Cash Call Newspaper Article...

WOW!! Those rates are crazy!! How are these companies even legal??

Yep...very crazy!! Once you're into the 'cycle', with CC, it's hard to get out....that's for sure!!

lawn-It explains in the article how the rates are lega...it more like "how can these people sleep at night"

Volley, Great post.I do wonder how these people sleep at night.This article explains it all, and it is a bit scary.

If I read the article correctly; State of Calif governs loans under $2500 to 30% apr. It appears that Cash Call's lowest loan is $2600 - just over the amount governed by law - how convenient !!!!

Of course - That's one of the reasons Cash Call is the actual lender in California. In other state's that have caps on interest rates, they are backed by First Bank of DE to get around them. But in state's that allow it, California, Idaho, New Mexico, and Utah, Cash Call is the actual lender. And like this article said, they are legal. It's interesting to note that they said the CA DFI has investigated several complaints against them and has found no wrongdoing yet . . . . . I hope that the class action suit fares better.

This is a great article! Awesome find!

Thanks Goudah! I thought it was rather timely as well....

If I only knew then what I know now. Goudah would it to my benefit to check my state and see if it caps the interest. On the web it says KY is backed by First Band DE but I am under cashcall not FBD. Do you think It would make a difference for me.

Unbelievable!!! There should definately be a law against charging that much! They just prey on desperate people, it is so unfair.

It is absolutely unfair!!!

What do you mean Roxy? Cash Call would still service the loan for 1st Bank of DE. All your contact would be with Cash Call, it's just that the actual lender is the 1st Bank of DE. The loan is still underwritten by the 1st Bank of DE, so they are legally the lender regardless of who services the loan.

In a way it's like this - Those that live in state's where Cash Call is the lender would be dealing with Cash Call itself. Those in the state's where 1st Bank of DE is the lender borrow from the 1st Bank of DE a loan product called Cash Call. 1st Bank of DE will contract with Cash Call to service the loan for them. It's kind of the same thing as with Think Cash, or Purpose Loans. They are also backed by the 1st Bank of DE, but everything the customer sees is Think Cash, or Purpose Loans.

I don't know if that made sense or my rambling just confused the subject further . . . .

Calif Dept of Corp did call me back and I'm playing phone tag with them right now. My take on it is that yes, I was stupid enough to sign the paperwork so I am on the hook for it, but what I want to hang them for is their collection tactics, which I think are disgusting.