- Report: #166152
Complaint Review: CashCall - Fountain Valley California
-
Author Confirmed
Why?
CashCall
17360 Brookhurst Street Fountain Valley, 92708 California, U.S.A.
Phone:
949-752-4600
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
CashCall ripoff Legalized loan sharks preying on the desperate Fountain Valley California
My wife and I had fallen on desperate times and my employment was starting too late to cover bills. With no one else willing to help; in comes CashCall. They offered a small loan with no credit check and small payments. We figured it would be about 30% interest with our current credit situation.
We later discovered in the e-mail pdf; it stated 85% interest. This was hidden in a large form and there was no advice from the loan officer to pay this off early. Being scared and desperate; we still went for it thinking we didn't have any options from keeping us from becoming homeless.
After three months; we then talked to them about our balance only going down $41 dollars and was informed our interest rate had actually been 79%. Ohhhh, thanks for the big 6% reduction. At $183.80 a month; our final pay-off on a $2600 loan will be about $9000. This is highway robbery. The only way we can get out of this is if we come up with about $2700 or more to just pay it off. If we could do that; we wouldn't have needed CashCall in the first place. When we discuss these situations and outrageous interest rates with their loan officers; they offer nothing more than apologies and no explanations.
Using hindsight; we would have been better off letting our debts slide for the moment. But, like I said, we were scared and desperate; for us and our two children.
Keith
San Bernardino, California
U.S.A.
We later discovered in the e-mail pdf; it stated 85% interest. This was hidden in a large form and there was no advice from the loan officer to pay this off early. Being scared and desperate; we still went for it thinking we didn't have any options from keeping us from becoming homeless.
After three months; we then talked to them about our balance only going down $41 dollars and was informed our interest rate had actually been 79%. Ohhhh, thanks for the big 6% reduction. At $183.80 a month; our final pay-off on a $2600 loan will be about $9000. This is highway robbery. The only way we can get out of this is if we come up with about $2700 or more to just pay it off. If we could do that; we wouldn't have needed CashCall in the first place. When we discuss these situations and outrageous interest rates with their loan officers; they offer nothing more than apologies and no explanations.
Using hindsight; we would have been better off letting our debts slide for the moment. But, like I said, we were scared and desperate; for us and our two children.
Keith
San Bernardino, California
U.S.A.
2 Updates & Rebuttals
C
Tyngsboro,Massachusetts,
U.S.A.
No options=cashcall
#2Consumer Comment
Fri, March 02, 2007
you said "Being scared and desperate; we still went for it thinking we didn't have any options from keeping us from becoming homeless." That is one of the few instances where paying a high interest rate to cashcall might be worth it. "We figured it would be about 30% interest with our current credit situation." Credit cards are starting to charge 30% and higher on EXISTING balances to people who miss a payment or two on ANY credit (not just THAT card). Plus, they would likely reduce your credit limit. So, I don't know why you would assume 30% would be your rate, unless your credit rating was good (which I assume it wasn't) "We later discovered in the e-mail pdf; it stated 85% interest. This was hidden in a large form and there was no advice from the loan officer to pay this off early. " While I sympathize with your desparation, that doesn't make it cashcall's fault that you didn't at least try and find your interest rate. Cashcall can serve a purpose. I would like to see a law passed requiring some changes to how/where the interest rate is presented, and forced disclosures where people would be told possible alternatives (assistance from hospitals for medical bills, state agencies, etc) and given contact information. On occasion, for some, cashcall is the only alternative.
Chet
Ramona,California,
U.S.A.
Good Cash Call Experience
#3Consumer Comment
Wed, September 13, 2006
I have no relationship to CashCall other than they gave me money during a very bad financial time. The interest rate was very high, but the phone guy said, "This is not the type of loan you want to keep paying on over time." I was surprised he said that, but felt it was a fair trade and good advice. You get through the rough times, pay off the balance and get back on track with your life. I'm happy. They gave me a break when no one else would and set the pay date for the 17th. I have not heard from them since.
