Time to terminate Cash Store.

[JLM]

Payday loan firm Cash Store’s woes grow as Ontario aims to end licence | FP Street | News | Financial Post

Harper wants to crack down on the illegal criminals, while the legal "criminals" continue to operate in plain sight without recourse.

 

[damngrumpy]

These people should never have been allowed to operate in the first place. They are worse
than pawn brokers and should be put out of business.

 

[JLM]

These people should never have been allowed to operate in the first place. They are worse
than pawn brokers and should be put out of business.

Yep, they are right up there with the dope pushers and pedophiles!

 

[bill barilko]

It seems to me they are designed to suck the life blood of the poor and as such can only be described as vermin.

 

[JLM]

It seems to me they are designed to suck the life blood of the poor and as such can only be described as vermin.

Worse- vermin do clean up garbage!

 

[petros]

The consumers chose to enter into the contract.

Lower the beer taxes so people don't need beer loans.

 

[captain morgan]

Yep, they are right up there with the dope pushers and pedophiles!

Really?.. A company that offers a completely legal service that is apparently in high demand are worse than pedophiles?

The consumers chose to enter into the contract.

Lower the beer taxes so people don't need beer loans.

I suppose that cutting back on the ole beer budget is entirely out of the question

 

[SLM]

Really?.. A company that offers a completely legal service that is apparently in high demand are worse than pedophiles?

What, do you own stock? Lol.

Pay day loans are the most phenomenally stupid thing that anyone can get involved in. Astronomical interest rates, comparable to retail store credit rates.

But no, not worse than dealers and pedophiles. Just a different kind of evil. Lol.

 

[captain morgan]

What, do you own stock? Lol.

Nah... Not interested in retail services for pubco's.... Too many better options in the high(er) risk category

Pay day loans are the most phenomenally stupid thing that anyone can get involved in. Astronomical interest rates, comparable to retail store credit rates.

So is hitting the bar on pay-day before paying rent and bills; maybe it's time to close all the bars and institute prohibition

But no, not worse than dealers and pedophiles. Just a different kind of evil. Lol.

I suppose that the cc companies are pedos too... Bastards!

 

[SLM]

Nah... Not interested in retail services for pubco's.... Too many better options in the high(er) risk category

Blue chip only eh?

So is hitting the bar on pay-day before paying rent and bills; maybe it's time to close all the bars and institute prohibition

Stupid is as stupid does. But let's not generalize too much. There is a small crowd that does get caught up in the vicious cycle due to unexpected problems that come up in life. Basically once you take out one of these loans, you're screwed. And I'm not making excuses for people because yes, a hell of a lot of them get into trouble by their own mismanagement of their finances, granted. But I kind of take the same viewpoint as I did over the 'over mortgaging' that went on in the U.S. a few years ago. Absolutely people need to know better than to take on more than they can chew but, at the same time, a lot of those companies knew full well and granted mortgages anyway. They have to take some, not all but some, of the responsibility for what eventually happened. There needs to be integrity on both sides of the equation or there is no integrity at all.

In short, no way should a legal company be able to fund a loan due within 30 days (or whatever the short time frame is) that amounts to 80% of someone's paycheque. That's just a catastrophe waiting to happen.

I suppose that the cc companies are pedos too... Bastards!

Absolutely, unequivocally not. I don't make ridiculous assertions like that and you know that I don't. Nothing short of murder is worse than a pedophile and even then I sometimes think they're still worse.

These payday loans are just a bad idea all around, in my opinion.

 

[petros]

I suppose that cutting back on the ole beer budget is entirely out of the question

That ain't gonna happen.

What, do you own stock? Lol.

Pay day loans are the most phenomenally stupid thing that anyone can get involved in. Astronomical interest rates, comparable to retail store credit rates.

But no, not worse than dealers and pedophiles. Just a different kind of evil. Lol.

All by choice.

 

[SLM]

All by choice.

Sure, people go to loan sharks by choice too. But we don't set them up in shiny storefronts with florescent lighting and let them advertise on television with snappy ads. Why not?

 

[captain morgan]

Blue chip only eh?

Nope, I'll take corp bonds (p/ls are a good bet) before Blue Chips... High and medium risk for short and medium terms

Stupid is as stupid does. But let's not generalize too much. There is a small crowd that does get caught up in the vicious cycle due to unexpected problems that come up in life. Basically once you take out one of these loans, you're screwed. And I'm not making excuses for people because yes, a hell of a lot of them get into trouble by their own mismanagement of their finances, granted. But I kind of take the same viewpoint as I did over the 'over mortgaging' that went on in the U.S. a few years ago. Absolutely people need to know better than to take on more than they can chew but, at the same time, a lot of those companies knew full well and granted mortgages anyway. They have to take some, not all but some, of the responsibility for what eventually happened. There needs to be integrity on both sides of the equation or there is no integrity at all.

You're right - it is a terrible option, but my point is that legislating good choices is a pipe dream

In short, no way should a legal company be able to fund a loan due within 30 days (or whatever the short time frame is) that amounts to 80% of someone's paycheque. That's just a catastrophe waiting to happen.

I believe you're exaggerating. The Feds have a max limit for any credit facility, the cc companies (generally) represent that high

Absolutely, unequivocally not. I don't make ridiculous assertions like that and you know that I don't. Nothing short of murder is worse than a pedophile and even then I sometimes think they're still worse.

My point is that labeling these guys as being as bad as pedos is egregious... Not to suggest that you made that statement

 

[SLM]

You're right - it is a terrible option, but my point is that legislating good choices is a pipe dream

Not suggesting that legislating good choices is the only option, but we regulate the hell out of our banking industry and it's pretty damn strong. Business can still make a go of it and financing for most average earners is not out of reach. And we don't charge people 28% or more for financing. We regulate the kind of people right out of financing from these institutions that go to these payday loan places, and for good reason. They shouldn't be afforded credit.

I believe you're exaggerating. The Feds have a max limit for any credit facility, the cc companies (generally) represent that high

Honestly, if I am exaggerating it's not by much.

Payday Loans are unsecured short term loans averaging approximately $300 for a period of 1 to 18 days, up to a maximum of 60% net pay, depending on where you live. Check your local branch for details.

Fees Interest and APR:
Loans for Alberta, British Columbia and Saskatchewan are a rate of $23 per $100 borrowed for example a $300 loan for 14 days: Total cost of borrowing = $69 , APR = 599.64%
Loans for Nova Scotia, are a rate of $25 per $100 borrowed for example a $300 loan for 14 days: Total cost of borrowing = $75, APR = 652%
New Brunswick, Newfoundland and Labrador, Northwest Territories, Prince Edward Island, Yukon Territory and Nunavut are at a rate of $29.85 per $100 borrowed for example a $300 loan for 14 days: Total cost of borrowing = $89.55, APR = 778%

Financial Implications of Non Payment:
Alberta-2.5% per month upon default; Maximum of 2 NSF per loan @$25;
British Columbia -30% per Annum upon default; Maximum of 2 NSF @$20;
Saskatchewan-30% per Annum; Maximum of one NSF Fee per loan of $50.00; resets once the loan is paid;
Newfoundland and Labrador: 59% per Annum; One (1) business day last; $40 is automatically added; Maximum NSF Fee of $50/per loan;
Nova Scotia-59% per Annum upon default; Default Fee: One (1) business day late $40 is automatically added;
Prince Edward Island-59% per Annum; Administration Charge: One (1) business day late $50.00 is automatically added; Maximum NSF Fee of $50.00 per/loan;
Yukon-59% per Annum; Administration Charge with Amount based on Principal to a maximum of $150.00; Maximum NSF Fee of $50.00/per loan;
Northwest Territories-59% per Annum upon default; Administration Charge with Amount based on Principal to a maximum of $150.00 upon default; Maximum NSF Fee of $50.00/per loan;
New Brunswick-59% per Annum; Once NSF is posted $40 is automatically added;

Retail credit cards average, if I'm not mistaken about 28%. Visa and Mastercard are around 19%, I think.

But since the whole idea is that it is repaid with the two weeks, it ends up a perpetual cycle with the lessor rate/charge being paid without carrying the balance. Essentially people just end up paying almost like a tribute on each paycheque to these companies.

Look I don't discount that people partake of these services of their own free will. And I'm not a 'make mommy & daddy government stop the bad people from hurting us' type. But I do think there should be a limit as to how far a legally sanctioned service can go in society. In my opinion, it stops at a certain point being about an opportunity to provide a service and begins to be about taking advantage of low income individuals, a lot of times because they may be stupid but also because they may be desperate.

That's just my opinion.

My point is that labeling these guys as being as bad as pedos is egregious... Not to suggest that you made that statement

I don't disagree with your point except I'd say it's more than egregious, it's absurd.

 

[JLM]

Really?.. A company that offers a completely legal service that is apparently in high demand are worse than pedophiles?

Two things, Cap't. Legal doesn't equal moral and both sharks and pedophiles destroy people. -

And neither has a conscience!

 

[captain morgan]

Not suggesting that legislating good choices is the only option, but we regulate the hell out of our banking industry and it's pretty damn strong. Business can still make a go of it and financing for most average earners is not out of reach. And we don't charge people 28% or more for financing. We regulate the kind of people right out of financing from these institutions that go to these payday loan places, and for good reason. They shouldn't be afforded credit.

Honestly, if I am exaggerating it's not by much.

Retail credit cards average, if I'm not mistaken about 28%. Visa and Mastercard are around 19%, I think.

But since the whole idea is that it is repaid with the two weeks, it ends up a perpetual cycle with the lessor rate/charge being paid without carrying the balance. Essentially people just end up paying almost like a tribute on each paycheque to these companies.

Look I don't discount that people partake of these services of their own free will. And I'm not a 'make mommy & daddy government stop the bad people from hurting us' type. But I do think there should be a limit as to how far a legally sanctioned service can go in society. In my opinion, it stops at a certain point being about an opportunity to provide a service and begins to be about taking advantage of low income individuals, a lot of times because they may be stupid but also because they may be desperate.

That's just my opinion.

I don't disagree with your point except I'd say it's more than egregious, it's absurd.

I don't disagree with anything you've posted. Related to the high costs, the moneystore doesn't (and can't) chage more than the max fed rate.. They add in service fees, etc that combine to big numbers. Quite honestly, if you took certain cc cards, added in their interest rate, annual fees and (possible) service charges AND selected a specific dollar amount in a credit line, we could achieve those high relative interest rates as well.

Hell, next time you get your utility bill, take a hard look at the extras that you pay in addition to late charge, it's the identical trap with those guys too.

But, in the end, the payday loan people don't force anyone to do anything.. The trap that people get in is due to their own choice AND elements of personal discipline factor in as well

 

[JLM]

I don't disagree with anything you've posted. Related to the high costs, the moneystore doesn't (and can't) chage more than the max fed rate.. They add in service fees, etc that combine to big numbers. Quite honestly, if you took certain cc cards, added in their interest rate, annual fees and (possible) service charges AND selected a specific dollar amount in a credit line, we could achieve those high relative interest rates as well.

Hell, next time you get your utility bill, take a hard look at the extras that you pay in addition to late charge, it's the identical trap with those guys too.

But, in the end, the payday loan people don't force anyone to do anything.. The trap that people get in is due to their own choice AND elements of personal discipline factor in as well

You're absolutely right, Cap't. BUT does the street drug addict make the pusher legitimate? I think I'm going to fire off an email to my M.L.A. suggesting that either they outlaw them outright or tax the sh*t out of them. Even stupid people deserve some pity.

 

[Nuggler]

The consumers chose to enter into the contract.

Lower the beer taxes so people don't need beer loans.

:shaking2: y'all ken get beer loans ???

Payday loan firm Cash Store’s woes grow as Ontario aims to end licence | FP Street | News | Financial Post

Harper wants to crack down on the illegal criminals, while the legal "criminals" continue to operate in plain sight without recourse.

Close'em down or lower their interest rates.

I don't think the great leader gives a rolling sh it about the working poor who need these "services".......It was Ont. got the ball balling about these shylocks............

That being said the legal "criminals"............white collar ???........need to be put down like rabid dogs.

The great leader ain't gonna do much bout that any time soon.

Might be nice if jobs. (remember when we had some) paid enough to live on without these leeches. Before them it was the finance companies with their version of "payday loans"..........

Next time round I'm voting for Darkbeaver.:canada:

A Con in every pot. Bring oil to a boil slowly or until screaming stops.

 

[petros]

Sure, people go to loan sharks by choice too. But we don't set them up in shiny storefronts with florescent lighting and let them advertise on television with snappy ads. Why not?

Because Govt can't collect GST and a T2 from the thug types.

 

[captain morgan]

You're absolutely right, Cap't. BUT does the street drug addict make the pusher legitimate? I think I'm going to fire off an email to my M.L.A. suggesting that either they outlaw them outright or tax the sh*t out of them. Even stupid people deserve some pity.

Fair enough. Clearly I am in the minority on this; that said, don't interpret my commentary as implied approval of the company's practices.

In the end, it wouldn't break my heart if they closed their doors, but the risk is that the credit card companies are next, shortly followed by lines of credit through the bank, etc.

You want to compare them to pushers, that's fine, but lets not forget that these pushers come in mant forms (gvt the biggest of all) - do we outlaw them too?

:shaking2: y'all ken get beer loans ???

Kind of.. Returning the empties is like a down payment on a beer loan