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The San Francisco Chronicle did an article on CashCall in September 2004. They were able to get an interview with Paul Reddam, the company's founder. Some interesting facts were revealed:

• Reddam also founded mortgage lending company DiTech, which was bought by GMAC
  
• Roughly 20% of of CashCall Customers have defaulted on their loans. This is not the default rate, as the company was only established in July 2003.
  
• So far, it has loaned $50 million to 7,000 customers. It must be much more now, as they recently doubled their office space.
  
• At the time of the article, the rates were not shown in neither the TV commercials nor the website. Reddam did say that CashCall did comply with consumer lending laws by disclosing the terms prior to a customer signing the lending agreement. This is a shady area that readers will need to make their opinion on themselves. It should be noted that their rates are now prominently displayed on their website, which is above what is required by the law.
  

Payday loan debate

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The business magazine BusinessWeek hosted a popular web debate on payday loans. One thing that surprised me was that the responders were overwhelmingly against the payday loan industry. Many of those that held the "treat them like adults" argument had a vested interest in the high-rate financial industry. For example, one worked for the tax preparer Jackson Hewitt, which has come under fire for "refund anticipation loans". I would have expected that it would have been the other way around, as BusinessWeek's readership is primarily made of wealthy business executives.

Getting Rid of Cashcall

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We've had a number of emails from our readers in regards how to get rid of cashcall.

For one, you could negotiate with a debt consolidator. This might be a wise option for many cashcall customers, because given that they have resorted to using such a high interest loan they probably have other forms of debt. What a debt agency does is they call all the creditors of an individuals, negotiate for you and consolidate all your payments into one bill. This simplifies everything and can allow you to breathe.

Please share your experiences with ridding yourself.

Has Anyone Here Been Sued By Cashcall?

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It seems it is quite common for Cashcall's unprofessional representatives to make a number of threads, including being sued. We have received a number of emails regarding this as well? Does anyone had an experience being sued by Cashcall? Obviously this is something one should think about, as the legal costs can be quite high. Then again, it could be an empty thread to get people to cough up more money.

Gary Coleman's catchy call for cash campaign

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I was just checking out the Gary Coleman CashCall Advertisements. I have to say it is a very clever campaign. Notice when he says "No one would lend me money, not even my relatives". Brilliant line - having an audience relate to a person in an ad (not to mention a celebrity) is Marketing 101. Unfortunately with the down economy, many Americans are in the same situation. Call for Cash!