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

I would verify that overpayments will be credited to the principal, and not the next payment due.

Would like to add......i was one who DID get approved for a Cash Call loan. I barrowed $2500.00. The loan was at 96%!!! So..yeah, the % rate AND' pay back amount' was correct. My loan was for two years and I was making $250.00 monthly payments. If you add that up, that's ALMOST paying DOUBLE the loan!! Well.I fell behind, in payments, to them, in March, of this year. They called a zillion times!! They basically wanted me to " beg, barrow and steal", too!! I just couldn't work anything out with them. However....my 'chain of command' got involved with them ( I'm in the military). I haven't heard from Cash Call since. And..get this!!.....I DID try to call them one more time ( to see what I could do, on this loan). This was, sometime, in April/May. I never heard from them since. However....Cash Call is my credit.....only for the amount I barrowed. If anyone had any other info on them, please let me know. I read ( in this forum) if Csh Call DOES sue, that they can't charge all of that %?! Did I read that correctly? What CAN they charge?

What you are reading is that once Cash Call sues you and a judgement is entered against you, the interest rate is set by your state. Usually around 6% to 8%. So instead of paying 96% interest, you are paying only 8% interest. But Cash Call will usually wait a while to sue someone so that they balance will ballon up and they won't lose too much money.

Cash Call is horrible to work with, if you fall behind in payments! They give you " options that will benift you". OH PLEASE!! Don't get a loan with them!!

I knew I shouldn't have gotten a loan with them but I did anyway, feeling absolutely desperate and that is how they get you. I mean come on, what says desperate more than Gary Coleman?

I was surprised when they were willing to work out a deferrment for me. But then I knew that they'd only bet getting more out of me in the long run. So of course they were glad to wait for a few payments. I think it was the crying, and I was speaking to a female representative who was more sypathetic. I guess it is just luck of the draw who you talk to on the phone. I've read about a few others who after a while finally reached someone who was willing to help them out a bit.

I to was in a desperate situtation - my husband was
out of work, winter time, then when he went back to work and I thought I could pay more to them, wham,
we are in a wreck and his truck is totaled and we only
had liability on it - so we had to get another truck for my husband and that's when I fell behind on them,
but once things get better, I will do the best I can to send them extra money each month.
I do have one question - thought
shouldn't they send a monthly statement so you can see
your balance and payments? if they are ligit - I get
statements on other bills that are ligit
just a thought

You know that is a good point. They only contact you when you default, I can't remember if I get an email saying it will be automatically deducted or not. I do get one of those from Prosper. But I do know you can go online, login and it will tell you your current payoff amount.

I also have a CashCall loan. Something happened when I was late this month and they called numerous times.

They were pleasent when I talked to them and things are back on track.

I wish I had never gotten that loan for 5K. At the time it was an easy way out of other things and now I am stuck with $255/mo.

One thing you can do is pay over the priciple and it all is applied to the balance. The one stake they throw for us is not charging any early payment penalties.

So if you have a CashCall loan the best thing is to tinghten the budget and try to get it paid off as soon as possible. Once I get things in order I plan on paying $50-$100/mo extra which would bring the rates down to about having a high interest credit card.

... and all I can tell you is pay it back as soon as you can. you can check your loan docs you signed to see how much you will pay if you just pay the monthly payments...a $5,000 loan if paid just monthly due payments will cost you ...and this is an exact figure... $21,553.37! That's at a 59.95% interest rate and will take you 84 months to pay it off. And watch for what they take out too. Once they took $30 out of my checking account in addition to my payment and when I called them they were like oh sorry we'll correct that. Correct that? Why would you out of the blue decide to just take money out without calling me first in the first place? I heard they call your job, house any number they have for you the NEXT DAY after your payment was due if you didn't pay them.

"I would verify that overpayments will be credited to the principal, and not the next payment due. "

They would be in violation of their contract if they did that.
_________________

Thanks for the article Goudah! That is very interesting.... Nice to know some of the stats on them too...

I knew he sold his soul for a loan!

Yeah, think about it. How else would he have repaid it? He would have been in the same mess as everyone else that takes out a loan from them!

And Update for CashCall sufferers.

If managed like me to get a rep apply for a deferrment for you, upon receipt of your late payment, ask for proof of that in writing and don't forget to keep calling and checking on the status. It is hard sometimes to get back to the same rep, even if you tell them their name and extension, the one you are speaking with will probably just try to take care of it themselves. Make sure you get in touch with the one you spoke to previously.

Otherwise you'll be in a situation like me where they are calling for Septembers payment, and the deferrment went unsubmitted, and they tell you they can't sent it (again!) until your account is current. That is why you paid them in the first friken place! And now you are screwed all over again!.

Update again!

They are no longer doing deferrments. Looks like they've gotten themselves into quite a pickle. And they asked for Septembers payment while telling me I won't beable to get a deferrment... Well I'm certainly not going to pay them now.... Looks like they'll have to sell my account or sue me.

Good - Another member here had their account sold to a collection agency, and the CA was more then willing to work with them!

Well I hope they sell me then, I'd rather not give my money too them anymore anyway. I was happy before to get them paid and keep them happy, but now that they are pushing me around I'd rather not. And all I can keep thinking is if I'd only checked on it at the end of August, then maybe, but now I'm begining to think they'd have told me no instead of just 'forgetting to submit it' so they can keep getting their money.

Well, that didn't last long. Cash Call is back up and running. They once again service a bunch of states. :twisted:

Did you find this out today?

Was it in the news or you've gotten it through some grapevine or another? Or heard from someone who just got themselves trapped in them.

Maybe this means they do have money now and I can try and get that deferment!

I saw it in another post, and then checked their website. It's back up and running and they again are offering loans to a bunch of state.

Before when this started, their website was only offering loans to California residents . . . .

And before when you click on the apply now button on their website, it went to a message saying they currently were not doing new loans, now it just takes you to the application . . . .

Goudah2424......I'm the member, who said that CC 'sold' my account to a CA. And..YEP!!..the CA is great to work with!! I can give you the name, if you'd like ( PM me). If you STILL have a loan, with CC, I don't know if the CA can do anything, but, you nevr know. Cc will do and say ANYTHING to scare you half to death..that's for sure. As I said, in another post, CC 'sold' about 80% of their loans. If anyone wants info, on the CA I deal with, please let me know..thanks.

That is great! I'm so glad this CA is better then CC! Imagine, being happy you are at collections! Who'd of thought!

Usually...people wouldn't be happy dealing with CA's. But,I am, because of this circumstance. I can't believe companies can do this!! Especially, with people with bad credit, trying to get loans, to pay off their debts.

I had a phone call from Ed at Cash call and he said I
was in breech of contract and this was a hard cash loan, so what exactly will they do, if I'm having
trouble making the monthly payment and do they expect to get the full amount paid

From what I understand, if you have trouble, sometimes you will get a person who will help you, but only if you have your account current. That is how they get money from you, and then if you are unlucky like me, they end up not doing anything and you get screwed over.

But if you can pay them a little bit each month, that might help things out... Or at least look good to a judge if they take you to court. They can take you to court or they can sell of your account to a collection agency. Either option usually means you won't have as high of an interest rate and with a CA you will have a person more likely to work with you in your situation.

it almost sounds like I'm being punished for trying to
stay current, but if you default and let it go to
court or collection - then possibly the interest rate
would be lower.

man, these people are really something, I'm a month
behind and this guy from cashcall keeps calling me,
now he is saying something about a conference call with my HR department and payroll dept.
I feel like I'm ready to throw up
do they have to follow any rules, my mortgage and
car payment company doesn't give me this much hassle

They would have to follow some rules. Send them a letter telling them not to contact you at work.

The reason your car payment and mortgage don't act like this is because they are not high risk lenders. These places like Cash Call know that their customers are high risk, so they treat you badly. They are trying to scare, annoy, or make you so crazy that you pay them before you pay your mortgage or something.

But don't! Having a house and car is more important then paying an unsecured loan. Do the necessities first.

Thanks, will certainly take care of morgtate, car
first.
so, what would they have a conference call with my
HR department and payroll about.
I'm ready to tell them do whatever they want just
leave me alone
also what is arbitration? he also mentioned something
about arbitration, but I couldn't even think straight

That is a scare tactic to embarrass you into paying. Arbitration is where you sit down with a mediator and work out a binding agreement. If you do not keep the agreement the creditor can move to get a judgement against you. This is probably a scare tactic also. Have you considered hiring a debt consoidation company to handle this and you other debts. Also what state do you live in?

I know a lot of debt consolidation companies will not work with Cash Call, I've already asked. But don't let that stop you from asking, just don't be disappointed if they tell you know, and jump for joy if you do find one, and let us all know!

What worked for me (for once) is I wrote a letter, sent it certified, explaining my situation and why I was not able to pay, but that I was willing to pay. I think because they neglected me on a deferment before also helped, but I finally got an offer. At least if you don't wish to speak over the phone and also to have a copy to keep for yourself, write a letter explaining why you became unable to pay, especially if it is medical or loss of job or something like that, and things you are doing to get back on track. And if anything, if they take you to court you can have proof that you are trying....

thanks for the advice
I'm in pennsylvania, which of course there laws suck,
they don't even help you with the illegal pdl, I dought I'll get anywhere with cashcall since they are
considered legal

Well like I said as long as it looks like you are trying then you'll have that documentation on your side. Until then keep at it, you'll eventually get out from under....

Did anyone actually go through with an arbitration hearing with Cash Call? I got documents sent to me yesterday via DHL and they were going to go ahead with the hearing. I don't want my wages garnished and that is what they said will happen after they win at the hearing. Any help please. I'm so stressed out!

I too have a loan with cashcall . I want to enter a debt management program, but if I do that will I even be able to include them without getting sued ??
From the sound of the posts it seems scary to me.

Scary yes, but from what I've heard either getting your account sold or getting sued is actually better than dealing with Cash Call. There aren't many consolidation companies that will take in Cash Call, so do some shopping around before you pick one... I don't know if T&C will, but they do include PDLs... As for other debt management programs, I'm not sure what they are all about. But keep checking around. If not, then keep harassing Cash Call and try to get a lowered interest rate, explain your situation that you are planning to enter debt management, you want to take care of your financial prediciment, maybe they'll cave...

Do you think it would be a good idea for me just to NOT PAY CashCall for the next 3 months, and just save the money myself to pay it off at once, because I make about 2200 a month, and I owe them $5075 BEFORE INTEREST, so I was thinking to not pay for 3 months and save and pay???

It would be better to keep paying them the minimum, but save up the extra and once you have saved enough then pay it all off in one lump. Otherwise the late fees and stuff they start to tack on will greatly increase... So once you savings are more than you "pay off" amount then do it, but don't negelect those payments if you can afford them.

You can even pay big chunks whenever you can, instead of just the minimum and get it taken care of faster

hey roomies i have about 10 pay day loans cash call to to the roof! i wish they denied me. there proabably making it tougher because of me! i need help.
im in serious debt. Almost ruined the wifes creidt, luckly im still married dudes.

i need one big loan t pay off these dm things.

i know im in ur shoes!

nice to meet you all

john

In fairness to Nini. The FDIC did issue that statement to 1st bank of delaware. They were issuing loans through some of the payday lenders. The loans were not considered payday loans but they were in bed with the payday lenders. I had borrowed from a payday company then when I wanted a bigger loan it came from 1stbod. I think that is why cash call shut down for a while. Now when I go to that other payday loan site they are no longer offering the 1stbod installment loan. SO...Gouda you are correct, 1st bank is not a payday loan but they do get in bed with the payday loan folks. Hope that helps.

jacldc - welcome!

I'm afraid we don't offer loans, nor do we recommend taking out loans to pay off payday loans and debt. Have you checked into one of the debt consolidation companies listed on our Ranking Chart:

http://www.debtconsolidationcare.com/ranking-chart/

That would be a good start for you. Check the company's reputation with the BBB and search the web for any testimonials or complaints about the company. Also sit down with your wife and be sure that any fees you pay to the company are worth the amount of debt you have. You may find that with a solid budget plan, you can pay off the debt yourself, and not have to pay any fees to a debt consolidation company.

Also, if you'd like us to help you with your payday loans, why don't you register and start a new thread regarding your payday loans, with the following info, so we can try to help you out with advice on how to get those taken care of:

-state you live in
-name of each payday lender you are dealing with
-how much you borrowed from each one
-how much you have repaid each one (including all interest)
-whether they are internet or storefront based loans

With that info, we can help you find a way out of this situation.

Hello everyone,

I do have a loan with Cash Call and yes they have been harrassing me to. I do have a question for anyone that may be able to answer. My understanding from a legal counsel is that no one is able to garnish your wages in the state of PA, does anyone know if that is correct? If Cash Call did take me through Arbitration and did get a judgement on me, that would just go against my credit and they could not garnish wages is that correct?

I had a pdl and was pd off this friday for 375.00 there is no phone number on my bank statement. The question is how can I find out there number. The bank statement read DFS LOAN PAY

Cashcall might be legal but they are definately evil! Ihad a loan from them a couple years ago they even threaten to come to your house!! I took out a loan with my 401 k to pay them off! if you get denied by them it is a blessing!

could i have the website of cash call i want to check them out i way over my head i dont know what to do i got my check today i have 4.00 left because of my payday loans what else can i do thanks for your time karen

The fdcpa Act applies to ALL debt collectors. I work in the foreclosure department at a large nationwide bank and I can assure you, we must comply to FDCPA. I was also able to negotiate a settlement with Cashcall. I was able to pay it off and they did not sue me. If they are harrassing you with calls, go on their website and write a complaint to them, also fax over a request to them advising them to not contact you by phone. They must comply.

I also have a loan with Cashcall and I fell behind a while back. They kept harrassing me with phone calls to my job and cell (sometimes even after 10pm) even after sending them C&D letters. I even tried working out another payment arrangement, they refused. Well of course I checked to see if they were breaking any of the Federal fdcpa laws, but they don't fall under those. But I searched Creditboards and found some other information. Since they are in California that have to follow Cali's laws and supposedly Cali's FDCPA statutes are basically identical to the Federal except for that they include original creditors. I'm still reading a lot of the posts on the site, but they posted some case law and some of the actual statute that really backs it up (too much to post here). So I sent the California AG office a letter as well as CashCall and all the harassing stopped. That's not to say they're just sitting around waiting to strike when they think I forgot about them. Just wanted to pass some info along that I found.

Tif-I was able to work out a payment plan with them for much less than what original monthly was. Have you had them do a financial hardship restructure of you loan? When they did mine the interest went down from 98% to 56 and then now to 34% (yikes still high) but they will work with you if you find the right person. Some of the collectors there are real hard... about letting you talk and won't accept any reasoning, however if you find the right person(generally a woman-I've found out) they will be more reasonable and work with you. You could also ask to speak with their manager if they are being demeaning and rude. Don't give up. I don't know how far they will go as far as filing suit, however I will tell you it is possible to work with them...sometimes it amounts to tears though! Good luck let me know if you need more help.

I've resonded to this thread, a few times. ALL of those who have been thinking of dealing with Cash Call...don't do it!! They are horrible and deceiving!! Cash Call IS NOT a PDL. There are backed by funs for their loans. I'm one of the many who did get a loan from them and regretted it ever since.