Cash store crooks ordered to repay $1 million.

[Machjo]

How exactly does that fix the need of people with bad credit to obtain money when they need it?

Well, if they have bad credit AND no money, then they need serious help. I don't think lending at usurious interest is teh solution.

Loansharks still won't give a damn. Payday loans have probably saved many a kneecap from a beating - and it's those very same people who don't return the loot who have the next guy paying more. Laws are much too easy on deadbeats.

Well, if it should be harder to borrow from Payday loans, then they'll think twice before borrowing, right?

 

[Ron in Regina]

What is the percentage of a paycheque that you could get a loan for? I think I remember at one time that I'd heard it was in the neighbourhood of 60% or 70%.

I hate to say it, but I honestly don't remember the %'age at this point, as it's
been a while since I'd been involved in that industry, and I'm sure much has
changed since. I just looked this up online though:
Payday Loans | The Cash Store

Since then, I'd spent a couple years managing a different outfit, then more
than 1/2 a decade in the transport industry, then time as a plumber, and the
last three plus making little rocks (Fred Flintstone style).

In all seriousness, the mob doesn't do loan small loans like that. Plus you don't really need collateral with them, basically anyone with kneecaps has collateral, right? Also, I think they tend to do things like lend you 5 grand and tell you you owe them 10 grand back.

Nobody is breaking anybody's kneecaps over $200. That's a bad business model.;-)

 

[SLM]

I hate to say it, but I honestly don't remember the %'age at this point, as it's
been a while since I'd been involved in that industry, and I'm sure much has
changed since. I just looked this up online though:
Payday Loans | The Cash Store

Wow, they've really expanded their services. They even offer accounts now.

Still think the rates are too much and if that knocks some people out of the running for using the service, well maybe they should be out of the running. Mind you, I think credit card rates are too high as well.

Since then, I'd spent a couple years managing a different outfit, then more
than 1/2 a decade in the transport industry, then time as a plumber, and the
last three plus making little rocks (Fred Flintstone style).

Flintstones rocked! Pun intended.

Nobody is breaking anybody's kneecaps over $200. That's a bad business model.;-)

Uh, nope. Lol. But I watched this doc on the mafia yesterday so I've Wise Guys on the brain.

 

[lone wolf]

Well, if it should be harder to borrow from Payday loans, then they'll think twice before borrowing, right?

Twice as hard for a good story? Maybe. If the intent is to take the money and run, no amount of interest is going to get in the way.

 

[Ron in Regina]

Twice as hard for a good story? Maybe. If the intent is to take the money and run, no amount of interest is going to get in the way.

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