Ok, here's the deal. I almost went through with the whole Cash Call process. Then, when I did the search for their site, this site came up so I figured I'd read a couple reports to see what was going on. At first I was shocked. I mean, people being charged 99% interest rates? Sounds unbelievable, right?
That's when I decided to do a little digging myself. I went online to the Cash Call site and checked out their terms. The site indicated that because I was a resident of Ohio, the loan would be underwritten by the First Bank of Delaware out of Philadelphia, PA. It did state (in bold letters) that residents of California, Idaho, New Mexico and Utah would have their loans underwritten and funded by Cash Call themselves. All other states (like Ohio) are with the First Bank of Delaware.
Sounded promising, since most of the complaints on here are in fact from California. So, since no where in the terms were there rates listed, I got very curious, and found that on their home page at the top, they have a tab entitled "rates". I clicked on it and a drop down box came up asking for my state. Now, the default state was CA, and it clearly listed the following: if you take out a $2,600 loan, there is a $75 application fee, which takes your actual cash in hand down to $2,525.
APR is listed as 99.25% with a total of 42 payments in the amount of $216.55. So, I punched in my state and lo and behold, the First Bank of Delaware was charging the exact same rates as those loans funded by Cash Call. Now, being a decently prudent person, I then decided that obviously this was not the place to get a loan.
My point is, I totally understand what many of you are saying. You needed money fast, they offered you money no questions asked. You took it. You didn't read any fine print and now you're paying astronomical rates and your loan amount is just doubling every month. I feel for you, I really do. I've been sucked into many a scam before. But where is the line between desperate and dumb? Even before I got sucked into the scams I've been into, I read all the fine print and the only reason I got sucked in was because I was just too stupid and young to realize any consequences. But looking back, I knew up front that I was being screwed out of my last penny.
Yes, Cash Call is a bad organization and I honestly don't understand how they're still operating legally with the rates they choose. Yes, their customer service is probably horrible, every decent sized company's customer service is horrible. Have you tried finding one agent who actually knew how to pronounce the last name Smith? Not likely, and that's sad.
The point to all of this is that I want all of you out there to please, please listen to me and be smart about the financial decisions you make. No matter how desperate you are, read everything! Know what you're getting into! If you're having trouble with medical bills, research your hospital's assistance programs first! Most of them allow your income to be up to 200% of the poverty level in your state, and they allow extra cash for the number of people living in your home. In most cases, you can make up to $3,000-$4,000/month with a family of 4 and still get assistance. Surprising?
If you're head over heels in credit card debt, there's a multitude of different agencies who will not only give you a free, no obligation consultation, but will work to reduce the amounts you owe and consolidate them into an affordable monthly payment.
And then there's also bankruptcy. Don't give bankruptcy the stigma that it's had for all these years. Not only can you possibly qualify for the Chapter 7, once it's discharged, it only stays on your record for 2 years now instead of 7 and most credit card companies (should you really need one again) don't care! They see you have no debt and alot of free income.
To all the people out there actually reading this: do NOT go to Cash Call, at any cost. They're out to make money, and boy are they making a lot of it.
If anyone has anything to add to this or if you want to rebut my report for some reason, please feel free to do so. I'm not always right. I just don't like seeing innocent people being taken advantage of. Be smart. Read everything. If it sounds wonderful, it isn't. If it has an annual fee or application fee, it isn't worth it. If you see it on TV, chances are it's a scam anyway. If you can't get a credit card or line of credit, pay cash. These tough economic times are bad enough without 99% interest rates.
To all those sadly affected by Cash Call or any other predatory lender, I am so sorry for you. You all will be in my thoughts and prayers in the coming weeks and I hope you all have a pleasant and blessed holiday season.