So I was down on my luck, and more importantly my money last week and took out a payday loan. I borrowed $100, even though they approved me for much more. I’ve done this a few times in the past to make ends meet. Just this weekend, I ran out of money and went to request a “top up”. Another 100 dollars until my pay day. I’ve also been able to do this in the past. This time, however, I was informed that there is new provincial legislation against these top up payments. These places can only do one loan per pay period.
So let me get this straight, I could have walked in there last week and borrowed 500+ dollars, but I can’t borrow 100 dollars last week and another 100 dollars this week?
I just want to know why our provincial government has made this their business. Are they trying to protect us from ourselves? You know what people do when they need fast money and can’t get it legitimately right? THEY COMMIT CRIMES!!!
Who does this benefit? I’ll tell you who, these pay day loan establishments. It sure as fuck doesn’t benefit poor people like myself who are in need of a break and have no where else to turn. Now, instead of being conservative and trying to borrow as little as possible, I have to borrow more than I might need to ensure that the money lasts me.
Thanks, but no thanks, NS government. Please butt out of people’s personal affairs. I will be writing to ask why you felt the need to pass such a law, when we have so many more appropriate things to legislate. This shit here is none of your business as far as I’m concerned. Not sure what I’m supposed to do now. —Should I Rob a Store or Something?
This article appears in Jan 5-11, 2012.
You’ll never get ahead fuckin with those payday loans. They did you a favor.Now next month you wont have to rob Peter to pay Paul. I know its hard, but live within your means.
You got it right in the first few sentences… This province and it’s elected officials believe they know better than you do what you need – and they are more than glad to protect you from yourself… – in every single Fucking aspect of your life!
Be lucky you are just realizing this now, it is easier on your head that way 😉
They call them loans of last resort for a reason…payday loans are certainly predatory in nature.
But also I know they provide a valuable “service” for those those who literally have no other way to make ends meet…
Sorry you are in that position OB – I am sure you aren’t the only one 🙁
One of the very few things I agree with that the government did. These places will suck every penny out of you and you’ll smile about it. They are just on this side of the line from loansharks.
These places are not giving you a break or helping you in any way.
I agree OP. I don’t think it’s the government’s right to put a cap on how much you can fuck yourself over as long as you are the only one held accountable for fucking yourself over.
These places are designed to put you in constant debt. A friend of mine borrowed 500 bucks five years ago and he’s STILL in a cycle with them. he’s paid them THOUSANDS of dollars he didn’t even borrow.
The most retarded thing you can ever do is borrow from these places. Jesus jumped up Christ they have signs on the walls of these places that essentially say in numbers “We’re total fucking scammers who are out to fuck you”
You’re better off swallowing your pride and borrowing from a friend or family member. You’re better off begging on the street. Stay away from these places. Don’t be stupid.
Tim i agree.. but i don’t think it’s the government’s place to govern the stupidity of individuals. Merely to say “Sorry, you’re on your own” if you DO borrow from these guys.
The problem OP, is that these dangerous loans are spilling over into other realms of the economy. People get tied up with payday loan scams and then can’t pay their other bills. Which affects the entire economy when you have thousands falling into traps like this. Millions if you count the scam that is credit in general.
OP I’m not saying YOU’RE stupid enough to get into a cycle with these people. There are some people who can borrow from the payday lenders, pay it back at a 30% loss (which is standard, btw) and come out just fine.
There are also people who can shoot heroin once a month and keep it at once a month. There are also people who can climb Everest.
See what i’m saying? You’re treading on seriously thin ice with these fuckers.
You agree with the government sticking their nose in people’s personal affairs BT? Like the bitch says, the government has no problem with them lending you more money than you can afford to pay back, as long as it’s once per pay period. Therefore, people have to borrow more than they might need, or find themselves SOL and desperate. Desperate people = potential criminals. Would you rather OP be out sticking up stores or robbing people, or be in debt to Money Mart. Pretty sure I, and society prefer the later.
This doesn’t help people, a limit on how MUCH one can borrow, maybe but not how often. I don’t see what difference it makes. If they can lend you $500 per pay period you should be able to say. “Maybe I’ll just take out $150 and if I can’t make that last I can always come borrow another $100” That way you can be conservative.
Yeah I hear that IK, except that this forces people to borrow more money than they might need and therefore make the problem worse.
This isn’t helping anybody but these scambags you speak of.
You are lucky that your government is standing up to the thieves who run these establishments. You need to stop it with the pay day top ups and get your finances in order.
The truth is slapping you in the face and you can’t feel it for all the yelling you are doing.
were all the pawn shops closed or something?
they give you 30 days or so, don’t they?
I’ve never pawned anything so I’m not sure how it works…
though I do frequent them often for some cool shit.
How are they standing up to them INFY? This benefits them.
I agree OP, if people like yourself want to screw themselves over, the government should let you. Except when you owe so much money you can’t pay it back and begin to lose everything you “own”, you’ll be the first one to bitch at the government for allowing these loan establishments to exist.
OB, get a real job. The majority of people have money set aside for a rainy day. you should have at least 6 months of pay as a backup. Those money-loan places are thieves. If you’re dumb enough to borrow money from them, you deserve to remain poor. Thank god you’re not a financial adviser.
OP, how much do you have to pay back when you borrow $100?
I have never used one of these places, but the only time I ever needed money like that was when I was young and sniffing coke. If the loaner does go back for more money in the same pay period, my guess is that it’s for drugs.
Did you know that rich people make money off poor people? That’s right, many mutual funds invest in poor blokes that pay 29% interest on their credit card purchases. So, looked at in that light, you are being done a favor.
First, you’re a fucking DUMMY for using that service.
Second, the – yes-they-are-indeed-useless – government did that to save your financial ass beacuse you are too stupid to realize the trouble you’re gonna get into by borrowing from these shysters.
Third, clearly you need to plan and budget better. If you need to borrow money, you dont make enough or you spend too much.
Either get another/a better job or stop blowing your budget on candy.
I was thinking of this bitch while I was on the elliptical runner and it occurred to me that my bank used to have a $200 limit on how much I could take out of the ATM, and it was MY money, already earned!
This was back in my salad days…now, even with a gold debit card, I don’t think I can take out more than $1,000/day (the most I’ve had occasion to take out at once was $500, so I’m not totally sure of the limit)
So, in case you couldn’t tell from my earlier reply, I don’t think it’s a bad thing for the gov’t to limit how much you can borrow from your paycheck. Doin’ you a favor, pal.
Tommy and IK, the reason I agree (this time only) is that these idiots who use this type of “service” will wind up on welfare, costing all of us money. If I thought we the taxpayers weren’t eventually going to pay for these dumbasses, then I wouldn’t care.
Ok, but the thing here that you guys seem to be missing is that OP could have borrowed all the money he/she wanted as long as it’s once per period. So how does this new legislation do anything to help that? It’s going to result in people borrowing MORE money, not less, thus making them more likely to become a burden to the state.
If the government really wanted to help they would put a cap on the outrageous interest these places charge. I’ve had to get a pay day loan before, they’ll approve you for pretty much your whole paycheck if not more! THAT needs to be legislated, but I think it’s bullshit that OP did the smart thing, only borrowing a hundred bucks, and then, when they ran out of options could not borrow another hundred, but they could have borrowed over 500 in the first place. If OP ever needs to use this service again they’ll probably borrow more than they would have before this new legislation.
I don’t see what effing difference it makes whatsoever if someone wants to take out 2 loans each for $100 or one loan for $200. It’s the exact same thing.
And IK, you can take out as much money as you want regardless of anything if you go to the teller, but the machines have a limit because the potential for fraud is higher and the bank has to protect itself. I believe the maximum you can get at an ATM per day is $1000
Xeno* sorry, not IK
I’d also like to add that it’s really easy to call OP stupid or irresponsible for using these services, but people fall on hard times. I’m really happy for you that none of you know what it’s like to be broke a week before payday and not know where your next meal is coming from. In a perfect world no one would ever pay any interest fees or have to borrow money or use credit, but the average Canadian household is something like 25 000 in debt. Shit happens, and any one of you would probably get a payday loan if you had no other option.
What alternatives would you all suggest for people in this situation? Sell their bodies? Sell drugs? Steal stuff and sell it? Pawn their shit for 25% of what it’s worth? Fire away, I’m all ears.
jebus fuck o.p., are just finding this out now. hell, anyone could have told you 50 years or more ago. yes, we do have a nanny state, to protect us from us, and sometimes others too. but it really should be up to you or i or joe blow, to decide what we want and should be able to do. holy operation shadow puppet.
Well, young Thomas, I have been presupposing that the government knew what it was up to instead of instituting these changes in a vacuum. Who knows? the government may have its head up its ass, but maybe there is some research to back up this new policy.
What would I do if I continually fell short of funds before payday? Well, I’d look at my expenses to see what could be changed or eliminated. I’d get another job. I’d sell stuff on Craig’s list. Last resort-put it on a credit card.
What else should the government control Tim? Fascist!!!
If the government wanted to do something useful with banks/lending institutions, they would have them waive or substantially lower their debit/credit and automated teller fees. Banks bilk billions of dollars a year from customers, which would be better utilized in the economy, for this overpriced service.
As for the payday loans… Chickenhawking is a government specialty. With the government controlling liquour, gambling and cigarettes/controlled substances (some of the worst things for people, but the most lucrative businesses control), what business do they have deciding what is good or bad for us?
How does using payday loans = going on welfare, Tim? Another gem of a theory!!
I pay less than 10% on my CCs. If people are going to payday loans constantly then they are going further in the hole for living expenses and sooner than later they will be up shit’s creek without a paddle. So soon it will be bankruptcy (which we all pay for with higher rates so yeah welfare). Employers will not keep employees who have constant money problems.
Hey guys, guess what? Pk has absolutely NO consumer debt. AND she has pretty much all the same shit her friends with credit cards and lines of credit have. It’s called being patient and saving up for things. It feels pretty darn awesome to bring a big ticket item home and know it’s 100% paid for. 😀
BT: I agree with most of what you’re saying, HOWEVER, I disagree with the part about employers not keeping employees with money troubles.
It’s none of my employers’ business what my financial state is, as long as I come to work, come to work on time and do my job properly. And it really irks me when people are all “well if you have money troubles, you’re more likely to steal from your employer!” — I have a few friends who have had issues with credit cards and some bankruptcies, and they are good, honest, decent, hard working people who just had a string of bad luck, and I know for a fact they would never steal from their employer. One in particular has brought back a can of soup that was missed by the check out at the grocery store just to pay for it.
Employers can stay the fuck out of my financial business. Their job is to pay me in exchange for my work, which I do very well. Once that money’s in my hands, it’s my business, not theirs.
PK, there are jobs out there that if you have money problems it can affect your employment (the military, policing, jobs which require security clearances, banks, etc). It is their business because you can become vulnerable to outside forces to spy for them. And yes it does happen.
Yes, but you stated “employers” and didn’t specify as to suggest that people with ‘money problems’ won’t ever find jobs.
Simply don’t work for those people. 🙂
I never said they wouldn’t find jobs. I said money problems can compromise their jobs and they could be fired. Even if you work for Mickey D’s, if you are having constant money problems and getting further and further into debt, the stress will cause you problems at work. By the time you hit these payday loans, you are already in very serious trouble. Very few use these places once and they become a fact of life to most as it gets harder and harder to live pay cheque to the next paycheque, which you have already spent, causing you to go back, leaving you with less and less.
until you win the lottery… of course.
If you are bumming for change… you probably shouldn’t be bothering with fucking scratch tickets…