Isnt Cash Call a type of pdl?

Yes, that is illegal. I will tell you what else is illegal, if this Cashcall is not licensed to operate in your state of SD, then you owe nothing. If they have no license for SD, then they are operating illegally.

Cash Call is NOT a pdl! They are backed by a bank.

Federal Law allows them to operate when backed by an FDIC insured bank in any state without a seperate license.

Anthony - Since they aren't a pdl, they don't follow the same laws. Cash Call will sue someone if they don't pay, and they will win because they are 100% legal.

Since they are backed by an FDIC insured bank, usually First Bank of Deleware, they are allowed to import their interest rates from their home state. So the interest rate of 99.24% is totally 100% LEGAL.

This company sucks! They are evil, evil, evil. If you don't pay them, they will sue you. But they won't sue you right away. They will wait a few months so that your balance ballons up, then sue you because they know that once a judgement has been entered against you they will not get their 99.24% interest any longer.

Sometimes I wonder if we should make a sticky topic about CashCall..there seems to be an increase in posts about them recently. I would hate to see someone think they can treat them as you would an unlicensed PDL - that would be a BIG mistake.

What do you think, Goudah?

Sounds good to me!

suebee, I'm not goudah, but I agree with you. A lot of people are thinking Cash Call is a pdl or unlicensed. Which Cash Call is neither. Unfortunately, they are licensed, and yes, it is backed by First Bank of Delaware, as goudah thought. Maybe this "ugly company" deserves its own "sticky."

It's actually only backed by Fist Bank of DE in certain states. In other states they are backed by another bank, I just can't remember the name.

Okay, I made a sticky!

Thanks Goudah - I hope that will help some folks. I know there has been an increase of posts regarding CashCall lately, and I don't want ANYONE thinking they can treat them the same way they do an unlicensed PDL. That's why I'm very careful to state that in any responses I post to CashCall questions, and to remind people that this company CAN and WILL take you to court if you default.

It would be a terrible mistake for someone to treat them as an unlicensed PDL and simply not pay them - they would end up in court for certain. And as you mentioned, it would be a few months before any action would be taken, so they could be sure of a higher balance, regardless of any reduced interest rate given by the courts. You lose, either way - higher interest rate or higher balance.

I have noticed an increase in the commercials they have on tv lately too...maybe that's why there is an increase in usage??? I so hate that commercial...I cringe everytime I hear it...:(

Yep. And I know for a fact that this company does sue. It is very aggressive in it's collections.

THANK YOU, GOUDAH! :D This will be extremely helpful to others who come here regarding Cash Call!!!

I have to add something here - CashCall is not operating illegally, and their collection tactics aren't illegal either.

Per the fdcpa, a creditor may not threaten legal action if they do not have the ability to, or do not intend to actually take legal action. CashCall has every intention of taking legal action if you default, so they are not making idle threats or violating the FDCPA when they call you on your defaulted loan with them and threaten to take you to court. They can and they will.

Please be careful when dealing with them.

Thanks Gudah and SueeBee- you are right, there is an abundance of queries about Cash CAll, and someone can get in trouble thinking they are a pay day loan. I almost got in trouble with one that I used, thought it was a pdl, and it wasn't, so these companies need to be check out and make sure they are pdls, not backed by banks, etc.!!..KAren

Plus, the fdcpa only applies to 3rd party collectors, and Cash Call is the original creditor.

But they know what they can and can't do. They will apply the maximum pressure for about a month, then send you a letter stating they will seek legal action. This is at about 30 days past due. Then you will hear nothing for a few months. Then bam! You will be served with a summons. Quick Click Loans is a similar type company, and they operate the same way.

thanks for clarifying that, Goudah - I forgot about that.

No problem . . . . I should point out though that most state collection laws are very similar to the fdcpa.

if cash calls makes consume loans and attacehd themselves to your bank account on payday, they are a payday lender. cash call needs to be sured by your states attorney for combing a deffered deposit license with payday loans. point htis out to your ag. a deffered deposit lender one that loans you $2500? can not be in the same building with a payday lender. laws don;t permit it. fdcpa does not only apply to 3rd parties. know the laws people. if you're in the business of making consumer loans and collecting them, fair bdebit applies to you and you need a license. now, is that going to be a banking license or a paydayloan ilicense. deferred deposit license or a small loan license. can't be both.

Um, your information is totally incorrect. Cash Call gives out installment loans. You make a monthly payment. It is NOT a payday lender. They do not debit on your payday, it is a normal installment loan.

And the fdcpa does only apply to 3rd party collectors. Know the laws.

This company is not the same as a payday loan. Payday loan laws DO NOT APPLY. Do a bit of research before you post and maybe you would get things right.

Go here. Read the fdcpa.

Thanks Goudah for the info. From what I have been reading today this Cash Call is dangerous. People can certainly NOT make mistakes dealing with them.
Thanks again for this and All your wonderful input.
You have taught me so much, and I am well on my way to FREEDOM

Yay! Freedom from payday loans! :D

I never thought it possible. It is a great feeling to know how to handle this. It is a journey, and as with any journey it has a begining and an end. Im still new at all of this, but it gets easier each day.

is this true?? are they really backed by a bank in the state of new york??? i am trying to settle with them and this info is disheartening! my loan is from western sky originally