Complaint / Review
Cash Call
Wrong Interest Rate And Very Hurried Operator Was quoted 56% on the phone, but paying 99%, was told I had 10 minutes to complete

I'm a stupid a*... That much is completely true. I have NO PROBLEM making my Cash Call loan, even being a waitress, and was shocked that I was approved for the loan since my verifiable income was only minimum wage. Last month when I got my income tax refund, I was going to pay off the balance of my Cash Call loan. (I took the loan out for $5000 in March and have been paying $251 a month on the 1st every month. Never late as they take it directly from my checking account.) When I called to find out my balance, I was told that I owe $5075!!! I asked if there was some mistake. I was then told that my interest rate was 99%!! I did my application over the phone and was told then that my interest rate was 56%. I've already paid this company $9036!! I was also told over the phone that my payments would decrease my balance owed so that interest would be computed accordingly. (i.E. A portion would go to balance owed and the rest would go to interest.) I did not inquire as to how much (dumba* on my part) as I guess they could be applying $. 01 to the balance.

I told the lady on the the phone that I would get back to her the next day with my decision (and time to look over the contract as I was at work at the time), but she said I only had 10 minutes to complete the process or my loan wouldn't be able to be approved again for another 30 days and I'd have to reapply. (I was going through a custody battle and needed a car, so I needed the money sooner... So, I bit the dang bullet...)

Now I'm being told that the highest interest rate in CA is 30% that a lender can charge or they can have criminal action taken against them for loan sharking! (This came about as I was going to loan some money to a friend at 50% interest with legal right ups and all.) I'm so confused.

I think what I'm going to do is take out a different loan for the $5075 (perhaps with a bank or a friend or something) for a much less interest rate and pay off the Cash Call Loan. I really wish I hadn't of been lied to and completely mislead, but more than that, I wish I hadn't of needed the money so much that I disregarded my instincts to check it out first.