CashCall is one of the largest online lenders in the United States. It was founded in 2003 and has its headquarters in Orange, California. As well as personal loans, CashCall also offers mortgages and small business loans. CashCall has been found guilty of abusive lending practices and misleading advertising in multiple states, where its license has been revoked. Currently it is under investigation by the Consumer Financial Protection Bureau.

How Does It Work?

The application process can be performed online or over the phone. If you qualify, your money can be wired as quickly as the next business day. Credit requirements are very lenient but the interest rates and fees are similar to payday loans, which are considered predatory lending products by many regulatory agencies.

What Are CashCall's Interest Rates?

Interest rates vary depending on the size of the loan and the borrower's credit. The maximum APR ranges from 204.94% to 116.73%. Loans have a $75 fee but there are no prepayment fees for paying your loan early.

How Much Money Can I Borrow?

Loan amounts range from $2,600 to $10,000. There are two terms for loans: 47 to 84 months, but you can pay the loans early without a prepayment fee. The monthly payment on a $2,600 loan with a 204.94% APR will cost you $431.5 a month. That represents a total cost of $20,280 for a $2,600 loan.

What Is the Application Process Like?

The application process is fast and easy. CashCall only requires an active bank account statement, proof of income and valid ID. You can either fax these documents or use their paperless option. Approval can take just a few minutes and the money could be deposited in your bank account by the next business day.

How Is It Better Than Other Lenders?

Qualifying for a loan with CashCall is fast and its eligibility requirements are very lenient, which makes it an attractive option for people with bad credit. Its rates, however, are as high as payday lenders. The loan amounts offered by CashCall are larger than those offered by payday lenders and the repayment period are longer, which provides an alternative--albeit an expensive one--to borrowers who can't repay within the customary 2-week term of payday loans.

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