From the desk of Manhattan Beach attorney, Rosanna Savone:
Recently, as I was preparing breakfast for my family, I saw a Cash Call commercial on TV. In it, the actor mentioned that Cash Call loans are expensive but can help you in a pinch. Of course, being a debt settlement attorney, I know these payday loans are ridiculously expensive but I was encouraged that they at least admitted it even if it was a side note remark. But you still shouldn’t take out one of these easy, breezy loans and here’s why. Check out the link. It’s a YouTube video from the days when Gary Coleman was the spokesperson for Cash Call. If you read the fine print, it says that a $2600 loan is charged 99.25% interest. And no, I didn’t add an extra “9” in there by mistake. They are charging you pretty much 100% interest on the loan. It also says that it will take 42 months of $216.55 a month to pay it off. Guess what that comes out to? $9095.10!
Cash Call’s website is filled with testimonials about people who needed money in a pinch because their car broke down and they couldn’t get to work and only Cash Call would help them. Besides the fact there is no way to prove the legitimacy of these testimonials, not one mentioned the great interest rate or how much that loan ultimately cost them. It would have been a better long term financial decision to take the bus. I know taking the bus isn’t the easy, breezy solution that someone in a pinch wants to hear. But sometimes you have to deal with a bad situation with a tough solution because any other way it will just get ugly – like 100% interest rate ugly!