December 06 I say an advertisement for Cash Call on Television about obtaining a loan. I contacted the company to find out more about the loan. The representative informed me all you need is a checking account and the money would be deposited within 24 hours ($2,600). I told the representative I only required $1,000 and he said they approved $2,600 and I would get this amount. What I did not know was that Maryland has a Predatory Lending Law and it was not disclosed.in addition, nor was it disclosed that the interest rate would be 99%.
The representative disclosed my payments would be $216, and the loan would be paid off within a year. Little to my surprise the $216 is interest only! For the past 12 months $216.00 is being deducted from my account and at this rate it will take about 3 years to payoff this loan. When you look at the big picture Cash Call and the bank affiliated with Cash Call will receive well over $9000. The Commission of Finance & Regulation needs to check in organization such as Cash Call preying on individuals looking for temporary relief.
These types of lending is worse then redline by major banks. I need help to get rid of Cash Call. Also, if you check out the website www.cashcall.com. There is no disclosure of the 99% interest rate or information regarding it prohibiting from lending money to Maryland residents due to the Predatory Lending Law.
Finally, do not believe the stars supporting this program. They are paid to entice individuals to seek out this type of Predatory Lenders.
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