The truth about high-interest loans: Hidden camera investigation (Marketplace)

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

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  • @wren9463
    @wren9463 3 ปีที่แล้ว +412

    This is where the "loan sharks" of old went...they just stopped breaking knees, and opened a storefront

    • @CHAOS88100
      @CHAOS88100 3 ปีที่แล้ว +27

      "we aren't a bank, we're a high risk lender" ...... they're loan sharks

    • @jinx724
      @jinx724 3 ปีที่แล้ว +11

      I've met loan sharks who are more honest and fair than these places

    • @RespectableRSYt
      @RespectableRSYt 3 ปีที่แล้ว +21

      You kidding me not even gangster loan sharks would charge you 54% interest

    • @MsNoPixel
      @MsNoPixel 3 ปีที่แล้ว +7

      Some still break knees, that’s just in the back room.

    • @victorfrankyl4146
      @victorfrankyl4146 3 ปีที่แล้ว +13

      These guys Fairstone easy finacial and money mart, are 100x worse than a loan shark.
      Loan sharks tell you whats going to happen if you dont pay, there is no hidden fees. Lol

  • @MsNoPixel
    @MsNoPixel 3 ปีที่แล้ว +131

    I will never get enough of the hidden camera investigations, please keep making them!

  • @erin9241
    @erin9241 3 ปีที่แล้ว +564

    I unfortunately worked for one of these companies and its all too true! I felt horrible human being.. My boss loved her job.. made me sick to my stomach almost everyday..! I last 5 months there! They prey on low income families. They actually market to those living on fixed incomes.... Just absolutely horrible..

    • @709mash
      @709mash 3 ปีที่แล้ว +37

      Yup. I Had to make cold calls to people who fit that description. Easy financial interest went up to 58%. It should be illegal.

    • @northerntraveller3815
      @northerntraveller3815 3 ปีที่แล้ว +39

      Brutal, you actually have a heart which is why you felt bad for these unfortunate people. Glad you moved on, you have morals!

    • @erin9241
      @erin9241 3 ปีที่แล้ว +17

      I got a cold call list and the area I lived in was more older people... my list was over 60% of deceased people... so wrong..

    • @tubetubecommentor4795
      @tubetubecommentor4795 3 ปีที่แล้ว +10

      do they actually tell you to "hide" the contract and rate?

    • @christinedavidson5633
      @christinedavidson5633 3 ปีที่แล้ว +21

      @@tubetubecommentor4795 YUP pretty much. I worked for them too. They tell you to explain the smaller rates and like they said in the video "3.9%" instead of the reality of 29.99%. And yeah they are right, the contract is printed when you agree to do the loan BUT they dont explain they can cancel it on the spot with no repercussions, they just push you to sign as soon as the paper is in your hands so you dont get a chance to look at anything. It's really messed up. We get huge bonuses every couple of months for not making any mistakes because we are taking so much money from people all the time. And they do this thing called "MOD" manager on duty which means they pick one person to "manage" everyone else when no manager is around which causes a lot of animosity, and 99.99% of ALLLLLL managers NEVER work weekends. They make the schedule so they never schedule themselves.

  • @V4NLIFE_CANADA
    @V4NLIFE_CANADA 3 ปีที่แล้ว +205

    I fell for them at 46% interest! Didn't speak much English and had no idea what I was signing for! Now 4 years later still paying it off. Almost done and never again!

    • @jonnyhaha7392
      @jonnyhaha7392 3 ปีที่แล้ว +16

      I was desperate and got caught up in a 46% as well... still got a year left, luckily it wasn’t a big loan

    • @cococly
      @cococly 3 ปีที่แล้ว +17

      I thought my car loan of 4.99% was already waaaaay to high.
      Your 46% interest rate isn't even the APR....
      Crazyy

    • @jonnyhaha7392
      @jonnyhaha7392 3 ปีที่แล้ว +8

      @@cococly ahaha no not at all 4.99% is one of the better rates for a car. This is a personal loan so it’s significantly different of course. A personal cash loan from your bank will typically be around 20% on the low end... assuming you don’t miss payments.

    • @merrymaurader2521
      @merrymaurader2521 3 ปีที่แล้ว +2

      @Fans of Matt Cutts exactly. Dave Ramsey is good with this

  • @AndyinMTL
    @AndyinMTL 3 ปีที่แล้ว +324

    Been there done that....NEVER AGAIN! One of the worst decision of my life!

    • @ProfessorRuh
      @ProfessorRuh 3 ปีที่แล้ว +12

      Same. Told myself never again

    • @tellitlikeitis7305
      @tellitlikeitis7305 3 ปีที่แล้ว +5

      I feel you me to never again

    • @iananyapaul
      @iananyapaul 3 ปีที่แล้ว +10

      @Major Mike people in general are not immune to falling for such sharks, especially when they are at a vulnerable point in their life, Einstein. Think before you comment

    • @originalunoriginal4055
      @originalunoriginal4055 3 ปีที่แล้ว +2

      How much did you borrow and how were you required to pay back (in $s)?

    • @harbscity2278
      @harbscity2278 3 ปีที่แล้ว +9

      yeah i went to easy financial and went bankrupt, worst decision. i learnt and i am young. live and learn.

  • @gamebuster800
    @gamebuster800 3 ปีที่แล้ว +170

    "high interest loans" Oh yeah i got an 11% loan once, i'm so glad I paid it off --- 39%? 46%!? that's insane! how is that legal

    • @gagegreen4009
      @gagegreen4009 3 ปีที่แล้ว +4

      I had a loan with 46% interest and with loan insurance I would make my payments and 370$ of my 371.17$ payment would go to the loan people

    • @melaniesonier6493
      @melaniesonier6493 3 ปีที่แล้ว +5

      I have 2.31% on my house and 9% on my credit card... 40% is insane🤯

    • @TubeDeviant
      @TubeDeviant 3 ปีที่แล้ว

      It's legal cause they kick back their taxes to the government.. That's about it.

    • @yayger825
      @yayger825 3 ปีที่แล้ว +3

      Never enter the double digit interest rate.

    • @thunderfire741
      @thunderfire741 3 ปีที่แล้ว

      Legal limit is actually higher than that

  • @troyw8016
    @troyw8016 3 ปีที่แล้ว +407

    They should teach personal finance at school, ppl are under prepared for these scams.

    • @bobpiusz2830
      @bobpiusz2830 3 ปีที่แล้ว +24

      School math needs to include more financial math. It's not that difficult.

    • @clintrose4217
      @clintrose4217 3 ปีที่แล้ว +34

      What about personal responsibility? Education is a start yes. But that wont solve the problem. People need to pay their bills on time and manage a budget. A little humility can go a long way.
      If you add up your income minus your expenses and get a negative number that means you either need to earn more, or consider cutting back and spending less somewhere. Yes the world is hard and unfair but it all starts with you

    • @bobpiusz2830
      @bobpiusz2830 3 ปีที่แล้ว +11

      @@clintrose4217 PPL need personal responsibility education. Add that to your educational curriculum in addition to financial education. The system is broken.

    • @starwars1744
      @starwars1744 3 ปีที่แล้ว +6

      The one lesson in school you would use for your entire life regardless of career choice.

    • @SniperReady
      @SniperReady 3 ปีที่แล้ว +5

      They do teach it, people just ignore it. Remember in school when the kids would skip or ignore their math classes? That’s was it.
      The first woman is a perfect example of why these places exist, her and her husband did something they WANTED to do, they then decided that their want became a NEED and they took out more and more money. The husband had a well paying oil job (which anyone with any sense would know could turn over at any time) and they took out loan after loan to cover this renovation.
      The first woman (the first couple) are the perfect example of people being very poor with their finances and taking on credit as soon as it’s made available too them.
      People who put themselves in this position aren’t always desperate. Those people were not. Many, many people just buy things they can’t afford.

  • @--8391
    @--8391 3 ปีที่แล้ว +27

    Thank you Market Place! You not only have you saved me thousands of dollars, you saved life and mental health. To think I was so desperate that I actually applied. I was declined at first, saying they could work thru it with me. I am so lucky to have watched this. It felt like digging yourself out of a hole. The more you dig the deeper you go. With tears in my eyes thank you! Are these the same people that offer inheritance loans.? When you lose your loved one and left with no money to pay for a funeral, where does one turn? I'm seeing happen all the time during covid!

  • @curiousottman
    @curiousottman 3 ปีที่แล้ว +268

    Revolving credit and money management should be a high school course. It’s not simple. It’s purposefully obfuscated by lenders. Borrower beware.

    • @eyeonlife
      @eyeonlife 3 ปีที่แล้ว +10

      It was in my highschool, same for how to write checks, stockmarket functionality and how to budget a family household. We also had classes to learn cooking basics, woodworking and even sowing! Aren't these courses still being given ?

    • @agentassfart3046
      @agentassfart3046 3 ปีที่แล้ว +12

      @@eyeonlife You went to a special school, most don't teach u anything useful.

    • @eyeonlife
      @eyeonlife 3 ปีที่แล้ว +2

      @@agentassfart3046 Wasnt these "home economics" course in all schools?

    • @agentassfart3046
      @agentassfart3046 3 ปีที่แล้ว +12

      @@eyeonlife as electives. Not compulsory. Basic finance should be compulsory. Figuring out the different types of triangles might not be so important after all.

    • @1013VS
      @1013VS 3 ปีที่แล้ว +2

      I wouldn't rely on the gov to teach these things without an agenda, but in this day and age and with the internet everything is online. Just watch Dave Ramsey for example.

  • @abdulalawaz5
    @abdulalawaz5 3 ปีที่แล้ว +112

    After you sign, you get a copy of the contract. What..? How is that ethical?

    • @kingoliver5663
      @kingoliver5663 3 ปีที่แล้ว +46

      Nevermind how ethical it is, How is it legal?
      This just shows how corrupt the government is.

    • @Doraemonhandle
      @Doraemonhandle 3 ปีที่แล้ว +12

      Agreed. I almost understand the high interest rate they charge (same as I understand why a Gucci tshirt is $850). But not giving the consumers contracts and details for them to make a conscious decision is a crime.

    • @stefanossmitty3318
      @stefanossmitty3318 3 ปีที่แล้ว +5

      Maybe because if you’re a thinking person, you would read the contract BEFORE signing it.

    • @kingoliver5663
      @kingoliver5663 3 ปีที่แล้ว +8

      @@stefanossmitty3318 some people are in dire need of money so most wouldn't think twice about it cause all they'd be thinking of Is how the money they get today will help them get through another day/week/month.
      So these place target the desperate and prey on them.

    • @stefanossmitty3318
      @stefanossmitty3318 3 ปีที่แล้ว +1

      @@kingoliver5663 oh I agree. I’m no fan of these places at all and there should be some cap on the rates they charge but my point was more that the comment that “you get a copy after you sign” is not particularly alarming or surprising. That’s exactly what happened when I bought my car. That being said, there should be greater transparency by these “lenders.”

  • @hbarudi
    @hbarudi 3 ปีที่แล้ว +119

    The payday lenders are a big problem in the USA too with insane interest rates.

    • @Macky1101
      @Macky1101 3 ปีที่แล้ว +4

      At least you can do extreme couponing in the USA. Not in Canada.

    • @TP-fl9ul
      @TP-fl9ul 3 ปีที่แล้ว

      Wow

    • @grechenliam7672
      @grechenliam7672 3 ปีที่แล้ว

      True,loan me is crazy expensive too,

    • @katienovota8870
      @katienovota8870 3 ปีที่แล้ว

      Fortunately there's been crackdowns on payday loan companies in the US, mostly over terms & conditions which seem intentionally confusing. But confusion isn't the same as deception & unethical isn't the same as illegal

    • @tomislavjelic7444
      @tomislavjelic7444 3 ปีที่แล้ว +2

      They exist because people who take those can't get better interest rates elsewhere

  • @calisurfin
    @calisurfin ปีที่แล้ว +17

    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 99.9% corrupt.

  • @FinancialQnA
    @FinancialQnA 2 ปีที่แล้ว +52

    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.

  • @cz2301
    @cz2301 2 ปีที่แล้ว +35

    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

    • @ScotianBlooded
      @ScotianBlooded 2 ปีที่แล้ว +3

      as a Canadian thank you for noticing hopefully things get better in 2025

    • @cz2301
      @cz2301 2 ปีที่แล้ว +1

      @@ScotianBlooded 3025?

    • @ScotianBlooded
      @ScotianBlooded 2 ปีที่แล้ว

      @@cz2301 next election is in 2025

    • @cz2301
      @cz2301 2 ปีที่แล้ว +1

      @@ScotianBlooded well, good luck. I dont believe that the new ones will be any different

    • @ScotianBlooded
      @ScotianBlooded 2 ปีที่แล้ว

      @@cz2301 home prices are up 70% since Trudeau no one can afford him

  • @godofentity
    @godofentity 3 ปีที่แล้ว +87

    Moral of the story; Don't borrow money from one of these places unless you're okay with never having good credit again, and have no intention on paying it back, ever.

    • @NB-ir1me
      @NB-ir1me 3 ปีที่แล้ว

      What happens if you sign the loan and never make a payment? No legal trouble just credit issue?

    • @hotcrazycatladyme168
      @hotcrazycatladyme168 3 ปีที่แล้ว +8

      @@NB-ir1me If you are still working then they can garnish your wages (which means your employer is approached and forced to give them their cut of your wages). However, if you are so poor that you have nothing for them to take then all they can do is ruin your credit, but that is bad for other reasons obviously and will only make it more difficult for someone to turn things around.

    • @michelemurphy3541
      @michelemurphy3541 3 ปีที่แล้ว +3

      I had to because I had gotten very very sick and needed medical treatment. I borrowed $1000. and had to pay back $4500.

    • @thetasworld
      @thetasworld 3 ปีที่แล้ว +1

      Moral of the story; capitalism is a moral swamp

    • @theroadnottaken9378
      @theroadnottaken9378 2 ปีที่แล้ว +1

      good point, even after making all your payments on time , these places do not report your good payment record to the credit bureaus, because if they did you would eventually qualify for a conventional bank loan.

  • @PokemonButcher
    @PokemonButcher 3 ปีที่แล้ว +72

    In Brampton, along Queen Street, there are 19 different loan / cash for gold locations. All of them have stayed in business for nearly a decade.

    • @Coolsam2000
      @Coolsam2000 3 ปีที่แล้ว +14

      It helps make the 96 month finance payment on the Mustangs/Chargers and pay for 1/5 portion of rent for the basement apartment.

    • @dbest19330
      @dbest19330 3 ปีที่แล้ว

      🤣🤣

    • @PokemonButcher
      @PokemonButcher 3 ปีที่แล้ว +1

      @@Coolsam2000 You know, you're right.
      We've got the highest car insurance rates and most expensive "rooming homes for students" in Canada.

    • @danman7903
      @danman7903 3 ปีที่แล้ว +7

      @@Coolsam2000 I’m not even Punjabi but I’m gonna defend them on this, that area is all lower class Newfies, Mangiacakes and Jamaicans who are keeping those places running. The very Indian parts of town are basically void of these places, most of them have too much pride to walk into a place like this. Unless they run the place

    • @rayboston8737
      @rayboston8737 3 ปีที่แล้ว

      @@Coolsam2000 hmmm

  • @AmericanPride1234
    @AmericanPride1234 3 ปีที่แล้ว +8

    It took me 17 years to FINALLY pay off all my damn payday loans here in Oregon. I work several jobs and I had to take out credit cards and Max them out to pay off one loan to reloan to pay off another loan and it was just a never ending cycle. Yes, 17 YEARS. It was unbelievable.
    2-11-21

    • @kellyhill4613
      @kellyhill4613 3 ปีที่แล้ว +1

      OMG

    • @billsmafia_
      @billsmafia_ 11 หลายเดือนก่อน +1

      17 years?! OMG, I'm happy you are free from it now though.

  • @caseys-tiny-home
    @caseys-tiny-home 3 ปีที่แล้ว +48

    Fairstones and all those other places need to be shut down. Instead of helping anyone out of debt you just get into more and will never pay it off.

  • @TheTwoCommaKid
    @TheTwoCommaKid 3 ปีที่แล้ว +50

    I’m learning so much from the marketplace ...thank you social media...

    • @KyleTO7
      @KyleTO7 3 ปีที่แล้ว +5

      Thank you Canada you mean lol

    • @isamu0gawa
      @isamu0gawa 3 ปีที่แล้ว +3

      @@KyleTO7 thank you CBC you mean lmao

    • @samiraaqib4895
      @samiraaqib4895 3 ปีที่แล้ว +1

      Ikr I love cbc

  • @deannagordon550
    @deannagordon550 3 ปีที่แล้ว +31

    I’m so very thankful that I never went back to get a loan from easy financial I was in a pretty bad situation as well but luckily I had a friend come through for me with no interest and I have paid her back in full. How horrible to treat people like this thank you so much for the information

    • @AstrayHxly
      @AstrayHxly 2 ปีที่แล้ว +3

      I’m currently stuck in a situation with easy financial. %46.96 interest on a 10k Loan I got for a car back in 2019 still paying it off and they can’t give me an accurate date when it’s paid off in full. I checked how much I owe and it’s still at $9,200 and I can’t even do school or move out. It’s horrible im glad you got out.

    • @ezekielshegsy
      @ezekielshegsy 2 ปีที่แล้ว +1

      @@AstrayHxly Hey are you free from them now?

  • @m0L3ify
    @m0L3ify 3 ปีที่แล้ว +60

    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.

    • @kellyparkinson8594
      @kellyparkinson8594 2 ปีที่แล้ว

      I can't give advice to do what I did but I found myself with a great job, salary but still struggling. I realized my credit score was terrible but I was lucky to be married to a very smart financial partner with rental property that I learned was marital property and we purchased our home with my name on deed but not on mortgage. I was do lucky and in such a situation where I realized the 5 or 6 payday loans I had ongoing at time, causing me daily crushing stress to the point of consideration something unheard of, suicide out of fear they would come after my husband and our property. I said enough! I reaearched and researched. Made notes about the many times I would go into the loan company with just a portion and they would say that's okay, you can actually just roll it over and they would hand me another stack of cash to get me thru that pay period and I could keep the last of my cash on payday! I know, I was unbelievably ignorant but actually I was living day to day, working hard knowing there will be a solution or the next time I'll pay back the smallest loan and just go without. Well once I realized how many consumer protection laws they broke, 10 page contract or not, I found 2 more payday loan companies, went in, took out max amount signed bogus contract and never paid one cent back to numerous amount of these companies ever again. I wanted revenge for all the innocent people they've sucked into debt trap. The most vulnerable people without a mention of how it should be last resort how it would be better to ask family or friends first and certainly never explain the unfathomable interest rates they charge! Their business is only profitable if they scam people into debt traps through deception complicated financial terms and straight up trickery. I had to endure harassing non-stop phone calls, threatening lawsuits, collections, threats of placing liens on our property, taking possession of my vehicle and even threats of arrest and jail time. All of it - complete lies hogwash, BS. Plus for the companies that threatened arrest, I was able to report them to CPA, FTC and State Attorney General since that was illegal and I happily watched the national company be shut down by government for fraudulent practices, faced a class action lawsuit and was hit hard with huge punitive damages. I screened threatening calls for 2 or so years, shredded threatening letters from them and it eventually stopped. They went away not even a mark on my credit report. I stole thousands from them and feel good about. I can't tell others to do this. My circumstances at the time just allowed me to stick it to them. My family understood bc I explained what I was doing. They weren't happy saying you should always pay back anything you borrow and I agree but this was different. These companies are evil - exploiting the most vulnerable. I wanted revenge. I didn't get it because it's a multi million dollar industry but I got to steal from them and it eventually felt wonderful. If I were to go back I think I would do it again but hit them even harder and do it to as many as possible in the state but that probably would have landed me in court. I somehow got away with 8 different loans ranging from $300-$500 each. After 2nd loan and researching I never got a loan for money. It was an experiment knowing my plan to hopefully educate others on how not to be intimidated by these companies threats of jail and how deceitful the contracts are and to go anywhere else if possible than to these companies. I'm practicing that now and helping many people who have been tormented over debt cycles and predatory lending practices.

  • @TheDanaYiShow
    @TheDanaYiShow 3 ปีที่แล้ว +26

    I found this series recently, great videos exposing some shady industries/practices, can't wait for more!

  • @weenfain2321
    @weenfain2321 3 ปีที่แล้ว +131

    This really should be illegal. If anybody’s wondering WHY things are happening in the stock market like they are right now this is a perfect example. Us tiny starving hard working peasants have to beg for a dollar from the man and then pay back 20 for that 1 dollar and are suppose to be thankful.

    • @soulcandy5758
      @soulcandy5758 3 ปีที่แล้ว +3

      That's why Islamic banking system is best, it is fair for all and sets measures for equal distribution of wealth

    • @jamesbutson6347
      @jamesbutson6347 3 ปีที่แล้ว +6

      This is why we hold our shares of GME.

    • @sonnydixonvideo
      @sonnydixonvideo 3 ปีที่แล้ว +2

      @@soulcandy5758 That has to be the most idiotic statement I have read on Google in some time. Beyond any reasonable thought.

    • @soulcandy5758
      @soulcandy5758 3 ปีที่แล้ว +1

      @@sonnydixonvideo talk with knowledge or will to learnand anything is beyond reasonable thought

  • @meiltoo
    @meiltoo 3 ปีที่แล้ว +72

    even a cap of 20% interest is really high, but the current 60% is nuts... how can the govt allow this!?

    • @raven4k998
      @raven4k998 3 ปีที่แล้ว +9

      so yeah if you thought your banks credit card had high interest it's rather low considering their interest levels

    • @remonanoia1764
      @remonanoia1764 3 ปีที่แล้ว +5

      For real the government is sleeping

    • @raven4k998
      @raven4k998 3 ปีที่แล้ว +2

      @@remonanoia1764 seriously you think the government cares your a dreamer silly little dreamer oh you got your head in your hands oh no oh no

    • @private2809
      @private2809 3 ปีที่แล้ว +5

      @@raven4k998 our gov is corrupt, but yeah. Gov regulation is the solution to this. Always has been.

    • @raven4k998
      @raven4k998 3 ปีที่แล้ว +2

      @@private2809 yeah but the corruption is not going to let that happen and you know it why do the right thing when you can do the Draconian thing instead

  • @on5samsung72
    @on5samsung72 3 ปีที่แล้ว +26

    Bet she was taken advantage for the home remodeling too.

  • @BeyondChange
    @BeyondChange 3 ปีที่แล้ว +15

    When People are desperate for money, they don't look at the interest rates, they look at the money they are getting at the Now Moment. Interest means nothing when you need the money.

    • @bayoudrummer9855
      @bayoudrummer9855 3 ปีที่แล้ว

      Exactly. This analworms are now sending live checks in the mail. You get a letter in the mail with a real check, if you cash it, then they got you. They will sue you first chance they get and you will pay their attorneys fee 25% of your loan and court costs. They want that judgement

  • @holysauron123
    @holysauron123 3 ปีที่แล้ว +15

    this is genuinely good journalism thank you!

  • @Yahsbsuq
    @Yahsbsuq 3 ปีที่แล้ว +13

    Love marketplace. You guys really be fighting the good fight

  • @taj1111
    @taj1111 3 ปีที่แล้ว +12

    Another problem is most people are not credit worthy and have ruined their credit so they run to these loan sharks. They are called high-risk for a reason, the lenders are taking a huge risk by borrowing you money. Banks wont even look at you. So there you have it

    • @jamesgoussanou
      @jamesgoussanou 3 ปีที่แล้ว +1

      in that case they need to stop borrowing because he wont get any better

    • @vicgamesvt9682
      @vicgamesvt9682 ปีที่แล้ว +2

      If these buissnesses can't survive at a 35% intrest rate *they shouldn't be in buissness* . This isn't even to mention the pay day loans below $1500 which have a 400% APR.

  • @alexinfinite7142
    @alexinfinite7142 3 ปีที่แล้ว +6

    I used to work for these places. Watching a person stuck in the Debt/borrow cycle is basically financial servitude.
    Once you get into Brick Top's pocket, you're never getting out.

  • @peterkuzmin8624
    @peterkuzmin8624 3 ปีที่แล้ว +10

    What's shocking is how little disclosure there is about risk of high interest loans. People need to be informed

  • @productreviewproductions439
    @productreviewproductions439 3 ปีที่แล้ว +29

    the government should step in regarding the contracts not being avalible to look at before being signed

    • @OdinOfficialEmcee
      @OdinOfficialEmcee 3 ปีที่แล้ว +2

      💯💯💯
      You would be no worse off going to a loanshark or a gang

  • @eekahai
    @eekahai 3 ปีที่แล้ว +6

    Hey Marketplace I watch it even though i live in India.
    Love this series have watched all episodes on TH-cam.
    Keep up the good work!!

  • @STONE69_
    @STONE69_ 3 ปีที่แล้ว +20

    Poor people can not get a bank Account and if they can the are hit with crazy fee's. So they have to resort to going to these high interest loans. When will the Government fix this problem?

    • @KyleTO7
      @KyleTO7 3 ปีที่แล้ว +8

      Poor people are fine in the beginning. Anyone can get a credit card and build credit. You've just gotta pay it back and built up a good repertoire with the bank.

    • @AhhhSukeSuke
      @AhhhSukeSuke 3 ปีที่แล้ว +1

      That is not true at all. My own RBC personal bank account is free, because I have my workplace's direct deposit attached to it....
      And 1 credit card opened. That's all it took to avoid a small mthly fee.

    • @KyleTO7
      @KyleTO7 3 ปีที่แล้ว

      @@AhhhSukeSuke I have RBC. What's that program called? I'd like it to as I have 2 credit cards with them.
      Do you still get unlimited withdrawals and such?

    • @KyleTO7
      @KyleTO7 3 ปีที่แล้ว +2

      And anyone can get a free bank account. Usually with a few bucks to start you off if it's your first account.

    • @KyleTO7
      @KyleTO7 3 ปีที่แล้ว

      @@AhhhSukeSuke I'm on the verge to switching to Tangerine. I already have an account but haven't fully switched over. I hate RBC's high fees.
      Id be happier if I have a mortgage through them and had higher fees for my bank and a cheaper mortgage rate but I only have a bank account so $15 a month is kinda high.

  • @badwifiop
    @badwifiop 3 ปีที่แล้ว +12

    how is it legal to get someone to sign before showing them the contract?

  • @ThrifterGuy
    @ThrifterGuy 3 ปีที่แล้ว +20

    Of course she is busy. And even if she talks it will be lip service. Because she would never need to use these predatory lenders.

  • @JoshGratton
    @JoshGratton 3 ปีที่แล้ว +16

    These institutions are scum - and often produce (some) employees that (due to the culture and incentives) perpetuate the attitude that “this is no big deal” when in reality they are being treated the same as the customer. An absolute shame. Interest rates should be capped at 20%.

    • @dimetronome
      @dimetronome 3 ปีที่แล้ว +1

      @blupheonix44 because it’s unethical.

  • @petepete2284
    @petepete2284 3 ปีที่แล้ว +28

    Time for the little guys to take these guys down.

  • @AngryCanadian1971
    @AngryCanadian1971 3 ปีที่แล้ว +6

    Sometime in 2019, someone got really upset with one of these places in Guelph and smashed out all there giant windows. That same place is still open today.

  • @amanuelchali3064
    @amanuelchali3064 3 ปีที่แล้ว +26

    Do not go to Fairstone their are shadiest company I every saw in Canada.

    • @jesscrator8406
      @jesscrator8406 3 ปีที่แล้ว +4

      No lendcare is worse.

    • @IslandGirlSue
      @IslandGirlSue 9 หลายเดือนก่อน

      Fairstone is the most predatory of all these institutions. I can say my personal experience with Fairstone showed how unethical and immoral as I nearly ended up homeless because of them. In the end to get out of Fairstone it required legal action and involvement of the Superintendent of Bankruptcy aka the government … telling them to stop accessing my bank account. However businesses like this should not be allowed to legally operate in Canada.

  • @jessicalevy6142
    @jessicalevy6142 3 ปีที่แล้ว +11

    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!

  • @Nivrad6Dmanindahouse
    @Nivrad6Dmanindahouse 3 ปีที่แล้ว +33

    Despicable. These institutions must be regulated and fined for their sins. I am very shocked on how they take advantage on the little guys who are financially distressed.

  • @thehALomolov2
    @thehALomolov2 3 ปีที่แล้ว +12

    11:54 "with 4 kids, no school and no childcare, she HAD to stay home" aka she quit due to circumstances at home.
    Of course the loan insurance for job loss is not going to apply. Credit insurances are just an extra money maker for making a quick buck with additional fees. They'll fight tooth and nail to deny coverage. Legal contracts do not care about personal circumstances.

  • @honestynolie9284
    @honestynolie9284 3 ปีที่แล้ว +8

    Desjardins was a nightmare. I made payments and they still reported to credit beareau that I wasn’t. I ended up contacting the BBB and consumer affairs before getting help. A one year loan and I was done by six months but still reported as if it wasn’t. I kept asking for statements and they would always tell me that it was in the mail.

  • @matt9060
    @matt9060 3 ปีที่แล้ว +60

    I'm gonna save you guys a lot of time. "Truth about high interest loans"
    They're an abhorrent practice, and they take more in interest than you can make from investing in stocks.

    • @doubaya2959
      @doubaya2959 3 ปีที่แล้ว +1

      Thanks however i have the time to waste.

    • @sparx180
      @sparx180 3 ปีที่แล้ว

      Matt You are on spot with your comment.

  • @imjody
    @imjody 3 ปีที่แล้ว +7

    I will always love Marketplace. Thank you for what you do! :)

  • @ScareFestTTV
    @ScareFestTTV 3 ปีที่แล้ว +35

    Love Marketplace!

  • @coreysimon8321
    @coreysimon8321 3 ปีที่แล้ว +8

    Firestone has been sending me letter tell my I was approved for $5000 loan but I've never gone and every couple of months after that until now I still receive them.

  • @phil3038
    @phil3038 3 ปีที่แล้ว +12

    I would love to know how much risk they actually take on, so at 46% you would only need 6 out of 10 to pay up in full with the remaining 4 paying nothing back, and your in profit.

    • @liquididentity101
      @liquididentity101 3 ปีที่แล้ว +1

      Sadly, that's not even close to reality. When a client defaults on the loan, that debt is sold off to colelction companies. So a ballpark of about half of that debt isnt actually lost. The lender is paid by the collections company in hopes they themselves can can collect on the other half. Yes, this is still a very surface-level look at things, but what you may see as a loss really isnt.

    • @phil3038
      @phil3038 3 ปีที่แล้ว

      @@liquididentity101 so they are probably very profitable, making a high ROI from those who are really struggling financially. I would love to see their records and find out.

  • @ajblack2410
    @ajblack2410 3 ปีที่แล้ว +15

    Isn't them making them sign the contract before letting them look at it required you even get EULA for gods sake

  • @MsNoPixel
    @MsNoPixel 3 ปีที่แล้ว +5

    I love that the senator is talking to you at her own home yet the other woman was “too busy”, it goes to show ya who actually cares about their citizens & who only cares when they’re on the clock.

    • @----5247
      @----5247 3 ปีที่แล้ว +1

      Christia freeland is BOTH the deputy prime minister and the minister of finance. To be fair, she is much busier than any other public figure

  • @jomarmacanlalay9442
    @jomarmacanlalay9442 3 ปีที่แล้ว +13

    Wow these places will put you in hole I remember my experience with them it was horrible my life was sad . Don't go there or you'll be worrying and sad. Never again in my life

  • @philbrown8056
    @philbrown8056 3 ปีที่แล้ว +31

    I have a credit score in the high 700s. Fairstone sent me a offer so I contacted them just to see. They offered me 7500 at 31% lol. I laughed at the lady asked why she tells me I'm high risk

    • @AcousticGString
      @AcousticGString 3 ปีที่แล้ว +2

      Lol, me too, I have almost perfect credit and I swear I get these offers atleast 2× a week from all different places. I'm not Canadian, I'm in America but we have the exact same thing here, the high interest scammers on a loan. If I need a loan I'll go to my bank...

    • @geniusTVshow
      @geniusTVshow 2 ปีที่แล้ว

      Personal unsecured loan is always "high risk" cuz you are not doing business loan that guarantee investing something that produce cash flow... personal loan can be spent on anything including gambling to some... it's a high risk financial business as well, zero trust from both side by default regardless your credit score (they know, personal credit score is fart in the wind)

  • @TO8
    @TO8 3 ปีที่แล้ว +22

    All these cash loan places should shut down for good. Hell the banking system should collapse as well.

    • @fedvvvv
      @fedvvvv 3 ปีที่แล้ว

      Lol. Yeah, good luck with that.

  • @goldiea8598
    @goldiea8598 3 ปีที่แล้ว +2

    My husband was with fairstone. It was horrible. He paid $300 and $240 was just interest. He got help from his parents to pay it fully off and got a loan at a different place through his parents.

  • @christopherwilson9979
    @christopherwilson9979 3 ปีที่แล้ว +5

    I worked for Easyhome about 6 years ago, Hated driving from one house to the the next asking poor people to pay on loans they couldnt afford in the first place, once had two very clearly mentally disabled sisters who had to come in with a social worker because they didnt even have the mental capacity to get out of these predatory loans. Would go the bestbuy weekly to buy all the ipads they had to loan them out for almost 10,000 $ each, that was the 5 year loan value, they had all sorts or weird metrics like SMUR

  • @rdesousa8955
    @rdesousa8955 3 ปีที่แล้ว +11

    you guys late to the party on this story - money mart has been charging up to 49% per annum for loans since 2018 already

  • @natronmeans6264
    @natronmeans6264 3 ปีที่แล้ว +36

    The high interest rates charged by these people should be Illegal..

    • @bekesir12
      @bekesir12 3 ปีที่แล้ว +2

      People should be free to make their own decisions even bad ones.

    • @scatch037
      @scatch037 3 ปีที่แล้ว +4

      The maximum legal interest-rate in Canada is 60%. This amount is set by government, not industry! If people have a problem, they need to talk to their politicians, not complain about the subprime lending industry companies. Know what you getting into, and make a plan to pay it off quickly and stick to that plan.

    • @natronmeans6264
      @natronmeans6264 3 ปีที่แล้ว +1

      @blupheonix44
      So greed just run wild until all the system Crashes huh?..

    • @natronmeans6264
      @natronmeans6264 3 ปีที่แล้ว +3

      @@scatch037
      Well, my comment was geared towards the folks in charge of regulating this behavior which is Government..
      Thanks for sharing though..

    • @natronmeans6264
      @natronmeans6264 3 ปีที่แล้ว +3

      @blupheonix44
      Be realistic! Capitalism is a Debt system & unless you're living in a Forest somewhere cut off from Humanity or lucky enough to be born into wealth ( with Borrowing & Leveraging most likely at it's Genesis) you are going to incur Debts to survive at some point in your life..
      It doesn't take a Rocket Scientist to figure out that People are Rigging the system to keep you in Debt for life unless something is done to keep it in check b/c it's not sustainable as a Society..
      Thus Recessions & Depressions keep happening & we the Tax payers keep bailing out these Morally bankrupt people..

  • @remonanoia1764
    @remonanoia1764 3 ปีที่แล้ว +5

    You guys are the reall deal love you guys all.amazing work god bless you all keep up the good work and keep Canadian people happy and aware of the thief's and scamers 👏👏✊✊🙏🙏

  • @nickiewilson6985
    @nickiewilson6985 3 ปีที่แล้ว +5

    Our Government has let these corporations rip the Canadian's off big time! Everything from forest, resources, mountains, fracking & on and on. When will you work for the rest of us

  • @brandonrayner5253
    @brandonrayner5253 3 ปีที่แล้ว +3

    I unfortunately had a loan with easy financial and they wouldn’t let me pay off the remainder of my balance and literally took me to court. From that point on I refuse to open any mail from any payday loan service, I’ve even tried to call them to remove me from their mailing service and they flat out refused to do so.

  • @NorthernBCFlyGuy
    @NorthernBCFlyGuy 3 ปีที่แล้ว +31

    that rate of 39.99 is super slimy. I bet many think they meant $39.99

    • @Nicholas-f5
      @Nicholas-f5 3 ปีที่แล้ว +4

      That's likely the scam

    • @shaq9361
      @shaq9361 3 ปีที่แล้ว +3

      yeah grown adults thought a 39.99 meant 39.99 to borrow thousands funny how adults don't take responsibility

    • @grae_n
      @grae_n 3 ปีที่แล้ว

      @@shaq9361 okay so on a 10k loan $39.99 biweekly annualizes to 10%? Hardly a scam. In fact they'd still be making money. Even monthly it's in the realm of possible.
      (52/2) * 40/10000 = 0.104=10%

    • @shaq9361
      @shaq9361 3 ปีที่แล้ว +1

      @@grae_n still making money. They can chose to make as much as they want since they took the risk and the other people can easily chose to not take the loan. No?

    • @grae_n
      @grae_n 3 ปีที่แล้ว +2

      @@shaq9361 my point was 39.99$ for borrowing thousands of dollars is entirely possible depending on the conditions. This whole industry is very slimy. I do believe in interest caps.
      It's very possible for interest payments to become larger than an individual's income. In that case the loan is non-repayable. You can say they have to pay it back. But they can't. It's just math.

  • @haydenkay-s1v
    @haydenkay-s1v 3 ปีที่แล้ว +1

    That's why we have to read and sign every single page of the contract and initial really important aspects in the contract like interest rates Fees lates payments and also have a 14 day cooling off period mandated by law in New Zealand and the responsible leanding act

  • @maxad1148
    @maxad1148 3 ปีที่แล้ว +5

    In my city, a city councillor passed a bylaw that these cash loan places can’t open up within the city limits. The ones that are already there are unfortunately grandfathered in but hopefully they’ll go out of business some day and my city will be free of these.

    • @birdman1265
      @birdman1265 3 ปีที่แล้ว

      What city is this if you don't mind me asking?

    • @maxad1148
      @maxad1148 3 ปีที่แล้ว +1

      @@birdman1265 Windsor, Ontario

    • @brandonthompson9824
      @brandonthompson9824 3 ปีที่แล้ว

      @@maxad1148 they circumvent that by buying old licenses. New ones can still open in Windsor.

  • @umarc9767
    @umarc9767 3 ปีที่แล้ว +2

    You are doing amazing work! I hope you are able to raise all these issues more and pressure politicians and governments to solve these loopholes in the law!

  • @mariek.474
    @mariek.474 3 ปีที่แล้ว +11

    60% interest and more is criminal, and in some provinces by consumer protection act anything above 35% is abusive. But even then, the worst of private landers try to get away with even more profit with adding some "insurances", "broker fees"... It's a predatory industry preying on people that are already struggling, and the banks are not forced to provide the same services with reasonable fees/interest and just don't want to.

    • @vicgamesvt9682
      @vicgamesvt9682 ปีที่แล้ว +1

      I'm surprised they didn't mention that pay day loans of below $1500 can have yearly intrest rates of 400%. Granted these loans are limited to 2 month terms it is still ridiculous none the less.

  • @treelife365
    @treelife365 3 ปีที่แล้ว +1

    These "payday loans" are offered to customers as "only $10 for $100 borrowed"... BUT YOU HAVE TO PAY IT BACK IN TWO WEEKS.
    That means the APR (annual percentage rate) is 260% whereas a bank credit card only charges about 22% APR - and that's a "special offer" from the payday loans places!!!
    For example, if you borrowed $100 at 22% APR, you'd only have to pay $0.85 NOT $10.00 in interest.

  • @TheSubzeto
    @TheSubzeto 3 ปีที่แล้ว +22

    It's such a predatory business. Taking advantage of people in financial struggle and exploiting their financial illiteracy

  • @R4PTORZWIN
    @R4PTORZWIN 3 ปีที่แล้ว +3

    Interest rates are difficult to comprehend because of the calculations involved to figure out how much interest is being paid over time, and how long it will take to pay off the full balance.

    • @xtrey19x
      @xtrey19x 3 ปีที่แล้ว

      This is where spreadsheets come in handy. Most people are walking around with mobile computers in their hands, but unfortunately they don’t know how to use them 🤦‍♂️. The numbers app that comes with the iPhone already have templates for things like this you just need to type in the loan amount and interest.

  • @CaptArgo24
    @CaptArgo24 3 ปีที่แล้ว +30

    tip: if you don't have the money...
    DONT BUY IT

    • @andrewrivard4458
      @andrewrivard4458 3 ปีที่แล้ว +1

      Lmao especially right now during the pandemic some are struggling 10x more than others and actually need to do these loans and the way they present said loans sounds like a good payable option but once it's all said and done and the pay date comes around and the finalizing of paying off the full loan is when you really realize how much they misled you, just like how easyfinancial said it's only 46.9% for the whole 3-4 years but really it's 46.9% interest for each of those years not just in a whole

    • @Reculse
      @Reculse 3 ปีที่แล้ว

      Yep that is solid plan.Especially for small stuff that you don't really need right away.

  • @handsomeawkward1822
    @handsomeawkward1822 3 ปีที่แล้ว +1

    Thank you for making this. People need to know to stay far far away from these places.

  • @hoodmaneducator9120
    @hoodmaneducator9120 3 ปีที่แล้ว +4

    Lots of companies such as these take advantage of low income ppl that are trying to take a mortgage but are not able to get it through normal traditional banks. They also work with brokers and trick ppl who would normally get normal bank loans

  • @mugs061
    @mugs061 3 ปีที่แล้ว +1

    I have done the loan thing with said company and never again. If you don’t pay them on time they constantly call you until you do. It was most stressful time for me and they were making it worse. I went credit consolidation society and they helped me make payments I could afford with my combined loans. I got a loan from my family to pay my loan so I am finally done, but once again never again. It’s not worth hurting your credit

  • @bigben2502
    @bigben2502 3 ปีที่แล้ว +7

    Never try lend money, and those companies Look like traps

  • @capriwarzone863
    @capriwarzone863 3 ปีที่แล้ว +4

    Moneymart almost ruined me when i was making the least. Screwed by OSAP i took their loan. One of my worst ever decisions.

  • @davide4162
    @davide4162 3 ปีที่แล้ว +8

    Having worked at one of these places, don’t get a loan from there.

  • @fakeMbadge
    @fakeMbadge 3 ปีที่แล้ว +12

    I borrowed like 1500 from money mart, fell behind on the payments i was 18 young and dumb. the best decision i made was to just stop paying them making a new bank account and moving on, they sent it to collections turned into a 3500 loan, tried to serve me through registered mail and I never answered. disappeared off my credit report last year. brought my score up a lot If you're like i was and facing homelessness because of these predators dont pay them. Most time they're not gonna go through the hassle of hiring a process server to come track you down for a under 10k loan.

    • @phil3038
      @phil3038 3 ปีที่แล้ว +3

      I agree, if your really struggling to pay then just fek em off, yes you will have to wait a few years till it's off your credit report, but they can't really do anything to force yo into pay, apart from sending letters and baliffs, both of which again can't force you to pay up

    • @marylindagail
      @marylindagail 3 ปีที่แล้ว +2

      with lockdowns and the pandemic, it has made these places ripe for making money. I walked away from a smaller loan after doing business with them for 10 years paying it back and reloaning each month. I am a low-income fixed income old age pension person and I have not had a problem walking away. I've paid them in spaids over the years.

    • @PickledAndFermented
      @PickledAndFermented 3 ปีที่แล้ว +3

      Congrats, you're the reason these places exist.

    • @ForceFedFetusFillet
      @ForceFedFetusFillet 3 ปีที่แล้ว

      Exaaaaactly

    • @xtrey19x
      @xtrey19x 3 ปีที่แล้ว +4

      I hope you at least paid back the money you borrowed (principal). The high interest and fees is what traps you, but you did take someones money so pay it’s only right to pay it back.

  • @muhammadrashad96
    @muhammadrashad96 3 ปีที่แล้ว

    government of canada MUST Take Action. Thanks CBC News 🥰

  • @blathetube1597
    @blathetube1597 3 ปีที่แล้ว +3

    It's inexcusable that personal fiance is not taught in school. I absolutely believe that our government is complicit in keeping citizens ill prepared to deal with money.

  • @patricksimard9588
    @patricksimard9588 3 ปีที่แล้ว

    Nice to finally see some good journalism from CBC.

  • @Stonksguy05
    @Stonksguy05 3 ปีที่แล้ว +5

    I work at a Canadian Financial institution, TD as a financial advisor and have personally seen countless clients suffer from stories like these or worse. This video is literally just scratching the surface!

    • @raymond289
      @raymond289 3 ปีที่แล้ว

      All Big bank Sell High interest SubPrime Mortgage and Sub Prime Auto Loan. Up to 19% annually.

  • @12svgaming96
    @12svgaming96 3 ปีที่แล้ว +1

    you should think that with such a high percentage on interest rates, that they should have more leniency for services paid for, hence people can take longer to pay back loans..

  • @IzellahImre
    @IzellahImre 3 ปีที่แล้ว +15

    Not this recommended after I just saw Trisha Paytas saying she ended up paying over 100k for 3k worth of loans- CRAZY

  • @thelmajones8337
    @thelmajones8337 2 ปีที่แล้ว +1

    Can you investigate the wellsfargo loan and BECU loan if theres interest are accurate and also the chase bank loan

  • @himearikawa3130
    @himearikawa3130 3 ปีที่แล้ว +2

    I cant stop watching this.
    And I live in the US of A.

  • @kurts3779
    @kurts3779 3 ปีที่แล้ว +3

    Hi Market Place,
    Can you please investigate Big Tech?
    Also, please investigate why trades were halted for retail investors on most of the brokerage accounts.
    Thank you

  • @chantimothy
    @chantimothy 3 ปีที่แล้ว +10

    "it offers people with bad credit an affordable solution"
    how is a return of doubling the principle an AFFORDABLE solution? do they even hear themselves????

  • @jordanmace317
    @jordanmace317 3 ปีที่แล้ว +1

    Thank you for teaching us as well as uncovering. A lot of us aren’t taught stuff like this

  • @adamcox124
    @adamcox124 3 ปีที่แล้ว +12

    The problem is that no one will lend to a high risk individual at 20% or you would make and money

    • @jamesh7540
      @jamesh7540 3 ปีที่แล้ว +1

      The sales practices here should be criminal (they are basically lying), and they should be forced to provide a contract before signing; however, I would have liked the news reported to include the default rates for these loans. High interest rates could make sense if something like 25% of customers default on the loan.

  • @Gazooo29
    @Gazooo29 3 ปีที่แล้ว +21

    Looks like the mob has storefronts now🤯 “poor stay poor”

  • @godofentity
    @godofentity 3 ปีที่แล้ว +13

    Pretty sure its actually illegal to force someone into a contract where they are unaware to what they are signing into

  • @TheImmortuary
    @TheImmortuary 3 ปีที่แล้ว

    Im sorry but that Lady at 14:00 said that she had to stop working to stay home with the kids. I understand that was a decision she had to make, we had to do it too, but the stipulation of the insurance is 'INVOLUNTARY'. And despite her situation, it sounds clear that he voluntarily quit her job, so she doesnt have a legal leg to stand on.
    The amount they charged her monthly? Someone should be locked up for that.

  • @b-rare
    @b-rare 3 ปีที่แล้ว +5

    I had to pause and take a picture of the part where it says these lenders borrow at 5% and lend at 40.5%. That’s an amazing business model . You make free money. That’s exactly how you invest in this world . Learn people. Use other peoples money to make money. That’s how you win. Learn.

  • @rushbayou5230
    @rushbayou5230 3 ปีที่แล้ว

    someone plz cover the check cashing with the money mart app... if u can get the app for ur mobile devise.

  • @gregmadore6365
    @gregmadore6365 3 ปีที่แล้ว +19

    I remember getting stuck in those evil pricks webs. I was going to one to pay off another one

  • @tndcosta2009
    @tndcosta2009 3 ปีที่แล้ว

    I took out a loan from Easy Financial to pay for a used work truck from a private seller. I needed that truck to do my job . I paid the loan back in less than a year. I didn’t have any problems that were mentioned in this video.

    • @1966johnnywayne
      @1966johnnywayne 3 ปีที่แล้ว +1

      Because these people are a bunch of children who don't want to be forced to live up to the rules that they agreed to.

  • @arlenmontrope4721
    @arlenmontrope4721 3 ปีที่แล้ว +10

    No choice. The banks won't touch me. You go where you can do business.

    • @xeero24
      @xeero24 3 ปีที่แล้ว +1

      They won't touch you, because you made bad decisions? You're "Undocumented"? I wouldn't call what these people do "Business". As an investor, I'm willing to invest in whatever, I don't care, but these places I wouldn't touch, they're legalized loan sharks.

    • @arlenmontrope4721
      @arlenmontrope4721 3 ปีที่แล้ว +6

      @@xeero24 yes, I made bad decisions when I was 20. And it has followed me for years. No excuses. I have cash flow and you know what, if I can't get a car loan for 4-6 percent. Then I'll take it for 15. This is the world i have to live in. I do need to travel for work. Oh well, just have to pay it down. Eventually credit will come back.
      You have good credit, good for you. Hope you make the best use of it.

    • @spacewolfjr
      @spacewolfjr 3 ปีที่แล้ว +7

      @@arlenmontrope4721 I've luckily never been in the same position but I 100% appreciate your perspective here. People can judge all they like but God forbid they'd ever have to walk a mile in your shoes.

    • @pixelpuppy
      @pixelpuppy 3 ปีที่แล้ว +1

      loan shark victims say exactly the same thing.

  • @sans-nom8311
    @sans-nom8311 3 ปีที่แล้ว

    15:04 She ‘felt rushed?” Well that’s a sales tactic. Look at how she detracts the blame. “You’re not able to read them, you basically blink and they’re gone” no, they don’t. If you can’t read what’s in front of you they won’t agree to it it’s really simply if you wanna blame that. You could easily say “I couldn’t read it” do you think they’d just say “okay well you owe us”? No. They ask you if you’ve read the agreement and then require a signature and THEN take it away. Why is that “so hard”? Learn to be a stronger consumer. Companies take advantage of “how you feel” if that’s how you go about doing business then that’s your problem. I’m not a saying they’re being predatory but if you “can’t even read the agreement” you shouldn’t agree. It’s common sense. Boo boo lady you agreed that you couldn’t read it why did you sign it??

  • @masteryofself3695
    @masteryofself3695 3 ปีที่แล้ว +7

    6:20 NEVER! sign a deal with a person whose hands are shaking uncontrollably. This guy probably can't even sleep at night.

  • @gmi109
    @gmi109 3 ปีที่แล้ว +2

    If you look at what area of town these places are in, I bet you find that they aren't in the rich neighborhoods because people who do well with their money don't get there by borrowing money, especially at such high interest rates. At the end of the day it is up to the consumer to realize what they are signing up for unless the company is just flat out lying.