HELP! Unpaid cashcall loan

Did you call the company and verify the status of your account? Since you have been paying for such a long time, your account should be paid by now. Please check with the company if they have posted the payments to your account.

You must also be aware of the pdl laws in your state. The company must be a licensed business in your state and should abide by the laws there. You may verify about their licensing info with the Dept of Corp in your state.

From what I understand, Cash Call is licensed. Your best bet would be to contact Cash Call and check the status of your account. Let them know what's going on. As they are licensed, you have to tread carefully.

And they aren't a payday loan company. They do installment loans and are backed by a bank. So it is completly different laws that apply to them.

Well Cashcall keeps calling me, apparently for the past 2 years that i have been paying I still owe them $2000.00!!!! Is there anything else I can do?

Not really - They are completly legal. See the sticky we made about Cash Call -

http://www.debtconsolidationcare.com/paydayloan/cashcall-info.html

They charge outrageous interest rates. They are evil when you default. But they will sue you if you get behind, and then they will garnish your checks. So I would do what I could to budget the monthly payment in.

That is a bunch of crap :x . I don't know how these places can legally operate :twisted: and what is wrong with our government that lets them get away with it :twisted:

This makes me :twisted:

ladybug

it might be worth contacting a debt consolidation company and having them contact cash call for you. town & country is working with them for me to knock down the interest.

if you keep a cashcall loan open for the entire length of the payments, you end up paying well over $8,000 when all is said and done.

i really don't see how they're legal.

They are legal because they are backed by a bank. Federal law allows banks to import the interest rates from their home state, bybassing any ursury caps.

I do agree that these places are legal, however, I agree with ladybug that they shouldn't be. However, and I'm sure many of us have learned the hard way with PDLs, you have to really read the fine print when it comes to these type of things, and be very cautious with any type of loan. Cashcall is more dangerous than a PDL though, being that they are backed by a bank and licensed.

Yeah, and they lend you more money. They are worse then a pdl in my opinion because you can get yourself in even more trouble.

CeCe......i have some advice for you, about Cash Call. I recieved a loan from them, in November of last year. Just got to the point I JUST could not make the payments, or extra fees( what payments I COULD make ). I tried to call them, several times, to work something out. All I got was..hung up on. The last time I talked to them, was (about?) 3 months ago. I called Cash Call, agin, last night. You know what they said??!! Their "corporate office recently made a decision to 'sell' 80% of the deliquent loans ( mine, included). So..these loans are no longer 'owned' by Cash Call. A CA took the accounts. I called up the CA, who NOW hold my account. LET ME TELL YOU!!.........they are WONDERFUL to work with!! Instead of 99%, of Cash Call wanted to charge, this CA charges 5%. The actually 'pay-off' amount is about $400.00 LOWER than my ORIGINAL loan with Cash Call. I DID find out, from Cash Call, that these loans were all 'sold' to the same CA. If YOUR loan has been deliquent, more than a few months, it may be a GOOD chance, your account was 'sold' to these people, too. I don't want to say the name of the CA, on this forum...just incase your loan wasn't 'sold' to them. But..I DO have the # for Cash Call, if you need it. The CA said, they 'up-date' your CR, with the CA's name, replacing a 'negative' account with Cash Call. WOW!!! I'll tell ya!! I think I can REALLY work with this. I'm REALLY excited. Thought I would tell ya. If you need the # for Cash Call, PM me. My 'Quick Messages' don't work correctly.

Wow! That is AWESOME! You wouldn't think being sold to a collection agency is a good thing, but this rocks! Yay! :D :D :D I'm so happy for you!

This debt, I can 'handle' now. I spoke to the representive, from the CA. This debt is one of the 'larger' ones, on my CR. You're right, Goudah2424..people aren't usually happy, about a CA. But..I'm glad I can work with this one!!

That is AWESOME!!!!! I wish they'd sell mine. The stupidest thing I ever did was get involved with them. You think PDL's are bad.......

They sold mine to a CA, i sent them a DV maybe i'll try to work with them if they can verify that they own the account.

What collection agency did they sell it to? Just curious. I thought since they were backed by a bank they would have resorted to other tactics or help a customer get caught up. How far was you behind when they sold your account?

Well...all I can say is everyone learns from experiences. When I spoke to the rep, at the CA, she DID tell me ( in a round-about-way) with CC, if people STOP making paymnets to them, yes..their accounts will go 'negative', HOWEVER, the accounts will be 'sold', to a CA, with in a few months. She ALSO told me, that CC has SOOO many deliquent accounts ( this CA has ALOT of them), that CC is getting to the point where they really 'can't keep up'. I'll tell ya...this rep gave me SOOO much ingo on CC!! Probably more stuff than she was suppose to tell me.

Awesome! It doesn't surprise me that a lot of Cash Call's customers are behind or in defualt. They charge so much and make it impossible to get ahead. Frankly, I wish the bank backing them would see that it's not a sound financial decision . . . . But I doubt that would happen. First Bank of DE seems to have it's hand in many high interest type loans . . . .

Goudah Question..Cash Call does not finance all their loans through First Bank of Deleware, some of them are through Cash Call itself. DO the same rules apply? And does the default to Cash Call go on your credit report?

That is a good question . . . I have seen that in some states they are lending under the name Cash Call. Loans made to residents of California, Idaho, Nevada, New Mexico, and Utah will be underwritten and funded by CashCall. Loans made to residents of all other states (excluding Iowa, Massachusetts, New Jersey, New York, West Virginia and Wisconsin) will be underwritten and funded by First Bank of Delaware. If they are not backed by a FDIC insured bank, the federal law allowing them to import interest rates doesn't apply. But I don't see why they would be backed by a bank in some states, and not others unless the states are very lax . . . . I'm going to look into those states a bit more . . .

It could be reported to your credit reports. IN fact, I would be surprised if it wasn't once you defualt.

Here is their license info for CA:

Lic. Status: Active License Lic. Date: Mar 13 2003 (Lender)
Lic. Number: 6038780 Lic. Type: California Finance Lender
Name: CASHCALL, INC.

Address: 17360 BROOKHURST STREET
FOUNTAIN VALLEY, CA 92708

From the CA DFI website:

The California Finance Lenders Law is contained in Division 9 of the California Financial Code, commencing with Section 22000. Effective July 1, 1995, the Personal Property Brokers Law, Consumer Finance Lenders Law, and Commercial Finance Lenders Law were consolidated without substantive change into the California Finance Lenders Law (AB 2885, Chapter 1115, Stats. 1994). The regulations under the California Finance Lenders Law are contained in Chapter 3, Title 10 of the California Code of Regulations, commencing with Section 1404 (10 C.C.R. ????1404, et seq.).
Finance lenders and brokers, by number of licensees and dollars of loans originated, are the largest group of financial service providers regulated by the Department. A finance lender is defined in the law as "any person who is engaged in the business of making consumer loans or making commercial loans." A finance lenders license provides the licensee with an exemption from the usury provision of the California Constitution.

Licensed under the law are individuals, partnerships, associations, limited liability companies and corporations, including many of the largest "Fortune 500" companies.

There are a number of "non-loan" transactions, such as bona fide leases, automobile sales finance contracts (Rees-Levering Motor Vehicle Sales and Finance Act) and retail installment sales (Unruh Act), that are not subject to the provisions of the California Finance Lenders Law.
get it leasingnews.org

Here is their license for Idaho:

I'm trying to go through the laws that Cash Call would be subject to in those states . . . . But it will take a while. It's a lot of reading.

Why did CA even enact an ursury law? This is what it says regarding it:


Cash Call is considered a finance company. Strange law . . .

Here is Cash Calls Nevade license info:

For NM I found this:



I looks like their license expired and was not renewed back in June . . . . Hmmmm

Here is the Utah info - I know Utah doesn't have a limit to the interest that can be charged. They are a registered lender in Utah, but that is all the info on the website.

I am new to this and still learning so if I ask something crazy have pity..

I know you have read the web site and it says:

Loans made to residents of California, Idaho, Nevada, New Mexico, and Utah will be underwritten and funded by CashCall. Loans made to residents of all other states (excluding Iowa, Massachusetts, New Jersey, New York, West Virginia and Wisconsin) will be underwritten and funded by First Bank of Delaware (Member FDIC).

What if the person lives in one of the states supposedly backed by First Bank of Deleware but their loan is not with the First Bank of Deleware, it is with Cash Call, do all the same laws still apply?[/quote]

OMG!!!!

I just read this - Don't know if it's true or not, but as of August 21, 2007, Cash Call is no longer in business!!!! If you go to their website, it used to have a drop down menu for all the different states it serviced. Now it ONLY has California.

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

They are now only lending to CA residents!

The best thing that cold happen is that they do not get the infusiton of $$ they need. No wonder so many people defualt, their interest rate is designed so people can never payoff the loan.

:( Help!!! I have a loan with Cashcall and I'm three months behind. Yesterday they call to say they were going to start legal action. But if I could pay them 254.03 today, they could wait. I didn't have the money, they wanted me to call around to borrow the money, I didn't have anyone to borrow from. But I told them I would have the money Friday. They didn't want to hear this and became very ugly. What are my options. My credit sucks due to my husband becoming disabled three years ago and I got this loan to pay some late bills. If anyone could please help or give advice please do!!!!

I would say wait till friday and call them when you have the money, I am sure they won't refuse it.