• Report: #387742

Complaint Review: Cash Call Inc.

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  • Submitted: Mon, November 03, 2008
  • Updated: Tue, November 04, 2008

  • Reported By:Ft Mitchell Kentucky
Cash Call Inc.
1600 S. Douglas Road Anaheim, California U.S.A.

Cash Call Inc. They are crazy!!!!! Anaheim California

*Consumer Comment: Cash Call is not Crazy...You are!

*Consumer Comment: No ripoff here. You had agreed to the interest rate of 99.25% (APR).

*Consumer Suggestion: Instead of Complaining about the loan and interest you agreed to when you signed the contract

*Consumer Suggestion: Instead of Complaining about the loan and interest you agreed to when you signed the contract

*Consumer Comment: Well..

*Consumer Comment: MAFIOSO RIP-OFFS WITH COMPUTERS! LOAN SHARK SCAMS ALIVE AND WELL ON THE INTERNET!

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Cash Call is definately a rip off. I just happen to go through my e-mails today and found my reminder e-mail to pay my Cash Call loan. I decided to call them to check my balance (thinking my loan should almost if not be paid off by now). To my shock and horror, I found out that I only paid $91.82 toward my principle loan and the money I paid over the past 16 months (which was $216.55 per month on a $2600 loan) went toward the interest only. Let me break this down, my original loan amount was $2600 @ $216.55 per month. To date I've paid Cash Call $3464.80 on a $2600 dollar loan. I'm calling back tomorrow to get an account summary. They have received their money plus an additional $864.80 from me, I will no longer deal with this company and I will seek legal action against them. The other gentleman was right, they prey on people who really need help, and never disclose to you all of the information. I called myself making sure I asked questions and got the answers before I electronically signed anything. Don't ever deal with Cash Call!!!!!!

Anonymous2
Ft Mitchell, Kentucky
U.S.A.

This report was posted on Ripoff Report on 11/03/2008 11:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Cash-Call-Inc/Anaheim-California-92806/Cash-Call-Inc-They-are-crazy-Anaheim-California-387742. 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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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Cash Call is not Crazy...You are!

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

The tactics of easy loans/payday loans are not crazy, they're genius!
How easy it is to lure desperate folks into their trap and pay HIGH interest for several years!

If you go to Cash Call's website there's a "RATES" link at the top. If you would've checked it out, it clearly states a $2,600 loan would take 3 1/2 YEARS to pay off at $216.55/mo.
When you received the loan documents and looked it over, you had every opportunity to decide against taking the loan but you didn't.
Regardless of how you feel ripped off, you're legally bound by that contract and only have yourself to blame.
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#2 Consumer Comment

No ripoff here. You had agreed to the interest rate of 99.25% (APR).

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

There is no ripoff. You agreed to the high interest rate contract.
The only way you get get out of the CashCall loan is to get a second job and make some extra money. Many CashCall customers will say they were scammed but they did not read the terms of their loans.

No one pointed a gun to you to force you to take a loan from CashCall. You only have yourself to blame for the CashCall debt.

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

$2600 x 99.25% interest per year = $2580.50 interest

$2580.50 / 12 months = $215.04

$216.55 x 42 payments (3.5 years) = $9095.10.

The $215.04 payments cover interest and only $1.51 goes towards the principal.
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#3 Consumer Suggestion

Instead of Complaining about the loan and interest you agreed to when you signed the contract

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

Why don't you contact CashCall and find out if you can pay more each month to bring the loan balance down.

So you regular payment is 216.15 per month most of which is going to interest - find out if you can pay more money and have that extra money be applied to the loan balance itself. (NOT INTEREST -MAKE SURE YOU AND CASHCALL UNDERSTAND THIS -Get it in writing)

When you are able to bring the loan balance down - the amount of interest you have to pay goes down as well and you can pay it off faster.
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#4 Consumer Suggestion

Instead of Complaining about the loan and interest you agreed to when you signed the contract

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

Why don't you contact CashCall and find out if you can pay more each month to bring the loan balance down.

So you regular payment is 216.15 per month most of which is going to interest - find out if you can pay more money and have that extra money be applied to the loan balance itself. (NOT INTEREST -MAKE SURE YOU AND CASHCALL UNDERSTAND THIS -Get it in writing)

When you are able to bring the loan balance down - the amount of interest you have to pay goes down as well and you can pay it off faster.
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#5 Consumer Comment

Well..

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

Yes their interest rate is high, but it is legal. You DID NOT have to take the loan, but you took it because you felt that you needed to.

"..and never disclose to you all of the information."
Umm. Yes they do, but very often people just gloss over it because they want the loan now and don't think ahead. It would not matter if Cash Call made people initial each and every word in the loan agreement and have them on video reading the disclosures. In 12-18 months there would still be people who would swear that they were never told anything about the interest rates.

Even "if" they did not disclose the rates, it should have been easy to figure out it was a high interest rate.

$216.55 x 42 months = $9095.10 on a $2600 loan..You do the math.
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#6 Consumer Comment

MAFIOSO RIP-OFFS WITH COMPUTERS! LOAN SHARK SCAMS ALIVE AND WELL ON THE INTERNET!

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

When I was a kid in New Orleans, there were some wiseguys who did stuff like this and they sent around enforcers to extort the Usury and high Vig payments from people stupid enough to borrow money from them that seems so EASY to get!

You would pay thousands on the interest before you ever touched the principal -- if ever!

Now, through the miracles of the computer, they don't have to hire the enforcers, they just threaten your credit rating...

DO NOT PUT YOUR FINANCIAL INFORMATION ON THE INTERNET!

DO NOT BORROW MONEY ON THE INTERNET!

SOUNDS LIKE ORGANIZED CRIME TO ME!

I MISS THE DAYS OF HUGO AND LUIGI STANDING ON THE CORNER WITH THEIR BASEBALL BAT AND BRASS KNUCKS.... I GUESS EVEN THEY WENT OUT AND GOT ONLINE NOW.
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