You will have to complain to the fed's about the bank in question. Now if Cash Call does not need a bank to operate in your state use your state and federal laws. DO NOT let them intimidate you. I know that it can be scary, but hang in there. Stand up for yourself. Now check your states law's about wire tapping a call, some states have 1 party notification, while other states have a 2 party notification- meaning both parties must consent for the call to be tapped.
Now, this is not going to happen over night, keep a transcript of every call, if you receive a summons answer it- which means sending a rebuttal- certified/return receipt-, contact your states attorney general; and the FTC. Continue to do this.

And most of all... remind them that CAMCO was recently shut down by the FTC for fraudulent practices, they can be also. Reminded them that the FTC and the Department of Justice came in without warning and shut them down, before any evidence could be destroyed. Please print out their response to you and include it in your complaint's.
DO NOT let them intimdate you.
Good luck to you let me know how it turns out
Been there done that
B.

Class action lawsuits are next to useless to the consumer. Two cases that come to mind are the chevy pick-up gas tank case and the fedex case. This may not be exactly right in both cases, but in the chevy case, people who had purchased those partcular trucks got around a $2000 DISCOUNT off any new chevy truck they purchased in the future. No money was adwarded to anyone, EXCEPT the millions to the attorneys on both sides.

In the fedex case I got a coupon good for like $5 off one of my one month's bill of $20 or something like that. Again, no money was adwarded to anyone except the millions to the attorneys on both sides. I read on this site people screaming "class action lawsuit" all the time. They don't have a friggin clue what their taking about.

The really sad part is if and when a company does lose a suit, all they do is raise their prices to cover the cost of the suit. Take for example the tobacco industry and their $50 billion lawsuit. All they did was raise the price of cigs. So all the poor suckers are paying more for a pack of smokes. Didn't cost those companies a dime.

Man, what's a pack of cigs cost now? $2 to $4 a pack. Years ago, I remember when you could buy a CARTON for $1.50. As for cashcall, the ace places, here in town, charge 530% per year, for a pay day loan. Who's insane enough to go there?

lacba.org/showpage.cfm?pageid=749

this link is to explain/ define california usury laws.. I am a 'victim' of this company too and have been doing some investigation.. its a bit confusing, read carefully..

Non-California U.S. banks are exempt ~~~ this is listed near the bottom of the article.

The finance lender laws for the state of CA state that a finance company can charge any interest rate on loan amounts above $2250.00. That is why in the state of CA, Cashcall does not do loans under $2600.00.

As far as your $5075.00 loan at a 59% rate, there is no pre-payment penalty. If you had paid an extra $20.00 per/mo to the principle you would reduce the term of your loan by around 4 yrs or more. The more that is applied to the principle each month, the less you are paying in daily interest that accrues. Be smart, pay as much as possible now and then you won't have to pay back an additional $25k on a $5k loan.

The first thing you would have to convince any attorney of is that you were unaware of the interest rate. I'm assuming you signed paperwork detailing the rates (whether you read them carefully or not), and now you are realizing that these people prey on folks who need money and have bad credit.

Unless Cash Call raised your rates without informing you or some other such action, you simply do not have a case.

"A",

Why are you stuck on filing a CLASS ACTION LAWSUIT? Please explain why you would seek a course of action that will bring you nothing?

Your state banking commission can give you all of the info you need on usery laws, etc. And you can file a complaint with them too for FREE unlike the MILLIONS it costs to form a class action.

Or, you can just stop paying them, and let them take you to court, and air your case there with nothing out of pocket! This is the way I would go.

Now, I doubt that this was an unsecured loan as I know how these people do business. Did you by any chance "pawn" your title to a vehicle? If so, you are screwed, as userry laws do not apply to pawned items. Just give them the collateral and walk away, or pay it off in full. These are your only 2 ways out of that situation.

Did you not read and accept the terms and conditions when you took the money?

Thank you so very much for your responses, they are greatly appreciated; however, none of your comments are helpful. I am looking for people that have actual knowledge of how I would go about creating a class-action suit. Non related comments, simply for the pleasure of fulfilling that urge to comment, do not help me.

In general, the responders are correct. No one really benefits financially from a Class Action other than the attorneys involved. At best you may recover a small pittance and the company may be ordered to make changes in their business dealings.

If your intent is to hold them accountable for exorbitant interest rates do a web search on the company and class action. There is a CA attorney seeking information on this company from a practice that specializes in Class Action Suits.

I think people are under the impression that "class-action" just means you can do a class-action by yourself. That's what I am getting out of this anyway. The guy above who responded to the original post is quite correct. A lawsuit is expensive, time consuming and the only ones who do well are the attorney's. The amount of money you want to try to get is a LOT LESS that what an attorney would charge to do the leg work for you. But if you feel you need to go into debt just to prove a point, then I will get out of your way so you can do it! Cheers!

Why are people so eager to start a class action lawsuit? Have you been watching to much TV and heard that buzzword too many times?

IF there is eventually a settlement and the company has to pay most of the money will end up with the lawyers.

Class actions lawsuits can be good for punishing companies financially, however the payout is spread out between so many people (and the lawyers) it's a waste if you're actually looking to get anything but satisfaction out of it.

On another note, did you not agree to the interest rate charged?

I would like to offer my assistance with your class action lawsuit.

Before we begin I would like to ask whether you prefer Diet Coke or Diet Pepsi? I will explain that later.

First, you will need to retain the services of a law firm, preferably one with experience in class-actions. This will set you back several hundred thousand dollars.

Diet Coke or Diet Pepsi?

If the court certifies this matter as a class action, you will need to place full-page legal notices for several months in all the major newspapers in the geographic area included in your class action lawsuit. This will likely run about five million dollars.

Diet Coke or Diet Pepsi?

You will still need to prove your case in court, so you can expect to spend several more million on discovery (depositions, interrogatories, etc.)

Diet Coke or Diet Pepsi?

The reason I ask about your choice of soft drinks is that if you do win your case, the lawyers on both sides will be awarded about a billion dollars for their work. You and each other plaintiff will receive a certificate that can be redeemed for one free Diet Coke or Diet Pepsi. Your choice.

That is how class action lawsuits work. Let me know when you are ready to start.