CashCall is an online lender, headquartered in Orange, California. It was established in the year 2003 and is one of the largest providers of personal loans as well as business loans. Customers can approach the lender online or through phone and if you qualify for a loan, money is transferred to your account the next business day.
Borrowers can apply for a loan anywhere from $2,600 to $10,600. They are unsecured loans and therefore does not require any collateral. The lender claims to offer low monthly payments. It has a simple three step process namely, application, verification and approval after which you will receive your funds.
CashCall Personal Loan Application
CashCall has an online application process. Borrowers are asked to submit basic information online. You can also call the loan officials for clarifications if any. Customers can log on to??and complete the application process.
The first step here is to select the state you belong to. After which you will have to enter personal information and contact details. You may ask the loan agent to contact you and assist you with the loan process if you wish so.
Further, the lender would ask you your date of birth and home address. It is also important to answer whether you are a homeowner and have recently purchased the home. If your present address is less than six months old, you will have to enter your previous address too.
The lender will then ask you for your employment details, tax stubs and other financial information to determine how much loan you can afford. Once you complete the application form, loan officials would verify the information submitted and take the final decision.
Rates and Fees
The interest rates and fees depend on the loan amount and the tenure. For instance, a personal loan of $10,600 for a loan term of 84 months would have an APR of 97.86 %. The lender also charges 24% of the loan amount towards loan fees. In this case, the monthly payment would come to $657.98 approximately.
There are no prepayment fees if you decide to pay off all your debts early. Looking at the rates and other charges, customers often complain that the lender charges an exorbitant amount as compared to other online lenders.
Credit Score Requirements
There is nothing clearly stated on the lender???s official website about the minimum credit score required. However, online reviews and forums state that the lender is very lenient when it comes to borrower???s previous credit rating. It encourages subprime customers who have less than average credit to apply and qualify for a loan.
The eligibility requirements by CashCall is also less stringent which makes it even better for those with bad credit. If you have a poor credit and are not able to qualify for a personal loan anywhere, CashCall personal loans might look attractive.
The Final Thought
When it comes to taking personal loans, borrowers should avoid high interest rates as far as possible and search for other lenders who offer loans on lesser rates. Doing so would not only save a lot of money, but will also help customers manage their finances in a better way.
There are several online lenders in the US who offer loans on different terms and conditions. Borrowers should look for various options and then take a final call. If nothing seems right and you are left with CashCall alone, you may go in for a loan with CashCall. Remember, making timely payments would improve your credit score and also help you become debt free as soon as possible.