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Posted: Tue Jun 19, 2007 1:15 pm Subject: Cash Call loan in ca.

I stupidly took out a Cashcall loan. 216 is taken out of my account on the first. This month the 216 was not paid due to ISF. First time has happened in nearly a year of payments. Spoke to cashcall. Agreed to make payment on the 21st. Everything fine. NOT!! Yesterday received nasty call from CC. Returned call and told of arrangment on the 21st. Last nite I check my bank account online. CC took out 216.00 last nite which in turn has made my rent check bounce today. I called CC last nite got the run around refuse to do anything ( say they couldn't stop payment cause was already submitted ) I was not told anything in prior conversations after agreeing on payment on 21st. Should I close my checking account?

Posted: Tue Jun 19, 2007 1:23 pm Subject:

Even though i dont' know all that much about pdl's, what i've read here, seems that they do tell most people YES close ur account!
I'm sure someone will be around soon who is much more familiar with this and help guide u thru this!
Good Luck,
Ang

Posted: Tue Jun 19, 2007 1:23 pm Subject:

oopps dont' know why this posted twice, sorry!

Posted: Tue Jun 19, 2007 1:32 pm Subject: cash call

From what I've read they are not considered a pdl. Cash call also has a banks backing. How that differs from a pdl not sure.

Posted: Tue Jun 19, 2007 1:34 pm Subject:

Ahhh, well like i said hang tight and i'm sure someone with more info will be around shortly to answer ur questions!
Good Luck,
Ang

Posted: Tue Jun 19, 2007 1:48 pm Subject:

Thanks Ang

Posted: Tue Jun 19, 2007 1:51 pm Subject:

Close the account! Make arrangements to pay them, this company will take you to civil court if you default on the loan. Outrageous interest rate, dare I say more outrageous than a payday loan, (almost). Somebody posted somewhere that a $5,000 loan will end up costing a person $22,000 with the interest rates they charge. Somehow it is legal and they get away with it. Federal law states that you do not have to give them your account number to pay the loan. It is not allowed to make it a condition of extending credit by making it mandatory that a person allow the creditor access to their account, you have the right to revoke ACH authorization at anytime.

Posted: Tue Jun 19, 2007 4:24 pm Subject:

Yes cashcall loan of 5 grand can very well end up costing you over 22 grand...I did some research into it earlier this year. These scum bags will stop at nothing to get their money, I have seen instances where they send someone to your home to try and collect the money owed. Unfortunately, they are backed by a legit bank so that is how they get away with all of this!

Posted: Tue Jun 19, 2007 4:53 pm Subject:

Welcome to the forum. Be very careful on how you handle this. Read through the posts related to cashall here and see if you can get some more information on them and how to go about handling them. I hear that they are ruthless.

Posted: Tue Jun 19, 2007 8:19 pm Subject:

OMG...I actually had the phone in my hand ready to call them a couple of months ago...to borrow the money to clear my payday loans...that's when I stopped, realized what I was doing and chose debt management instead..Thank God!!!

Posted: Tue Jun 19, 2007 8:36 pm Subject: Research

This is why research is so important. Sorry this happened to you mapes, but hopefully others will benefit by not making the same mistakes.

Posted: Tue Jun 19, 2007 8:55 pm Subject:

22 grand on a 5 grand loan...WHAT A FREAKIN RIP OFF! and you know how this guy justifies his fees??? He says, I take a chance on these people who cannot get regular loans so I should get back more of my money! They had a whole expose on TV about it one night. The owner is a pompus jerk who doesn't think he is doing anything wrong!

Posted: Wed Jun 20, 2007 7:19 am Subject:

Yeah, since they are backed by an FDIC insured bank they can legally import the interest rates from the banks home state. Also, this isn't considered a payday loan because you pay in installements over time.

They suck, they suck, they suck! Anything you can do to get out of this loan, do it! If you checked your payoff amount, after paying for a year plus, you'd still owe almost the whole principle! It's such a ripoff!

I'd close that account, and send them MO payments from now on. They will accept them, they know they can't require checking accounts. If they tell you they do require them, you've got them by the balls because the EFTA states that loans cannot be extended on the condition of payment through a checking account.

Posted: Thu Jun 21, 2007 4:10 am Subject:

Have you called to see what a payoff would be?
I would say as long as you alert them to you closing the account and set up alternate arrangements you should be ok, at least you would be in control of things, not them.

Posted: Thu Jun 21, 2007 7:01 am Subject:

I agree with Fedup ~ do call them and talk to them. It is better to do that than just close the account and do nothing. From what I am understanding this place is not like all the other payday loan places.

Posted: Thu Jun 21, 2007 8:25 am Subject:

It isn't a payday loan at all 2nband. It's an installment loan, just with super high interest rates. You agree to pay a set amount each month for x amount of years. It's just that with the interest rate so high, you end up paying 3-4 times what you borrowed if you don't pay it off early.

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