Do you think loans from CashCall (dot com) are a good idea? Everyone I ask tells me, "Heck NO!!!" and that the interest is going to be crazy high. Anyone ever had a loan from them? What should I expect?
2007-03-10 09:05:36 · 9 answers · asked by sleepingawake653 2 in Business & Finance ➔ Credit
I just went on the cash call website and looked at their interest rates. I would have to say do not get a loan from them.
Their interest rate for a $5,000 loan is 60%. The payment is $254.03 per month for 7 years. 254.03 x 12 (months) x 7 (years) = $21,388.52.
You would be paying over $16,000 in interest on a $5000 loan.
Find another way. I can't believe anyone would be dumb enough to do this. You will be in debt for a really long time and will waste three times more money then you borrow.
2007-03-10 09:16:12 · answer #1 · answered by Faye H 6 · 3⤊ 0⤋
Taking out money is easy, paying it back is not. Those companies feed on the desperation of the people borrowing the money. It is making a deal with the devil. I'd do without before borrowing from any business that specializes in loaning money.
2007-03-10 17:11:30 · answer #2 · answered by Anonymous · 3⤊ 0⤋
I've never used cashcall. I've heard good things about prosper.com for a loan
2007-03-10 17:09:20 · answer #3 · answered by Sunshine 2 · 2⤊ 1⤋
I saw a TV add for CashCall last week. 2/3 of the screen was filled with 'fine print'. In my book, that would be enough to convince me not to deal with them.
2007-03-10 20:37:29 · answer #4 · answered by STEVEN F 7 · 0⤊ 2⤋
NOOOOOO, Dont do it. It may seem like an easy way to get quick cash but when things dont go as planned when its time to pay them back (like 500% more than what you borrowed) they arent so understanding. Ask a family member or parents for money that way it wont hurt your pockets too bad or your credit rating.
2007-03-10 17:25:47 · answer #5 · answered by Mia J 2 · 2⤊ 0⤋
They are better than a payday loan, since you pay them once a month.
The interest rate is high, but it's a great option if you cannot get a loan from your bank.
2007-03-10 17:12:26 · answer #6 · answered by Anonymous · 2⤊ 2⤋
No...there are better places to get a loan.
2007-03-10 17:09:06 · answer #7 · answered by Blondiee 4 · 3⤊ 0⤋
if you have already asked people and they have given you advise, why on earth are you asking the same question???
i think you are going to apply for the loan, against better advise..
2007-03-10 17:09:37 · answer #8 · answered by Raine 5 · 2⤊ 1⤋
NO.
2007-03-10 18:38:19 · answer #9 · answered by Tigg3cool 2 · 0⤊ 0⤋