• Report: #385166

Complaint Review: Cash Call

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  • Submitted: Mon, October 27, 2008
  • Updated: Mon, September 20, 2010

  • Reported By:Beaumont Texas
Cash Call
1600 S Douglass Rd Anaheim, California U.S.A.
  • Phone: 877-5252274
  • Web:
  • Category: Loans

Cash Call TAKING THEIR MONEY AND MINES!! Anaheim California

*General Comment: Bad choice

*Consumer Suggestion: Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

*Consumer Suggestion: Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

*Consumer Suggestion: Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

*Consumer Suggestion: Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

*Consumer Comment: Very Sad

*Consumer Suggestion: How many times were you late or

*Consumer Comment: You didn't have to get the loan

*Consumer Comment: I agree with Wilson

*Consumer Comment: No ripoff. If you cannot afford the CashCall interest rate, don't take the loan.

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In march of 2007 I got a loan with cash call, at that time yes, I did read the fine print but I needed the money really bad and it was the only place that would give me that amount, which by the way was 2600.00.

I know that cash call was there for me when no one else was but that doesnt really make it right for them to extort money from me. I feel like that is what they're doing by charging a 98% interest rate. Don't get me wrong, I know I owe a debt to them and I definately want to pay them back but what I owe is 2600.00, But when you add 98% over the next 4 years it turns into over 9000.00, that is a difference of 6400.00. There is definately something wrong with that!

I called cash call today and I asked how much have I paid so far and was told 3384.00 and then I asked how much did I still owe and was told 2625.00. I couldn't believe what I was hearing, I've essentially already paid off my loan! Plus an extra 784.00! And I'm still owing more than I innitially borrowed!

This kind of stuff happens in third world countries, this is America, where companies are supposed to be fair. Yes, I signed a contract but does that mean that the amount they're charging in interest is fair? I don't have a problem with paying back the amount I owe but I've already done that and I'm still owing more than I borrowed and that's where the problem begins.

If anyone knows of a class action lawsuit please let me know.

Chellegirl82
Beaumont, Texas
U.S.A.

This report was posted on Ripoff Report on 10/27/2008 08:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Cash-Call/Anaheim-California-92806/Cash-Call-TAKING-THEIR-MONEY-AND-MINES-Anaheim-California-385166. 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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#1 General Comment

Bad choice

AUTHOR: Amber - (United States of America)

I've had two loans with Cash Call and on both of them the terms were clearly explained in big bold letters at the top of the contract. It clearly states that you borrow $2,600.00 and you pay back over $9k. Over the course of my two loans, I paid back more than double what I borrowed.

Is it a ripoff? Absolutely! One should only take a loan from Cash Call if they are desperate and/or can pay back the entire loan very quickly. Did Cash Call get over on you? Absolutely not. It's your responsibility as a consumer to read the fine print and understand what you're getting yourself into.

No bank wanted to loan you the cash, but Cash Call was shoving money down your throat - probably more than you asked for/needed. If it seems too good to be true - it probably is!
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#2 Consumer Suggestion

Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

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

You made a choice to take the loan and accept the terms of that loan. Period.
It WAS a CHOICE. Nobody forced you to sign the contract.

Cashcall preys on the deperate and the ignorant.

Maybe you should adjust your lifestyle to live within your means, and work on improving your credit so you will have better options available in the future.

Just common sense here. No rip off.
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#3 Consumer Suggestion

Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

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

You made a choice to take the loan and accept the terms of that loan. Period.
It WAS a CHOICE. Nobody forced you to sign the contract.

Cashcall preys on the deperate and the ignorant.

Maybe you should adjust your lifestyle to live within your means, and work on improving your credit so you will have better options available in the future.

Just common sense here. No rip off.
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#4 Consumer Suggestion

Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

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

You made a choice to take the loan and accept the terms of that loan. Period.
It WAS a CHOICE. Nobody forced you to sign the contract.

Cashcall preys on the deperate and the ignorant.

Maybe you should adjust your lifestyle to live within your means, and work on improving your credit so you will have better options available in the future.

Just common sense here. No rip off.
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#5 Consumer Suggestion

Just say NO. Thats right. DO NOT take the loan in the first place. No problem.

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

You made a choice to take the loan and accept the terms of that loan. Period.
It WAS a CHOICE. Nobody forced you to sign the contract.

Cashcall preys on the deperate and the ignorant.

Maybe you should adjust your lifestyle to live within your means, and work on improving your credit so you will have better options available in the future.

Just common sense here. No rip off.
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#6 Consumer Comment

Very Sad

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

What I am hearing is very sad, it really is, and I feel for you, I really do. The best thing to do is pay it off as quickly as possible, sever all ties with Cashcall, and learn from this horrendous and very costly mistake. I have made mistakes exactly like this, most people have, but there to embarrassed to really talk about it. Maybe one day your credit will be restored, and you can walk into a bank with your head high, and negotiate the terms or walk away to another lending institution that will give you what you want.
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#7 Consumer Suggestion

How many times were you late or

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

missed a payment with them? Cash Call sets these loans up to be paid back in 42 months (3.5 years) and this works out when checked with an amortizing calculator. Normally, such a loan would require 42 payments of about 216.55. Your figures average to about $185 (for nineteen months) which is a severe under payment. I have to assume that you have either made some payments late or missed some payments completely so that now you owe more than the orginally borrowed amount (thanks to additional interest and late fees.)

If you started making monthly payments in April 2007 and continued with monthly payments to the present (Oct 2008), after 19 payments of $216.55 your remaining balance would be about $2197.01. This is assuming that ALL payments were made ON TIME.

""In march of 2007 I got a loan with cash call, at that time yes, I did read the fine print but I needed the money really bad and it was the only place that would give me that amount, which by the way was 2600.00.""

You probably borrowed only $2525 and had a one time payment of $75 as a loan administration fee. This is there NORMAL $2600 loan package.

""But when you add 98% over the next 4 years it turns into over 9000.00, that is a difference of 6400.00. There is definately something wrong with that!""

Are you sure the interest is 98%? There normal interest rate for such a loan is 99.25%. Either way, you AGREED with this ridiculously high interest rate.

""I called cash call today and I asked how much have I paid so far and was told 3384.00 and then I asked how much did I still owe and was told 2625.00. I couldn't believe what I was hearing, I've essentially already paid off my loan! Plus an extra 784.00! And I'm still owing more than I innitially borrowed!""

You have not "essentially" paid off your loan. The remaining balance is amortized as payments are made. It appears to me that you have been late and/or missed a payment or two.
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#8 Consumer Comment

You didn't have to get the loan

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

By your own words They loaned you the money when no one else would. They were there when no one else was. This is because you were probably considered a high risk loan. Because you were high risk they charge high interest, that is the way it works. Is the rate a fair rate, No...But you were not forced to get the loan. You got it by your own choice because you felt you needed the loan.

The rates and payments were disclosed when you received the loan. At a minimum all you had to do was take a calculator and realize that 42 payments at 216.55 was $9095.10. The best thing you can do is pay this one off ASAP. Either by putting extra each month, or getting another loan at a lower interest rate to pay this one off.
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#9 Consumer Comment

I agree with Wilson

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

However - West Virginia is suing CASHCALL for their interest rates - apparently it is illegal in West Virginia for them to charge that much and they do it anyway
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#10 Consumer Comment

No ripoff. If you cannot afford the CashCall interest rate, don't take the loan.

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

If you make the minimum monthly payments:
$215.55 x 42 months, you would have paid $9095.10.
$2600 x 98% interest = $2548 per year.
$2548 /12 months = $212.33.

You and all the other CashCall customers cannot win a lawsuit because you all agreed to the terms of the loan. My suggestion, get a second job to help pay off the principal. Sorry, but you have no one to blame but yourself regarding CashCall.

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
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