Report: Cash Call

Reported By: (Palm Springs California)

Cash Call Loan Sharks Anahiem California

... Get Real

1Author 3Consumer 0Employee

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Cash Call

www.cashcall.com
Anahiem California
U.S.A.
Phone:
Web Address:

Category: Loans

Submitted: Tuesday, February 10, 2009

Last posting: Sunday, March 15, 2009

I used Cash Call to get a quick short term loan to use as some float money from them to hold me over on a real estate sale. Made my payments on time for a long time. Auto draft from my bank account.

But once the economy took a nose dive it affected the company I was working for and ended up loosing my job. After awhile I couldn't continue to make those payments, but the auto draft was in place and they kept taking out money. I closed my account to get them to stop otherwise I was going to get hit by the bank for overdraft fees.

They started calling me right away. At first I would answer the calls. They would just hound me for my information. Soon I stopped taking their calls as I knew the common phone numbers they were using. They would call anywhere from 6 to 10 times a day. First it was my cell phone and then to my home phone. Luckily I have phone records of every call. Then they got smart and started using a local phone number.

Their collection agents will not listen to you. If you talk to the collection agent long enough the collector will eventually give up and transfer you over to a supervisor who then tries to get at you.

They are relentless to get their money. Their tactics I think may violate the Fair Debt Collection practices. You can hang up on them and they will call you right back if not a couple of hours later. And they do it every day. I also noticed that they changed my interest rate without notifying me. It went from basically 25% to over 60%.

After 4 months of not paying them because the collection agents said they would not accept partial payments I got a call from one guy who was nice and seemed to care about my situation. I found out he had lied to me about how much I could pay and when I could pay them.

A week later I get a call requesting payment and then they try to say that I lied to them and refused to keep my end of the deal.

Cash Call is nothing more than legal loan sharking.

At one time I had an auto repair business and some clients were offered in house credit. The amount of interest I could charge was capped at 10% by law. How does Cash Call get away with their interest rates? Who do they have in their back pocket that allows them to get away with this?

JR
Palm Springs, California
U.S.A.

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REBUTTALS & REPLIES:

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Consumer Comment

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So, you stop paying them the money you owe them....

Hereiam - Westminster (U.S.A.)

SUBMITTED: Sunday, March 15, 2009 POSTED: Sunday, March 15, 2009

and now you somehow think that they are in the wrong????

Wow...that's bold. I would suggest using only cash from now on. You don't seem grownup enough for all those sophisticated financial products.

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No Such Law On the Books

Jim - Anaheim (U.S.A.)

SUBMITTED: Sunday, March 15, 2009 POSTED: Sunday, March 15, 2009

and there hasn't been for some time. Usury laws have been all but eliminated in many states; as such it is not legal loan sharking since loan sharks charge usurious rates of interest. Their tactics may violate the Rosethal FDCPA which is unique to California, BUT you have to answer the phone first and start paying again. You can't just let the phone ring and ring and then claim they're violating the FDCPA. If they aren't violating Rosenthal, the likelihood their in vioation of the FDCPA is very low. It's also my guess you lied to them when you agreed to make payment.

Find some friends that can loan you the money, pay off the debt with Cash Call, and never darken their door again. It's legal and you're stuck.

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Get Real

Stacey - Dallas (U.S.A.)

SUBMITTED: Sunday, March 15, 2009 POSTED: Sunday, March 15, 2009

Cash Call one of the worst predatory lenders
And this is what a predatory lender is -

Predatory payday lending practices cost American families $4.2 billion annually.

Payday lending (sometimes called cash advance) is the practice of using a post-dated check or electronic checking account information as collateral for a short-term loan. To qualify, borrowers need only personal identification, a checking account, and an income from a job or government benefits, like Social Security or disability payments.

Research shows that the payday lending business model is designed to keep borrowers in debt, not to provide one-time assistance during a time of financial need. According to CRL's research, borrowers who receive five or more loans a year account for 90 percent of the lenders' business. Our report, Financial Quicksand, shows that payday lenders cost American families $4.2 billion every year in predatory fees. Twelve states and the District of Columbia will save a collective $1.5 billion per year with an effective solution -- a cap on interest rates for consumer loans in the 36-percent range.

To the OP you got screwed big time -
Sorry you got into this situation so seek alternatives to get out of this situation