Cashcall Rippoff and Very Rude Fountain Valley California

I truly understand the frustration that is felt when you have debt piling up and a TV munchkin comes on and tells you of this fantastic solution thats so easy. You said the loan was for 9000. but htat you didnt want to pay for all 9000. did you spend 9000? or was that the max you were allowed but only spent a portion. becasue I believe you may only have to pay back what you used, provided you returned the surplus amount of the loan.

I work in the debt management. credit counseling industry and I hear about this situation all the time.

To avoid this problem in the future follow these steps:

1. have a budget that you regularly use... if you don't have the money for it, don't buy it.
2. try to start an emergency savings account so that if something unexpected comes up, you will not be in so much financial trouble.
3. if you MUST use credit cards, don't spend more than you are able to pay off at the end of the month.

4. If you DO get into trouble, please call your creditors before you get behind. They are more understanding if you go to them before you miss a payment than if you skip payments or ignore their calls.

5. If they won't help you, rather than getting a loan at a much higher interest rate, contact a reliable credit counseling agency. BE AWARE THAT IT IS NOT A DEBT SETTLEMENT COMPANY. you would be looking for a payment consolidation program that pays your creditors every month and gets you lowered rates and fees.

6. if you MUST get a loan ( which usually is not the case) then read all terms very carefully before signing. If you do not understand it, ask for help. Take it to your bank or a trusted advisor. Cashcall shows their rates in very plain language right on the website. I checked it out for one of my clients, to see if it was misleading or confusing. Unfortunately... it was clear as day that the interest rates are astronomical and could be considered legal usery. Payday loans fall in the same category charging anywhere from 300-800% interest.

This is an unfortunate situation that happens to people everywhere. People fall on hard times and in an act of desperation take on something they think will be a quick fix, when it turns out to be worse than the original problem. I know this may not help your current situation, but may help you prevent future problems.

In January 2006, I requested a loan from Cashcall Inc. to payoff my bills. The gentleman that I spoke with (Kevin) misinformed me of the contract. I was not told of the very high percentage rate over the phone or I would have ended the call right then. I found out about the rates when I reviewed the online application and questioned the repersentative regarding the $9,000+ dollars that was showing on it. He informed me not to worry about that amount that it was only if I opt for the three year plan, however with the amount that I was awarded along with my monthly payments that my loan should be paid off in no time. Also that I would not be charged any interest on the loan as long as I was paying my monthly payments. Which five months later I found out that all of that wasn't true.

I have spoken to about 6 supervisiors regarding this matter and all I get back is rudeness. I had also told the rep that if I had to pay back the full amount that I didn't want the loan. Again he assured me that I didn't have to worry about the amount. He only wanted his commission. Back in October of 2006 I went on maternity leave and once coming off of it I couldn't pay for January of 2007. I called to explain my situation with them but they didn't want to hear no part of it. They did however give me a two month payment break which was fine. After that the harassing phone calls started. 15-20 calls a day either on my cell, work, or home phone. I had to disconnect my cell and home phone and I told them that I could not receive calls at work. So now my email is becoming full even though I was paying them. But in June of 2007 my hours at work were cut from full time to part time.

I once again called them to speak with them. Very Rude and nasty. I was told that I was lying to them and that I just wanted to be a debitor. I have asked to speak with the President or CEO of the company which they will not let me do. The rates are very outrageous at 99.96% if you have moderate to bad credit and they expect you to pay back over $9,000. Now if you have Excellent credit the rate is only at 24% which you are paying back a little over $3,000. Which is a fair rate.

Now they are asking me to settle for $1,914.39 in 4 days or they will be doing a wage garnish with my employer. I wish they would, I will see them in court. No respect at all!!!! I am tired of this company and wish that I had not contact them at all. Please do not call for a loan with this company they love to harass you at all times of the day. If anyone else have either started a lawsuit with this company please contact me or add me to your list. I would love to be along side of you in court. There is something that needs to be done about this company. Please Help!!.
Cecelia Sacramento, Ca U.S.A

In addition to my last report. I went on the web site to find out that now that have two different percentage rates. One is if you have Excellent Credit @ 24% interest rate, Annual Percentage Rate of 26.88%which you only have to pay back to the company on a loan for $2,600, 42 payments of $92.08 which totals $3867.36.

And if you have bad credit you are on a Interest rate of 96% with an annual percentage rate of 99.25% for the same loan of $2,600 with 42 payment of $216.55 which totals $9095.10. That is outrageous. How do they expect for a person with not so good credit to pay back $9095.10? Everyone should have the same rate. When you get a payday loan, everyone is on the same rate.

Something needs to be do about this company and fast!