Cashcall charges 100% interest and I was wondering if they get a judgment on me, do I have to pay them back with the interest or just the amount I owe them? It's not that I don't want to pay them back, I just don't want to continue losing money to the crazy interest.
2007-03-12 15:58:07 · 3 answers · asked by gameboy 1 in Business & Finance ➔ Credit
I live in CA
2007-03-12 16:03:46 · update #1
100 percent interest is called usury and it is not enforceable. Check your state's maximum allowable interest in judgments. It should not be more than 18 percent.
2007-03-12 16:01:36 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
I totally agree with Slabberd on the usery issue of them charging 100% interest. As for what Ca.'s interest should normally be - I don't know off hand.
IF they are charging 100% interest - file complaints with your AG, the AG in the state Cashcall is located in and the FTC immediately!!!!!!!!!!!
If you have misread the interest they are charging and they file suit AND win - you would be liable for prejudgment interest and post judgment interest.
2007-03-12 23:12:00 · answer #2 · answered by echo 7 · 0⤊ 0⤋
if they get a judgement they will get whatever the judge awards them. plus court costs and fees. it is in your best interest to show up at court and fight the interest. if they win by default because you didnt show up they will take all they want.
2007-03-13 02:02:56 · answer #3 · answered by Anonymous · 0⤊ 1⤋