About CashCall

Did you recently see a late night commercial for CashCall? If so, you may be considering them as an option for your next mortgage, refinance, personal loan, or small business loan. You may have even been drawn in by their claim to use innovative technologies that make the loan process as simple as possible.

But when it comes down to it, is obtaining a loan through CashCall really as simple as they make it seem, and do they represent a good value for your hard-earned money? We uncovered a whole lot of facts that you should know before using CashCall, and here’s what we found.

How CashCall Works

At its most basic, CashCall is a direct lender that provides three primary products. These include:

  • CashCall Mortgage – Claims to specialize in low-interest mortgage loans that feature streamlined processes and no application fees or deposits, which is ultimately claimed to save their customers time and money. This includes 10, 15, and 30-year fixed rate mortgages, Adjustable Rate Mortgages (ARMs), HARP loans, and Jumbo loans.
  • CashCall Consumer – Unsecured loans of anywhere between $2,600 and $25K that can be wired to your checking account within 24 hours.
    • Homeowner Consumer Loans – A sub-category of consumer loans, this program is ideal for homeowners who need to borrow larger amounts, which range between $26K and $100K.
  • CashCall Micro Business Loans – Targeted at small companies and proprietorships, this program allows you to obtain anywhere from $3,500 to $50K, which can be funded the same or next day.

If you’re interested in applying for a CashCall Mortgage loan, you’ll need to fill out a brief online form, and a representative will then contact you to begin the process. On the other hand, applying for a CashCall Consumer or Business loan can be handled completely online, and in some instances you may receive instant approval.

With this in mind, Consumer loans will require statement of an active bank account, proof of income, and proof that you’re at least 21 years old (e.g. driver’s license or state-issued ID). For CashCall Business loans, similar to LendVantage, you’ll need to have been in business for at least 2 months and to have a personal credit rating of 500+.

CashCall Pricing & Refund Policy

Because of the inherent nature of loans, what you ultimately pay can vary greatly. However, here’s a broad overview of what you can expect with your CashCall loan:

  • CashCall Mortgage – Mortgage APRs vary between 2.99% and 4.148%, although these can change daily, in addition to a $495 lender fee associated with all options. Some mortgage loans include no closing costs. However, as a consumer you could be responsible for a variety of other fees not included in your CashCall loan, including discount points, appraisal fees, title insurance fees, and more.
  • CashCall Consumer – Depending on the total amount borrowed, APRs can range anywhere between 35% and 139%, and repayment terms anywhere from 47 to 120 months. All CashCall Consumer loans come with a $75 loan fee.
    • Homeowner Consumer Loans – APRs currently range between 24% and 44%, although all come with 180-month repayment terms.
  • CashCall Micro Business Loans – Depending on credit rating, APRs range between 24% and 149%, in addition to origination fees between 5% and 10%. Repayment periods can range from 10 days to 120 months.

Because rates and fees can change often, we would recommend thoroughly reading through their Current Rates pages to get a better idea of what you can expect to pay. Alternately, you can contact customer service at 866-590-2274 (more about this in the following section).

What Do Other Consumers Have to Say About CashCall?

Overall, CashCall appears to have a very poor online customer reputation, with the most common complaints citing extremely high interest rates, poor customer service (unwilling to help, frequently hang up on customers, act more like collections agents than support staff, etc.), and excessively long mortgage closing timelines, resulting in additional fees and/or higher interest rates.

On top of this, it’s important to note that CashCall has been the defendant in several court cases related to illegal online loan servicing and excessively high interest rates (see here) in 2014 alone, in addition to a class action lawsuit filed in 2012.

With this in mind, CashCall is not currently rated with the Better Business Bureau, which lists the reason as: “This business has no rating at this time because BBB file information is being reviewed and/or updated.” We can’t help but wonder if all the negative feedback and history of lawsuits has caused the BBB to reconsider CashCall’s overall rating.

What’s the Bottom Line About CashCall?

Now that you know more about CashCall, their products, and their reputation, should you choose them for your next mortgage, consumer loan, or business loan? Probably not, and here’s why:

First and foremost, as with other short-term lenders such as BetterLoanChoice.com, MoneyMutual, LendUp, and more, it’s always a good idea to avoid high interest loans if at all possible. This is because you’ll often be subjected to very high fees (in some instances totaling 30% of your total loan amount), as well as exorbitantly high interest rates that are intended to lock you into a perpetual cycle of repayment. In fact, when researching CashCall, we found some consumers who claimed that they paid 10X more than the original loan amount after everything was said and done.

With this said, if you absolutely must take out a personal or business loan with CashCall, be sure to pay it off as quickly as possible. In other words, don’t just pay the minimum amount each month, as your payments will be applied to interest first and principal second. It’s important that you do this, because it appears that CashCall representatives are more interested in drawing out your loan as long as possible.

Finally, if you’re thinking about taking out a CashCall mortgage, remember that they’re primarily targeted toward individuals with good to excellent credit. As such, if you have anything lower, you might want to look elsewhere or risk being subjected to extraordinarily high interest rates, similar to their consumer loans.

On the other hand, if you’re interested in a CashCall Micro Business Loan, keep in mind that your origination fee will be deducted from your total loan amount. For example, if you borrow $20K and have a 10% origination fee, the amount you’ll receive will only be $18K, while CashCall pockets the remainder and charges you interest on it.

Bottom line: While we strongly recommend against taking out any kind of high interest loan, between their very poor online customer reputation, history of lawsuits, and tendency to provide lackluster customer support, we might recommend using a more reputable company than CashCall if you must do so.

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