Cashcall.com - Dont Do It!!

[dscurlock]

I recently got in bed with cashcall.com, if you are bad financial shape, and you think cashcall.com is your quick bail-out, then you are sadly mistaken, this loan shark company charges 98% interest... I borrowed from them, and every penny was pissed right away in interest, very little to nothing went to principal...

I borrowed, I think it was $1500, im not sure, but the final payoff would have been nearly $10,000 over a period of time. It took me months to get them paid off after i realized my $200/mo payments was going to interest only..

This is clearly a loan sharck company, how does the legal system let cashcall get away with this??

and payday loans are just as bad, a few years ago, my wife was stuck in payday loans, paycheck, after paycheck for the longest, thats when i come along and said enough is enough, and bailed her out, this sort of loaning should be illegal.

Someone should seriously stiky this about cashcall.com
everyone should be aware of them.

[CityGirl]

Payday loans are illegal in my state. I never heard of cashcall but you can put them in the BK just the same.

[dscurlock]

Payday loans are illegal in my state. I never heard of cashcall but you can put them in the BK just the same.

sure you can put them into BK, but the warning is not to use them to begin with.... If i took the time to do a 1 min search on cashcall, I would have sought alternative ways to find money..

cashcall.com = bad business.

lucky for me, ive gotten loose from the devil and most
of the devils advocate credit cards.

[SinkingFast]

Payday loans are illegal in my state. I never heard of cashcall but you can put them in the BK just the same.

Cash Call isn't a pay day loan. It's a "personal signature loan" being advertised by Gary Coleman.

There was a discussion about it a while back in the General Talk Section.

http://www.bkforum.com/showthread.php?t=15484

If you read the fine print of their commercials, you see that you repay some phenomenal amount on a paltry, small loan.

Definitely,............. Stay away from Cash Call.

[6ftladycop]

[QUOTE=dscurlock;103751]I recently got in bed with cashcall.com, if you are bad financial shape, and you think cashcall.com is your quick bail-out, then you are sadly mistaken, this loan shark company charges 98% interest... I borrowed from them, and every penny was pissed right away in interest, very little to nothing went to principal...

I borrowed, I think it was $1500, im not sure, but the final payoff would have been nearly $10,000 over a period of time. It took me months to get them paid off after i realized my $200/mo payments was going to interest only..

I feel so sorry for you guys, but did you say you paid it off? My friend who works with me just recently had a heart to heart about how she used CashCall.com. She borrowed 6000.00 and she now has to pay 60,000.00 back. She was gonna file Bankruptcy but decided against it. She is now in hock to CashCall.com for the entire amount and the company is going to start garnishments in a few months. Imagine how much money
will be garnished from her check weekly for 60 thousand dollars. The people(Gary Colemen included)who promote this type of behavior should be ashamed of themselves.

[CityGirl]

The site has been down for days. I wonder why.

[BKOnce]

The site has been down for days. I wonder why.

God bestows *shortness* on those (Gary) who do evil to poor people ~grin~

[CityGirl]

Haha!! They closed their doors!!!!!
I found this post online~~

It's official, Cash Call just let everyone go today. No more legal loan sharking. The mortgage industry fall out will hit all sorts of lenders. What's next? or Who's next?


I just got laid off from Cash Call. Now I have to go back to giving HJ's to Johns for five dollars a pop. THE PARTY'S OVER!

I just confirmed with a friend who works at Cash Call. The doors are closing. Website is down, they can't get anyone to fund these loans.


Sad day - Aug 15, 2007 04:19:40 PM Remove Comment

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CASH CALL OUT OF BUSINESS THIS WEEK. Modern day "Money Store"-type crooks.

[De Los Muertos]

What forum did you find that on?

[CindyLou]

My co=worker had to file a police report on stalking against a cash call employee who was calling her at work and actually came up to the hospital where we work demanding payment!!!!!!!!!!!!!!!! crazy!!

[doglover]

Can cash call garnish wages?

[De Los Muertos]

Doubt they can garnish without getting a judgment first, but they will try to take money out of your bank account.

No official word if they're out of business yet, but their website has been down for days. I called them up to ask for a loan and they said they're "temporarily" not making new loans because all their systems are down. Seems like this one is dead.

[CindyLou]

That's some crazy Stuff!!!

[6ftladycop]

Can cash call garnish wages?

Yes, you bet they can and will. There is a girl right now at work who has 254.oo dollars a month takin out of her check. Seems, she did not read the fine print and when doing these procedures online, you start signing not realizing that you are probably signing a statement saying that CashCall can garnish or wage assign you check if you fail to pay them.

[qwertysue]

http://www.latimes.com/business/la-fi-cashcall23aug23,0,7822902.story?coll=la-home-center

CashCall makes its own call for cash

The Fountain Valley lender that provides emergency funds for people is scrambling for a capital infusion.

By Kathy M. Kristof, Los Angeles Times Staff Writer
August 23, 2007


With Gary Coleman as its TV pitchman, CashCall promises money in a hurry to people who are low on cash.

But now the Fountain Valley lender is in the same bind as its customers.


The company stopped making loans this week and was scrambling to negotiate an infusion of capital so it can resume business, said Daniel Baren, the company's general counsel. CashCall also laid off about 80 of its 1,200 employees, he said.

"The reason we had to stop originating is because of the same liquidity squeeze that's affecting everybody else," Baren said. "We are doing everything we can to get back to normal as soon as possible, and we are fairly optimistic that will happen."

CashCall's website isn't quite as informative, making no mention of the liquidity problem.

"The site is down for routine maintenance. Please try again later," the website says.

Baren said the website was being revamped and that CashCall hopes that it will resume limited operations in California as early as today.

However, the company will not immediately resume originating loans for out-of-state borrowers, he said.

The final loans in its pipeline were funded on Monday, Baren said.

Lee Eakin found out that the CashCall spigot had run dry late Tuesday. The owner of Big Lee Bail Bonds in San Jose said he frequently referred cash-strapped clients to the company.

But when he called to inquire about loans on Tuesday, company representatives said they weren't making loans and didn't know when they might again.

"Our lenders are dropping like flies," Eakin said. "It's an overnight sensation."

CashCall's troubles are another sign that the lending crisis has spread beyond sub-prime lenders who made mortgage loans to people with shaky credit.

Rising defaults have forced many of these lenders out of business. In recent weeks, the financing crunch has spread and widened, stalling the market for high-quality corporate debt, as well as the market for large mortgage loans for credit-worthy borrowers.

All of these loans are largely financed by private investors, who buy shares in debt "pools" put together by big investment banking firms on Wall Street. Without cash from these investors, liquidity on Wall Street has dried to a trickle, leaving lenders and consumers short of cash.

CashCall was founded in 2003 by John Paul Reddam, who also founded (and later sold) Costa Mesa mortgage lender DiTech Funding Corp. Reddam has said in past interviews that he had gotten the idea for CashCall at DiTech, where the company would make second mortgages not backed by the home's equity.

An avid horse racing fan, Reddam was profiled in The Times Sports section in April as he was preparing to enter two horses -- including one named Liquidity -- in the Kentucky Derby. Liquidity placed 14th in a field of 20.

His company makes emergency loans from $2,600 to $10,000 with a one-day turnaround.

But the interest rates range from 21% to 96%, Baren said. The high rates reflect the risk of the loans; the company estimates that 1 in 5 ends in default.

CashCall gained prominence after receiving a now-legendary call from Coleman, the former child TV star from "Diff'rent Strokes."

Coleman, who said he'd lost his fortune to bad financial advice, was looking for a loan. He got his money and repaid the debt by becoming the company's pitchman. Coleman's star power and an $18-million annual ad budget fueled rapid growth in CashCall.

Until recently, Baren said CashCall was funding about $20 million a month in loans to Californians and $30 million in loans to residents of Nevada, Utah, New Mexico and Idaho.

In other states, it served as the marketing arm for an independent bank that originated loans and resold them to CashCall.

In addition to Fountain Valley, the company has major operations in Anaheim, where it sub-leases 128,000-square feet of space formerly held by the parent of Ameriquest Mortgage Co., the sub-prime lender that itself has downsized as part of the mortgage meltdown.