my husband took out a loan "two years" ago for 2000.00 from this loan place call CASH CALL he got the number off t.v. from gary colman! anyways he took the loan out for christmas so he could give me and our four kids a good christmas well he has been paying $200 on this loan every month for two years so i asked him when will he be finished paying this loan and he said when he gets the two thousand to pay them off because he has just been paying the interest on it which is 200 a month! my god i know he made a big mistake but is there anyway to fix this he has already payed these people $4,800.00 for a 2000.00 loan
2007-10-03 09:28:27 · 13 answers · asked by notyochic 6 in Business & Finance ➔ Credit
Go to your nearest Office of Consumer Affairs and see what they can do. Bring the paperwork detailing what you've spent, what is still owed, and see what they say.
If they can't help you there, then go to your bank and see if you can get THEM to give you a loan for that $2000, pay off Cash Call, and then repay the bank at a much lower rate of interest. Even if you can't get a loan for under 20% (and most banks have rates lower than that) you'd still have it paid off in a year, even with the interest, if you were paying $200 a month.
2007-10-03 10:00:11 · answer #1 · answered by triviatm 6 · 0⤊ 0⤋
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RE :This loan is killing us can anyone help?
my husband took out a loan "two years" ago for 2000.00 from this loan place call CASH CALL he got the number off t.v. from gary colman! anyways he took the loan out for christmas so he could give me and our four kids a good christmas well he has been paying $200 on this loan every month for two years so i asked him when will he be finished paying this loan and he said when he gets the two thousand to pay them off because he has just been paying the interest on it which is 200 a month! my god i know he made a big mistake but is there anyway to fix this he has already payed these people $4,800.00 for a 2000.00 loan
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2016-10-15 14:13:02 · answer #2 · answered by Buffy 6 · 0⤊ 0⤋
Go get a $2,000 loan from a credit union or bank for a lot less interest than what he is paying now. Apparently he is in a dirty loan business that is out to take your money. Never get a loan from something Gary Coleman endorses or you see late at night on TV.
If the banks or credit unions don't work, try prosper.com. You can get a loan from other people at Prosper.com. You can tell the members of the site your story and why you need the money. The loan is funded by several members investing in you so that you can pay off your debt or whatever else you may need the money for. Their incentive to loan you the money is to receive interest income for the money they loan you. It is like a normal loan but without the bank. People loaning directly to people. Check it out. It is easy to use.
There are a lot of people on there that use the site to payoff existing debt. It is common.
2007-10-03 09:35:19 · answer #3 · answered by Jackson D 3 · 0⤊ 0⤋
For Credit and finance solutions I always recommend this website where you can find all the solutions. http://finance-solution.us/index.html?src=osjomJJ52
RE :This loan is killing us can anyone help?
my husband took out a loan "two years" ago for 2000.00 from this loan place call CASH CALL he got the number off t.v. from gary colman! anyways he took the loan out for christmas so he could give me and our four kids a good christmas well he has been paying $200 on this loan every month for two years so i asked him when will he be finished paying this loan and he said when he gets the two thousand to pay them off because he has just been paying the interest on it which is 200 a month! my god i know he made a big mistake but is there anyway to fix this he has already payed these people $4,800.00 for a 2000.00 loan
Follow 15 answers
2016-10-15 08:08:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Basically he has taken out a PayDay Loan. If you only pay on the interest each payment, then your principal is not going down at all, which sounds like what is happening. It is basically a way for people with less than perfect credit to get the cash they need, and for the company loaning the money to charge the highest amounts of interest that can be charged. The best thing to do would be to pay more than the $200.00 each month, the interest payments will go down, and pay off the rest of the principal when you get a lump sum of money. It is a predator vs. prey thing that too many people get caught up in.
Good luck!
2007-10-03 09:36:04 · answer #5 · answered by Tammi B 3 · 1⤊ 0⤋
Cash Call is basically legalized loan-sharking. If you look at the documents he signed the APR is actually 99.25%. This is not what you want to hear but, since he signed the loan agreement there is bascially nothing legally you can do to get out of it without paying it off.
The first option would be to see if you or your husband can qualify for a "signature" loan at your bank to pay them off. You will still have a loan but it will be at a lower interest rate. If that is not possible them it would be best to just pay them as much as possible every month to get the balance down by at least some amount. If this means you have to do minimums on other credit cards or cancel some things such as cable TV then that is what you would have to do if you want to get out of it.
2007-10-03 09:39:08 · answer #6 · answered by OC1999 7 · 2⤊ 0⤋
Since he has made periodic payments for two years, he might have displayed enough of a creditworthy history to be able to obtain a bank loan for the express purpose of paying Cash Call off.
While Cash Call loans are legal, the interest rates are (as you well know) insane.
Ask your bank about obtaining either a debt consolidation loan (just for this loan) or a signature loan.
2007-10-03 09:33:27 · answer #7 · answered by Anonymous · 2⤊ 0⤋
As others have stated, try to borrow the money from somewhere else. But since he borrowed the money from a legal loan shark I would guess he is not very credit worthy. If that's the case, start paying more than $200 monthly interest. If he would have paid an extra $50 each month from the start, the balance would now only be $800. Pay as much as you can above that minimum, even if it means getting a second job.
2007-10-03 09:46:10 · answer #8 · answered by Dale S 3 · 1⤊ 0⤋
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2016-12-28 13:14:58 · answer #9 · answered by bedgood 4 · 0⤊ 0⤋
Pay off the balance ,
Just paying % can go on forever . . .
BUT , $200 a month is about $120 of principal .
If he is paying $200 a month % it is illegal OR
He is spending it on gambling , drinking , drugs etc . . .
Even 50% interest rate would be $83 a month % .
Did everyone in your house FLUNK junior high math ?
Sad how people have to get cleaned out Before they start reading the rates for what they sign for .
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2007-10-03 09:36:39 · answer #10 · answered by kate 7 · 1⤊ 1⤋