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goudah2424 · 08-13-2007, 08:18 AM

To all those looking for information regarding Cash Call:
Cash Call is NOT a payday loan! They are backed by a bank.
Federal Law allows them to operate when backed by an FDIC insured bank in any state without a seperate license. Federal law also allows them to import the interest rates from their home state.
Since they aren't a pdl, they don't follow the same laws. Cash Call will sue someone if they don't pay, and they will win because they are 100% legal.
Since Cash Call are backed by an FDIC insured bank, usually First Bank of Deleware, they are allowed to import their interest rates from their home state. So the interest rate of 99.24% is totally 100% LEGAL.
Cash Call sucks! They are evil, evil, evil. If you don't pay them, they will sue you. But they won't sue you right away. They will wait a few months so that your balance ballons up, then sue you because they know that once a judgement has been entered against you they will not get their 99.24% interest any longer.

Bossy4455 · 08-13-2007, 08:48 AM

Thanks for the info Goudah!! I think some people get confused and call them all pdls. I thought one of mine was a pdl, and it was backed by a bank, followed the laws, etc. So it's better to check them out and be sure, because the one I used, sues people like crazy!!..Karen

eleroo · 08-13-2007, 08:52 AM

They need to be shut down. I tried to get a loan from them once but was denied. I felt bad about it but now know that it was probably the best thing in the world that could have happened. :-)

goudah2424 · 08-13-2007, 09:00 AM

Count your lucku stars eleroo! Cash Call is evil. It will suck you dry! On a $2500 loan you could end up paying back like $10,000!

frogpatch · 08-13-2007, 09:02 AM

Thanks for posting that Goudah! I have read nothing good about Cash Call at all. The more people that are kept from thier evil clutches the better. What is wrong with the State of Delaware for having such lax lending laws. I have found that most of the PDL companies that list their address on the same street in Delaware only have drop boxes there. Payday Select for example is really in New Mexico but their address shows up in Delaware.

goudah2424 · 08-13-2007, 09:03 AM

It's because DE has the laxest laws of all 50 states. Most of the credit card companies are also located there.

SUEBEEHONEY70 · 08-13-2007, 09:09 AM

That's a fact, Goudah - stop and think about it - how many credit card offers do you get that are from companies located in Wilmington DE? Delaware isn't that big of a state, but it sure has some rotten laws.

frogpatch · 08-13-2007, 09:17 AM

I guess it is worth it for Delaware to harbor Cash Call like companies to boost their economy but I wonder how much it really helps if the companies are physically somewhere else. I read on an earlier post some weeks ago the the Bank of Delaware (something like that) is no longer funding certain IPDLs.

SUEBEEHONEY70 · 08-13-2007, 10:02 AM

I posted this on the other Cash Call thread, but I thought it would bear repeating here...
I have to add something here - Cash Call is not operating illegally, and their collection tactics aren't illegal either.
Per the fdcpa, a creditor may not threaten legal action if they do not have the ability to, or do not intend to actually take legal action. CashCall has every intention of taking legal action if you default, so they are not making idle threats or violating the FDCPA when they call you on your defaulted loan with them and threaten to take you to court. They can and they will.
Their nasty speeches about how you "shouldn't have gotten behind in the first place" or how you should "beg borrow or steal" in order to pay your loan, or you should "get a second job" to pay your loan are all legal - they are not threats, just rude/mean speech - and unfortunately, there is no law against that. In fact, many collection agencies actually teach their employees how to strong-arm debtors into paying by being harsh with them verbally, without violating the FDCPA - they know how to walk that fine line - so does CashCall.
If Cash Call were to call your home or work 20 times a day (after you answered their call and spoke with them that day), then THAT would be against the FDCPA. However, if you don't answer their phone call, they will continue to call.
Please be careful when dealing with them.

goudah2424 · 08-13-2007, 10:07 AM

One thing to add to that - Cash Call does not use outside collections. They do it all internally. So fdcpa doesn't apply to them, since they are the original creditor, not a 3rd party collection agency.

SUEBEEHONEY70 · 08-13-2007, 10:12 AM

Good point, Goudah! So basically, Cash Call can't be told by a debtor that they are violating the fdcpa...because they don't fall under it. thanks for clarifying that.

goudah2424 · 08-13-2007, 10:15 AM

Although most state laws are pretty similar to fdcpa . . . . .

boogie.jay · 08-13-2007, 11:11 AM

I also have a loan with CashCall, but I pay that on time because I needed to start building my horrible credit back up, and they report to the credit bureaus
I also got a $2500 loan and have already made about 5 payments all on time, so if I wanted to actually pay it off right now, how much would I have to pay Cash Call?
I saw someone mention something about paying them $10,000 on a $2500 loan and I got REALLY worried!

goudah2424 · 08-13-2007, 11:26 AM

Well, not knowing the specifics I can only give you an estimate based on what I do know. I would guess that you would still owe about $2,500, if not more because of the interest. With the interest rate you have going, if your payments are around $200 a month, about $190 of that goes to interest, and $10 goes to principle. And that is being generous.
Normally for a $2500 loan the terms are something like $200 a month for 4 years. That would add up to $9,600 total payoff if you only made the monthly payments.

08-13-2007, 11:46 AM

fdcpa applies to anyone in the business of making consumer loans and collecting them. Cash Call rents this charter from 1st bank of DE. Cash call is either a bank or a short term lender. they can't be both. If they are a short term/small loan lender, they can't give you a $2500 loan. if they are a bank Lets see it. they arenot a bank.

goudah2424 · 08-13-2007, 11:50 AM

I'm not sure where you are getting your info, but the fdcpa only applies to 3rd party collectors.
Depending on what state they are lending in determines what kind of "business" they are acting as. In some states Cash Call is the actual lender. In those states they have the necesary lending license. In the other states the loans are funded by the First Bank of DE.