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Gary Coleman

N.Y. state accuses CashCall of loan abuses

N.Y. state accuses CashCall of loan abuses

NEW YORK — New York's attorney general has accused an Anaheim lender of illegally charging triple-digit interest rates on personal loans, then hounding borrowers to collect payments when they inevitably fell behind. The lawsuit, filed late Monday, alleges that CashCall Inc., a decade-old Internet lender well known from its ubiquitous advertising, charged as much as 355% in interest, far exceeding New York's civil and criminal usury limits of 16% and 25%, respectively. Also named as defendants are WS Funding, a CashCall subsidiary, and Western Sky Financial in South Dakota, as well as their owners, J. Paul Reddam of CashCall and Martin Webb of Western Sky. The suit...

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