tragedy
  • Report: #405818

Complaint Review: CASH CALL

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  • Submitted: Monday, December 29, 2008
  • Last Posting: Friday, January 02, 2009
  • Reported By: — Rialto California
CASH CALL
17360 Brookhurst Street Fountain Valley California 92708 U.S.A.
  • Phone: 866-899-1844
  • Web:
  • Category: Loans

CASH CALL 99.23% Fountain Valley California


1Author 6Consumer 0Employee/Owner

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I want to report Cash Call as a total ripoff. I admit I was ignorant to financial rules and percentages, but I can't believe that almost 3 years after borrowing $2,525.00 and making 26 payments that I still owe more than I actually Borrowed. They have caused me over $300 in bank fees by debiting my account early, and over $600 in fees paying via Moneygram. NOw they are suing me for $2,800. I have made over $5,000 in payments and they are suing me for interest and late fees. Is this even legal????

S. xxxxx
Rialto, California
U.S.A.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 12/29/2008 12:37:29 PM and is a permanent record located here: http://www.ripoffreport.com/loans/cash-call/cash-call-99-23-fountain-vall-fx72x.htm.

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REBUTTALS & REPLIES:
1Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Sure is!

AUTHOR: John - MARSHALL (U.S.A.)

SUBMITTED: Monday, December 29, 2008

And why exactly are you surprised at this? They will hound you, your family, your friends, your employer, anyone they think you may even remotely know, until they get that money!! Want to know how they can charge that type interest?? Look in a mirror.
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#2 Consumer Comment

Try negotiating With Them

AUTHOR: Jim - Anaheim (U.S.A.)

SUBMITTED: Monday, December 29, 2008

You might have some luck, but I would consider an attorney to help you with that; they won't negotiate face-to-face with you...best of luck.
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#3 Consumer Comment

Did you miss any payments?

AUTHOR: J G Shrugged - Austin (U.S.A.)

SUBMITTED: Monday, December 29, 2008

If ALL of your payments were made on time, and you didn't bounce any payments, have them prove to the judge exactly how much you owe and why. There is no reason other than if the loan isn't a simple interest loan (which I don't think it is....) that your principal should ever be higher than it is at the beginning, because some portion of each payment will go to principal.
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#4 Consumer Comment

Do the CashCall math.

AUTHOR: Wilson - Walnut Creek (U.S.A.)

SUBMITTED: Monday, December 29, 2008

Unlike an amortizing mortgage where the principal goes down on a 30-year loan, I don't know how a CashCall loan balance goes down considering the borrowers are paying 99.25% interest. CashCall borrowers are always saying they were ripped off but they voluntarily agreed to the terms of the loans and they have no basis for any type of class-action law suit.

http://www.cashcall.com/General/Rates.aspx
Rate for California loans:
Loan Product Borrower Proceeds Loan Fee APR Number of Payments
$2,600 Loan $2,525 $75 99.25% 42 $216.55

$2525 x .9925 = $2,506.06 total interest payments for one year
$2506.06 / 12 months = $208.83 monthly interest payments

42 payments x $216.55 = $9,095.10
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#5 Consumer Comment

Yes..they HAD to miss payments..

AUTHOR: Robert - Irvine (U.S.A.)

SUBMITTED: Tuesday, December 30, 2008

They stated that they have made 26 payments over almost 3 years. If they are really close to 3 years they should have made close to 36 payments. So they would have had to miss at least a few payments.

On a loan with this type of interest rate a single missed payment near the beginning could wipe out any principal paid over several months. So it is very possible that they do owe more than the original balance.

Now, as for negotiating with them, if you check this site out there were people who have said they have had success in getting them to settle. However, reguardless if you can get them to settle before you go to court, you need to go to court no matter what. This way you do not risk having a default judgment entered against you.
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#6 Consumer Suggestion

Law Suit

AUTHOR: Jake - Long Beach (U.S.A.)

SUBMITTED: Friday, January 02, 2009

well they sued me for money i didnt go to court and they didnt either. Noone showed up and the case was dismissed by the judge.
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