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Injured Workers: Watch Out For CashCall.com
Watch out for the outrageous interest rates of this company.
So many California injured workers get caught up in a cash crunch when the insurance claims representatives stop their disability payments or play the stall, starve and settle game. Needless to say, we all need some form of income or income replacement to keep a roof over our heads, food in the stomachs of our families and to keep the electricity and phone on.
While doing a research project for another television program, we came up with these startling figures. Then when I started receiving some telephone calls from some desperate injured workers about this company, we thought that they deserved another look.
Cash Call is a Fountain Valley, CA based finance company that also acts as a marketing agent for the First Bank of Delaware. You might know them by their television advertisements that saturate TV cable channels with former child actor Gary Coleman expounding the fact that nobody in his family would loan him any money and that Cash Call doesn't require collateral, just your signature. Read The fine print. Sound too good to be true? It probably is.
This is the rate table that we found on their website, www.cashcall.com, for California loans.
|
Loan Product |
Interest Rate |
APR |
Number of Payments |
Payment Amount |
| $20,000 Loan |
24% |
24.19% |
120 |
$440.96 |
| $10,000 Loan |
21% |
21.30% |
120 |
$199.93 |
| $10,000 Loan |
34% |
34.30% |
120 |
$293.61 |
| $10,000 Loan |
39% |
39.35% |
120 |
$332.15 |
| $10,000 Loan |
44% |
44.38% |
120 |
$371.60 |
| $5,075 Loan |
59% |
59.95% |
84 |
$254.03 |
| $2,600 Loan |
96% |
99.25% |
42 |
$216.55 |
Then we crunched the table out one step further and look what figures of the total cost of these loans that we came up with. Makes your eyes bug out!
|
Loan Product |
Interest Rate |
APR |
Number of Payments |
Payment Amount |
Total From Payments |
Profit For CashCall |
| $20,000 Loan |
24% |
24.19% |
120 |
$440.96 |
$52,915.20 |
$32,915.20 |
| $10,000 Loan |
21% |
21.30% |
120 |
$199.93 |
$23,991.60 |
$13,991.60 |
| $10,000 Loan |
34% |
34.30% |
120 |
$293.61 |
$35,233.20 |
$25,233.20 |
| $10,000 Loan |
39% |
39.35% |
120 |
$332.15 |
$39,858.00 |
$29,858.00 |
| $10,000 Loan |
44% |
44.38% |
120 |
$371.60 |
$44,592.00 |
$34,592.00 |
$5,075
Loan |
59% |
59.95% |
84 |
$254.03 |
$21,338.52 |
$16,263.52 |
$2,600
Loan |
96% |
99.25% |
42 |
$216.55 |
$9,095.10 |
$6,495.10 |
Interesting enough, we did a little investigating and contacted the California Department Of Corporations who informed us that loans under $2500.00 are regulated by their agency. With all loans over that amount, the rate of interest is up to an agreement between the lender and client borrower. So I guess the sky is the limit! And we though usery was against the law!
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Copyright © 2007 Californians Injured At Work, Inc. - a non-profit public benefit corporation.
All rights reserved.
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