Simply Stated, CASH CALL and their affiliates claim to cater loans to people with "less than perfect credit", although this does not guarantee that EVERYONE will get approved for there loan program.
If you are one of the unlucky-fortunates to be approved, be prepared to pay extrememly high Interest Rates for a small cash loan. Some examples of the LOAN RATES are as follows, although the final LOAN APR depends on your state residence.
(Loan, Product, Interest Rate, Annual Percentage Rate, Number of Payments Payment, Amount)
$5,075 Loan 59% 59.95% 84 $254.03
$2,600 Loan 96% 99.25% 42 $216.55
$1,075 Loan 89% 96.78% 42 $83.89
Simply put, think of this LOAN as a long-term, high APR cash advance with a short term payday loan personality.
*For example, borrowing just 1075 dollars will cost you a total of 42 payments at 83.89 a month, equaling $3523.38. UNBELIEVABLE!!! You are paying back over 3 TIMES what you borrowed. Look at the payment plan for $5075, you will pay back almost 22,000 DOLLARS over 7 years. SIMPLE MATH my friends, the enticement comes from the seemingly LOW payments structured over multiple years.
UNLESS you cherish and are satisfied with the idea of paying exhorbantly high interest rates on a long term structured average cash loan, then DO NOT accept an offer of CASH CREDIT from this company. Explore other options like family, friends, reputable banks, or seek financial assistance from a county program before digging yourself in the whole even WORSE when accepting these type of loan offers.
MANY people who unfortunately have defaulted on a loan from this company express that unfair collection practices, even receiving calls from "cash call attorneys and lawyers" regarding the debt. These are fabricated phone calls by a hired collection agency or rep with an attempt to threaten or scare you into paying back the money. No one will show up at your place of business or home, no lawyer is going to be waiting for you by your car attempting to seize your property or assets. Again, these are simply scare tactics into making you give them new checking or credit card info so they can retain payments again or draw the balance of the loan. You will not be placed in Jail and no Police officer will come looking for you. Please be advised that NO COMPANY is exempt from the FAIR COLLECTION procedures as imposed by the government. IF you do default on the loan, you CAN expect to receive harrassing phone calls, letters, or with time, a possible WRIT OF GARNISHMENT if your resident state allows it. (wage garnishment from your employer's payroll)
One final note: for those of you who may have gotten in over your head with short term cash advances, payday loans, credit cards, and loans from companies such as cash one, you may opt to file for bankruptcy!!! As bad as this sounds, a bankruptcy on your credit will look no worse than lenders dinging your report every month already for not paying your bills on time or at all. It is a learning lesson. I used the following website, did not need a lawyer to represent me and filed the bankruptcy with documents completed by myself, via the following website. This is not an advertisement for their services, i only reccommend them because it cured my personal financial problems fast.
Http://usabankruptcyassociates.com/usabk/index.Asp
Best of luck to all of you who may find yourself in a desperate situation due to companies like Cash Call, payday loan companies and other long term scam companies. You do have options though, so get online, do your homework AND get your life bak on track.
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