Complaint Review: Cash Call - Cashcall.com Internet

Tom, you claim to have contacted your state attorney general's office. So what was the outcome? Your rebuttal inferred that you had a problem with a loan and contacted your state AG. And??? Cash Call and it's partner, First Bank of Delaware have covered their legal tushies very well. First Bank of Delaware underwrites the loans in Ohio, and yup, a $2600 loan at 96% interest. All legal in Ohio. You're absolutely correct about the States setting the interest caps on loans. That's why Cash Call (and First Bank of Delaware ) DO NOT give loans in 7 states. Unfortunately for the OP Ohio doesn't seem to outlaw such usurious loans as NY and 6 other states do. That's why when you go to the cashcall website and click on RATES, they very clearly tell you what 7 states they don't service. My point to the OP was that there is very limited LEGAL recourse to get out of a binding legal loan contract. With a loan at normal rates, say 16% the debtor can usually get a deferment by paying the additional interest for the period of the deferment. The problem with a cash call loan is that with an interest rate of 96% any differment (if they'll even grant one) would barely save a few a dollars. This is what causes folks so much darn trouble! I ask about what action the AG did for you because I know of only 3 ways to absolve a debt: 1 - pay it off, 2 - the creditor forgives it or forgives the outstanding balance, 3 - a COURT orders it absolved (as in bankruptcy.) You stated that the OP should ignore folks you recommend paying it off - not a good recommendation if the debtor is trying to maintain whatever credit rating they have. Oh, and I don't work for ANY financial/lending institution. An AG can certainly bring criminal charges against a business for ALLEGED illegal activity, but that doesn't void a contract. Even after an AG files charges, the accused gets his/her day in court and the COURT decides - NOT the AG. An AG might even make a public statement that "such and such" is illegal (AGs are elected politicos who seek the media spotlight from time to time) and make a few headlines with such bravado, but it is the COURTS that decide - NOT the AGs. You want to attempt to void a contract, you go to court. In the meantime you do what you can, consult with a bankruptcy attorney, or stop paying and suffer the consequences. BTW, more and more people are watching the credit scores now, thanks in part to some rather troubling (IMHO) developments. Auto insurance companies are using credit scores to help establish insurance premiums and many credit card companies are using a "late payment" on a credit report to another company as a reason for raising the interest on your credit card thru them. Many are also coming out with a "default interest rate" clause in the CC agreements, that allows them to kick in the default rate (somewhere around 30) for even one late payment or a credit report that shows delinquentcies to other creditors, such as an electric company. Seems to me this OP is trying to maintain their credit score as best as possible. Based on that, I stand by my recommendation to either pay it off as quickly as possible or consult with a bankruptcy attorney. To simply stop paying will only make their financial situation worse.

Each state has certain laws concerning interest rates. The Attorney General knows the laws for their particular state and can determine if the interest rates that Cash Call charges is legal or not and may be able to do something about it.

I appreciate the responses to my "Rip Off." I have been trying to pay extra payments to the company to try and get this paid off ASAP. I am very concerned about my credit, And although I would love to, I will not stop paying this until it is paid off so I can get this from over my head. I am hard working and educated. I work for the County and do a little consulting on the side. I was just in a bad situation and needed the money, which is why I am in this situation now. I was told any payments that I made extra would be applied to the principal. Which sucks because I already pay $216.55 per month and paying even $50 more a month is a stretch right now. I know better now and am smarter for it. Atleast it will hopefully help my credit paying on time monthly payments and/or paying it off!

If you use an amortizing calculator (like the one on bankrate dot com) you can see that $8.55 would be applied to the principal from the FIRST payment, $9.23 from the second, $9.97 from the third, and so on until the loan is paid off after 42 ONTIME payments. ($2600 loan at 96% APR, for 42 months.) The amortizing calculator will ASSUME that all payments are made on time. Part of the problem folks run into is that when they are late or miss a payment, the "march of the late fees" kicks in, and at an APR of 96% the penalty for being late or missing a payment is SEVERE! I don't like Cash Call one bit. It's usurious, but legal in all but about 7 states. Unfortunately, it appears you entired into a binding legal contract for the loan, and they are going to expect payment. You can use the amortizing calculator (you can PRINT it) to get an approximation of what your pay-off for this loan might be sometime in the future. As for contacting the FTC or state attoney general office: It might help, as far as amassing statistics regarding these types of loans and the trouble they sometimes cause, but I don't see how the FTC or any State Attorney General is going to absolve this loan or void your contract. That is what COURTS are for. This is why most folks, including myself, will encourage you to pay this loan off as quickly as possible. Of course, if you're not concerned about your credit rating or the possibility of being sued, you could just stop paying. I don't recommend that. If your financial picture is that bleak, I would suggest you consult with an attorney who specializes in bankruptcies to determine if Chapter 7 or Chapter 13 bankruptcy is a viable option for you. Good luck. Tom: please let us know how complaining to an attorney general voided a loan contract with Cash Call.

If you use an amortizing calculator (like the one on bankrate dot com) you can see that $8.55 would be applied to the principal from the FIRST payment, $9.23 from the second, $9.97 from the third, and so on until the loan is paid off after 42 ONTIME payments. ($2600 loan at 96% APR, for 42 months.) The amortizing calculator will ASSUME that all payments are made on time. Part of the problem folks run into is that when they are late or miss a payment, the "march of the late fees" kicks in, and at an APR of 96% the penalty for being late or missing a payment is SEVERE! I don't like Cash Call one bit. It's usurious, but legal in all but about 7 states. Unfortunately, it appears you entired into a binding legal contract for the loan, and they are going to expect payment. You can use the amortizing calculator (you can PRINT it) to get an approximation of what your pay-off for this loan might be sometime in the future. As for contacting the FTC or state attoney general office: It might help, as far as amassing statistics regarding these types of loans and the trouble they sometimes cause, but I don't see how the FTC or any State Attorney General is going to absolve this loan or void your contract. That is what COURTS are for. This is why most folks, including myself, will encourage you to pay this loan off as quickly as possible. Of course, if you're not concerned about your credit rating or the possibility of being sued, you could just stop paying. I don't recommend that. If your financial picture is that bleak, I would suggest you consult with an attorney who specializes in bankruptcies to determine if Chapter 7 or Chapter 13 bankruptcy is a viable option for you. Good luck. Tom: please let us know how complaining to an attorney general voided a loan contract with Cash Call.

Don't listen to these people that tell you to borrow from a family member or friend or to get a payday loan to pay Cash Call. They are employees of Cash Call trying to get their money any way they can. Do what I did. Contact your State Attorney General and tell them your situation.

Cash call is absolutely right. According to their terms, you owe more than when you started. Do whatever you need to do to get this loan paid off. If you read the agreement, you'd find the interest rate somewhere around 99%. That should have made you run for the exits. Instead, you fell into the Cash Call trap of easy money without considering the interest you're being charged. Find the money somewhere LEGALLY; borrow from friends, family, something. Pay off the principal ASAP, or this nightmare is only going to continue for years and years. If you really want your credit report to improve - get rid of this loan now; don't delay. Each day you wait costs you more $$ you can't afford to lose....... Next time - don't listen to what anyone says when it comes to money. READ the agreements and bring a friend if you're not certain of how to understand something.

Cash call is absolutely right. According to their terms, you owe more than when you started. Do whatever you need to do to get this loan paid off. If you read the agreement, you'd find the interest rate somewhere around 99%. That should have made you run for the exits. Instead, you fell into the Cash Call trap of easy money without considering the interest you're being charged. Find the money somewhere LEGALLY; borrow from friends, family, something. Pay off the principal ASAP, or this nightmare is only going to continue for years and years. If you really want your credit report to improve - get rid of this loan now; don't delay. Each day you wait costs you more $$ you can't afford to lose....... Next time - don't listen to what anyone says when it comes to money. READ the agreements and bring a friend if you're not certain of how to understand something.

Cash call is absolutely right. According to their terms, you owe more than when you started. Do whatever you need to do to get this loan paid off. If you read the agreement, you'd find the interest rate somewhere around 99%. That should have made you run for the exits. Instead, you fell into the Cash Call trap of easy money without considering the interest you're being charged. Find the money somewhere LEGALLY; borrow from friends, family, something. Pay off the principal ASAP, or this nightmare is only going to continue for years and years. If you really want your credit report to improve - get rid of this loan now; don't delay. Each day you wait costs you more $$ you can't afford to lose....... Next time - don't listen to what anyone says when it comes to money. READ the agreements and bring a friend if you're not certain of how to understand something.

everyone who borrowed from cash call goes threw this.this is why i'm glad i didn't get a loan from them.the apr rates are just ridiculous 19.99%.but if you signed a contract your just stuck.