Cashcall Being Sued Fountain Valley California

I do not believe the loan of $2500 was paid off considering the annual interest rate was 99.99%. CashCall will win in court. You had agreed to the loan terms.

$280 x 12 = $3360

Unlike an amortizing mortgage where the principal goes down on a 30-year loan, I don't know how a CashCall loan balance goes down considering the borrowers are paying 99.25% interest. CashCall borrowers are always saying they were ripped off but they voluntarily agreed to the terms of the loans and they have no basis for any type of class-action law suit.

http://www.cashcall.com/General/Rates.aspx
Rate for California loans:
Loan Product Borrower Proceeds Loan Fee APR Number of Payments
$2,600 Loan $2,525 $75 99.25% 42 $216.55

$2525 x .9925 = $2,506.06 total interest payments for one year
$2506.06 / 12 months = $208.83 monthly interest payments

42 payments x $216.55 = $9,095.10

I also stupidly took out a loan for $2,600 from Cash Call about 3 years ago. Had to stop making payments after I lost my job, and then they finally stopped harassing me after a few months of letters and emails. Then last year I received a letter from a place called Independent Financial Services, who told me that they had received this account from Cash Call. I ignored it, and a couple weeks later I was told on a weekend that my neighbors in the complex were all getting phone calls for me from the same person telling them it was urgent I call the person back. I found out it was Independent Financial Services, who told me that because I had ignored their letter, Cash Call was now going to sue me in small claims court. I was 6 months pregnant at the time, and of course this upset me greatly. I was the only one working, and I already had a small child. My husband wasn't working, but these people didn't care at all. I finally worked out a payment arrangement with him of $50 a month, and the balance is going down, but slowly. I still owe $2,650.

I was there for another case (the Huntington Beach court too nonetheless), and they had a handful of cases and they were all no-shows, so it was a rubber stamp default judgment.

However, they don't set garnishments in court since the defendant has 30 days to appeal.

I know that not only do they spell out the interest rate, length, and everything else about the loan but they usually record you verbally accepting the agreement. If you call Cash Call you may notice a little "beep" in the background that is a signal that the call is being recorded. It sounds to me that without merit or reason stopped paying when you paid back the initial $2600 but did not include interest on the loan. I would suggest either trying to come to terms with cash call and/or seek legal advise. I think they have you on this one.

I balked at the interest rate when I was told about it and was about to hang up when I myself was told that after a period of time (6 months on) that the loan could be refinanced at a much lower interest rate. The "hook" was that refinancing option in my case. Sadly, it seems that it is not true and I'm currently $4400 into repayment.

Luckily, the WV AG has filed suit against Cash Call and I have been sending documents to the AG for most of 2008. What got me started was I attempted to refinance but was told "Sorry we don't do that" and then told that they didn't even load on the state anymore.

So you just decided that you'd paid these sharks enough? Dont want to pay anymore? Well, I dont blame you........HOWEVER......

.........it was YOU who signed the papers
.........it was YOU who should have read the papers (interest %)
.........it was YOU who appeared desperate enough to pay thru the nose


........and now it's YOU who has decided enough is enough? I'll say it again......it's people like YOU that make it hard on honest hard working people who work HARD TO PAY THEIR BILLS......people that dont expect something for nothing...people who can and do manage their money....people that dont come on here to RoR and whine and feign ignorance blah blah blah.

Bottom line........PAY THE BILL or clear your calendar for an impending court date that you arent likely to win

You are supposed to save the proof that you paid off your debt and then ONLY SEND COPIES OF THIS PROOF TO THE CREDITOR!

THEY SHOULD HAVE BEEN KEEPING RECORDS TOO!

OR MAYBE THE RECORDS WERE INTERCEPTED BY A CROOKED EMPLOYEE WHO POCKETED THE MONEY INSTEAD OF GIVING IT TO THE CORPORATION???

IN ANY CASE, YOU SHOULD HAVE SOME PROOF---CANCELLED CHECKS, CREDIT CARDS, MONEY ORDER RECEIPTS THAT YOU PAID!

WHICH YOU CAN USE IN COURT TO DISPUTE SUBSEQUENT CHARGES!

HOW LONG DO YOU KEEP THIS PROOF?

FOREVER!

I would have to agree with the assesment given by Sylver8248.

Fact of the matter is, for better or for worse, you signed a legal and binding contract. The same contract I got as well. When you did it, you did it online. It spelled it out for you under the Truth in Lending section, required by law. You may have been blind because of your need of the money, and to be honest, in this time for our country we all could use a little more money. But what you did was sign first, and ask questions later.

I knew exactly what I was getting into regardless. I worked for a subprime auto finance company and I spent a very sour year of my life explaining simple interest loans to the people who signed first, and didn't bother to ask questions until later. So when I was in contact with CashCall as they were explaining my loan to me, the woman who I spoke to was very nice, and even told me that it was a high interest rate, and that before I signed the documents, that I should try to possible seek funding elsewhere at a lower rate.

That is not predatory lending. The lender made very clear to me what I was signing up for, and even stated that I should perhaps find another source for a loan as I could get a better interest rate from a bank or credit union. Maybe I was one of the few that got a decent loan representative, I don't know. But I do know that before I clicked on the "I agree" button online, and typed my name in, I knew exactly what I was getting into.

Now Jimo has the tough love approach. I am sure Jimo had to deal with many, many customers who have the same compliants as you did. Its hard working in Customer Service, and the way Jimo responded to this thread shows that. However, Jimo is right. You signed a contract, you need to own up to that. Making 12 months worth of payments does not forgive a loan. If you had a five year loan for a car, and felt your interest rate was outrageous, would you pay 12 months and then stop? Would you be surprised that your car was repo'd as a result?

As far as being sued by CashCall, I am not sure how that runs. I was not sued, but I had the great misfortune of paying off most of the loan save $250 within a year. I let it slide, and slide and slide meaning to pay off that last $250, but lo and behold, never happened. They sent me to collections, $250 isn't worth the time in court. However, you still owe them enough to get something out of it. I would suggest seriously looking at your options. If you can, I'd suggest talking to a lawyer, if you can't afford it try talking to legal aid, but you have two options, getting into a debt management plan that can be arranged by a lawyer to pay them off, or Bankruptcy.

I would have to agree with the assesment given by Sylver8248.

Fact of the matter is, for better or for worse, you signed a legal and binding contract. The same contract I got as well. When you did it, you did it online. It spelled it out for you under the Truth in Lending section, required by law. You may have been blind because of your need of the money, and to be honest, in this time for our country we all could use a little more money. But what you did was sign first, and ask questions later.

I knew exactly what I was getting into regardless. I worked for a subprime auto finance company and I spent a very sour year of my life explaining simple interest loans to the people who signed first, and didn't bother to ask questions until later. So when I was in contact with CashCall as they were explaining my loan to me, the woman who I spoke to was very nice, and even told me that it was a high interest rate, and that before I signed the documents, that I should try to possible seek funding elsewhere at a lower rate.

That is not predatory lending. The lender made very clear to me what I was signing up for, and even stated that I should perhaps find another source for a loan as I could get a better interest rate from a bank or credit union. Maybe I was one of the few that got a decent loan representative, I don't know. But I do know that before I clicked on the "I agree" button online, and typed my name in, I knew exactly what I was getting into.

Now Jimo has the tough love approach. I am sure Jimo had to deal with many, many customers who have the same compliants as you did. Its hard working in Customer Service, and the way Jimo responded to this thread shows that. However, Jimo is right. You signed a contract, you need to own up to that. Making 12 months worth of payments does not forgive a loan. If you had a five year loan for a car, and felt your interest rate was outrageous, would you pay 12 months and then stop? Would you be surprised that your car was repo'd as a result?

As far as being sued by CashCall, I am not sure how that runs. I was not sued, but I had the great misfortune of paying off most of the loan save $250 within a year. I let it slide, and slide and slide meaning to pay off that last $250, but lo and behold, never happened. They sent me to collections, $250 isn't worth the time in court. However, you still owe them enough to get something out of it. I would suggest seriously looking at your options. If you can, I'd suggest talking to a lawyer, if you can't afford it try talking to legal aid, but you have two options, getting into a debt management plan that can be arranged by a lawyer to pay them off, or Bankruptcy.

I would have to agree with the assesment given by Sylver8248.

Fact of the matter is, for better or for worse, you signed a legal and binding contract. The same contract I got as well. When you did it, you did it online. It spelled it out for you under the Truth in Lending section, required by law. You may have been blind because of your need of the money, and to be honest, in this time for our country we all could use a little more money. But what you did was sign first, and ask questions later.

I knew exactly what I was getting into regardless. I worked for a subprime auto finance company and I spent a very sour year of my life explaining simple interest loans to the people who signed first, and didn't bother to ask questions until later. So when I was in contact with CashCall as they were explaining my loan to me, the woman who I spoke to was very nice, and even told me that it was a high interest rate, and that before I signed the documents, that I should try to possible seek funding elsewhere at a lower rate.

That is not predatory lending. The lender made very clear to me what I was signing up for, and even stated that I should perhaps find another source for a loan as I could get a better interest rate from a bank or credit union. Maybe I was one of the few that got a decent loan representative, I don't know. But I do know that before I clicked on the "I agree" button online, and typed my name in, I knew exactly what I was getting into.

Now Jimo has the tough love approach. I am sure Jimo had to deal with many, many customers who have the same compliants as you did. Its hard working in Customer Service, and the way Jimo responded to this thread shows that. However, Jimo is right. You signed a contract, you need to own up to that. Making 12 months worth of payments does not forgive a loan. If you had a five year loan for a car, and felt your interest rate was outrageous, would you pay 12 months and then stop? Would you be surprised that your car was repo'd as a result?

As far as being sued by CashCall, I am not sure how that runs. I was not sued, but I had the great misfortune of paying off most of the loan save $250 within a year. I let it slide, and slide and slide meaning to pay off that last $250, but lo and behold, never happened. They sent me to collections, $250 isn't worth the time in court. However, you still owe them enough to get something out of it. I would suggest seriously looking at your options. If you can, I'd suggest talking to a lawyer, if you can't afford it try talking to legal aid, but you have two options, getting into a debt management plan that can be arranged by a lawyer to pay them off, or Bankruptcy.

I would have to agree with the assesment given by Sylver8248.

Fact of the matter is, for better or for worse, you signed a legal and binding contract. The same contract I got as well. When you did it, you did it online. It spelled it out for you under the Truth in Lending section, required by law. You may have been blind because of your need of the money, and to be honest, in this time for our country we all could use a little more money. But what you did was sign first, and ask questions later.

I knew exactly what I was getting into regardless. I worked for a subprime auto finance company and I spent a very sour year of my life explaining simple interest loans to the people who signed first, and didn't bother to ask questions until later. So when I was in contact with CashCall as they were explaining my loan to me, the woman who I spoke to was very nice, and even told me that it was a high interest rate, and that before I signed the documents, that I should try to possible seek funding elsewhere at a lower rate.

That is not predatory lending. The lender made very clear to me what I was signing up for, and even stated that I should perhaps find another source for a loan as I could get a better interest rate from a bank or credit union. Maybe I was one of the few that got a decent loan representative, I don't know. But I do know that before I clicked on the "I agree" button online, and typed my name in, I knew exactly what I was getting into.

Now Jimo has the tough love approach. I am sure Jimo had to deal with many, many customers who have the same compliants as you did. Its hard working in Customer Service, and the way Jimo responded to this thread shows that. However, Jimo is right. You signed a contract, you need to own up to that. Making 12 months worth of payments does not forgive a loan. If you had a five year loan for a car, and felt your interest rate was outrageous, would you pay 12 months and then stop? Would you be surprised that your car was repo'd as a result?

As far as being sued by CashCall, I am not sure how that runs. I was not sued, but I had the great misfortune of paying off most of the loan save $250 within a year. I let it slide, and slide and slide meaning to pay off that last $250, but lo and behold, never happened. They sent me to collections, $250 isn't worth the time in court. However, you still owe them enough to get something out of it. I would suggest seriously looking at your options. If you can, I'd suggest talking to a lawyer, if you can't afford it try talking to legal aid, but you have two options, getting into a debt management plan that can be arranged by a lawyer to pay them off, or Bankruptcy.

" I paid 280.00 for 12 months so I think that's well over $2500 that I borrowed."

When you take out a loan from this type of company...exorbant interest and all...you are entering into a legal agreement that you will pay back what you borrowed including any interest and fees.

I took a look at the cashcall website, and here is what I found for the state of California:


Loan Product $2,600.00 (how much in total you are approved for)

Borrower Proceeds $2525.00 (amount you actually receive minus any fees)

Loan Fee $75.00

APR 99.25% (interest rate)

Number of payments $42 (self explanatory)

Payment Amount $216.55 (monthly payment)

So, that being said...your comment concerns me; why? Because you are basically saying that you have made 12 of your 42 payments...and have decided that cash call has enough of your money, whether or not you signed the agreement.

Do I think that 99.25% interest is absolutely friggin' ridiculous?? Who doesnt? But I do not think it fair to take the money when you are desperate, then feign ignorance when it comes time to pay it back. "I was desperate", or "I know I shouldn't have borrowed the money and knew about the high interest rate, but isn't that illegal?" No. It isn't...and it seemed like a good idea at the time, when you were desperate for that cold hard cash.

Bottom line? Cash call will sue you, and they will win. They may, or may not show up in court...but either way the judge will simply look at the contract, your signature, and then ask why you did not fulfill the agreement.

I do not work for cash call, and wouldn't. Nor would I borrow from them...EVER. I've made mistakes with credit cards (mainly in college) but I did learn enough to READ what I sign...and take it seriously. Nowhere in these contracts does it say "But you only have to pay back however much you feel like"

" I paid 280.00 for 12 months so I think that's well over $2500 that I borrowed."

When you take out a loan from this type of company...exorbant interest and all...you are entering into a legal agreement that you will pay back what you borrowed including any interest and fees.

I took a look at the cashcall website, and here is what I found for the state of California:


Loan Product $2,600.00 (how much in total you are approved for)

Borrower Proceeds $2525.00 (amount you actually receive minus any fees)

Loan Fee $75.00

APR 99.25% (interest rate)

Number of payments $42 (self explanatory)

Payment Amount $216.55 (monthly payment)

So, that being said...your comment concerns me; why? Because you are basically saying that you have made 12 of your 42 payments...and have decided that cash call has enough of your money, whether or not you signed the agreement.

Do I think that 99.25% interest is absolutely friggin' ridiculous?? Who doesnt? But I do not think it fair to take the money when you are desperate, then feign ignorance when it comes time to pay it back. "I was desperate", or "I know I shouldn't have borrowed the money and knew about the high interest rate, but isn't that illegal?" No. It isn't...and it seemed like a good idea at the time, when you were desperate for that cold hard cash.

Bottom line? Cash call will sue you, and they will win. They may, or may not show up in court...but either way the judge will simply look at the contract, your signature, and then ask why you did not fulfill the agreement.

I do not work for cash call, and wouldn't. Nor would I borrow from them...EVER. I've made mistakes with credit cards (mainly in college) but I did learn enough to READ what I sign...and take it seriously. Nowhere in these contracts does it say "But you only have to pay back however much you feel like"

" I paid 280.00 for 12 months so I think that's well over $2500 that I borrowed."

When you take out a loan from this type of company...exorbant interest and all...you are entering into a legal agreement that you will pay back what you borrowed including any interest and fees.

I took a look at the cashcall website, and here is what I found for the state of California:


Loan Product $2,600.00 (how much in total you are approved for)

Borrower Proceeds $2525.00 (amount you actually receive minus any fees)

Loan Fee $75.00

APR 99.25% (interest rate)

Number of payments $42 (self explanatory)

Payment Amount $216.55 (monthly payment)

So, that being said...your comment concerns me; why? Because you are basically saying that you have made 12 of your 42 payments...and have decided that cash call has enough of your money, whether or not you signed the agreement.

Do I think that 99.25% interest is absolutely friggin' ridiculous?? Who doesnt? But I do not think it fair to take the money when you are desperate, then feign ignorance when it comes time to pay it back. "I was desperate", or "I know I shouldn't have borrowed the money and knew about the high interest rate, but isn't that illegal?" No. It isn't...and it seemed like a good idea at the time, when you were desperate for that cold hard cash.

Bottom line? Cash call will sue you, and they will win. They may, or may not show up in court...but either way the judge will simply look at the contract, your signature, and then ask why you did not fulfill the agreement.

I do not work for cash call, and wouldn't. Nor would I borrow from them...EVER. I've made mistakes with credit cards (mainly in college) but I did learn enough to READ what I sign...and take it seriously. Nowhere in these contracts does it say "But you only have to pay back however much you feel like"

" I paid 280.00 for 12 months so I think that's well over $2500 that I borrowed."

When you take out a loan from this type of company...exorbant interest and all...you are entering into a legal agreement that you will pay back what you borrowed including any interest and fees.

I took a look at the cashcall website, and here is what I found for the state of California:


Loan Product $2,600.00 (how much in total you are approved for)

Borrower Proceeds $2525.00 (amount you actually receive minus any fees)

Loan Fee $75.00

APR 99.25% (interest rate)

Number of payments $42 (self explanatory)

Payment Amount $216.55 (monthly payment)

So, that being said...your comment concerns me; why? Because you are basically saying that you have made 12 of your 42 payments...and have decided that cash call has enough of your money, whether or not you signed the agreement.

Do I think that 99.25% interest is absolutely friggin' ridiculous?? Who doesnt? But I do not think it fair to take the money when you are desperate, then feign ignorance when it comes time to pay it back. "I was desperate", or "I know I shouldn't have borrowed the money and knew about the high interest rate, but isn't that illegal?" No. It isn't...and it seemed like a good idea at the time, when you were desperate for that cold hard cash.

Bottom line? Cash call will sue you, and they will win. They may, or may not show up in court...but either way the judge will simply look at the contract, your signature, and then ask why you did not fulfill the agreement.

I do not work for cash call, and wouldn't. Nor would I borrow from them...EVER. I've made mistakes with credit cards (mainly in college) but I did learn enough to READ what I sign...and take it seriously. Nowhere in these contracts does it say "But you only have to pay back however much you feel like"

Ex employee - what cash call is doing is illegal - charging over 250% interest?
That is predatory lending - and you have the NERVE to post a response??
To the original OP
John as good advice -
Forget the ex employee - he is getting a free ride

I am a former employee of this company and due to a class action lawsuit..I'm thankfully getting paid (long overdue) for the time and work that this company drained from my life much as it drains money from the 'customers' it has. But each time I log on here (every 6-8 months or so) I'm still always amazed because I hear the same story over and over. Its not your fault, ...its never your fault. Its alway cashcall and the fact that they deceived you. ....PLEASE!!!
Grow up! Read your documents, be responsible and own up to what you do! There is a reason this guy and his 'methods' are so successful! He knows there are irresponsible and stupid people who are just looking for someone else to take the fall and owe him even more money! He's a 5'2" troll, who has minions of loyal idiots working for him (most of which can barely speak English in a halfway respectable and professional manner). Take care of your finances and tell EVERYONE you know that this is a company they need to steer clear of. What theyre doing is NOT ILLEGAL!!!! (and that speaks volume about our legislative branch) and well within their rights. But so is the local check to cash place that charges well above what CashCall does in interest (250% and higher on simple interest). Jesus people....stop being so stupid!!!!

Pleading ignorance is not going to help you. Is CashCall a vicious firm....yes...but it exists and you have to deal with it...

Two things: SHOW UP IN COURT...DO NOT be a no show under any circumstances..if you don't show up in court.. CashCall will get a default judgement on THEIR terms and they will tack on huge costs on top of what you already owe.

Next, bring a brief, one-paged document which shows your income and living expenses....bring paystubs and bills/copies of bills to document this info. You can use this information to help you in negotiating any garnishment amount that the judge tries to assess.