Cashcall is a company that was founded in the early 2000s. Their first office popped up in Orange County, California. The company’s primary goal was to provide lending services that were unparalleled to others on the market. To do so, the company began by hiring loan experts along with incorporating innovative technology. With these combined efforts, they were able to create a successful, fast, and simple cash loan system.
Their loans are perfect for those who either suffer from low credit or low monthly income. Due to this, even if you don’t have the best FICO score, you can still qualify for an unsecured loan. However, you can’t file jointly or with a co-signer. The amount of the loan also depends mainly on your monthly income.
Home Ownership Loan
A homeownership loan can get you funding for your home. This is perfect for first-time homeowners who need a loan to qualify for a downpayment on the house, although the criteria for getting a home loan is much higher than a personal loan.
You will need a steady income and good credit to qualify for this loan. Most homeownership loans allow joint-filing for married couples. So, be sure you are eligible before you try and apply to this loan.
What’s It Like to Borrow From Cashcall?
Up until recently, Cashcall was giving out personal loans. However, the company has since halted approving any personal loans. The only type they offer right now is either homeownership loans or debt settlement loans with the company.
If you would like to borrow the homeownership type, you can still fill out an application with the company. This requires that you either fill out their secure online application or call one of their representatives over the phone.
Once you fill out your application, you’ll have to wait to be approved. Approval times vary depending on state and location. If you apply online, then you can expect the approval or denial to be around two days.
What’s the Maximum You Can Borrow From Cashcall?
Cashcall generally hands out Cash Call Mortgage loans. The amount for these loans can range from a minimal price to a higher rate. For the lowest amount you can borrow for a home loan, it can be as low as $75,000. However, you can quickly get funding higher than that. Some of the averages for home loans are $310,000 or higher. However, the amount of funding will depend on your credit, income to debt ratio, and past history with credit payments.
For their personal loans, the amount ranges from $2,600 on the low end and $10,600 on the high end. This amount can change drastically in the state you live in. Each state has different criteria for the maximum and minimum loan amounts. That being said, the loan amounts still are based on the amount requested and your current monthly income.
Are There Extra Rates, Fees, and What’s the Interest Rate at Cashcall?
Aside from just interest rates, you’ll also be paying extra fees to have your account looked over and setup. The starting fee for a Cashcall mortgage is $995 but is added to the total cost of the loan. Throughout your loan payment, you may be paying more money back in the long run because of this charge. APR rates for mortgages are at a fixed rate of 4.75%.
For a personal loan, you can expect the fees to be $75 for the starting application and go up to $500. Alternatively, this can be up to 33% of the starting loan. As for interest rates, personal loans tend to vary up to 179% APR.
Non-payment and Late Payment Consequences at Cashcall
Cashcall has a strict repayment schedule that requires you don’t miss a payment. If you’re more than 15 days late, an automatic payment will go through. If you don’t have enough funds in your account, you will be charged an extra $29. Additionally, if you don’t have funds in your account, but your bank account does cover the transaction, you could be charged with overdraft fees. Ensuring that you pay your bill on time can help reduce these extra fees. In the case of non-payment, we highly suggest contacting the company ahead of time. They can work with you to reduce overall late costs.
Is Cashcall A Legitimate Loan Company?
Yes, Cashcall is a legitimate loan company handing out personal loans and mortgage payments. Since 2016, the company has handed out more than $9 billion in loans combined. A quick search of the company will generally make borrowers want to avoid the company due to misinformation. However, Cashcall is a legit company and is worth applying for if you can meet their loan requirements.