Those who think Cash Call is a payday loan company, there’s something that you need to know now and correct your thoughts. Cash Call is not like any other payday loan company. They are mostly backed by FDIC insured bank and the federal laws allow them to operate in any state without having a separate license from the state of the borrower. They can charge the interest rates on the loans from their home state and imply it on another state.

Cash Call will not follow the laws applicable on any other payday loan companies. They will sue someone if the loans are not getting paid and there are more chances of their winning the case.

In most of the cases, Cash Call is backed by First Bank of Delaware because that’s the state from where they can charge the interest rates on another state. If there is an interest rate of 99.24% in the state of Delaware and it’s charged on another state, it’s absolutely legal.

It’s a miserable experience dealing with Cash Call. Try to pay them off as soon as possible. Because if you don’t pay, they are likely to take you to the court. They won’t take you to the court if you have defaulted for the first time. They will wait for you to default in the next few months so that the interest rates and fees are sky high and it reaches to your next. They are legally allowed to earn their 99.24% in interests before taking you to the court. Once there is a judgment against you, they will not get their 99.24% interest any longer.

This entry was posted on Monday, December 17th, 2007 at 6:29 pm and is filed under Payday Loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.