Cash store crooks ordered to repay $1 million.

bill barilko

Senate Member
Mar 4, 2009
5,846
478
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Vancouver-by-the-Sea
There have always been those who feed off the poor-the only Good News is that I've seen a lot of these places opened in relatively wealthy neighbourhoods-like mine-and close once the lease is up the business just isn't there I can think of two on Broadway that are gone now and another that will be shortly.

So these companies aren't doing as well as they hoped and judgments like this will hurt them further.

I like the sting in the tail-making the bloodsuckers put a million down before the ruling is passed so they can't run for it.
 

Locutus

Adorable Deplorable
Jun 18, 2007
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I'm not defending these criminals, however...nobody forces anyone to take one of these loan shark deals. Oh now sure, it's sad and all that there are poor people, some stupid people and gullible ones too. But still. It takes two.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
547
113
Vernon, B.C.
I'm not defending these criminals, however...nobody forces anyone to take one of these loan shark deals. Oh now sure, it's sad and all that there are poor people, some stupid people and gullible ones too. But still. It takes two.


You're absolutely right, I was stuck for a P.C. admonishment for the patrons.
 

JLM

Hall of Fame Member
Nov 27, 2008
75,301
547
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Vernon, B.C.
I'm not defending these criminals, however...nobody forces anyone to take one of these loan shark deals. Oh now sure, it's sad and all that there are poor people, some stupid people and gullible ones too. But still. It takes two.


Do you think that patronizing these bandits is a prime reason they are poor?
 

damngrumpy

Executive Branch Member
Mar 16, 2005
9,949
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kelowna bc
Think about this for a minute the loan sharks would be charging a lot more.
No I don't think they need sympathy they are parasites. For the poor it
becomes a tredmill pay the loan and interest, borrow before the end of the
month and pay the loan and interest. We need to teach some people how
to manage money and society would be a lot better off
 

SLM

The Velvet Hammer
Mar 5, 2011
29,151
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London, Ontario
I'm not defending these criminals, however...nobody forces anyone to take one of these loan shark deals. Oh now sure, it's sad and all that there are poor people, some stupid people and gullible ones too. But still. It takes two.

I agree, it absolutely takes two. But we (society) shouldn't be legitimizing it either. If we're going to legally allow what I call "fringe financing" businesses, perhaps we want to take the time to determine limits on what they can charge? At least, let's see if we can't make it on the fairer side of what the Gambino Family might be charging, ya know? Lol.
 

Machjo

Hall of Fame Member
Oct 19, 2004
17,878
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Ottawa, ON
I'm not defending these criminals, however...nobody forces anyone to take one of these loan shark deals. Oh now sure, it's sad and all that there are poor people, some stupid people and gullible ones too. But still. It takes two.

Righs, just as a drug addict choose to buy drugs. The lender, just like the dealer in this analogy, is still not excused. If I should exploit another person's stupidity, desperation, addiction, or anything else of the sort, I should accept at least part of the responsibility for that person's circumstances.

Stupid or not, a person still has a right to not be exploited.
 

SLM

The Velvet Hammer
Mar 5, 2011
29,151
3
36
London, Ontario
Righs, just as a drug addict choose to buy drugs. The lender, just like the dealer in this analogy, is still not excused. If I should exploit another person's stupidity, desperation, addiction, or anything else of the sort, I should accept at least part of the responsibility for that person's circumstances.

Stupid or not, a person still has a right to not be exploited.

I don't think he was excusing the lenders, believe he actually called them criminals actually, but there is a valid point to be made that the borrowers need to take some responsibility for their part in it. Using the drug addict analogy, the addict will always need to take responsibility for their part in it if there is ever hope for recovery, it simply is not possible without it.

But I do agree with the exploitation piece, in that we should not be legitimizing an organization that exploits people at least not to that degree. An argument can be made that all services "exploit" on a certain level. I mean, if your pipes burst in winter you call a plumber, he essentially earns his living when people are desperate and in need. But that situation is reasonable. Charging the rates that these payday loan places charge, can be no ones definition of reasonable. If we're going to give a business license to these guys, we might as well give one to the traditional loan shark as well.
 

MHz

Time Out
Mar 16, 2007
41,030
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Red Deer AB
Cash Store ordered to pay $1M for illegal payday loans - British Columbia - CBC News


These bastards were charging customer 23% interest per month. 23% per annum is bordering on criminal! Why aren't these bastards in jail? Is there any way the working poor can organize and starve these bastards out of business?
Are you sure that is correct, it is 23% for a loan that is due in 14 days is it not making it 46% per 30 days? On top of that the 23% is still in place if the loan is only for as few as 3 or more days so per month that is 230%

I agree, it absolutely takes two. But we (society) shouldn't be legitimizing it either. If we're going to legally allow what I call "fringe financing" businesses, perhaps we want to take the time to determine limits on what they can charge? At least, let's see if we can't make it on the fairer side of what the Gambino Family might be charging, ya know? Lol.
What kind of example does the Govt show when they pay billions each year in usury on the national debt when it could be $0?
 

Dixie Cup

Senate Member
Sep 16, 2006
5,693
3,570
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Edmonton
Yeah, my understanding from what I've seen from these cash loan companies is that 35% is a GOOD rate! Many have upwards of 60% plus once you factor everything in. Still, I believe it's a legal form of loan sharking and they shouldn't even be allowed.


JMO
 

lone wolf

Grossly Underrated
Nov 25, 2006
32,493
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In the bush near Sudbury
I don't think the guys dispensing the money just fell off the turnip truck.
You wouldn't know it with some of them.... A good story from Bruce (now deceased - a victim of his own stupidity) got him several thousand dollars from three payday loan places here in Sudbury.
 

taxslave

Hall of Fame Member
Nov 25, 2008
36,362
4,336
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Vancouver Island
If there are going to be restrictions on the loan sharks then at the same time there has to be legal ramifications for those that do not pay back their debt. These are unsecured loans to people with bad credit.
 

Machjo

Hall of Fame Member
Oct 19, 2004
17,878
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Ottawa, ON
If there are going to be restrictions on the loan sharks then at the same time there has to be legal ramifications for those that do not pay back their debt. These are unsecured loans to people with bad credit.

That should fix itself. The lower you place the cap on interest rates, the less interested businesses will be to lend money to people with bad credit, as it should be.