• Report: #524826

Complaint Review: CASH CALL - CashCall, Inc.

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  • Submitted: Tue, November 17, 2009
  • Updated: Thu, January 28, 2010

  • Reported By: Cyndan — Denver Colorado United States of America
CASH CALL - CashCall, Inc.
Internet United States of America

CASH CALL - CashCall, Inc. Scam Artist, Unethical, Dregs of Humanity Internet

*General Comment: So wait...

*Consumer Suggestion: Suggestion for Resolution

*Consumer Comment: Don't Do it...

*Consumer Comment: Lesson to be learned

*General Comment: Did you ever read the contract

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I too have fallen prey to Cash Call.  I think they are the biggest rip off artists ever.  What they do is advertise how easy it will be to get that bill taken care of by just using there services.  Which initially it does help, but it becomes a vicious cycle.  I borrowed $2,500.00 dollars in 2007 and they started taking 216.55 a month from my check  in March of 2007 and still are taking it from me. They tell me I have another year to go before it is paid off, as of now I still owe $1,700.00 dollars and I've paid them $6,713.05.  It doesn't make sense to me that in two years my loan amount has only been reduced by $800.00. I called them and they told me that I still have a year left on my contract so I will pay them another $2,587.92, which means that I paid $9,300.97 for a $2,500.00 loan.  I think the way that Cash Call does business should be illegal.  From what I've heard they are of the same caliber as a loan shark, the only difference is that they won't be stopping by to break my legs.

In conclusion, I warn anyone who wants to do business with these leeches don't, you would be better off if the long run if you have nothing to do with them.


This report was posted on Ripoff Report on 11/17/2009 10:20 AM and is a permanent record located here: http://www.ripoffreport.com/r/CASH-CALL-CashCall-Inc/internet/CASH-CALL-CashCall-Inc-Scam-Artist-Unethical-Dregs-of-Humanity-Internet-524826. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 General Comment

So wait...

AUTHOR: axxx - (United States of America)

You are saying that Cash Call is the problem but I disagree.  Places like cashcall are lenders "of last resort" for people who have ruined their credit.  These places lend money knowing that a large portion of the people they lend to will never pay them back - so they have to charge everyone a high interest rate or they would not break even let alone make money.  Sure paying 90% interest really sux - but that is the COST you pay for not being true to your word with other lenders. 
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#2 Consumer Suggestion

Suggestion for Resolution

AUTHOR: KenIndy - (United States of America)

If you are a victim of any lender charging extremely high interest rates, the best solution is to determine if you are paying simple interest, and if so pay off the loan early with funds from another source.

You can determine the financial advantage of paying off the loan early by calling the lender and getting the current payoff balance, and then comparing this to the total value of your remaining payments. For instance, if your current balance is $1,500 and you are paying $250 per month and you have 14 payments left, you will pay $3,500 total if you make the remaining 14 monthly payments. Even getting $1,500 on a credit card would be better, as credit cards charge lower interest than what some people are paying Cash Call and others. If you own a vehicle or other assets, consider using them as security and refinancing or borrowing against them, which will, again, be much lower interest than what you are paying here.

If you are not paying simple interest, meaning that you may have a method of interest computation where you borrowed some or all of the interest as well as the principal (the amount you received), the difference between the current payoff balance may not be much, and in this case it may not be to your benefit to borrow the funds from a different source to pay off the loan early. In this case, you should contact your state's attorney general to see if you are eligible for free legal assistance or other advice.
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#3 Consumer Comment

Don't Do it...

AUTHOR: AGRAY80 - (United States of America)

I took a loan out for tires and car repairs. i was desperate. I have made my payments on time every month, with a huge struggle. I only have 6 left. It has been a VERY expensive lesson learned. it would have been cheaper to buy a new car. I do have to say that I called and asked for a reduced interest rate since my payment history after 2 yrs was perfect and they refused. I wrote to PA attorney general in regards to the ridiculous interest rate, and nothing can be done. My loan was taken out by Bank of Delaware. They go by Delaware state laws and not PA state laws. AKA they have made sure to work out of states that have no interest rate cap...Unless you're willing to pay almost $10k for a $2500 loan I would not get a loan from them. EVER. Very expensive lesson learned from a person that doesn't make much money. Never again. I'd rather walk.
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#4 Consumer Comment

Lesson to be learned

AUTHOR: Monique - (U.S.A.)

This just teaches people one thing.......read the freakin contract before you agree.i've heard nothing but crap about cash call yet people are still stupid to use them.yes i understand times are hard when it all boils down you got to do what's possible,but when it comes to loans you should always read the contract.
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#5 General Comment

Did you ever read the contract

AUTHOR: Alan - (U.S.A.)

Did you ever take time to read your contract... If so you would know how bad you were riped off... Take a look at the numbers.. you are paying about 90% on that $2500. Just like all the other people that use there services you never bothered to figure out how much it will cost..

you needed money and they took the chance to lend it to you and in return they got you for amost $10000.00 ON A $2500.00 loan. Your lucky that you almost have it payed off...

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