Has anyone had a problem with cash call?

Question

I'm thinking they are cheating me out of my money. I was wondering if anyone else has been having an issue with them. For one most of those people have bad or aggressive attitudes like at the DMV. I think I'm being over charged in interest and if I wanted to pay off the loan in full, I'd be paying more to pay off the loan in full than the amount I borrowed. What is up with that? Is there something I can do to get the monkey off my back?

Answer 1

Unfortunately companies like this, charge extremely high interest rates (around 100%), to offer loans to high risk borrowers.  Before you accept the loan, cash call must have your consent that you understand the loan terms...including the interest rate.  If you signed the form, applied online and accepted the terms, etc, you are stuck.  A case like this would not hold up in court.  Companies like these are tough, because they prey on those who live paycheck to paycheck, and know that they will entice with these"too good to be true" loans.  It will also be tough to work with them through a debt consolidation company, as they will usually want to deal directly with you, since you opened the loan yourself.  Your best option would be to borrow from friends, family, or research other lenders (your bank).  Borrow the money, pay back your cash call loan, and learn from the experience.  Bankruptcy would also be an option, although not reccomended, but would stay on your credit report for up to 10 years.