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REACTION: The Most SICKENING Legal Scam in Canada | This Ruins Canadian Lives Everyday

Frames REACTION: The Most SICKENING Legal Scam in Canada | This Ruins Canadian Lives Everyday

Description REACTION: The Most SICKENING Legal Scam in Canada | This Ruins Canadian Lives Everyday

Comments REACTION: The Most SICKENING Legal Scam in Canada | This Ruins Canadian Lives Everyday

Have you or anyone you know ever needed one of these? What was their/your experience like??? Comment from : Russell Matthews

These predatory lender like Moneymart, Cash money, and Fairstone financial are scumbagsbut overall, the blames is on the government here n the United States I'm sure there are very powerful individuals behind the scenes that has a lot of power that's why the governments are avoiding all question regarding lowering or have regulatory laws in placebrThat is why in CANADAthese companies are allowed to charge 60 interest rates governments must be getting huge kickbacks from these companies big ass conspiracy going on Comment from : Pete T

OP''s THE COMPUTER GOT WIPED ALL LOANS GONE ! LET IT GO SPAWN''s Comment from : Timothy

THE INVESTMENT SCAMMERS BREAK LAW''s AS CHANGE LAWS TWO DO THIS GOVERNMENT SPAWN''s ON PUBLIC ! THEY SAID GIVE THEM AT 5 LOAD''s WOW AT 2 BANKS THIS MUST BEEN FAKE BANK''s ON TAXES THE SPAWN's AS BANK RUPT WITH THIS CREDIT CARDS EASY MONEY LOAN THEN THEY COULD GET IT BACK ! IF BANK's THAT THE MONEY FROM YOUR OPEN EASY MONEY ON FAKE LOADS LOAN SHARKING ! SPAWN''s Comment from : Timothy

As an American living in Toronto, one thing that stuck out to me was on how many loan offices I saw There was so many, especially in lower income areas Comment from : Myron Ganes

as a young guy in my early 20s i was desperate and had multiple loans from these place I sunk myself into a pit i couldnt get out of and ended up needing to apply for a consumer proposal now im 30 and finally close to done with this lesson STAY AWAY FROM ALL THESE PLACES Comment from : MuzamilofKrypton

Don’t blame those shark loaners, stop the urge of consumerism and don’t borrow from them let them go bankrupt… Comment from : Richard Sttati

I am alone br64 years old have a house brPays $2750 a month mortgage for $417000 house I keep calling the mortgage company they are telling me at four and 75 interest brI have no power to go after mortgage company brIf you please help Comment from : Mostafa Moghaddam

One way or other brBank involved of course brRobbery no Gun brBright Day light Comment from : Mostafa Moghaddam

I stopped paying those assholes Comment from : zaid zooz

youre in a desperate situation with that hairline Comment from : Tex

Is spring financial legit ? Comment from : Team Banny

Wow ! I didn't exactly know that, but I often see a job opening for CSR and the list of tasks and responsibilities is way, way too long for the approximate wage of $1751/hr ! Comment from : Pierre-Rose

So I guess it ain’t safe to get some kind of loan from money mart I’m like in a dead end right now I wanted to get a installment loan from money mart for about 1,300 but I was worried I would f myself up somehow in the end I would pay like 173 a month for 12 months but I don’t understand any of this and this seems like my only option till I get paid at the end of this month Can anyone help? Comment from : Entertainment OfTheDay

I am creating a course right now for Youth transitioning out of Foster Care and moving out independently This video was so helpful - thank you for making it Comment from : S W

Simple : take the $ 9,000 & Payback $19,000 in 36 months & option to RELOAN every 4 months Comment from : CHUCKBALLER

lol, the guy making this video has never lent money to someone who has R9 credit, people that can't pay bills on time or ever cry victim when lenders charge through the nose for them going to a lender gambling on maybe getting their principal Have small amounts of savings and ANY form of relation with a bank Additionally, I'm not certain commentary from a Realtor is exactly subject matter expert level Comment from : Hazen Evenson

I went through this and tried to put stop payment with Royal bank and the bank wouldn’t allow the stop payment because they were also making money from me for NSF Royal bank was taking 180 for Nsf churches as these companies would try over and over The big banks are also in on this specially RBC who denied the stop payment I want to close my account with Royal Bank but the hassle of switching accounts with my job is slowed me down Comment from : H A

These guys are legalized loan sharks and wish they were gone, but what is someone to do when they have no other options? I agree though that the gov't should force these kinds of lenders to lower their insane rates Comment from : Gipsy Danger

anti Semitic video! Jews are providing a service to the community! Comment from : bpapao

the only difference with mafia's loan shark is there are no enforcers to break every bone in your body or get wacked for failing to pay Comment from : heartbreak kid

So I never heard any answers what can be done when you strangled with this is there a way to bring the monthly payment down?? Want to pay it but can’t bring it down Comment from : Valerie Shearman

When they explain that its 47 interest over the course of 3 yearsbrThat assumes you make the payments that were assumed in the calculations and pay it off in exactly 3 years Comment from : Dustin James

thank for sharing this Comment from : K D

The fact that the government allows this is ,it's criminal Comment from : mike vic

The legal maximum rate in Canada is 60 in the Criminal Code However, payday loans are exempt if the provinces regulate them The current maximum annual interest rate in Ontario is 3,724 This works out to be $15 per $100 lent for two weeks Comment from : Paul Brandon

Thank you I went to Canadian Consolidated Credit to shut them down pay them back without added interest or collections Comment from : Charise Young

lets make one thing CLEAR HERE That interest is charged per MONTH NOT PER YEAR Comment from : Lawrence Cavens

I've had to use one called payday loan and yes the interest is high but never had a problem paying it back and no hidden fees, so I am so shocked these people can get away with this type of loans I'm asumiing this company is probably are under the same laws as long term health care that are not regulated under federal or provincial laws because they are privately owned and the government has a hard time fixing the problems And until the pandemic our government didn't realize how bad it was or how much crap they were able to get away with I worked for a private one and I saw and had to do things I was never educated to be doing at least it was my thoughts and opinions and all the others who worked their too felt the same and even called and sent letters trying to change what was happening and still was up until the pandemic Just an example I never finished high school so when I was told I had to hand each person living in the home their medications, even the ones that were a narcotic for ones in severe pain, now the narcotic ones really terrified me doing that because I didn't feel qualified or knowledgeable to be handing them to anyone, and I couldn't make them take them so if they didn't feel like taking them I was not allowed to put them back or I couldn't leave and move on to the next person so I had to stand their and wait and I fully understand why we couldn't leave them because they might store up and well you know what I mean, government always did nothing and private long-term or retirement homes continued doing things they never should have been allowed, but after premier Doug Ford called in the army to regulate all types of homes for seniors has been fixed finally and I believe that the most cases of covid19 with the elderly probably were in the private owned long-term care or retirement homes, because they did what they wanted and giving them the best care was never a part of their agreements Comment from : jannet of many countries

This is called steal legally ,which means you steal someone in front of everybody Comment from : Nat Genesis

Russell,brPlease let us know how to organize a petition Here is needed common sense and action Comment from : Steve Jukic

Sounds like a lollipop As a contractor I make the client buy in the, there model there budject I f the owner wants changes They get a clear charge of 30 over regular price 100 payed before the change All plans put to inspections and permits before final price Zero home owner labourIf at any time the fund the project with home equity I stay clear, if the push back on price , we move on Time to sell if equity is you funding Comment from : Blair Olson

I totally agree it’s such a scam with these types of places, when I was younger I used to borrow from them all the time and it was so hard when living paycheque to paycheque just didn’t work So once I finally paid it off I dug my heels in the ground and said that’s it no more And I haven’t borrowed from them since so it’s been about 15 years now Last year I was working for a company xtra cash and watching the people borrow from them every two weeks was kind of sickening, and unfortunately I don’t really feel bad for them because of how rude they were to me The people on welfare and they collect a child tax when they would come in it would make me sick because this money is for their kids but they’re borrowing money that’s not meant for them and using it for God knows what I felt sorry for the kids However I do feel bad for some because they’re stuck in this loop and they have no choice Especially nowadays It’s too crazy Comment from : Missy C

Video was a bit long for such a an obvious subject Don't forget your subscribers are not dumb people Comment from : Hameed Talebi

Platinum financial 700 credit , Easter loan too Comment from : Jaime Manuel Morales Rodriguez

Yeah These places are evil I never had to use them, but I know many people who have and it blows my mind the fact they sign up for something like that!! I'm so glad that currently my Visa has zero interest because my bank is awesome (TD trust) Once a former coworker tried to talk me into work with her at a cash money because she told me she made 2k a week commission Comment from : Cindy Giesbrecht

Should be banned Comment from : Brendan Riley

Finally someone is talking about all those scams that seems to,just exists without any control and I don't care whether its Law Law or even just a moral issuesDo you know that those institutions, have much broader impact on citizens and people who are coming to this country with big hopes that they will live in the country that respects the LAW and protects its human valuesThose mentioned institutions are actually against the fundamental values and ethics that suppose to be adhered toGreat job Russell! Comment from : Football life

The interest rate is laid out clearly, you cant take their money and then complain later Comment from : BiPolarPunt

Mortgages are just about as bad It’s very difficult to pay off a mortgage, and when you do, you have already paid many times over the principal amount in interest Comment from : Heather Ramsay

Marketplace is cheesy! But I agree, how is this even legal?? It’s a disgrace Comment from : Heather Ramsay

They should be called what they are, loan sharks The government fails to protect its citizens from these predators while their forced lockdowns will mean more and more people will become prey Comment from : Thom Vogan

Thank you Russel for sharing this information i am self employed and considered there services when i needed to fund bigger construction projects Fortunately i got by other ways i have never been inside there office and thanks to you i never will I appreciate your dedication thank you Derry Comment from : Derry Richardson

It's really shame that these loan sharks does exist in Canada It has to be regulated Period We have to pressure politician to do something about it Comment from : Dusan Brestovansky

These people will put me in a never ending cycle of debt ruined my credit Do not borrow from these lenders brInstead, get a secured credit card (anyone can qualify) start building credit to be able to qualify for a loan from the bank Comment from : French With David

We’ve been into this and we regret it big time Never again barrow from them Comment from : Foreigner In Canada

I have no sympathy for stupid If you walk into one of these places and they offer you thousands of dollars with no credit check, and no collateral, clearly they have to make a fortune off the people who pay it back to make up for the majority that won'tbrbrScummy? Yea, sure, but again, when you're an idiot, life is tough Comment from : Alex MacLean

Got a PAY to join? you're Crazy too dude Comment from : TwoKind

yes big scam involving welfare people pensioners,Aish, ALL POOR PEOPLE PUTTING THEM INTO A TRAP MOST HAVE GONE INTO MAJOR DEPRESSION Comment from : Douglas Ford

lone shark rates Comment from : Robert Wierzbick

I've used them a few times But paid in full on time But I don't use them anymore and after seeing this video, I will never go back These people are legal criminals Comment from : Chakra Star

This 'interest' thing is totally prohibited (haraam) in islam, cz interest destroys people Comment from : Shawon Ahmed

I had to use one of these scam places, told them to take the money from my account on the 1st of the month, they took it last day of the month costing me $50 for their nsf fee and $50 from my bank Comment from : Excitable101

Hey Russell When I was 19 I was pressured into getting a Credit card from the bank That is one of my biggest regrets Also not being taught personal finances in school Within saying that my parents have horrible credit Multiple bankruptcies Iv always been envious of other people who know how to save Or know how to have good credit I wish I learned at a younger age On another note I myself have taken out personal loans from like Speedy Cash I was finally able to dig myself out of that hole Comment from : Tammy

Yup been through this never end cycle keep reborrowing Comment from : Bkillinem780

Fuxk these places stay away at all costa Comment from : Nightmares 2Night

This is disgusting Comment from : Jessica Barr

When I went to pay off my car loan I was charged a $1,000 administration fee to close the loan early in Toronto Comment from : a google user

It’s cheaper to borrow off the mafia Comment from : Guacamole Hole

Greetings and wellness Advice if wealthsimple is good app to invest in Comment from : RAnand

I used to work at Cash 4 U and it literally was killing my soul so I helped everyone I could, told them how to put a stop pmnt from their banks! Most were seniors on pensions caught in this loop loaned up to $1000 on a $1500 pension’ they don’t need to worry about their credit anymore this company can afford it!!! Believe me the owner thought transparency w financial earnings was building trust w us, it’s sick the amount of $ made on each store and they pray on the older generation who were raised to pay all bills religiously! I was clearly let go for this and I was happy to leave! : ) Comment from : Nicole Pickavance

The legal limit in Ontario for interest is 60 I nearly fell off my chair! Ridiculous!!! Comment from : Nicole Pickavance

Desperate people high risk loans for the money lender! Comment from : Ron L Hubbard

It’s almost destroyed my life , I’ll advised people not to go to cash money , money mart Comment from : M Willy

I don't feel sorry for these so called victims No one held a gun to their heads and they didn't read the contract If a company can't give you a printed copy before you sign WALK AWAY!brCBC tried to make the borrowers look like they were innocent She said "if we were not so desperate" That says it allbrGreat video BTW these companies make huge political contributions and have lobbyist Comment from : AV8TOR

An absolutely mind-boggling and alarming rate the comedian government is set for a maximum interest is 60 which is insane But that's not the whole story because payday loans are exempt from this law and they can charge whatever the hell they want as far as I'm concerned this is Criminal Comment from : Bernie McKenna

Everyone one knows that these companies are shylocks, they take blood from a stonebrStay away from them Comment from : HebrewHammer

Where is the Government in this They should shut down these places Comment from : Sarojinidevi Thambapillai

About 7 years ago , I got stuck financially Went to a place called easy financial, they made it sounds so easy and I was not educated at all So a 1000 loan end up costing me almost 3000 and two years of my life When I was late on a payment they would try three and four times a day to take it out of my bank, o end up having to pay over 500 NFS fees Thankfully I learned but sadly so many fall for it daily Comment from : John 316

I was a victim of this easy financial gave me a 19 percent interest rate and then took a payment one week early and it bounced causing my interest rate to skyrocket to 499 percent Comment from : Ritchard Stard

Heloc or refinance is the best way to goor just ask consult the bank for line of credit interest rate is so low nowadays Comment from : You Tube

Thank you for talking about this, Russell! These things are abhorrent and the owners deserve jail time Comment from : Joshua Hunt

This just government and banking backed loan sharking! Comment from : Lorne Edey

My wife and I have bad credit We had no choice when we had to move to borrow $2200 from a company called Mogo I'm not sure about the exact interest rate, but it must be close to 50 as we pay over $40 bi weekly in interest Nothing goes to the principle and we have been in this situation since April of 2019 I was laid off and then the pandemic hit We have not been able to pay anything to the principle because of our situation In fact, it's been so bad I recently had my car repossessed because I couldn't pay that loan any longer eitherbrbrSo since April of 2019, we have paid almost $1850 in interest alone 46 payments of more than $40 on a $2200 loan The loan is still completely outstanding at $2200 with no help or end in site NEVER, I repeat, EVER, get a loan from a place like this We were in a really bad situation and had no choice and now look where we areAnd just to add to your point about education and not knowing about what these loans are like, well, we do, but we had no choice There was nowhere else to turn for the money so we HAD NO CHOICE It's not about not knowing or having the proper education about credit Life happens to people sometimes Comment from : Jim Webb

I don’t think it’s a scam Obviously the interest rate is ridiculous and that’s well known with those loan sharks Yet the consumer makes a decisions and still signs the contract and agrees to their terms and conditions As an adult you have to take responsibility for your decisions No one forced you to borrow from a loan shark Thankfully this is a free country and you have the freedom of choice to borrow from whoever you want You read your Facebook for 3 hours a day, why not read what you actually signed up for? Your loan docs, insurance, cell contract etc Comment from : Marc F

Sorry I disagree Poor people keep themselves poor by bad decision making No matter how much money you have/earn it's still up to you whether you use it wisely or not Fat people tried to blame McDonalds and the fast food industry in general for making them fat People need to take responsibly for their own actions Get informed before you borrow Comment from : Skilled Jack

I wonder what these outfits' default rate is, and yearly collection costs? I mean leg-breaker goons don't come cheap these days Did you ever think of that? I bet not :-)brSeriously, Marketplace is constantly skipping over details to generate outrage Ex- There's no details on why that guy couldn't pay off his 1000 loan Just a random guy said so And the reno story was a complete mess, hard to get anything out of that other than more outrage Don't get me wrong, I do think these outfits have some scummy and predatory loan practices and they even showed some brMy bottom line, Marketplace is not the place to get an informed reasonable opinion and why I subscribe here and not their site Comment from : Mark

Once again our opposition is silent Is it just me or should they not be voicing concerns? Comment from : Murl Tetz

Russell Matthews, you have earned my vote to become our next Right Honourable Prime Minister of Canada Comment from : nobuddy

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No way you can pay on 27 interest rate Comment from : InspireNewGeneration

Thanks for the video brAlso a place called Easy Home Comment from : Summer Light

Thank you Russell Comment from : Socrates Vijayarangan

My husband went to money Mart to pay for the 1st of a payday loan(payment plan,3 payments) The store wouldn't take the payment Friday Over the weekend a few little payment came out I forgot about(Netflix,Spotify), money didn't try taking money out of our account until Tuesday Well the 1st payment bounced, and the store finally took the bounced payment If they would have taken out cash payment it wouldn't have bounced Other payday places we've dealt with take the money out the same day as your payday Comment from : Carla Waniandy

Yeah I don't understand why the Government even allows this type of practice to be practiced Comment from : Eric

You do great Russell keep up the great work Comment from : Ashley Malik

To take things a step-furtger I owed over $1200 on a $1000 credit card last year and I did this, my first payment was $1 that I did through mobile banking then $2, then $3 all the way to $47 I added that up and the different was about $28 left and my 48th payment was the difference to bring the bal back to zero I called them a couple days later as I used to be late with Capital one and they put me in touch with account management to see about reinstating my privileges as all they wanted to see was a $250 over limit cath up Well in short order the department was stunned at what I did and they reset everything for me as I was due a renewal card too Plus they waited 2 over limit fees and refunded them back to my account as a way of saying they were impressed how my largest payment did not exceed $47 and through a series of strategic payments I got debt back in control again Comment from : Ashley Malik

To follow up my earlier comment there are not alot of true places to build credit as you know given at a decent rate One has to eat a double digit rate somewhere and as long as one does well then rates can drop This depends on many types of lenders Some of the kindest places I have dealt with gave ok rates as my bal were fairly small and I managed wellin my situation That said allit takes is a glitch in income and life gets very hard That said if one takes their monthly payment that they pay and tries to pay an extra payment throughout the month here is what can happen in 1 of 2 examples Example 1: I was paying about $25 in finance fees on my credit card and all I could afford was $60 payment so here is what I did Every 10 days I made $20 instead of paying all $60 at the end just in time for the due date Why you ask because as long as you get all your payment in by the due date you are good and the way the interest charge us done people don't read it on the back of their paperwork It charges from the number of days from your last billing cycle till when you made your last payment, most do 1 payment a month hence the 30 day calculation By me splitting that 60 up into 3 $20 payments after approx 9 days give or take the number of days was less before the payment gets applied Then the remaining bal which is less gets charged another 9days then the same for the 3rd payment On my next statement I was blown away at how much less my finance fees were! They had dropped to just $6!! From about $20 Thats a big savings in interest that they don't tell you! The card was maxed at 500 at the time Comment from : Ashley Malik

I think educating the public is the most effective way of getting these loan shark companies out of business Comment from : Marsbar1212

Russel We have Two Very good credit scores On two adults and the bastards dont lend money Comment from : John Rider

We got 16000 from credit union Paid it off in one year We went back to them to get 24900 And the assholes said no We never missed a payment And were never late Just a no from northern credit union We will never ever ever ever borrow money from the bastards again Now We all live together We pay no hydro We live without it We heat with wood Our 50 acres of bush We work seven days a week And we work 14 hour days There is 5 adults working And we share a 1000 a month mortgage NEVER AGAIN WILL WE BORROW MONEY FROM GOVERNMENT BASTARD BANKS SCREW THEM Comment from : John Rider

Banks are in bed with government Government is in bed with banks Government is slavery Youtube highimpactflix Comment from : John Rider

Idiots and morons That have NO SELF CONTROL Comment from : John Rider

The media is disgusting Trudeau an arrogant liar, Go figure! The most useless have the most control Comment from : Free Assange

Paid in full set up a stop payment let them try to argue that you owe them with evidence of 0 balance worst case close account brOpen a new one at same bank transfer bills over Comment from : Os P

People have no choice to use these lending businesses, because bank won't even look at you , unless you want over 2-3 hundred K Comment from : Tony Comeau

We sign a contract without knowing it 🥵🥵🥵🥵🥵😳😳😳😳 Comment from : Travel with kugan

I actually had them "Fairstone" stalk me with online spam I have good credit and no need for them They target everyone Comment from : S L

With covid happening and people soon to have benifets running out more people could be seriously trapped to chose these preditory loans the gov better stand up and regulate this Comment from : Aquarius

This kind of high interest rate, predatory borrowing by Money Mart, Easy Financial, etc, is no different than any type of loans borrowing offered by the Big Banks Just look at their high interest rates of credit cards and mortgages, and the little or no return on investments Comment from : K Lee

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