CashCall Inc is a lending company that was founded in 2003 and is based in Orange, California. It offers several loan products, including unsecured personal loans, small business loans, mortgage loans, and debt settlement services. Loan amounts, products, and terms vary.
Here are a few of the lender’s recent legal issues regarding its lending practices:
If you need a cash advance or are looking for personal installment loans, check out the more reputable consumer loan options we have reviewed:
CashCall offers consumer loans with long-term, scheduled monthly payments, instead of short term 14- or 30-day repayments like most other payday lenders. Terms range from 47 to 120 months, depending on the amount of the loan. It offers loans to borrowers who need help rebuilding or establishing their credit.
While CashCall does not have any physical stores, it makes applying for a loan easy by offering the option to process a loan application online, over the phone, or via fax. The application process includes filling out a simple form with your name, address, and email, as well as providing a statement of an active bank account, proof of income, and proof that you are at least 21 years old. Then, CashCall will have an agent contact you to verify your information and tell you if you have been approved for a loan. You find out within minutes.
Funding can take as little as four hours. So, if you apply by 1:00 pm PT, you can usually get the funds the same day as you apply. Otherwise, the funds are deposited directly into your account within 24 hours of approval.
Repayment is automatic. CashCall debits your account every month for the agreed-upon amount. If you are able to repay the loan in advance, there is no early repayment penalty.
CashCall's website is clean and easy to navigate. In addition to the easy online lending application, it has a customer login area where you can monitor your loan account, payments, and dates.
When it comes to CashCall personal loans, repayment is reported to the major credit bureaus. So, you can benefit from using this lender, if you make payments on time. However, if you don’t pay on time, it will hurt your credit score.
Credit reporting isn’t always a given with online lenders, so it's nice that CashCall gives customers the option to build credit history, even with bad credit loans.
Reports state that sixteen states have filed suits against CashCall since 2013. The suits cite that CashCall did not have a license to issue small loans, that CashCall used third-party lenders without informing consumers in advance, and that CashCall and purchased, serviced, and collected on illegal loans. The suits also cited violations of state laws for lending, collecting and interest rate practices.
CashCall's APR rate ranges from 35.87% to 204.94% depending on the amount of the loan and state you reside in, which are much higher rates than those found with other types of loans. In addition to the APR rate, CashCall charges a $75.00 loan fee.
CashCall has limited information available on their payoff options. Meaning customers might not have a clear understanding of their responsibilities as a borrower. More transparency would be helpful for current and potential customers.
Currently, it appears that personal loan applications have been deactivated on the CashCall website. It only gives three options: existing customers can log in, and others can either call to speak to a customer service agent or request a callback