CashCall, Inc. Payday Loan Complaint

CashCall, Inc. Payday loan department,

Charged fees or interest I didn't expect California

She was facing financial hardships due to her husband losing his job. Their family was losing their home and they were filing for bankruptcy. In search of a way to stabilize their finances, she took a $5000.00 loan from Cash Call. She began paying back that loan slowly, but the interest was too high and she faced some trouble. It took her - years to pay back Cash Call for this loan. She paid a $20000.00, making her fees total $15000.00 for a $5000.00 loan in a - year period. On - occasion she acquired a $35.00 overdraft fees due to not having enough funds in her account. She also had to borrow from a friend on some occasions to make her payments. Cutting back on expenses and falling behind on bills caused her to seek more help in order to pay the loan back quicker and not acquire more interest. She began taking out additional loans from other payday lenders and entering a debt trap cycle. Seeing as her financial situation was not getting better and instead was worsening, she continued to take out loans to pay back Cash Call and stabilize her finances as much as she could. Payday lending has her trapped in a cycle of debt she ca n't exit. The loans have taken over all her expenses and it has become incredibly hard for her to imagine when she 'll be able to be completely debt free. She believes these lenders do not give borrowers enough time to pay back the loan and in addition to the high interest rates, it makes it nearly impossible to not fall into the cycle of debt. She says that these loans have become detrimental and she is n't able to save or find a way to bring her finances up to date.