CashCall WARNING MY INTEREST RATE WENT FROM APR. 99.25 TO 98.5 A DAY NO WARNING ripoff Anaheim, California

Check CashCall's website for rates in California.

For a loan of $2,600.00, the rate is 96%. APR 99.25%. 42 payments@ $216.55.

That's $6495.10 in interest on a $2,600.00 loan.

And they get away with it.

From the original post:
My PAYOFF is more then my original loan'

This surprises you? The payoff on any loan is always more than original loan, if interest is being charged. Figure out how much more you actually pay at the end of your mortgage versus the price you purchased' the home for.

My next comment is not for nitpicking on someone's spelling. But if someone wants to exercise a legal option, they MUST know the actual word that applies to that legal option.

From Bobby's rebuttal:
Let no 1 bully you into thinking you have to take the loan, you have a 3 day right to recention of anu loan'

The word I believe Bobby means is rescission', not recention'. I can find no meaning for recention', the closest is one that is spelled differently and refers to revision of a literary work, which might somewhat relate but only by a great stretch. Rescission means cancellation of a contract.

From the original post:
My PAYOFF is more then my original loan'

This surprises you? The payoff on any loan is always more than original loan, if interest is being charged. Figure out how much more you actually pay at the end of your mortgage versus the price you purchased' the home for.

My next comment is not for nitpicking on someone's spelling. But if someone wants to exercise a legal option, they MUST know the actual word that applies to that legal option.

From Bobby's rebuttal:
Let no 1 bully you into thinking you have to take the loan, you have a 3 day right to recention of anu loan'

The word I believe Bobby means is rescission', not recention'. I can find no meaning for recention', the closest is one that is spelled differently and refers to revision of a literary work, which might somewhat relate but only by a great stretch. Rescission means cancellation of a contract.

From the original post:
My PAYOFF is more then my original loan'

This surprises you? The payoff on any loan is always more than original loan, if interest is being charged. Figure out how much more you actually pay at the end of your mortgage versus the price you purchased' the home for.

My next comment is not for nitpicking on someone's spelling. But if someone wants to exercise a legal option, they MUST know the actual word that applies to that legal option.

From Bobby's rebuttal:
Let no 1 bully you into thinking you have to take the loan, you have a 3 day right to recention of anu loan'

The word I believe Bobby means is rescission', not recention'. I can find no meaning for recention', the closest is one that is spelled differently and refers to revision of a literary work, which might somewhat relate but only by a great stretch. Rescission means cancellation of a contract.

About the highest finance rate allowed in any state. They have one of those check cashing places a few doors down from my shop, I think it's ACE, and posted, in big letters, is an APR of 530% on "pay day loans", which is what I think this guy is posting about. That 530% is in addition to fees. I believe that 30% figure has to do with credit cards. But jeez, who's gonna pay 99.25 percent interest anyway? You have to be insane to get a loan from those kind of places. I've seen people get loans TO PAY OFF THEIR CREDIT CARDS. Now there's no way they charge 99% interest PER DAY. The other guy's right. They may be using 99.25% APR but they're adding the interest on daily. If your current payoff is $2,600, the loan balance will be close to $4,000 by the end of the year. See if you can get a loan from a local credit union. Take a side job for a year, to pay that puppy off.

Yes they do have to tell you the interest rate. Any lending institution, no matter if its on the net or in your home town, has to disclose the interest rate during the loan or lending process. Not afterwards. This falls under the fair lending act.

Let no 1 bully you into thinking you have to take the loan, you have a 3 day right to recention of anu loan, and sometimes even a longer period of time if the goods are sold in your home. And if you are getting this loan by phone or via the internet, this longer period of time may apply to you depending on your state.

The highest legal finance rate inj any state is not to exceed 27%, and it may be lower now. i am unsure. But i do know its not higher. this cashcall company manipulates its books and the law to find loopholes in rates. But, no attorney will see this as legal or binding.

Check your local state laws, visit an attorney to get the facts. Binding contracts can be breached by illegal lending. So if this company is indeed charging high interest rates then your contract of repayment should be void and in breach by the lender themselves.

I'm not defending this company, just explaining what you're up against.

They charge an APR in the high 90's, but what the guy was saying is they compute interest daily.

So at 99% APR, on a $2600 balance, it's about (2600 x 0.995 / 365) or $7.00 interest per day, or about $650.00 over 3 months.

The quoted payments are only barely enough to cover interest. You must pay more than the required amount every month to ever pay off that loan. They won't tell you that because they don't have to.