When I heard about CashCall about 2 years ago, I thought it was a good idea to get a loan through them and pay off my debt. During the time I was inquiring on their service, I had asked the person who was "helping" me out what the interest rate would be. He told me it was 18%. I thought it was pretty good, since the money I would borrow was $5,000. With that money, I'd be able to consolidate debts and only worry about 1 monthly payment. I ended up doing an automatic payment with Cashcall using my checking account, in which they would take the payment due automatically each month.
So over a year went by, I was making my payments ontime, thinking I was paying off the $5,000. I called Cashcall to ask them what my payoff amount was, and since they had told me that my interest rate was 18% when I got the loan, I was estimating that my payoff would be around at least $2,500. I was shocked when the representitive I was speaking to told me that my payoff balance was over $5,000! More than what I had even borrowed! That was when she told me that my interest rate was over 80%! I was very dissapointed!
I didn't know that creditors can charge that much interest on a loan! I had even mentioned to her that when my account was opened over a year ago, the person opening the account for me said that my interest rate was only 18%. She said that it wasn't 18% and that it was over 80%! I am very turned off by this company, and when I did start paying late, I received harrassing phone calls from them over 10 times everyday on my cell phone and home phone! They are very rude and disrespectful!
I feel very ripped off, because all the money that I was paying them every month only went to the interest! All that time, I thought I was paying the principal down also! But go to find out, I owe more now than what I had actually borrowed in the first place. I hope that we can get some justice against this company. I thought I was the only one dealing with this problem, but now that I see many people had gotten ripped off by cashcall as well, I agree that something should be done to this company and we can get a refund on all the interest they had charged us! Or at least all the interst that was charged upon us should go towards the principal balance! Something has to be done!
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