Are these high-interest loans with no credit requirements ever worth it?
A personal loan through CashCall could potentially help you out in the short-term as long as you understand you could receive a large amount of money that needs to be repaid in the near future. High interest rates and run-ins with government regulators might raise more than a few red flags.
|Product Name||CashCall Personal Loans|
|Min Loan Amount||$2,600|
|Max. Loan Amount||$10,600|
|Interest Rate Type||Fixed|
|Maximum Loan Term||7 years|
- Age 18 or older
- Be employed or have proof of other income
- Active bank account
- Valid form of ID
- Live in an eligible state
What makes CashCall personal loans unique?
CashCall loans are fast and don’t require perfect credit. It doesn’t specifically market to bad-credit borrowers, but it’s hard to imagine why you’d otherwise take out a loan with APRs that start at nearly 100% with excellent or even fair credit. Many consider CashCall’s loans as last-resort financing options — with some former borrowers reporting they’d have been better off if they just left their bills unpaid.
How do CashCall personal loans work?
CashCall personal loans are high-interest unsecured loans that you repay in monthly installments. Interest rates are determined by your loan amount, credit and the state you live in.
Here’s how CashCall’s loans breaks down:
|State||Amounts available||Max APR||Interest rate||Fee||Term|
|California||$10,600, $7,600, $2,600||184.36%||179%||$75 to 33% of loan amount||47–84 months|
|Idaho||$10,600, $5,400, $3,100, $2,600||139.13%||135%||$75–$500||47–84 months|
|Missouri||$10,600, $5,400, $3,100, $2,600||139.13%||135%||$75||47–84 months|
|Utah||$10,600, $5,400, $3,100, $2,600||139.13%||135%||$75–$500||47–84 months|
So how does CashCall get away with it? It doesn’t always — which is why it’s not available in many states. CashCall has faced several lawsuits over its lending practices. In a 2016 federal lawsuit, CashCall’s lawyers argued that its loans weren’t subject to the same lending laws because their loans were issued by Western Sky Financial. Western Sky Financial is based in the Cheyenne River Sioux reservation — in other words, it’s a tribal lender, which isn’t required to follow federal or state lending laws. Western Sky Financial supposedly stopped funding loans in 2013, however.
The court decided the relationship was a sham, ruling that CashCall broke usury laws in 16 states. Even if you live in a state where CashCall issues loans, you might want to check the lending laws before you apply, which may have changed since this lawsuit.
Compare more personal loan options
What are the benefits of CashCall personal loans?
- No credit requirements. CashCall is willing to work with borrowers who have all types of credit, though you need good to excellent credit to qualify for its most favorable rates.
- Lightning-quick funding. CashCall claims that it can deposit funds into your bank account in as little as four hours after approval.
- No prepayment penalties. You can — and probably should — repay off your CashCall loan early to avoid paying its extremely high interest rates.
- Reports on-time payments. CashCall reports responsible borrowing to the credit bureaus, helping to boost your credit score (or potentially hurt it, if you’re late).
Fast funding for poor-credit borrowers sounds great, but several aspects of this lender set off our alarm bells.
- Only available in 5 states. CashCall only lends money to residents of Arizona, California, Idaho, Missouri and Utah.
- Government actions. CashCall has settled five government actions against it on charges that range from violating payday lending laws to misleading advertising practices. Charges also include harassing customers for repayment and misrepresenting its relationship with a tribal lender.
- Sketchy marketing. It promises you can “apply in minutes & get cash today” without any disclaimer — which is not on the up and up.
- High interest rates and long terms. CashCall loans aren’t technically short-term loans, but even some service reps recommend repaying your loan as quickly as possible to avoid paying multiple times your loan amount in unnecessary interest.
- Interested in your credit counseling history. CashCall doesn’t overtly target low credit borrowers, but it asks applicants if they’ve ever enrolled in credit counseling or debt settlement programs — an odd request for a reputable lender.
What does the Internet say about CashCall personal loans?
CashCall doesn’t have the best reputation online or off. Aside from government lawsuits, news of it misrepresenting its relationship with a tribal lender led the Better Business Bureau (BBB) to rate it a C. And BBB customers have filed 61 complaints against CashCall.
BBB reviews are mostly negative. While customers say it isn’t difficult to get approved, many were shocked at just how high interest rates — which some said shot up to 200% — actually cost in the end.
One customer claims they went bankrupt because they lost their job after taking out a CashCall loan and couldn’t afford payments. Others complain of harassment, even when they weren’t necessarily late on payments. One even said that CashCall harassed their Facebook friends when they missed payments, which is illegal.
CashCall fared much better on Trustpilot, earning an 8.9 out of 10, with 75% of almost 900 reviewers rating it “Excellent.” Many said their loans were quick, smooth and helped them out of a tight spot. Several reviews praise customer service representatives for their patience and professionalism.
Am I eligible?
To qualify for a CashCall loan, you must:
- Be employed or have proof of other income.
- Have an active bank account.
- Be at least 18 years old.
- Have a valid form of ID.
CashCall doesn’t have minimum income or credit requirements, though it does state that only the most creditworthy candidates can qualify for its lowest rates.
How do I apply?
You can apply for a CashCall personal loan online or by calling 866-590-2274.
To apply online:
Carefully read the terms and conditions before submitting your application. You should hear back from CashCall within a business day.
I got the CashCall personal loan. Now what?
To avoid paying unnecessary interest, pay off your loan as quickly as possible. You can repay your loan through MoneyGram, online, autopay, or by mailing a personal or cashier’s check. You may also want to consider setting up autopay to cover your monthly repayment and put as much extra money toward paying off your loan manually to avoid paying more in interest.
Be sure to stay in touch with CashCall if you’re struggling to make repayments or notice anything wrong with your account. Call customer service at 877-525-2274.
CashCall loans might help you out of a life-or-death financial situation, but you’ll pay a steep price for the convenience. It’s best treated as a last-ditch loan after you’ve exhausted all other options — including asking family, friends and your employer to borrow cash.
If you have more time, check out some other borrowing options with our personal loans guide.