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Cash Call - Yeah, yeah, I know...

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Cash Call - Yeah, yeah, I know...

Old 10-14-06, 02:06 PM
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Cash Call - Yeah, yeah, I know...

So, I have a Cash Call loan... I know... that was the first mistake.

I finally have the money to start paying higher monthly payments to try and get this fricking thing gone - because let me tell you, 96% interest is a killer!!! First, Cashcall doesn't have any account servicing available through their website, you can look at your loan information and that is it. Second, I call them to set up a higher monthly payment and I am told that "Your monthly payment is set by your contract and cannot be changed. To pay more you have to call and do a check by phone payment in addition to the automatic payment every month." They purposfully make it difficult to do anything on a loan so that you will just not do anything and have to pay the stupid 96%. Another time I found that it would be easier if they took my payment from my other bank, because my paycheck goes to that bank first. So when I called to change it, they require a fax of a check from the new account. Well, I didn't have checks for that new account, and they wouldn't take the account and routing information over the phone!

So, take a hint from a guy who knows from experience - yes, they can get money into your account by the next business day, but it wasn't as easy as they claim - they actually call all of your references and request additional references, etc... And once you have the loan, pay it off FAST or else you'll be paying huge on the interest - which is the reason they allow people with questionable credit to get the loan in the first place I imagine. So, don't use Cashcall if you can help it, and if you absolutley need the money - like I did - then be sure you can make high payments because you want these people out of your life as quickly as possible.

-Chad
Old 10-14-06, 02:14 PM
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What is it? Some kind of payday loan or something?
Old 10-14-06, 02:17 PM
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They should've provided a document called a "Note" to you, possibly. I believe if you, by mail, send a payment higher than the normal amount and specifically say the higher amount goes towards the principal, they have to do that (maybe).

Do they have any stores at strip malls or the like? Can you walk in and pay extra?
Old 10-14-06, 02:23 PM
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KV, yeah, its a payday loan, which I know is meant to be paid back quickly, I just couldn't do that until now. Its been a long road getting my finances in order, and this is about the final hurdle... but at only a couple thousand, I should be able to pay it off in 4-5 months, maybe less!

Bus - nothing is by mail for this company. Everything is sent via email and they call to remind me of payments and such (not even when I'm late - the time my e-payment came back to them they harrassed the hell out of me for 3 days!) They just make is so hard to do anything other than the standard 36 month @ 96% loan... and I'm sure people fall for it and just pay it off month-by-month... but I'll be damned if I'm paying $10k for a $2500 loan. There are no stores or kiosks that I know of.
Old 10-14-06, 02:31 PM
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If your finances are more in order you may be able to get a personal loan from your bank. By normal standards, the rates may be atrocious but they're not as stratospheric as what you're paying. If you've been an OK customer it might be easy to get $1000 or $2000 and save yourself a lot of headache.
Old 10-14-06, 02:48 PM
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Dang, how can they charge that much interest?
Old 10-14-06, 02:52 PM
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Originally Posted by kvrdave
Dang, how can they charge that much interest?
I believe if you're a financial institution in Delaware, there's no limit to the interest you can charge. South Dakota must be similar. I know Citi has some of their operations there, although don't know if that's related to this in any way. (The bank behind CashCall is in SD).

These type of places are an unfortunate cancer preying on the financially uneducated poor. Between this, check cashing places (lose 3-10% of your income simply for not having a bank account), and rent-to-own places (pay $700 in a year for a used $300 TV), it's very easy (if you have no idea what you're doing) to fall into a very bad debt treadmill.

Last edited by The Bus; 10-14-06 at 02:55 PM.
Old 10-14-06, 03:02 PM
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No kidding. I thought all states, and even the Fed has a usuary limit.
Old 10-14-06, 03:04 PM
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I'm struggling to get past the first line that says 96% interest!!!

Good post to help people keep away, but dude get out of that as fast as you can! Grab any credit card you can that has a check transfer. Hell, even ask friends to give you a 50% loan for that. That is crazy!

I'm curious how you think you can pay it off over a few months, doesn't make sense to me. At that rate, if you can't pay it off all at once, I don't see how you can spread the payments to pay it off.

Old 10-14-06, 03:35 PM
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You might want to find a legal aid clinic. Most law schools have one, so check with UCLA law school or USC law school. According to this link:

http://caag.state.ca.us/consumers/general/usury.htm

the California cosntitution limits interest rates to 10%. The link cautions that there are exceptions -- I imagine there must be since credit cards routinely charge more than 10% -- but even with those exceptions, 96% may still exceed what is permissible.
Old 10-14-06, 03:45 PM
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Originally Posted by The Bus
These type of places are an unfortunate cancer preying on the financially uneducated poor. Between this, check cashing places (lose 3-10% of your income simply for not having a bank account), and rent-to-own places (pay $700 in a year for a used $300 TV), it's very easy (if you have no idea what you're doing) to fall into a very bad debt treadmill.
Just look outside the gate of most military bases. These payday loan places, check cashing stores and rent-to-own places swarm around like parasites on a dying animal...
Old 10-14-06, 03:48 PM
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Originally Posted by JasonF
You might want to find a legal aid clinic. Most law schools have one, so check with UCLA law school or USC law school. According to this link:

http://caag.state.ca.us/consumers/general/usury.htm
That's for individuals, I believe. As per your link:

The limitations also do not apply to most lending institutions such as banks, credit unions, finance companies, pawn brokers, etc
Old 10-14-06, 04:06 PM
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What a retarded thing to have in the constitution. Private citizens can't charge more than 10% but institutions can.
Old 10-14-06, 04:55 PM
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Does anyone know where I can find a HELOC with better than 96% interest? I think it's time to refinance.

Honestly... that's a typo right? That seems almost irrecoverable.
Old 10-14-06, 04:59 PM
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I thought the 96% interest rate was hyperbole. That's for real? Yikes.
Old 10-14-06, 05:04 PM
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Those places are horrible. It is sad when you look at their target deomgraphic, and how they absolutely cornhole them. I use to see them all over the place in B'more, and they were always busy.

-p
Old 10-14-06, 11:40 PM
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using cash call is not very c-mart. i think a mod should change his name
Old 10-15-06, 03:18 AM
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I knew they had to have a high interest rate, but wow!! That just mind boggling.

Good luck to you!
Old 10-15-06, 12:22 PM
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You sure you don't have a rich friend that wants to potentially get a 30% return on their investment?

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