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State Accuses CashCall of Predatory Lending, Moves to Suspend License

The Orange County-based company allegedly charges interest rates of 135 percent or more.

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Getty Images

State regulators announced Friday they are seeking to suspend CashCall Inc.'s business licenses for allegedly violating state lending laws by using deceptive advertising.

Attempts to reach a spokesperson for Anaheim-based CashCall were unsuccessful this afternoon.     

CashCall advertised loans "up to $2,600." But when consumers called the company, they were told no loans were made for less than $2,600, a loan amount for which there is no interest cap in state law, according to the state Department of Business Oversight, which alleges CashCall charged interest rates of 135 percent or more.

"CashCall's predatory marketing and personal lending practices will not be tolerated in California," said Jan Lynn Owen, commissioner of Business Oversight.

— City News Service

Poot Smelly June 14, 2014 at 05:27 PM
Why doesn't The State of California lower the loan limit interest control to $100.? Companies like Pay Day Loan, London Coin and the Car Title Loan rip off desperate people in need of cash for food or their rent payments! Scumbag Loan Sharks ripping off the desperate people in dire straights! Yes, we have poor people in California trying to pay their own way and asking for no hand outs!

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