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The truth about high-interest loans: Hidden camera investigation (Marketplace)




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Title :  The truth about high-interest loans: Hidden camera investigation (Marketplace)
Lasting :   22.56
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Description The truth about high-interest loans: Hidden camera investigation (Marketplace)



Comments The truth about high-interest loans: Hidden camera investigation (Marketplace)



Simba
Loan sharks
Comment from : Simba


Entity
Worked at a hard money loan company for a couple months Realized the real reason my boss was so nice was because of having “generous clients” after realizing how corrupt the business really was I left I couldn’t handle the fact that my boss was preying on low income families or people who were in a tight spot Financial industry is 999 corrupt
Comment from : Entity


rustin pierce
Our neighbor right next to our cabin owns 2300 acres that he acquired by giving poor farmers and ranchers loans they can't get from any bank change a high interest rate and most of them don t pay it back and he seizes their land
Comment from : rustin pierce


Jasmin Menzies
The disability and unemployment insurance is a scam My mother inlaw paid extra money into unemployment with her car loan When she lost her job, she thought that extra money would cover her 3 missed payments later, the repoman took her car away
Comment from : Jasmin Menzies


parmesh pal
I am immigrant I have good job My credit score is good but my bank is saying you don’t have PR you are not Canadian Citizen so we can’t give you loan and see all these kind of companies are trying to give me loan Now I think I have made a bad decision to come here where government firms are helping these kind of players to exploit immigrants and other people
Comment from : parmesh pal


just me again
I was sent a check for over $4000 @ 34 percent interest over 18 months All i had to do was sign the check Even though i could use the money but i dont need it that bad Straight in the shredder it went
Comment from : just me again


Favour Atarah
FAIRSTONE is the worst EVER! Never make that mistake
Comment from : Favour Atarah


Christine
😂😅
Comment from : Christine


James
I paid one of these places off 10 years ago in full, in that time they called me every 2 years since telling me I still owe them If I didn't keep my letter of release I would have been screwed again for 8grand
Comment from : James


Vicgames Vt
Pay day loans of below $1500 are even worse they charge 15 every 2 weeks or almost 400 APR In my opinion the government should cap pay day loans to $250/$100 or 60APR and these larger loans above $1500 should be capped at 35 which the federal government is doing
Comment from : Vicgames Vt


M Carrick
Loan sharks have a new field
Comment from : M Carrick


Brad Parker
and governments allow this in the name of capitalism ridiculous
Comment from : Brad Parker


Langston Tisdale
I don’t feel sorry for her (Karen)
Comment from : Langston Tisdale


PACO
MAFIA MONEY
Comment from : PACO


angie austin
I was a victim to fairstoneand i will NEVER DO IT AGAINi learned the hard wayi was desperate
Comment from : angie austin


Shelley Fortier
He is right!! We tried so I left
Comment from : Shelley Fortier


pd220783
Nothing has changed over the years very sad 😔
Comment from : pd220783


Adam Krieser
When the Liberal leadership wont take the opportunity to talk with the CBC and get free airtime, you know something has to be up
Comment from : Adam Krieser


Baqir Hemraj
What is the government doing to stop such malpractices?
Comment from : Baqir Hemraj


liquidity wso
These are high risk loans The interest rates are justified
Comment from : liquidity wso


Jenny Gao
That should really be considered criminal
Comment from : Jenny Gao


Chip Lobay
Fairstone Financial should change their name to Unfairstone Financial
Comment from : Chip Lobay


Ryan Mcfadden
Useless politicians keeping Canadians safe, yea right
Comment from : Ryan Mcfadden


S Wilhelm
If kids learned basic math/finance in school, people would laugh at these loan places
Comment from : S Wilhelm


king wazza
these guys are real scammers cutting legs to the low income families and you know the saddest part is that they’re legally operating in all cities shame on to the canadian politicians💯
Comment from : king wazza


Andrea L
If political entities are investing in these predators we are doomed They won't let their money walk away I wish they would claw down on this massive theivery I didn't know the truth until watching this Not looking good for this team
Comment from : Andrea L


CZ
As a non-Canadian, Marketplace has taught me that most Canadian politicians arent worth the air they breathe, bc they always side with the powerful
Comment from : CZ


Michael Gill
I've had to use test places a couple times what totally defeats their practice is pulling out the calculator and doing the calculations right the and there Budget accordingly, based on the interest rate If 80 of the people that came Into the places and did a little work they'd be better off But alot of these people don't have really any financial literacy, hence this problem These places are designed to help once in a rainy day no more
Comment from : Michael Gill


Gerbear Jones
I worked for Money Mart for a few months We could make up to 100000/shift in bonus pay (paid cash daily) and the more you could convince the customer to buy the more you got in bonus They wee horrid, absolutely predatory I left because I could not do that to people
Comment from : Gerbear Jones


mike brown
Don’t get a Best Buy card because they doing it too
Comment from : mike brown


MY 2 Cent Today
The card was owned by the kardashians I bet LOL This fam went further and further in the whole They should have driven out to home depot and grabbed a few Mexicans
Comment from : MY 2 Cent Today


Tom C
I cannot imagine ever being so desperate that I would pay 27 interest on a loan I could not afford
Comment from : Tom C


Tom C
I'm confused I thought they were usury laws against loan sharking and illegal loan making? How can these high interests be charged on legitimate loans? Where is our government to protect us?
Comment from : Tom C


Monni Khan
Payday loans the scums they always mainly operate in low income areas I see it all the time
Comment from : Monni Khan


HieuHieu PhamVan
It’s important to note that if you default on a consumer debt loan, life will be fine Yes, your credit score will take a hit, but there is not much that they can do except make empty threats Also, in Canada, as of fairly recently, if they haven’t been able to get a hold of you for five years, the debt goes away If you are a working individual, they may be able to garnish some of your wages However, if you are someone on welfare or disability, they are not allowed to touch your disability or welfare checks The only downside to consumer debt, especially if you were someone on a fixed income, is you will get mean calls from people who think they are in a position of authority, threatening letters that aren’t worth the paper they printed on, and your credit score will take a hit The thing is about your credit score, it really only matters if you’re making above a certain amount a year If you were someone on a low income, and you’re making under $16,000 a year, it doesn’t matter whether or not you have the best credit score Even if you have a 900, you still won’t be able to get anything with your credit because of your limited income The only debt that you should be somewhat concerned with is if you have a government debt like a student loan Otherwise, consumer debt isn’t a BL and all that most people Are conditioned to believe it is This comes from life experience, and the experience of working alongside a financial advisor
Comment from : HieuHieu PhamVan


HieuHieu PhamVan
Great Job by the expert witness Alex Haditaghi and Senator Ringuette for bringing this to the light and talking about these jerks without fear! We need more leaders like this two individuals! Also great job by CBC marketplace producers for again doing an incredible job!
Comment from : HieuHieu PhamVan


HieuHieu PhamVan
I worked in a law office in 2002 and we used to have people call about these loans They were hoping a lawyer could help them out of the predatory practice, but they'd signed a contract and there wasn't really anything the attorneys could do It was really sad Check cashing and payday loan places are predatory, too, and take advantage of people who aren't in the regular banking system for whatever reason This kind of practice should be illegal, but here in the US there are several senators who have invested in these companies, so it's not in their best interest to pass legislation against it
Comment from : HieuHieu PhamVan


AlphineWolf
Ya know it's cheaper to get a cc cash advance on a unused credit card and pay it off a week later
Comment from : AlphineWolf


Christy Coates
How are these company allowed to exist in Canada
Comment from : Christy Coates


Matt Zahab
My wife years ago had to deal with easy homethey would show up at her door looking for payment, lurking around the house, very creepy I helped her pay off the 1000$ couch that cost her close to $4000 when everything was done
Comment from : Matt Zahab


mysteriousjane11
No sympathy for people breaking the law sorry
Comment from : mysteriousjane11


Rosette Jones
In the USA they have 500 apy
Comment from : Rosette Jones


Ghostgirl1971
They're a bunch of crooks!!!!
Comment from : Ghostgirl1971


Oceans Wonders
Part of the problem is how little financial education people have It's one of the most important life skills to work on
Comment from : Oceans Wonders


Alex M
While the percentages are insane, at what point is it down to personal responsibility? Can’t feel sorry for those who don’t read the fine print
Comment from : Alex M


DJ Karma
These payday companies got lobbyists and the government would be "foolish" to lower rates when they are also making money
Comment from : DJ Karma


The Lastminmom!
The guy wearing the red striped sweater, was shaking like leaf
Comment from : The Lastminmom!


Pierre-Rose
I always see these places as a "RED FLAG" and stay the hell away from them ! They even send me mail, offering to lend me $ 15,000 !?? but I want a grant, not a loan !!
Comment from : Pierre-Rose


Frank M
if a loan company won't show you the contract you are about to sign, RUN OUT THE DOOR! It is not worth it
Comment from : Frank M


Nikki B
How do I contact you by phone
Comment from : Nikki B


Nikki B
How can we protect ourselves
Comment from : Nikki B


Mateo Fernando
Very sad, so many people living paycheck to paycheck!!!
Comment from : Mateo Fernando


visit 💌 Modifytechies on Instagram
I just love how frustrated this scammers get when things don't go their waythanks to the name above🔝🔝he is the reason I recovered my lost funds
Comment from : visit 💌 Modifytechies on Instagram


Radha Krishna Gowda
My cousin bro did this to me I paid 10 for two weeks
Comment from : Radha Krishna Gowda


Axle Wavey
I borrowed money from money mart before and they had taken all of it out on my next pay and that was that Never had an issue with them
Comment from : Axle Wavey


Paul Horgan
What is wrong wìth you people
Comment from : Paul Horgan


Kevy Williams
I’ve payed 834 in interest over10 years nowm fairstone loan is supposed to be done But now they want 17000$ :(
Comment from : Kevy Williams


Kevy Williams
I’m stuck in a fairstone ordeal!!! After10 years and 32000$ interest on 20000$… Hey want another 17300$ !!!!! I don’t know what to do :(
Comment from : Kevy Williams


Terry Pastor
Easyfinancial biggest rip off brEven after paying my loan off to zero brThey found service charges and hidden fees to make me pay a extra 800 brRip off
Comment from : Terry Pastor


ZZeeman
Now do student loans
Comment from : ZZeeman


FreeGuy
Best summary of these types of businesses: "legitimized loan sharks" brFreeland, do something about this
Comment from : FreeGuy


Anthony LaRocco
Damn lol India is even in Canada ripping Canadians off as well as US citizens
Comment from : Anthony LaRocco


David Bustamante
The Provincial governments could do something about it too, not just the Canuck government Thirteen states banned the industry here in Murica
Comment from : David Bustamante


DirtyJBastardYEG
You get 30 days to cancel it But they just stuff you off
Comment from : DirtyJBastardYEG


Marc B
I hope loads of people had these written off
Comment from : Marc B


Brandon B
Lol "you could lose your job" like "ya buddy, if I lose my job you can go to collections not a problem"
Comment from : Brandon B


westabsupply ebay
I got junk mail from such a place, never applied for it being outrageous, the outrageous part? Them mentioning the low interest rate of 3995 using the word "only"
Comment from : westabsupply ebay


Racers Line
Disgusting
Comment from : Racers Line


Jody Billings
It all comes down to poorly managed or non existent Government protections Most people assume we are protected but in many areas that is clearly not the case
Comment from : Jody Billings


Mr T R Ace
Why is our government is allowing these savages to operate
Comment from : Mr T R Ace


Sean Pasay
lmao, how do they expect people to know what theyre getting into before signing anything when they cant read the contract??
Comment from : Sean Pasay


S
Thanks for including fairstone They are THE worst!
Comment from : S


TEAC Fan
Loan sharks are everywhere, stay out of their waters
Comment from : TEAC Fan


smoookin87
Consumer: no credit no job brLoan: here you go but read brConsumer: 40 interest how dare theybrLoan: why didn't you read brConsumer: Pikachu face
Comment from : smoookin87


Charles
To the lady who voluntarily quit working, I dont see how she could expect to have her claim approved
Comment from : Charles


Happy Cook
I feel so anxious just hearing about this! 🤪 Horrendous beyond belief The only thing worse are student loans The best thing we can do is STOP buying things and save our money! Buy as little as possible Eat the cheapest food that meets our nutritional needs Wear the cheapest presentable clothes, etc Become super frugal Most have become too decadent in our "lifestyles"
Comment from : Happy Cook


Shaun Diz
i can't stop watchingg these lol
Comment from : Shaun Diz


nosightgaming
It’s important to note that if you default on a consumer debt loan, life will be fine Yes, your credit score will take a hit, but there is not much that they can do except make empty threats Also, in Canada, as of fairly recently, if they haven’t been able to get a hold of you for five years, the debt goes away If you are a working individual, they may be able to garnish some of your wages However, if you are someone on welfare or disability, they are not allowed to touch your disability or welfare checks The only downside to consumer debt, especially if you were someone on a fixed income, is you will get mean calls from people who think they are in a position of authority, threatening letters that aren’t worth the paper they printed on, and your credit score will take a hit The thing is about your credit score, it really only matters if you’re making above a certain amount a year If you were someone on a low income, and you’re making under $16,000 a year, it doesn’t matter whether or not you have the best credit score Even if you have a 900, you still won’t be able to get anything with your credit because of your limited income The only debt that you should be somewhat concerned with is if you have a government debt like a student loan Otherwise, consumer debt isn’t a BL and all that most people Are conditioned to believe it is This comes from life experience, and the experience of working alongside a financial advisor
Comment from : nosightgaming


Chakat Nightsparkle
paying off like a $10,000 loan how many people would pay that off in 2 to 3 months Out of everyone maybe only 1 of people overall that do this High Interest loans might pay it off in 2 to 3 months Maybe in 6 months
Comment from : Chakat Nightsparkle


Ugly boynat
Wait so, an APR of 179 isn’t normal? 😅
Comment from : Ugly boynat


Thelma Jones
Can you investigate the wellsfargo loan and BECU loan if theres interest are accurate and also the chase bank loan
Comment from : Thelma Jones


FinancialQ&A
I used to work for a payday loan company and we were encourage to give clients as much as possible and do "rollover" loans Still being new to the industry, I thought this was an unethical practice and decided to leave the company
Comment from : FinancialQ&A


js92
People only go to places like this because they have lousy credit And no one just gave them that bad credit, they have a history of not paying for things
Comment from : js92


carol ann denton
hey I have used these payday loans places, on quite a few occasions From a hundred to 300 They charge 15 bucks per hundred It is easy They are close by There is no hassle with having to make appts with a bank manager or client care financial advisor and hoping for their acceptance!! lolol There is no waiting period other than signing the required papers whilst chatting and smiling etc etc and watching with salivating anticipation as they count out the 20's !!lolol I have absolutely no problem with that or them and they do not have any problems at all with me!!!!
Comment from : carol ann denton


Jared Eades
Voluntarily leaves job, can't get coverage for involuntary lay off
Comment from : Jared Eades


Unknown
No remorse for them they took that 2799 knowingly and voluntarily Even in their situation they could've got a cheaper loan rate if they used the house as collateral
Comment from : Unknown


Duke
I'm confused Why cant they cash out their investments?
Comment from : Duke


Sobefuel
I paid 8 grand in interest on a car and the car was only 6 grand I needed a car at the time This is in the states to SMH
Comment from : Sobefuel


nielsen145
well i refused to pay one them, when an 2k(converted from my currency) payment disappeared in their system and they refused to find, so i was called, what you call small claims court, where their laywer was misinformed by them also and i showed several proof i made that payment, the loan ended being nullified instead, still had 4k left aka 5 years worth of payments the company is still in buisness, but changed name lol as for the question about a roof on rates, iam all, our goverment here, iam from european country, refused to put a roof on, meaning one of my loans went from 17 a year to 40 a year, all they were waiting for, was the green light and now iam triple paying them down now, so i can get out
Comment from : nielsen145


Yash Sidhwani
This is not just in Canada but in the entire world We all would need the basics to be corrected
Comment from : Yash Sidhwani


Yash Sidhwani
I wanna see what happens next! Like the impact of their story as an individual episode To see how many people got benefitted after this episode
Comment from : Yash Sidhwani


Vee Tee
Loan sharking even in Canada!!
Comment from : Vee Tee


Stephen Miller
Don't ever buy payment protection plans They are at least 90 profit for those companies precisely because of the fact that they deny claims If you take that money and invest it, you'll have more than enough money to cover those payments if you lose your job
Comment from : Stephen Miller


Grand Infinite
Student loan debts! I've paid over $15000 and the loan was for under $10000 Paperwork reflected that I've paid only 3 off Do the Math! Where's the justice in that?!
Comment from : Grand Infinite


Nastya
How is this legal?
Comment from : Nastya



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