​
CanLaw
Credit Problems? How to legally reduce or eliminate all your debts.
Current as of
PAY DAY LOANS ARE AS DANGEROUS AS CRACK
BEWARE: PAY DAY LOAN SHARKS AND CHEQUE CASHING SCAMS WILL ROB YOU BLIND
Don't be a sucker and a victim.
Avoid these loan sharks at all costs.
Prey Day loan sharks are for losers
Payday loans are a dangerous trap.
Your first loan must be paid in full in 2 weeks. You need all of your pay cheque to live on. so you need a new loan to pay the original loan and on and on.
You will need to take a second loan to pay the first and a third to pay the second and on and on. Huge admin fees and 500% interest have you in a cycle of debt.
It may seem like you have no other choice but pay day loans in an emergency, Taking out a payday loan lowers your credit score, will eat up any savings you could have had.
THEY DEFINITELY WILL SUE YOU
IF YOU DO NOT PAY.
WARNING Avoid All Pay Day Loan Sharks or Cheque Cashing Outfits.
BEWARE: DO NOT DEAL WITH LOAN SHARKS
USING DESCRIPTIONS LIKE THESE
Payday Loans, Quick Cash Loans, Cash Advance Loans, Deferred Deposit Loans, Check Advance Loans, Post Dated Cheque Loans, Cheques Cashed. No Credit Check,Fast or Quick Cash, Get Money Now, Bad Credit OK
HERE IS HOW THEY GET YOU HOOKED
Some of the many ways payday loan companies charge illegal interest disguised as fees
Even though the Criminal Code of Canada considers fees and service charges to be interest, which are all charged on a payday loan nothing seems to be done to stop these crooks.
When a new regulation is made law, the pay day loan sharks change the names of their illegal charges to something else.
Each of the following is actually considered under the law to be interest. Added together they usually far exceed the legal amount of interest that can be charged for a loan
- Setup fees
- Account fees
- Administration fees
- Processing fees
- Convenience charges
- Verification fees
- Brokers’ fees
- Collection fees
- Loan repayment fees
- Renewal fees
There are many more terms for the hidden illegal interest charges these crooks use to cheat you.
Pay Day Loans Are As Addictive As Crack
Pay Day Loans Are Easy Credit Ripoffs
Prey day loans charge
over 500% interest
You can get a better deal
from the Mafia
The maximum cost of borrowing applies until the date your loan is due.
Beware of Prey Day loan rip offs
and
Cheque cashing services.
The Federal Government has introduced legislation lowering the maximum interest rate specifically in order to curb these bandits. Both charge outrageous, probably illegal fees.
Pay-day loan sharks are charging annual rates of interest as high as 360% for advance loans, which is why several class-action lawsuits are now swirling.
Some credit card issuers face lawsuits over gouging rates on cash advances.
Both rip off the poor and leave them in worse shape than before. If you need to use a pay day loan service, you are already in deep financial trouble and need to get help... fast.
