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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.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
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:
$10,600, $7,600, $2,600
$75 to 33% of loan amount
$10,600, $5,400, $3,100, $2,600
$10,600, $5,400, $3,100, $2,600
$10,600, $5,400, $3,100, $2,600
Most states cap personal loan APRs at 36%. According to a 2016 LA Times article, however, CashCall has charged borrowers APRs almost 10 times that limit in the past.
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
Updated October 16th, 2019
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.
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:
Only residents of Arizona, California, Idaho, Missouri and Utah are eligible.
It’s not clear, but you don’t have to click I want a loan agent to contact me.
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.
No. You qualify for another CashCall loan once you’ve fully repaid your current CashCall loan.
Yes, CashCall encrypts your personal and financial information online. Click the green lock next to the site’s URL to check its security details.
It depends on you and your application. If you apply in the morning, get approved and sign your loan documents before 1 p.m. on a business day, you could potentially see your money the same day. It can take a bit longer if CashCall needs additional documents during the underwriting process, however.
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