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Topic: B.C. Supreme Court justice blasts payday loan predators
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dbreadner13
recent-rabble-rouser
Babbler # 13013
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posted 23 August 2006 07:38 AM
I remember an ad from the mid-to-late 90s for Money Mart (before they really kicked off like they are even 5 years ago.) advertising a 2% loan. I needed an extra $400 for a dental operation 3 years ago or so. I figured that 2% on $400 is $8, so hey, why not? My credit limit on my credit card was less than the total amount of the operation so this was another way to go. I used to drop off a friend who lived in my building in front of one when I would go downtown when I lived in Kitchener. They must be alright.I get in there not knowing what I need, so I brought a few pay stubs and some bank records. Even if that was enough information, when I found out it would cost me $500 to borrow $400 for a week, I was like: "No, that's alright." It all worked out for me, my dad lent me the cash so I wouldn't have to use my card, but man, I've been against those things ever since. I finally realized my friend kept going back; he had to. They should crack down on those things.
From: Owen Sound, ON | Registered: Aug 2006
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Naci_Sey
rabble-rouser
Babbler # 12445
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posted 23 August 2006 10:41 AM
From one of the stories in the book Policies of Exclusion, Poverty and Health: Stories from the Front. The storyteller is a woman with life-threatening mental health challenges. quote:
Sometimes your choices are to have groceries, or to feed the animals, or to pay the phone bill. A lot of times, I’ve gone without a phone, but for me, someone living alone, the phone is my lifeline. That’s how I reach my friends. It’s also how I access health services if I’m in crisis.I run out of money all the time for groceries. Because of that, I’ve got into that payday loan cycle, which is totally screwing me up. The interest they charge is just outrageous. I just spent $100 interest at one place. It started out as a loan of $180. They added $50 for something; they just took it right out. Because of the size of the loan, I couldn’t pay it off in one pay period. So they reissued the loan – but then that’s another $50. That $180 loan has cost me $280 so far. I don’t really know how I’m going to break the cycle, but when you’re working you’ve got to eat properly. It’s really tough. Today I’ve got to go to work, I’m broke and my next paycheque is not for another week. And now a new policy at work is that they don’t drop off the cheques on payday until 5pm. That’s another day I’ve got to stretch this money out. That’s what’s got me down today. I work really hard at my job and it does help my self-esteem, but I’m getting in the hole faster than when I was on full Disability. It’s discouraging.
From: BC | Registered: Apr 2006
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