CashCall was founded in 2003 and is one of the largest online lenders in the United States. Headquartered in Orange, California, CashCall offers a wide variety of loan products that accommodate borrowers with all types of credit scores.
This in-depth review will walk you through the lender’s three products, who the company is designed for, their application process, and more.
Before we dive into the details of each product, here’s a detailed overview of CashCall’s application process, loan products, credit requirements, and fees and rates.
CashCall first came onto the scene offering personal loans, but have recently diversified their product line to include small business loans and mortgage/refinance loans.
The company’s personal and small business loans are unsecured, meaning the loans don’t require any collateral. In other words, the lender can’t automatically take your house or any other asset if you default on the loan.
CashCall will report your payments to both personal and business credit bureaus, which can help improve your credit score.
CashCall’s application process is simple, fast, and convenient, with their loans being processed entirely over the internet, phone, and fax. If you qualify, the funds will be transferred into your account in as little as four hours, and never more than one business day.
While unsecured loans typically require good credit, CashCall lends to people with a wide range of credit scores– anywhere from 500 to 850 depending on the loan product for which a borrower is applying.
Because of their lenient credit requirements, CashCall is an attractive option for borrowers with bad credit.
Making consistent on-time payments on a CashCall loan can help you improve your credit as well as show future lenders that you’re a reliable borrower. This will make it easier to qualify for better loan rates all-around.
Also, proving to CashCall that you’re a reliable borrower will help you qualify for a reduced origination fee, lower rate, and higher borrowing limit on future CashCall loans that you take out.
Being able to qualify for a CashCall loan even with poor credit is definitely a noteworthy bonus. However, you’ll want to be aware of what exactly you’re qualifying for, because you could end up with an undesirable rate.
Fees and rates
CashCall loans all have fixed rates. That means the interest rate will not change over the life of the loan, so you’ll pay the same amount each month with no surprises. You’ll also know exactly how much interest you’ll pay in total over the life of the loan.
Rates will vary depending on factors such as your credit and the size of the loan. CashCall’s lowest rates are offered only to those with excellent credit.
That being said, CashCall loans can come with higher-than-average interest rates depending on your situation. Their fees are on the higher end, too.
So, if you decide to apply for a loan with CashCall, you’ll want to be mindful of the origination fee and potentially high interest rate. You can, however, repay the loan early without penalty.
There are no prepayment fees if you choose to pay off any CashCall loan early. Early repayment can help you save money on interest, as interest is only charged for the days that you borrow.
CashCall personal loans
CashCall’s premier product is their unsecured personal loan, as it’s the first one they ever offered. The company states that borrowers typically use CashCall’s personal loans for one-time purchases and debt consolidation.
To apply, all you need is:
- Proof of income
- Statement of an active bank account
- Valid form of ID proving you’re at least 18 years of age
Currently, CashCall only offers personal loans in five states. In addition to the items listed above, you must reside in one of these states to be eligible:
Maximum and minimum loan amount
Depending on the state you live in, loan amounts range from $2,600 to $10,600.
CashCall small business loans
If your business doesn’t qualify for a traditional loan and/or you need immediate short-term funding, you may be a good candidate for CashCall’s small business loans.
You can use this loan for virtually any business purpose. Interest and financing fees may be tax deductible.
CashCall will look at certain factors of the business and the owner to determine if they qualify and, if so, for what amount. Some things they’ll consider are the term of the loan, owner’s creditworthiness, business sales, length of time in business, etc.
But not all business will be approved.
To qualify for a small business loan from CashCall, your business must:
- Be for-profit
- Be in operation for minimum of two months, with proof of income
- Have a business bank account in the name of the business
- Have a loan guarantor with a personal credit of 500+
CashCall offers small business loans in more states than they offer their personal loans (18 states, to be exact). These requirements could change at any time. Visit CashCall’s website to see the latest eligibility requirements and eligible states.
Maximum and minimum loan amount
CashCall’s small business loans range from $3,500 to $75,000, with payment terms between two and 10 years.
CashCall mortgage and refinance loans
CashCall has an extensive line of mortgage products, including:
- FHA loans (Streamline and Cash out Refinance)
- VA loans
- Fixed Rate loans (terms of 10,15 or 30 years)
- HARP loans
- Roll Down loan (no closing costs loan)
Qualifying for a CashCall mortgage loan isn’t as easy as qualifying for their personal and small business loans. The eligibility requirements aren’t as lenient. Visit CashCall’s website to find details on each product.
You’ll be able to learn about CashCall’s mortgage refinance rates and terms, as well. There’s also a CashCall mortgage calculator that can show you what your mortgage payment will be.
Who is CashCall designed for?
Borrowers with poor credit don’t have a ton of options when it comes to obtaining a loan. Many lenders will immediately turn away loan applicants with less-than-stellar credit.
CashCall isn’t one of those lenders. You don’t have to have perfect credit to qualify for a loan from CashCall. Their loans are designed to accommodate various types of borrowers. But the better your credit score is, the better your rate will be.
That being said, their personal loans may be a good option if you’re looking for a quick and convenient way to obtain cash for a one-time purchase (especially if you have bad credit and can’t get approved anywhere else). They’re also good option for people looking to consolidate their debt.
CashCall’s small business loans are designed for a similar type of borrower as their personal loans. An ideal candidate for this loan is a business owner who needs immediate funding but can’t qualify for a traditional loan.
As for CashCall’s mortgage products, the eligibility requirements aren’t as lenient. Their rates also seem to be closer to what a traditional lender would offer and, in some cases, lower. You have to have a minimum credit score of 640-680. So, as with a traditional lender, you’ll have a hard time qualifying for a good rate with CashCall mortgage products if you have bad credit.
The application process starts off similar for each loan type. Below is what you’ll see if you decide to apply for a personal loan from CashCall. You’ll have to first choose the state you reside in to start the process:
Then, you’ll be taken to a screen where you will see rates for the loan amount you need. From this screen, you’ll apply for the loan amount you need.
Once you choose the amount, you’ll be asked to verify your home state again. If you don’t reside in one of the states CashCall can lend in, then you can’t continue the application process.
If you choose a state where the company lends, you’ll be taken on to the rest of the application screens where you’ll enter basic information. At each step, you do have the option to have a representative call you or you can call them directly: find CashCall’s phone number here.
Be prepared to supply the following information for the application:
- Date of birth
- Home address
- Social security number
- Previous addresses if you’ve lived at your current address less than six months
- Credit counseling history
- Monthly gross income/receipts
- Employer name and phone number
- Supplemental income
If you’ll be applying for a business loan, here are the additional fields you’ll have to complete on the loan application:
- Name of business as listed on the secretary of state’s office where your business is incorporated
- Business entity type
- Ownership percentage
- Business category
- Company description
- Business address
- Monthly revenue
- Business start date
- Loan purpose
After the application is complete, you’ll need to go through the verification process with CashCall.
For verification you’ll need:
- Bank statement
- Proof of income
- Valid form of ID
How does CashCall compare to other lenders?
CashCall offers a quick and simple application process, along with quick funding if approved. More importantly, they approve borrowers with poor credit, which sets them apart from a number of other lenders.
But their fees and rates can be really high. Service like CashCall can be a great help in times of need, but do your research to make sure you’re getting the best personal loan rates possible. Be sure to have a plan so that you can pay the loan back without a problem.