• Report: #465059

Complaint Review: Cash Call

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  • Submitted: Thursday, June 25, 2009
  • Last Posting: Friday, June 26, 2009
  • Reported By: — Bay Minette Alabama
Cash Call
Anaheim California U.S.A.

Cash Call I was ripoffed by Cashcall. Anaheim California


1Author 1Consumer 0Employee/Owner

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I was behind on my mortgage and almost went into forecloser. I was looking for a quick loan to help me catch up on my mortgage. I appiled for a loan with Cashcall. I was approved for a loan of $2,525.00. I paid $216.55 starting April, 1 2007. I ended up paying back $9,288.17. I didn't understand how the intrest rate worked. I just knew I didn't want to loose my home. I was charged 97.66% intrest and was charged $6,763.17 finance charge. I just paid off this loan and would like to know is there someone out there that has enough balls to fight for low income people like me that became a victium of a loan shark. How can our goverment allow companies to take advantange of people trying to keep their homes and pay their bills. I would be willing to tell my story to anyone who will listen. Please Help me get my money back.
Thank You

Another ripped off victium form Cashcall

Evelyn
Bay Minette, Alabama
U.S.A.

This report was posted on Ripoff Report on 6/25/2009 6:37:29 PM and is a permanent record located here: http://www.ripoffreport.com/civil-rights-violators/cash-call/cash-call-i-was-ripoffed-by-c-e33dy.htm.

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1Author 1Consumer 0Employee/Owner
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#1 Consumer Comment

Ouch!

AUTHOR: Tim - Grand Haven (U.S.A.)

SUBMITTED: Friday, June 26, 2009

Evelyn,

Although I agree that Cash Call is somewhat of a scam operation, you were not the victim of a "loan shark." You were a victim of your own failure to understand the nature and terms of the loan.

Companies like Cash Call make what are intended to be short term loans, i.e. paid off in a matter of weeks or months, not years. To make a profit from a short term loan, the APR has to be pretty high. I have seen higher than the figure you quoted.

I certainly have sympathy for your situation. But as a general rule, the only circumstance under which you should take out a loan from one of these companies is where you need money right away AND will have the ability to pay back the loan in a short period of time.

Best regards!
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