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

Date: Mon, 08/13/2007 - 08:18

Submitted by goudah2424
on Mon, 08/13/2007 - 08:18

Posts: 7935 Credits: [Donate]

Total Replies: 187


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.


I live in Southern calif. Cash Call had been advertising on the radio and a huge electronic billboard. All of this in the past month. The adds say they are better then a payday loan!

That is a scarey thought. I am still paying them off, Cash Call. I do not understand how they get away with charging so much interest. It should be illegal.

I wish I knew now what I did not know then!


lrhall41

Submitted by on Thu, 02/04/2010 - 10:59

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I to have had a loan with lovely Cash Call, As horrible as it sounds, the only way to get rid of them forever is to File a Chapter 7 bankruptcy with a Attorney behind you. Cash Call, First Bank of Delaware and Think Cash are basically all in one. Stay far away from all 3 of these companies if you possibly can, believe me they will cause you nothing but stress and worry.


lrhall41

Submitted by on Sat, 02/06/2010 - 05:48

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Quote:

Originally Posted by Anonymous
I to have had a loan with lovely Cash Call, As horrible as it sounds, the only way to get rid of them forever is to File a Chapter 7 bankruptcy with a Attorney behind you. Cash Call, First Bank of Delaware and Think Cash are basically all in one. Stay far away from all 3 of these companies if you possibly can, believe me they will cause you nothing but stress and worry.


Good advice!


lrhall41

Submitted by Shazzers on Sat, 02/06/2010 - 05:49

( Posts: 17344 | Credits: )


How come Cash Call is allowed to charge so much interest on the loans they provide?

It seems illegal to charge so much!
I have a loan with them and I defaulted on the loan. The default went on my credit but Cash Call lowered the interest rate and the monthly payments.


lrhall41

Submitted by on Thu, 02/11/2010 - 08:34

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Quote:

Originally Posted by Anonymous
How come Cash Call is allowed to charge so much interest on the loans they provide?

It seems illegal to charge so much!
I have a loan with them and I defaulted on the loan. The default went on my credit but Cash Call lowered the interest rate and the monthly payments.


Keep us updated on how things going on with Cash Call.

What I can find here, they are not very easy to deal with. It's great that they have agreed to lower your payment. You may wish to share how did you get the deal with them. It would help our other members too.


lrhall41

Submitted by SC on Thu, 02/11/2010 - 23:36

( Posts: 3937 | Credits: )


Quote:

Originally Posted by Anonymous
So you can file BK on cashcall? On their site it says if filing bankruptcy your loan balance will be do immediately, so I assumed that meant that I can't file Chap. 7 on them?



As long as its an unsecured loan it can be included in bankruptcy.

However, if a loan is taken out just before filing bk, it may be considered as an intentional effort for fraud and you might not get relief under bk. Since a payday loan gets renewed in every 30 days, it falls into the said category. But keeping in mind the predatory nature of payday loans the judge may consider the originating date of the loan and allows you to include it in bk.


lrhall41

Submitted by SC on Wed, 02/17/2010 - 02:38

( Posts: 3937 | Credits: )


Quote:

Originally Posted by Anonymous
Just thought I would let you know that in that cash call is not allowed to do business in the state of TX. Found this to be interesting after reading all the horror stories.


Really? can anyone back this up? I am in Texas.

Apparently I took a loan from Fast Cash Advance (Cash Call) back in 2008, for $350. On June 12, 2008 it went delinquent, and today I received a call from Allied Legal Services, 980-939-0921, that they are intending to file against me for the balance of $718.11. They haven't filed yet and told me I could settle out of court, or go to court and dispute it. I assumed this was BS and was going to ignore it, but it doesn't sound like it is.

What should I do?


lrhall41

Submitted by on Wed, 02/24/2010 - 08:41

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This information that has been posted has been so helpful, but my question is are these people that keep calling me are "foreign sounding" i dont mean this ugly but they sound like they are from India.. I have never received money from the company like they say I have, I can barley understand what they are saying, the calls had stopped for awhile now they are starting back.. I have never dealt with this company, had a loan or received money I have gone to my attorney general, changed my personal information, I dont know what to do.


lrhall41

Submitted by on Fri, 06/18/2010 - 16:08

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Quote:

Originally Posted by Anonymous
This information that has been posted has been so helpful, but my question is are these people that keep calling me are "foreign sounding" i dont mean this ugly but they sound like they are from India.. I have never received money from the company like they say I have, I can barley understand what they are saying, the calls had stopped for awhile now they are starting back.. I have never dealt with this company, had a loan or received money I have gone to my attorney general, changed my personal information, I dont know what to do.


you are right that they are in INDIA,and that it is a scam.file a police report for the harrassment.then since you have already spoken to your AG'S office.file complaints with them.then file FTC complaints.you can do this online.then you say you changed your personal info,but did you changer your ph#.if not this scam got your info from an internet pdl.if you can't change your #.ignore them,and don't return their calls.


lrhall41

Submitted by paulmergel on Fri, 06/18/2010 - 16:57

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I have 5 PDL loans out and the interest is super high Principals add up to 2000-3000 and I'm paying about 1/3 of that in interest every month.

If I get a cash call loan approved for 3000 will the interest be less than the $1k/month Im paying the PDLS? I dont mind paying more in the long run cause i can pay more than the minimum as long as its like lower than the 1K a month.


lrhall41

Submitted by Jen Gee on Sun, 06/27/2010 - 11:07

( Posts: 33 | Credits: )


Quote:

Originally Posted by Jen Gee
I have 5 PDL loans out and the interest is super high Principals add up to 2000-3000 and I'm paying about 1/3 of that in interest every month.

If I get a cash call loan approved for 3000 will the interest be less than the $1k/month Im paying the PDLS? I dont mind paying more in the long run cause i can pay more than the minimum as long as its like lower than the 1K a month.

DO NOT get a loan with Cash Call. They are HORRIBLE to deal with and the interest is OUTRAGEOUS!


lrhall41

Submitted by Shazzers on Sun, 06/27/2010 - 19:36

( Posts: 17344 | Credits: )


i was thinking of getting a quick loan from this company but only need it for a month. can you pay and just pay for time you had loan or do you get stuck paying however months initially they say the loan is for? the agreement says you only pay for time you have it...bt is that right? when i emailed them to ask, they said to call them? thanks so much.


lrhall41

Submitted by on Mon, 07/12/2010 - 21:17

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Quote:

Originally Posted by Maralyn Jones
I used cash call loans for about 6 months. Yeah the fees are high, but it prevented me from paying bills late. . I think they are fine for occasional use IF you understand what you are doing and don't take out more money then you need.

Add to that list, and you are OK with paying an astronomical amount of interest.


lrhall41

Submitted by Shazzers on Thu, 07/22/2010 - 04:38

( Posts: 17344 | Credits: )


Oh, I feel for anyone who has to deal with these people. I dealt with them and it was a nightmare. They are indeed EVIL!! I am very fortunate they I had a friend who helped me out with them, because I never would have made it otherwise. I can't believe they are still around. Brookwood Loans is another to stay away from. Don't even think about taking out a loan with either one. You can go past due with them. Don't let their threats about something horrible happening after 30 days scare you. You can not pay them longer than that. BUT, you will eventually have to deal with them and take care of it, because they WILL sue you But you can buy some time. In other words, pay the rent, pay the lights, etc. FIRST. Don't pay these guys first.


lrhall41

Submitted by goldhelmet on Tue, 08/24/2010 - 22:15

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Yep..I've dealt with Cash Call, as well. They will make up every threat to gt you to pay. They tried to take out MUCH more, per month, than I agreed to. I stopped payment on them and the issue just got worse. I haven't dealt with them for about 4 years now. They actually had told me, at one time, "tey would show up at my door and take evrything I owned." NEVER heard from them, since then. The % is horrible!!


lrhall41

Submitted by sdchargers_63 on Sat, 10/02/2010 - 03:47

( Posts: 1798 | Credits: )


Goodah, I talked to my State Department of Financial Regulations and was told by them that Cash Call is not licensed to operate in Florida. that it didin't maater if they were payday loans or regular loan companies, they still need to be licensed in oder for them to collect.
Is this correct?
Thanks


lrhall41

Submitted by lrhall41 on Tue, 07/05/2011 - 08:13

( Posts: 245 | Credits: )


Cashcall or Western Sky claims in their contract to "...[FONT=Verdana][FONT=Arial][SIZE=3]subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. By executing this Loan Agreement, you, the borrower, hereby acknowledge and consent to be bound to the terms of this Loan Agreement, consent to the sole subject matter and personal jurisdiction of the Cheyenne River Sioux Tribal Court, and that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation."[/SIZE][/FONT][/FONT]


[FONT=Verdana]Further, there is no mention of the First Bank of Delaware anywhere in my contract.[/FONT]


[FONT=Verdana]They have no license in Florida to make loans, therefore, they are an illegal lender.[/FONT]

Finally, the FTC is suing them...http://www.ftc.gov/os/caselist/1123023/110912paydaycmpt.pdf


lrhall41

Submitted by stel on Fri, 11/04/2011 - 14:13

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