Consumer complaint received 2017-05-09
Company: CASHCALL, INC.
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Received a loan you didn't apply for

Complaint:
In  XXXX   XXXX , I applied for a loan wit h Cashcall in the a mount of approximately {$1500.00} dollars. I recieved a loan in the amount of {$2600.00} with a APR of  204.94 p ercent. It was not until recently that I was aware that I was a victim in  Cashcall 's illegal online lending practices, specifically applying for a loan and recieving an amount higher that what I requested in an effort to charge an un-capped APR o n the amount. I never recieved any notification from  Cashcall that I may be included in a class action law suit. It was only until I searched their name on the internet, did I find all of the lawsuits Cashcall was named a s a defendent in for illegal and scandalous lending practices.     I disputed this debt with  XXXX ,  XXXX  and  XXXX  on the grounds that this debt was illegal and requested them to investigate. I provided copies of minute orders for the courts and as newspaper articles surrounding the lawsuits against  Cashcall, including the one from the Consumer Financial Protection Bureau. The credit reporting agencies concluded their investigations and claim that the account is accurate. However, after the investigation was concluded, Cashcall c hanged the account fro m Paid as Agreed to 120 DA YS LATE on all of my reports. ( see attached credit reportings dated  XXXX / XXXX / XXXX  and  XXXX / XXXX / XXXX   )  This is inaccurate and appears to be in retaliation for me disputing the legal grounds of the debt. The debt was settled, and I paid the amount that we agreed to settle the debt. Updating the account to 120 days late is inaccurate and frivolous. They are attempting to misrepresent the status of the debt. This is a direct violation of the FCRA. This update also caused m y credit score to decrease I directly disputed the account with Cashcall (  see letter dated  XXXX   XXXX ,  XXXX  ). I requested them to provide me with a copy of my application that I submitted for the loan that includes the original amount I requested to borrow as well as detailed account history that includes all payments and fees that were applied to the account. I also requested a copy of the settlement offer that was sent to me and agreed upon for final payment.      Cashcall responded ( s ee attached letter dated  XXXX   XXXX ,  XXXX  ).  Cashcall claims the debt was valid and it is being reported properly to the credit reporting agencies. They also included an unsigned promisory note and payment information. They did not include a copy of my loan application, as I requested. I believe this is an attempt to hide the fact that the amount that I applied for was not the amount I recieved, and resulted in them being able to charge me an unregulated interest rate. This is one of the violations that Cashcall was found guilty of in court. It appears as if  their scandalous business practices are continuing even after being brought before the courts to cease such actions.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation