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

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canada liberal government needs to step up and stop these rip off companies from charging so much interest on canadians in canada
Comment from : @brentmarr1331

I’m never doing ts anymore
Comment from : @usernamezz1981

The uk is the wild wild west of payday lenders and even we got rid of Wonga
Comment from : @apoch2001

the truth about high-interest loans is that they carry high interest
Comment from : @johnjamele

Making BB the “bad guy” isn’t fair reporting if the device is out of warranty and it’s a third party purchase But BB has to hold their third party sellers accountable by banning them if they don’t meet their marketplace standards It’s baloney that people are ignorant that it’s a third party seller
Comment from : @miptjc57

We need shows like this
Comment from : @Subo23

Marketplace should do a show on payday loans In Ontario, the annual effective rate is 3,724 on payday loans, but they are not required to disclose the effective annual interest rate All they disclose is $15/$100 for two weeks
Comment from : @pgbrandon

Although these insanely predatory rates are absolutely brutal, the bigger issue is the fact that 8/10 people are highly uneducated in finances, and they willingly sign their life away These loans are optional, no one is ever forced to The lack of education is the real problem
Comment from : @roganor

So her excuse for not reading the contract was that she "felt rushed" People seriously need to grow spines and learn to speak up for themselves
Comment from : @DavidKen878

Who is here because they're considering borrowing money from one of these plaeces?😭
Comment from : @ToddRodSkimmins

Unfortunately for some this is the only option since bank do not lend to some
Comment from : @drewnielson6472

The existence of such businesses seems to feed the spending habits of some - people trying to spend more than what they actually have on hand If people change their spending behaviour, such companies would have no business at all
Comment from : @benjaminxie2037

what's unfortunate is no amount of reading the contract is gonna help you if you don't understand what its saying the apy confusion for example financial wellness has to be taught
Comment from : @Viteaification

Never EVER allow ANYONE to have access to your bank account
Comment from : @testchannel-mr1pt

its called Usury , and its straight out of I$rae1
Comment from : @jaerockchalk3216

Time the CBC gets defunded 100
Comment from : @UTUBESUXS2024

But isn't this the same thing banks are doing a 600k mortgage at 5 interest will cost you almost 100 in interest if you stick to their payment plan ?
Comment from : @SamanoSoleyn

I totally get it i dealt with so many times i was with fairtstone i ended up to bankruptcy ,i bankrupt everything from credit cards them pay 150 a month and got a new bank account and you really to know what ,they're are telling you ,they run tell how to get the money weather you have ei ,yes ots a high intrest there all the same,borrow the money and go om a proposal it won't hurt your credit
Comment from : @davedyck9892

They should be illegal
Comment from : @jfkr77

Fairstone bank needs investigation done
Comment from : @jfkr77

Reminder: It's a choice to accept these loans
Comment from : @skullmanwizard

The liberal government is going to fight against these guys Three years have passed, another 30 will pass and everything remains the same I am not going to vote for the liberal party again They are liars who do nothing The conservatives are more honest You know they are not going to help you Maybe the only help they offer is that you pay less taxes on your salary
Comment from : @freddyanonimus2964

I sure hope there are changes in the system
Comment from : @pl8316

I almost got tricked into one, i got scared when she listed all my credit card bills im like what the heck!
Comment from : @maanalettecastro-alonzo9792

This is the banks fault in rejecting Canadians especially when they need money to survive the most
Comment from : @sacheenmehta1982

It doesn't seem to matter what governments in power, liberal or conservative for that matter but they don't care Or they're getting major kickbacks from these big companies They need to step up and go after them hard
Comment from : @bobhearn7402

WHY ARE THESE COMPANIES ALLOWED TO EXIST IN CANADA?
Comment from : @RoseyFuture

Stop voting for parties that remove regulations and protections for consumers
Comment from : @RoseyFuture

How the hell do you pay interest on an insurance payment? They didn't loan you the insurance, they sold you the insurance as a product connected to the loan they issued
Comment from : @SolidSonicTH

Payday loan needs to illegal
Comment from : @Immortal-sr8gq

The government won’t do anything because some of the politicians have invested money into these companies
Comment from : @johnnunes2993

Loan sharks
Comment from : @simba6964

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 999 corrupt
Comment from : @calisurfin

Our neighbor right next to our cabin owns 2300 acres that he acquired by giving poor farmers and ranchers loans they can't get from any bank change a high interest rate and most of them don t pay it back and he seizes their land
Comment from : @rustinpierce7269

The disability and unemployment insurance is a scam My mother inlaw paid extra money into unemployment with her car loan When she lost her job, she thought that extra money would cover her 3 missed payments later, the repoman took her car away
Comment from : @jasminmenzies9759

I was sent a check for over $4000 @ 34 percent interest over 18 months All i had to do was sign the check Even though i could use the money but i dont need it that bad Straight in the shredder it went
Comment from : @justmeagain9051

FAIRSTONE is the worst EVER! Never make that mistake
Comment from : @melydely6117

😂😅
Comment from : @Christine-oc7lh

I paid one of these places off 10 years ago in full, in that time they called me every 2 years since telling me I still owe them If I didn't keep my letter of release I would have been screwed again for 8grand
Comment from : @James-nv1wf

Pay day loans of below $1500 are even worse they charge 15 every 2 weeks or almost 400 APR In my opinion the government should cap pay day loans to $250/$100 or 60APR and these larger loans above $1500 should be capped at 35 which the federal government is doing
Comment from : @vicgamesvt9682

Loan sharks have a new field
Comment from : @MCarrick-ss7xc

and governments allow this in the name of capitalism ridiculous
Comment from : @bradparker1020

I don’t feel sorry for her (Karen)
Comment from : @langstontisdale1107

MAFIA MONEY
Comment from : @paco1443

I was a victim to fairstoneand i will NEVER DO IT AGAINi learned the hard wayi was desperate
Comment from : @cntygirl74

He is right!! We tried so I left
Comment from : @shelleyfortier3094

Nothing has changed over the years very sad 😔
Comment from : @pd220783

What is the government doing to stop such malpractices?
Comment from : @baqirhemraj7639

These are high risk loans The interest rates are justified
Comment from : @liquiditywso9808

That should really be considered criminal
Comment from : @jennygao826

Fairstone Financial should change their name to Unfairstone Financial
Comment from : @chiplobay6126

If kids learned basic math/finance in school, people would laugh at these loan places
Comment from : @FreshAirRules

these guys are real scammers cutting legs to the low income families and you know the saddest part is that they’re legally operating in all cities shame on to the canadian politicians💯
Comment from : @kingwazza2500

If political entities are investing in these predators we are doomed They won't let their money walk away I wish they would claw down on this massive theivery I didn't know the truth until watching this Not looking good for this team
Comment from : @andreal891

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
Comment from : @cz2301

I've had to use test places a couple times what totally defeats their practice is pulling out the calculator and doing the calculations right the and there Budget accordingly, based on the interest rate If 80 of the people that came Into the places and did a little work they'd be better off But alot of these people don't have really any financial literacy, hence this problem These places are designed to help once in a rainy day no more
Comment from : @michaelgill387

I worked for Money Mart for a few months We could make up to 100000/shift in bonus pay (paid cash daily) and the more you could convince the customer to buy the more you got in bonus They wee horrid, absolutely predatory I left because I could not do that to people
Comment from : @gerbearjones6056

Don’t get a Best Buy card because they doing it too
Comment from : @dehvon29

The card was owned by the kardashians I bet LOL This fam went further and further in the whole They should have driven out to home depot and grabbed a few Mexicans
Comment from : @My2CentsYall

I cannot imagine ever being so desperate that I would pay 27 interest on a loan I could not afford
Comment from : @tomc4860

It’s important to note that if you default on a consumer debt loan, life will be fine Yes, your credit score will take a hit, but there is not much that they can do except make empty threats Also, in Canada, as of fairly recently, if they haven’t been able to get a hold of you for five years, the debt goes away If you are a working individual, they may be able to garnish some of your wages However, if you are someone on welfare or disability, they are not allowed to touch your disability or welfare checks The only downside to consumer debt, especially if you were someone on a fixed income, is you will get mean calls from people who think they are in a position of authority, threatening letters that aren’t worth the paper they printed on, and your credit score will take a hit The thing is about your credit score, it really only matters if you’re making above a certain amount a year If you were someone on a low income, and you’re making under $16,000 a year, it doesn’t matter whether or not you have the best credit score Even if you have a 900, you still won’t be able to get anything with your credit because of your limited income The only debt that you should be somewhat concerned with is if you have a government debt like a student loan Otherwise, consumer debt isn’t a BL and all that most people Are conditioned to believe it is This comes from life experience, and the experience of working alongside a financial advisor
Comment from : @hieuhieuphamvan9433

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!
Comment from : @hieuhieuphamvan9433

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
Comment from : @hieuhieuphamvan9433

Ya know it's cheaper to get a cc cash advance on a unused credit card and pay it off a week later
Comment from : @AlphineWolf

How are these company allowed to exist in Canada
Comment from : @christycoates3331

My wife years ago had to deal with easy homethey would show up at her door looking for payment, lurking around the house, very creepy I helped her pay off the 1000$ couch that cost her close to $4000 when everything was done
Comment from : @mattzahab2946

No sympathy for people breaking the law sorry
Comment from : @mysteriousjane11

In the USA they have 500 apy
Comment from : @Rosetteismyname

They're a bunch of crooks!!!!
Comment from : @ghostgirlinc-oj6ly

Part of the problem is how little financial education people have It's one of the most important life skills to work on
Comment from : @BrianThrives

While the percentages are insane, at what point is it down to personal responsibility? Can’t feel sorry for those who don’t read the fine print
Comment from : @alexm2843

These payday companies got lobbyists and the government would be "foolish" to lower rates when they are also making money
Comment from : @djkarma6904

The guy wearing the red striped sweater, was shaking like leaf
Comment from : @thelastminmom5251

I always see these places as a "RED FLAG" and stay the hell away from them ! They even send me mail, offering to lend me $ 15,000 !?? but I want a grant, not a loan !!
Comment from : @pierre-rose7783

if a loan company won't show you the contract you are about to sign, RUN OUT THE DOOR! It is not worth it
Comment from : @frankm4148

How do I contact you by phone
Comment from : @nikkib9236

How can we protect ourselves
Comment from : @nikkib9236

Very sad, so many people living paycheck to paycheck!!!
Comment from : @mateofernando5066

My cousin bro did this to me I paid 10 for two weeks
Comment from : @radhakrishnagowda398

I borrowed money from money mart before and they had taken all of it out on my next pay and that was that Never had an issue with them
Comment from : @axlewavey4144

What is wrong wìth you people
Comment from : @paulhorgan6152

I’ve payed 834 in interest over10 years nowm fairstone loan is supposed to be done But now they want 17000$ :(
Comment from : @kevywilliams3304

I’m stuck in a fairstone ordeal!!! After10 years and 32000$ interest on 20000$… Hey want another 17300$ !!!!! I don’t know what to do :(
Comment from : @kevywilliams3304

Easyfinancial biggest rip off brEven after paying my loan off to zero brThey found service charges and hidden fees to make me pay a extra 800 brRip off
Comment from : @GoFastGuyin2025