Cash Call is backed by a bank and is not a payday loan company

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

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. :-)

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!

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.

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

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.

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.

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.

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.

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.

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

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!

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.

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.

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.

And FYI - In most states the loan is actually funded by 1st Bank of DE.

I currently have a CASH CALL LOAN for $5k @ 59.69%. It's horrible. By the time I pay this loan off...I will be paying $21,000.00 on a $5,000.00 loan! It's the worst lender I have seen in my life! That's one mistake I will never do again!

I'm sure just about every customer of theirs has a horror story similar. These loans are in my opinion worse then payday loans because they are 100% legal, and you end up paying sooooo much on a relativly small loan amount.

I wish I had some good advice for those with Cash Call loans. All I can say is try to pay more every month then the minimum. Or see if you can borrow money at a "real" rate once your credit is a bit better and pay this evil company off.

Go here. Read the fdcpa.

According to a statement issued today, First Bank of Delaware received correspondence from the Federal Deposit Insurance Corporation ("FDIC") concerning short-term payday loans and installment loans made by the bank through various third-parties. The FDIC correspondence indicated that the Company should cease offering these loans through these channels unless the Company can demonstrate that it can correct all identified problems and change oversight of the program to ensure problems do not re-occur in the future.

This is not a PAYDAY LOAN! This is an installment loan. You pay monthly. You pay over a period of years. These loans are funded directly from 1st Bank of DE in most states. The application says 1st Bank of DE. Cash Call acts as a lead generator for them. The states in which Cash Call actually funds the loans they are licensed in.


Please, I don't know why you are trying to spread so much disinformation on this board. You may be from a payday loan company, or a collector, or you may just be trying to help. But you are not helping by spreading lies and misinformation.

HOLY S*&%!

I Guess after I rid myself of the PDL's i better start paying more to my monthly amount of $216 to Cash Call.

It's amazing how the USA is supposed to be the richest Country and all but half the companies in American get rich by tricking consumers such as ourselves into these large debts by preying on people in dire need of financial assistance.

It's really disgusting.

Ibpup - I've started you your own thread since you are looking for more then just Cash Call advice. Here is your new thread:

http://www.debtconsolidationcare.com/paydayloan/about32968.html

Up until 12/2005 a bank by the name of "County Bank" of Rehoboth DE was HUGE in funding PDLS. The PDLs would rent a "Charter" from them then import the interest rates.

In late 2005 the FDIC stepped in putting a stop to such practices,citing banks are putting their reputations at risk by doing so.

If you had a PDL back then County Banks name was all over the "contracts". Most notably, "Cashnet500!"

What a great sticky! It seems a few people didn't realize.

I knew, even when I got involved with them. They don't do paydays, i.e. take money out every paycheck, they take installments, just like you would if you borrowed money to buy a car.

I also knew what kind of rate I was getting myself into. I had plans to pay most of it back with another large sum of money (my prosper loan which was taking way too long), but ended up spending them both. Very bad. I knew how bad they were even as I talked with them, but I felt I had no other option, which is why they hook people. They have convinced you that you have no other option, and then they make the big bucks.

They are definitely what I would call a predator! Don't fall prey!

Just to summarize Cash Call is a lender backed by a bank.Their loans are 100% legal in every state & cannot be dealt with like internet pdl's. Their loans are installment accounts and they probably report to credit bureaus thru their sponsored bank. The fdcpa does not apply to any original creditor period!! Check your state laws for collection or unfair trade practices for assistance in dealing with this lender.Goudah has done a superb job putting this information together & I give her two thumbs up!!

Hip Hip Hooray for Goudah.....

Always the wealth of knowledge

You are too nice . . . . I just know how to look things up fast! And have dealt with too many of these companies . . . .

Life experience really is the best knowledge, I can't see someone with good credit, no problems but 'read about it in a book' would be helpful. Well maybe if they are really good at research and have actually read everyone elses experience, but then you get that air of snobbery....

poko I am horrified that you would believe that of anyone especially me. I have no real time experience and fit into your slot as listed above. I have credit rankings in the top 10% of the nation and the only reason I do what I do is to help others that don't have what I have obtained. :evil:

Cajun, you are an exception! You fight for all of us! And are very kind about it!

I think Pokogeo was just making a generalization. I'm sure she meant no offense to you, she just didn't know that there was a poster here that fit into that description. If she knew you she wouldn't have said that. :D

goudah I appreciate your kind remarks.I may have been having one of my own moments,but this is the third time I heard this comment from three separate consumer boards.It is starting to get old in a big hurry.Just because I have scores over 700 does not mean I am obsolete to assist other consumers!

I know Pokogeo, and I know that she didn't mean to insult you. She is newer here and just doesn't know you like some of us do!

I really think you are an exception. But unfortunatly there are a lot of people that only have book experience that try to help others, but have no real understanding of what they are doing through. You can still empathize with us all. That is why you can be so effective!

Cajun...you will NEVER be obsolete - you've always been very helpful to all who come here, and we really appreciate your assistance here!

I'm sure that pokogeo wasn't referring to you...

Goudah, you said that most state laws are similar to the fdcpa. I am surpriised that there are no Federal laws to protect anyone from midnight phone calls and threats from original creditors. I have tried to find a state law here in Fla. but with no luck. I emailed the Attorney Generals office and asked but they chose to ignore me as usual. Lets see what happens when I copy the Governors office. The former attorney general.

PS Cajun Rocks! He has helped me so many times with his knowledge.

Cajun - Believe me when I tell you Poko wouldn't have made that remark if she had known you. She is very nice, and I know she wasn't trying to hurt anyone. Please don't take it in a bad way, I know she wasn't referring to you specifically. You will have to meet her and show her that not all people with great credit are like that!

are they allowed to call your employer and references
without your permision - I live in PA

Yes, they would be allowed to call your employer and references - You gave them permission on your application. They can call your employer to verify your employment. They can call your references once you default. That is the whole point of them asking for references - To find you if you defualt.

There are things they aren't allowed to say. But that can be difficult to prove.

Problem is this is a legal debt. Meaning they can sue you if you don't pay.

thank you - I am behind on this months payment and
want to ask them if I can pay on 8/31 this past one
and sept. payment.

so are they allowed to say who they are and why they are calling

It would depend on your state law, but I would think they would be able to say who they are and that they are calling try to get ahold of you.

Thanks

so I was wondering, after reading some of the comments about cash call, I read where one person defaulted and after getting sued - they are paying less.If you live in one state, I'm in PA and they are in CA - how is this handled - do they send you a certified letter ??
I want to pay them monthly, but if they end up suing me I could end up paying them less overall

Sort of - They will wait a while before they sue you so that they can tack on late fees and keep charging the interest. So in the 6 months they may wait to sue, your balance will at least double. Yes, the interest rate is less once a judgement is entered against you, but going that route is not a good idea. It will show on your credit report, your paycheck will get garnished. You may be paying less in interest, but they will be taking it from your check.

They would sue you in your state. You would be served with a summons.

Well I talk to someone the other day @ cashcall and
as long as I make a payment by next week, they are
willing to work with me - so next week I will get back
on track and stay on track with them and even try and
pay as much more as I can

Good. Paying more each payment is one of the best things you could do.

When I talked to them they were willing to try a deferrment but the catch was I had to be current in payments. So I paid my 216, which I hadn't planned on paying and totally messed up my whole plan on what when where each paycheck but I applied for it. The lady was very sympathetic to situation, probably because I started crying, I usually get teary eyed when I think the love of my life could have died if we hadn't gotten to the doctor. So if the situation why you can't pay is a particuarly sappy one use that. Get them paid up without it huring you too badly and try that route. If deferrment doesn't work they can also lower your interest rate and your payments will be less in certain situations. Keep trying them and find someone who will help you.

They like the deferrment because they can keep charging interest, and you pay them back more in the end.

Woops, pressed enter before I was done...

I plan to pay back more too. Because once I'm living in a two income household (sometime around October), I'll pay them back more to get it paid off as soon as possible. I can't wait for the day I can read the payoff amount as something I can send off immediately and get it taken care of!

Me too! That will be a great day for you!