April 8, 2019- Kohn, Swift & Graf is currently investigating CashCall, an online lender, for allegedly preying on low-income consumers with its $2,600 “signature loan.”
CashCall Charges Sky High Interest Rates to already Struggling Borrowers
A class action lawsuit against CashCall alleges that the online lender preyed on more than 135,000 low-income borrowers between August 2005 and July 2011, by offering a $2,600 signature loan. However, CashCall charged interest rates ranging from 96% to 135% for repayment periods of three and a half years and more, effectively assuring that borrowers would remain in debt.
The lawsuit further alleges that CashCall has collected hundreds of millions of dollars in interest payments from borrowers on loans made during the applicable class period, despite its known 45% default rate.
If you or someone you know has been issued CashCall’s $2,600 “signature loan,” please contact us. All consultations are free of charge. You may be eligible to be included in a Class Action Lawsuit.
Kohn, Swift & Graf is a national leader in class actions, including complex consumer litigation. With experienced consumer class action attorneys and a competent support staff, our firm strives to provide the highest quality of service to our clients. We treat each case with careful attention to ensure that consumers get the justice they deserve. KS&G is centrally located in Philadelphia, PA. We handle cases nationwide.