My wife and I had fallen on desperate times and my employment was starting too late to cover bills. With no one else willing to help; in comes CashCall. They offered a small loan with no credit check and small payments. We figured it would be about 30% interest with our current credit situation.
We later discovered in the e-mail pdf; it stated 85% interest. This was hidden in a large form and there was no advice from the loan officer to pay this off early. Being scared and desperate; we still went for it thinking we didn't have any options from keeping us from becoming homeless.
After three months; we then talked to them about our balance only going down $41 dollars and was informed our interest rate had actually been 79%. Ohhhh, thanks for the big 6% reduction. At $183.80 a month; our final pay-off on a $2600 loan will be about $9000. This is highway robbery. The only way we can get out of this is if we come up with about $2700 or more to just pay it off. If we could do that; we wouldn't have needed CashCall in the first place. When we discuss these situations and outrageous interest rates with their loan officers; they offer nothing more than apologies and no explanations.
Using hindsight; we would have been better off letting our debts slide for the moment. But, like I said, we were scared and desperate; for us and our two children.
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