Title | : | The truth about high-interest loans: Hidden camera investigation (Marketplace) |
Lasting | : | 22.56 |
Date of publication | : | |
Views | : | 539 rb |
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Loan sharks Comment from : Simba |
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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 |
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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 |
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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 |
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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 |
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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 |
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FAIRSTONE is the worst EVER! Never make that mistake Comment from : Favour Atarah |
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😂😅 Comment from : Christine |
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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 |
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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 |
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Loan sharks have a new field Comment from : M Carrick |
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and governments allow this in the name of capitalism ridiculous Comment from : Brad Parker |
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I don’t feel sorry for her (Karen) Comment from : Langston Tisdale |
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MAFIA MONEY Comment from : PACO |
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I was a victim to fairstoneand i will NEVER DO IT AGAINi learned the hard wayi was desperate Comment from : angie austin |
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He is right!! We tried so I left Comment from : Shelley Fortier |
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Nothing has changed over the years very sad 😔 Comment from : pd220783 |
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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 |
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What is the government doing to stop such malpractices? Comment from : Baqir Hemraj |
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These are high risk loans The interest rates are justified Comment from : liquidity wso |
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That should really be considered criminal Comment from : Jenny Gao |
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Fairstone Financial should change their name to Unfairstone Financial Comment from : Chip Lobay |
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Useless politicians keeping Canadians safe, yea right Comment from : Ryan Mcfadden |
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If kids learned basic math/finance in school, people would laugh at these loan places Comment from : S Wilhelm |
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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 |
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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 |
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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 |
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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 |
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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 |
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Don’t get a Best Buy card because they doing it too Comment from : mike brown |
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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 |
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I cannot imagine ever being so desperate that I would pay 27 interest on a loan I could not afford Comment from : Tom C |
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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 |
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Payday loans the scums they always mainly operate in low income areas I see it all the time Comment from : Monni Khan |
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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 |
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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 |
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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 |
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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 |
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How are these company allowed to exist in Canada Comment from : Christy Coates |
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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 |
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No sympathy for people breaking the law sorry Comment from : mysteriousjane11 |
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In the USA they have 500 apy Comment from : Rosette Jones |
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They're a bunch of crooks!!!! Comment from : Ghostgirl1971 |
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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 |
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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 |
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These payday companies got lobbyists and the government would be "foolish" to lower rates when they are also making money Comment from : DJ Karma |
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The guy wearing the red striped sweater, was shaking like leaf Comment from : The Lastminmom! |
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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 |
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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 |
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How do I contact you by phone Comment from : Nikki B |
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How can we protect ourselves Comment from : Nikki B |
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Very sad, so many people living paycheck to paycheck!!! Comment from : Mateo Fernando |
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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 |
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My cousin bro did this to me I paid 10 for two weeks Comment from : Radha Krishna Gowda |
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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 |
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What is wrong wìth you people Comment from : Paul Horgan |
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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 |
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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 |
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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 |
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Now do student loans Comment from : ZZeeman |
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Best summary of these types of businesses: "legitimized loan sharks" brFreeland, do something about this Comment from : FreeGuy |
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Damn lol India is even in Canada ripping Canadians off as well as US citizens Comment from : Anthony LaRocco |
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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 |
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You get 30 days to cancel it But they just stuff you off Comment from : DirtyJBastardYEG |
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I hope loads of people had these written off Comment from : Marc B |
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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 |
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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 |
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Disgusting Comment from : Racers Line |
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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 |
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Why is our government is allowing these savages to operate Comment from : Mr T R Ace |
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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 |
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Thanks for including fairstone They are THE worst! Comment from : S |
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Loan sharks are everywhere, stay out of their waters Comment from : TEAC Fan |
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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 |
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To the lady who voluntarily quit working, I dont see how she could expect to have her claim approved Comment from : Charles |
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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 |
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i can't stop watchingg these lol Comment from : Shaun Diz |
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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 |
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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 |
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Wait so, an APR of 179 isn’t normal? 😅 Comment from : Ugly boynat |
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Can you investigate the wellsfargo loan and BECU loan if theres interest are accurate and also the chase bank loan Comment from : Thelma Jones |
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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 |
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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 |
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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 |
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Voluntarily leaves job, can't get coverage for involuntary lay off Comment from : Jared Eades |
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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 |
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I'm confused Why cant they cash out their investments? Comment from : Duke |
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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 |
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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 |
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This is not just in Canada but in the entire world We all would need the basics to be corrected Comment from : Yash Sidhwani |
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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 |
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Loan sharking even in Canada!! Comment from : Vee Tee |
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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 |
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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 |
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How is this legal? Comment from : Nastya |
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