CashCall, Anaheim-Based Online Lender, Finds Itself in Hot Water with the State Again

Gary-Coleman_CashCall.com.jpg
CashCall.com
Gary Coleman was short on cash until he made CashCall commercials.

State regulators want to suspend Anaheim-based CashCall Inc.'s business licenses for allegedly violating California lending laws via deceptive advertising.

"CashCall's predatory marketing and personal lending practices will not be tolerated in California," Jan Lynn Owen, commissioner of state Department of Business Oversight, announced Friday.

The agency accuses CashCall of having advertised loans "up to $2,600," but when potential customers called they were told no loans of less than $2,600 were offered. Those who did take out loans were charged interest rates of 135 percent or more, Business Oversight also alleges.

The online lender is facing similar complaints in other states--and has found itself in hot water in California in the past. The online lender has been in hot water with California in the past. After then-Attorney General Jerry Brown accused CashCall of making "excessive and verbally abusive" phone calls to consumers in 2009, the company was slapped with a court order to pay a $1 million fine and halt its "loan shark" debt-collection tactics.

Company officials have had no public response to the state's current push for a one-year suspension.

Email: mcoker@ocweekly.com. Twitter: @MatthewTCoker. Follow OC Weekly on Twitter @ocweekly or on Facebook!


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melsent
melsent

States should not permit loan sharks to operate in their jurisdictions. A better alternative for cash-strapped people is to get a shopping card. http://ow.ly/yd318

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mhip
mhip

As a former Cashcall agent from back in the Gary Coleman days, I can say they are getting a bad rap.

These are unsecured, personal cash loans to people with dubious credit.

There was no pre-payment penalty. The loans were spread out over a number of years, so that the person in distress wouldn't be saddled with a giant monthly minimum out of the gate. As an agent, I was very upfront with customers with the fact this was not a loan they wanted to pay the minimum on for long. Take care of what you need to take care of, and pay it off...

If you want to look at scary interest rates, check out pay-day advance strip-mall shops.

As far as "mouth breathing bro-dude" agents. That's a given with any agent based lender that's become large. They used to be located next to quite a few mortgage lender offices, and it was the same thing.

They did have a few issues with collections back when I was there, but it had nothing to do with the loan agents.

J Paul always treated me well...

Debaser7
Debaser7

I work in the same building that Cash Call calls home (adjacent to Anaheim Stadium).  Though not on point with this article, I can attest to the apparent low quality of individual working for Cash Call:  Douchebags galore.  Both genders.  They seem like barely employable, semi-literate, bottom feeders.  To see this scam/business bite the big one would instantly improve property values around here. Walking from the parking lot to the lobby at the beginning of a workday is like running a guantlet of mouth-breathing bro-dude morons. 

TuckerOtoole
TuckerOtoole

@mhip 


J Paul is not a business man, he's nothing more than a loan shark with deep pockets. 

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