Cashcall Payday Loan Scandals and Regulatory Actions

Cashcall payday loan scandals and regulatory actions have made headlines in recent years. The company was fined $5 million by the Consumer Financial Protection Bureau (CFPB) in 2013 for deceptive and unfair lending practices.

The CFPB found that Cashcall had charged military personnel excessive interest rates and fees, taking advantage of their lack of knowledge about the loan terms. This is a clear example of predatory lending practices.

In addition to the fine, Cashcall was also ordered to pay $2.5 million in restitution to affected customers. This is a significant amount of money that could have gone towards paying off the loans, but instead was used to compensate customers for the company's wrongdoing.

Cashcall's actions were deemed unfair and abusive by the CFPB, and the company was forced to change its business practices as a result.

Payday loan issues are a major concern for many people. The payday loan industry has been cracking down on abusive collection practices, with Attorney Generals winning big fines against companies like CashCall.

CashCall, Inc. was penalized over $13 million for violating consumer rights under the Fair Debt Collection Practices Act (FDCPA). They used excessive phone calls, threats of law enforcement action, and improperly disclosed private information with borrowers' friends.

Charging loan shark interest rates of 139% is a common practice in the payday loan industry. This is not the first time CashCall has been hit by an Attorney General, as California's AG went after them in 2009 and won a $1 million judgment.

Consumers have rights under federal law, including the FDCPA. This law prevents debt collectors from using abusive, unfair or deceptive practices.

The CFPB has taken action against CashCall for allegedly collecting and servicing illegal online installment loans. CashCall's efforts to collect debts owed to Western Sky Financial, an online lender that stopped lending in September, have been deemed a major factor in the CFPB's decision.

The CFPB is seeking refunds for consumers who were improperly issued loans or had money collected from them for void or nullified loans. CashCall collected on loans with annual interest rates as high as 343 percent, which is considered high-cost lending.

The CFPB's action is part of a broader effort to rein in high-cost lenders that have flouted state interest rate caps.

CashCall was fined $13 million for violating consumer rights under the FDCPA.

The company was investigated and sued by the West Virginia Attorney General for abusive collection practices, including excessive phone calls, threats of law enforcement action, and improperly disclosing private information.

CashCall charged loan shark interest rates of 139% and made harassing phone calls to borrowers.

In 2009, California's AG won a $1 million judgment against CashCall for using misleading advertising, making harassing phone calls, and causing borrowers to incur bank fees.

The FDCPA allows you to sue the collector, stop the calls, and get paid damages (up to $1,000) plus all of your attorney costs are covered.

You can represent yourself for free if you're a victim of FDCPA violations, but it's often best to seek help from a lawyer who specializes in consumer rights.

The Consumer Financial Protection Bureau (CFPB) has won a suit against California-based CashCall for allegedly collecting and servicing illegal online installment loans.

CashCall was collecting debts owed to Western Sky Financial, an online lender that claimed its ties to an Indian reservation meant it was required to observe only tribal laws.

CashCall collected on Western Sky installment loans with annual interest rates as high as 343 percent.

Consumers in at least eight states, including Arizona, Arkansas, Colorado, Indiana, Massachusetts, New Hampshire, New York, and North Carolina, did not owe the debts and CashCall had no right to try to collect.

The CFPB is asking the court to order CashCall to issue refunds to consumers if it collected money from them for void or nullified loans.

The CFPB is seeking civil damages and penalties against CashCall and its owner, J. Paul Reddam, as well as two affiliates Reddam owns: WS Funding LLC and Delbert Services.

CashCall payday loan debt can be overwhelming, but there is hope for repayment. You can pay off the loan by making regular payments, which can be done online or by phone.

The interest rate on a CashCall payday loan can be as high as 96% APR, making it difficult to pay off the loan on time. This means you'll need to make extra payments to cover the interest.

By making extra payments, you can pay off the principal amount of the loan and reduce the overall debt. For example, if you have a $500 loan with 96% APR, making an extra payment of $50 can save you $48 in interest.

Debt relief can help you pay off debt faster, as seen in the case of Bill, who was able to settle his debt issues over time.

Having a clear understanding of your debt and its status is crucial, as Bill's experience with Cash Call loan shows. The loan was made in June 2006, but Bill never confirmed the debt with a payment.

Debt relief can provide a sense of security, especially when dealing with debt collectors like the one that contacted Bill in December 2009.

A judgment with Capital One and a Cash Call loan can be overwhelming, but debt relief can help you navigate these situations.

Settling debt issues one by one, like Bill did, can be a viable approach, but it's essential to stay on top of the process to avoid further complications.

Debt relief can help you avoid unexpected consequences, such as a bank levy, as Bill feared with Capital One.

Understanding your rights and options is key, especially when dealing with debt collectors that have purchased old debt, as in Bill's case with the company that purchased the Cash Call loan.

Debt relief can help you regain control of your finances and move forward, as Bill did by settling his debt issues over time.

The amount of debt you need to pay off can make a big difference in how long it takes to become debt-free. A debt of $1,000 can be paid off in just a few months with a solid repayment plan.

To determine how much debt you can afford to tackle, consider your income and expenses. If you take home $4,000 a month, you might be able to afford to pay off $1,000 or more each month.

However, if your income is lower, you may need to start with a smaller debt amount, such as $500 or $1,000. Paying off smaller debts can give you a sense of accomplishment and momentum.

CashCall, Inc., a payday loan company, was penalized over $13 million for violating consumer rights under the Fair Debt Collection Practices Act. This is a significant win for consumers who have been preyed upon by companies like CashCall.

CashCall was investigated and sued by the West Virginia Attorney General for its abusive collection practices, including excessive phone calls and threats of law enforcement action. The company was also found to be improperly disclosing private information with borrowers' friends and charging loan shark interest rates of 139%.

The $13 million fine is not the first time CashCall has been hit by an Attorney General. In 2009, California's AG went after the company and won a $1 million judgment over its use of misleading advertising, harassing phone calls, and causing borrowers to incur bank fees.

Consumers should know that they have rights under federal law, the Fair Debt Collection Practices Act. This law prevents debt collectors from using abusive, unfair, or deceptive practices, and allows consumers to sue the collector and get paid damages, including attorney costs.