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State Seeks to Suspend Business License of CashCall

 
State Seeks to Suspend Business License of CashCall
Posted Friday, June 13th 2014 @ 2pm  by KFBK News

The state is going after a well-known money lender.

The Department of Business Oversight says CashCall misled customers and omitted information in sales pitches to lure consumers into taking out loans that were more than what was needed.

"What we're seeking is to suspend their license," Spokesman Mark Leyes said. 

Leyes says the company routinely charged annual interest rates of 135 percent or more.

"We have gotten complaints on CashCall in the past, but we also do regular examination," Leyes said. 

CashCall is known for advertisements that acknowledge that loans are expensive, but immediate.

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