In march I got a loan with cash call, at that time yes, I did read the fine print but I needed the money really bad and it was the only place that would give me that amount, which by the way was 2600.00.
I know that cash call was there for me when no one else was but that doesnt really make it right for them to extort money from me. I feel like that is what they're doing by charging a 98% interest rate. Don't get me wrong, I know I owe a debt to them and I definately want to pay them back but what I owe is 2600.00, But when you add 98% over the next 4 years it turns into over 9000.00, that is a difference of 6400.00. There is definately something wrong with that!
I called cash call today and I asked how much have I paid so far and was told 3384.00 and then I asked how much did I still owe and was told 2625.00. I couldn't believe what I was hearing, I've essentially already paid off my loan! Plus an extra 784.00! And I'm still owing more than I innitially borrowed!
This kind of stuff happens in third world countries, this is America, where companies are supposed to be fair. Yes, I signed a contract but does that mean that the amount they're charging in interest is fair? I don't have a problem with paying back the amount I owe but I've already done that and I'm still owing more than I borrowed and that's where the problem begins.
If anyone knows of a class action lawsuit please let me know.
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