Complaint Review: CashCall - Anaheim California
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- CashCall Cashcall.com Anaheim, California U.S.A.
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- Category: Cash Services
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December 06 I say an advertisement for Cash Call on Television about obtaining a loan. I contacted the company to find out more about the loan. The representative informed me all you need is a checking account and the money would be deposited within 24 hours ($2,600). I told the representative I only required $1,000 and he said they approved $2,600 and I would get this amount. What I did not know was that Maryland has a Predatory Lending Law and it was not disclosed. In addition, nor was it disclosed that the interest rate would be 99%.
The representative disclosed my payments would be $216, and the loan would be paid off within a year. Little to my surprise the $216 is interest only! For the past 12 months $216.00 is being deducted from my account and at this rate it will take about 3 years to payoff this loan. When you look at the big picture Cash Call and the bank affiliated with Cash Call will receive well over $9000. The Commission of Finance & Regulation needs to check in organization such as Cash Call preying on individuals looking for temporary relief.
These types of lending is worse then redline by major banks. I need help to get rid of Cash Call. Also, if you check out the website www.cashcall.com. There is no disclosure of the 99% interest rate or information regarding it prohibiting from lending money to Maryland residents due to the Predatory Lending Law.
Finally, do not believe the stars supporting this program. They are paid to entice individuals to seek out this type of Predatory Lenders.
Rita
Laurel, Maryland
U.S.A.
This report was posted on Ripoff Report on 03/21/2008 07:02 AM and is a permanent record located here: https://www.ripoffreport.com/reports/cashcall/anaheim-california/cashcall-ripoff-anaheim-california-319873. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#4 Consumer Comment
99.25% - This is loansharking and should be dealt with the RICO act
AUTHOR: El Kabong - (U.S.A.)
SUBMITTED: Friday, June 27, 2008
Amazing our Government doesn't go after places like CASHCALL.COM. But yet if it was the mafia it would
#3 Consumer Suggestion
rates are on their web sight
AUTHOR: Nancy - (U.S.A.)
SUBMITTED: Friday, June 13, 2008
You obviously did nto look very hard, the rates are on the web sight onder "rates" duh.
Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount
$10,000 Loan* $9,925 $75 29.26% 120 $256.26
$5,075 Loan $5,000 $75 70.08% 84 $294.50
$2,600 Loan $2,525 $75 99.25% 42 $216.55
$1,500 Loan $1,000 $500 141.42% 12 $159.83
*Exceptionally qualified applicants only
#2 Consumer Comment
Cashcall complaints are unwarranted
AUTHOR: Anonymous - (U.S.A.)
SUBMITTED: Friday, June 13, 2008
On the cashcall website homepage, there is a direct menu item in the main hnav bar that says "Rates". here: http://www.cashcall.com/General/Rates.aspx
It is in your face and anyone who can read can see it. I don't work for cashcall, but I have been desperate, in fact I am desperate right now. That's how I found this. I was LOOKING for cashcall.
It clearly lists the loan amounts offered, how much you will receive, what their loan fee is, the APR (hello?) there's your rate. It states in 12 point type that a $2600.00 loan is at 99.25%(APR) or 8.27% compounded monthly. It further tells you how many payments you will be required to make and the monthly amount.
There is no disclosure problem here. It is a simple matter of desperate people looking back in hindsight and blaming someone else for choosing to see what they wanted to see at the time. If you can't pay the loan off within a month or 2, you shouldn't take it.
To the woman who claimed she was a banker for 27 yrs, do the math. It's 0.2756% interest compounded daily. You should know how to compute per-diems. Why didn't you do that when you saw this chart? This is obviously a VERY short term loan.
You have nobody to blame but yourselves, all of you. No one got screwed. You took a loan that you knew would bury you because you had no options, that is where cashcall is at fault... for preying on desperation.
#1 Consumer Comment
Big disclosure in commercial.
AUTHOR: John - (U.S.A.)
SUBMITTED: Friday, March 21, 2008
There's a huge disclosure psted on the screen during the commercial and I'm pretty sure it states the interest ate right in it. Plus, you obviously have internet access, why didn't you research it before? Pay the extra $1600 back immediately to lessen the interest.
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