- Report: #720336
Complaint Review: Cash Call, Inc.
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| Cash Call, Inc.
Anahem, California United States of America |
|
Cash Call, Inc. Cash Call DON'T EVER BORROW FROM THEM, EVEN IF YOU THINK YOU NEED THE $ Anahem, California
*Consumer Comment: Keep praying.
*Consumer Comment: Be careful
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I'm sure the people who need to read this will not listen, but I recommend that no one ever borrow money from Cash Call. Just don't do it.
First, what they do is legal, becasue you sign a contract with them. So, once you get the cash, you are in. Locked in, until you pay off your loan. IF you should need quick money, pay them off within a month, or you will suffer.
I was stupid, readily admit it. I know I was wrong, I should not have done it, and now I am paying the price. Over the course of 4 years, my $5,000 loan has been paid over $11,500. MOST of that has been interest, that's how they make their money. I still owe $3500!!
I pray every day that the States Attorney Generals file a class action lawsuit for their outrageous interest rates (each person is different but they are astronomical!!).
Advice: Just steer clear. Now, I am going to borrow on my 401K and pay these suckers off!
First, what they do is legal, becasue you sign a contract with them. So, once you get the cash, you are in. Locked in, until you pay off your loan. IF you should need quick money, pay them off within a month, or you will suffer.
I was stupid, readily admit it. I know I was wrong, I should not have done it, and now I am paying the price. Over the course of 4 years, my $5,000 loan has been paid over $11,500. MOST of that has been interest, that's how they make their money. I still owe $3500!!
I pray every day that the States Attorney Generals file a class action lawsuit for their outrageous interest rates (each person is different but they are astronomical!!).
Advice: Just steer clear. Now, I am going to borrow on my 401K and pay these suckers off!
This report was posted on Ripoff Report on 04/21/2011 10:27 AM and is a permanent record located here: http://www.ripoffreport.com/r/Cash-Call-Inc/Anahem-California-/Cash-Call-Inc-Cash-Call-DONT-EVER-BORROW-FROM-THEM-EVEN-IF-YOU-THINK-YOU-NEED-THE-A-720336. 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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"I pray every day that the States Attorney Generals file a class action lawsuit for their outrageous interest rates (each person is different but they are astronomical!!). "
Not likely to happen. Most states no longer have (enforcable) usury laws. No doubt this loan company charged you a rate that is legal in your state. While I'm sure most would consider it an outrageous rate, apparently you didn't because you signed a contract agreeing to it. Doesn't it seem rather disingenuous to be complaining about it after you got what you wanted (namely, $5K when no one else would lend it to you)?
Personally, I think anyone who borrows from one of these outfits is just digging their financial hole deeper. On the other hand, should it be the job of the government to decide what sor of financial contract you should be allow to enter into?
Not likely to happen. Most states no longer have (enforcable) usury laws. No doubt this loan company charged you a rate that is legal in your state. While I'm sure most would consider it an outrageous rate, apparently you didn't because you signed a contract agreeing to it. Doesn't it seem rather disingenuous to be complaining about it after you got what you wanted (namely, $5K when no one else would lend it to you)?
Personally, I think anyone who borrows from one of these outfits is just digging their financial hole deeper. On the other hand, should it be the job of the government to decide what sor of financial contract you should be allow to enter into?
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Your right people who THINK they need the loan won't listen..after all did you?
They make it very clear as to the interest you will be paying, there have been reports out there for years on the high interest rates. But people who think they need it don't care. That is until they get out of their situation and realize what they are actually paying.
However you better be careful about pulling out of your 401K.
First of all your 401K plan may not allow you to do further contributions until the loan is totally paid off. Next the loan is repaid through your paycheck so your take-home pay is reduced. If for some reason you leave your job(regardless of the reason) you have only 60 days to repay back the rest of the money. If you fail to do that you are then subject to a 10% early withdraw penalty and the amount you withdrew is treated as taxable income.
They make it very clear as to the interest you will be paying, there have been reports out there for years on the high interest rates. But people who think they need it don't care. That is until they get out of their situation and realize what they are actually paying.
However you better be careful about pulling out of your 401K.
First of all your 401K plan may not allow you to do further contributions until the loan is totally paid off. Next the loan is repaid through your paycheck so your take-home pay is reduced. If for some reason you leave your job(regardless of the reason) you have only 60 days to repay back the rest of the money. If you fail to do that you are then subject to a 10% early withdraw penalty and the amount you withdrew is treated as taxable income.
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