Cash Call
Even when you do pay ontime somehow mistakes just happen? Happen Twice?

I am looking at my welcome letter from Cash Call as I write this post. It congratulates me on my new loan and proceeds to inform me that, we encourage you to pay off your loan early or any portion of your loan anytime. How nice of them to put that in print. They go on to tell me that I can send payments by moneygram for a fee, send a check by mail, or for a "limited time" our check by phone service is FREE to our customers. They continue on to explain that this is a simple interest loan.

Here is their exact wording on Simple Interest Loans. "Many loans and credit card companies use compound interest. With compund interest, the interest charged on the principal is actually added to your principal for the next period. Your cashcall loan is a simple interest loan, your principal amount never increases.

In other words, you will never pay interest on interest." That is great, right? I have a simple interest loan, part of my payment goes towards the principal, the rest for interest. If I pay more the minimum payment than more of my payment should go towards the principal paying the loan off sooner, right? Well, let's see.

I took out this loan in May. CashCall took out the first payment of $272.02 on June 1 they explained that this was my regular payment plus interest that already accrued on the loan. I asked, well how much of that payment went towards the principal, and the customer service rep explained that (1st time this was expalined to me, Remember I have already spent the funds and the loan is already on my credit report and is now in repayment) "approximately" $7.00 went towards the principal. Well I kinda flipped out. As I would believe any human being would react.

But it doesn't stop there, I then asked well what if I make an extra payment of well let's say $500.00 to the loan during the month, will that lower the amount of principal by $500.00. I would think yes, but she explained that the bank will go ahead and take from the $500.00 any accrued "daily" interest for the month so far, and that "some" (she did not use the word rest) would go towards the principal. Daily interest??? That was not apart of any disclosure I read over when I signed the loan documents and was certainly not explained to me by anyone.

Let's go further a few months, it is now August and I have paid $705.12 to CashCall and I have only paid back, maybe $21.00, on the principal loan amount. I decided that I needed to end this immediately. I called CashCall to take advantage of their check by phone payment service. I wanted to payoff the loan but I had a small problem the funds were not all in the same account that CashCall had on file. The customer service rep explained that she could only take funds from the checking account on file, if I wanted to submit a payment from another account I would need to fax CashCall my other checking account information so they could put that information "on file".

Sounds like a plan, what she didn't tell me was that, when I make a single payment to the loan from the one checking account, becuase it was not paying off the loan in full, the bank would go ahead and remove any accrued daily interest to that day of the month. I wouldn't have known unless I went ahead and asked what would my payoff balance be after this payment. Let it be known that I had already went ahead and logged into their website to find out what my payoff balance was for that day.

The rep quoted me a payoff balance of over $200.00 more. Well needless to say I flipped out again. Told her I would not hang up until I received vertifiaction that the payment was cancelled and I spent the next day getting all the cash into the checking account on file with CashCall.

Call # 2 to payoff the loan. Everything went well the rep said she needed to tape record the call, I had to vertify my checking account info, address, phone, and the usual information. I finally thought I would have them out of my hair. I was told the funds would be deducted from my checking account on Monday at 1:00am. Hung up and went about my weekend. Monday comes not withdrawal. Surprise... Well not to me.

Call # 3 I called again and spoke to some arrogant rude rep who said the payment was still in process (after waiting five minutes on hold), the money will be deducted on Tuesday at 1:00am. Guess what,

Call # 4 Tuesday I have to call again and I am told by the rep, we made a mistake the payment was never processed. Hmmmmm interesting, for a company that seems to harass everyone to get their money, when someone tries to payoff their account, mistakes are made and payments are not processed. What a joke! I asked several to times to speak with someone in charge, a supervisor, and when I finally got someone, I had to deal with another arrogant self righteous man who didn't even apologize for the "mistake" just wondered why I was so upset. He offeres to take an additional payment and like out of the charity of his heart tells me that they will kindly back date the payment to the original payoff date.

I asked for documentation that the loan is now paid in full. I was told they need to wait on clearing of funds (understandable) and then in a "week or so" (
the "so" is SO not understandable) I will get documents by mail. We will see...

What a terrible experience, and what a terrible mistake I made getting involved with this company.

Company: Cash Call
Country: USA
State: California
City: FOUNTAIN VALLEY
Address: PO BOX 8349
Phone: 8775252274

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