https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn GNED-1119 Money Matters en-us 2022-04-02 12:25:19 UTC 2022-04-02 18:06:43 UTC hello@padlet.com candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126459679 This is a great example of how Payday Loans can sometimes help you out in a pinch. One positive side to Payday Loans is that they are good if you are in a bind. For example, say your car breaks down and you need a quick $200 to get the car part to fix it and don't want to take out a bank loan. The interest rate for a bi-weekly payday loan is 15% per $100. So in 2 weeks you would pay the Payday Loan company back $230 on your next paycheque. So Payday Loans can be beneficial if used for quick emergencies. I chose this website because in my past as a Payday Loan employee, I would see a lot of first time customers come in and would get a Payday Loan in examples such as broken vehicles, they needed emergency dental work, they had to buy diapers for their baby, someone needing a few hundred so they can buy groceries until they get their paycheques at the end of the month. Payday Loans can sometimes help you, when banks don't take a second look at you. ]]> 2022-04-02 12:44:03 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126459679 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126468818 This video is another great example of how Payday Loans can be a positive transaction. In this video, the speaker mentions how her customers would sometimes get Payday Loans if they just started a new job and needed a few hundred dollars for supplies before they started their first day. This could be a good idea if the customer has poor credit and would not get approved for a bank loan, and in order to start their first day,  they need those supplies, so a Payday Loan would help them get their new career started. 
I chose this video because it gave great insight to why customers choose Payday Loans over banks. Sometimes it's easier, quick cash, no hassle, and there's no credit checks for a Payday Loan]]> 2022-04-02 12:59:37 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126468818 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126487109 This video touches a lot on how the interest rates for Payday Loans and their Installment Loans add up the more money that you borrow. With Payday Loans being 15% interest per $100. Installment Loans are up to 46.9% and can borrow up to $39,000 for a 5 year term. 
I chose this video because it is a good example of how PayDay Loan companies can easily take advantage of those who are in tough situations. The terrible part of the PayDay Loan world is that they are not looking out for there customers, because if they were they would not be charging upwards of 46.9% APR (Annual Percentage Rate) on a loan to those who may have lost their jobs, who have to cover possible funeral expenses and have no where else to go. From experience, I strongly believe a massive con to Payday Loans is that they prey on the vulnerable. ]]> 2022-04-02 13:28:31 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126487109 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126512947 This video discusses how Payday Loan companies will constantly call, harass, and even threaten customers if they have defaulted on their loans, even if it is just by 1 day. 
I chose this video because from experience not only are Payday Loan vendors allowed to call you up too 3x a day but we also will call you 3x a day 3 days before your loan is due to verify that you will be in. If you do not pick up the phone days prior to when your loan is due, we had to keep calling the customer until they answered the phone. As an employee I found to absolutely be harassment and there was nothing the employee could do because Management would look at our call records everyday to make sure that we were calling them 3x during our shift. This type of harassment should not be legal in Canada. ]]> 2022-04-02 14:09:07 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126512947 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126527395 This is a great website that explains how Installment Loans can increase your credit score. You maybe wondering why I'm mentioning this when my page is about Payday Loans; well the majority of Payday Loan companies in Canada also offer Installment Loans of upwards to $39,000 depending on the company. 

My take on this from someone who has signed up and sold Installment Loans to customers is that it's almost never a good idea. I would say 99% of customers who I found took out Installment Loans at an interest rate of 46.9% used this money for materialistic things that they did NOT need. As a Payday Loan employee I had to encourage and try to sell the Installment Loans to every single customer that walked through the door. You might be wondering, why? Well, employees are forced to sell the installment loans because they make nearly 4x the amount of money in interest alone than they do selling Payday Loans. With Payday Loans being 15% interest per loan, installment loans make up a whopping 46.9% interest. 

So when I discuss Installment Loans with the customers and they hear they are automatically approved for up too $5000 without a credit check they usually get it because they just see the dollar signs, they don't see that they'll be paying almost another $5000 in interest. 

However, 1one good thing that can come out of an Installment Loan from a Payday Loan company is that it does help increase your credit. I had a lot of customers who would only take $1000 installment loan as a way to either build their credit score, or they recently just got out of a bankruptcy or have poor payment history and want to increase their credit. Because banks, credit unions etc have all denied them, sometimes getting the minimum amount you can for an Installment Loan just to have some positive form of good payment history is one way of regaining your credit score back. 


]]> 2022-04-02 14:29:43 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126527395 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126531360 This website discusses more of the pros and cons of Payday Loan lending such as quick cash, interest rates, financial struggles etc. 
I chose this website because I think it is a great site that gives an unbiased opinion of what Payday Loans are, when and if you should use them and to proceed with caution because a lot of Payday Loan companies often have a lot of hidden fees that the customer is unaware and legally the employee does not have to disclose. ]]> 2022-04-02 14:35:28 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126531360 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126535867 This is the Government of Canada Website that gives you definitions, answers your questions, and discusses what Payday Loans are, and what your other options are if you are in a tight spot and need funds right away. 
I decided to use the Government of Canada website as a way to define what Payday Loans are because I believe this website really discusses how dangerous payday loans can be for your financial history, and how easy it is to get into that Payday Loan loop of constant borrowing because they can never pay their loans back.]]> 2022-04-02 14:41:42 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126535867 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126545766 I believe this topic is extremely important to read if someone is considering getting Payday Loans. The author writes about how the majority of those who use Payday Loans inevitably end up in a "Payday Loan Loop/Hole" where it takes them YEARS to finally get out of the Payday Loan cycle. 
I chose this website because I cannot count how many times I have seen new customers come in and only need $100 and then they keep coming back, except they start to borrow more and more and more money until they start loaning 50% of their paycheques (50% of your gross pay is the maximum amount a Payday Loan company can approve you for a bi-weekly Payday Loan). As a reader, you might be thinking "why would anyone borrow up too 50% of your pay? That's crazy!". Although you maybe correct, but Payday Loan companies are very good at selling you more money and can word it so increasing your loan is "not really a big deal". For example, a Payday Loan employee will sell an extra $100 on your Payday Loan by saying "I know that you only get $100 Payday Loans, are you sure you don't want $200 this time? To borrow an extra $100 you'll only paying $15 more than you are now! That's it, I think that feasible right? That's literally the same price as like a meal at McDonalds!" And this is how easy it is to get into the famous Payday Loan Hole. It's easy to get into it but harder to get out. ]]> 2022-04-02 14:57:08 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126545766 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126553650 At some point i'm sure you've heard the term "Loan Shark" and then [insert Payday Loan company] right after. It doesn't matter what Payday Loan company you add at the end of Loan Shark, because they're all the same. 
In reality, Payday Loan companies make their money by exploiting peoples hard times, or that they should just get the $10,000 installment loan to buy a new car or taking advantage that they are in a vulnerable position and feel like they have no other options to financially help them out. 
If Payday Loan Companies were really there for the customer, they would not be charging 15% interest per Payday Loan (60% per month if you're paid weekly!) or charge 46.9% interest on Installment Loans where the company knows they will never recover and will have to keep digging themselves into a hole just to be able to financially pay off all the interest the Payday Loan Company makes.
So as someone who has worked in the Payday Loan world, yes Payday Loan companies are absolutely Loan Sharks, and will always prey and the vulnerable. ]]> 2022-04-02 15:09:52 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126553650 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126556952 In my personal opinion: While working with a Payday Loan company our biggest customers we made the most money from was not from those who lost their jobs, who were on Government assistance like ODSP. No, our biggest and most likely customers to return were often customers who had professions working as Nurses, Police Officers, Firefighters and OPG workers. The majority of them did not NEED Payday Loans as they all made very good money but they took out massive Payday Loans or Installment Loans to help fund their lavish lifestyles and to make it look like they have more money than they actually have by taking out $20,000 installment loans to buy a fancy boat, or big trucks, nice dinners etc. ]]> 2022-04-02 15:14:54 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126556952 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126562235 My name is Candice Marsh. I chose to discuss the pro's and con's of Payday Loans as I worked as a Payday Loan employee with varies companies for over 5 years in hopes to gain enough financial experience to be hired at a bank. 

I wanted to do this topic because there are not a lot of website/sites where customers/future Payday Loan customers can get the opinions from someone who was in the field, and knows all the good, bad, and ugly parts of loaning with Payday Loan Companies. 

I hope this webpage helps define what payday loans are, what the interest rates you are expected to pay, when paydays loans can be useful vs when they can be dangerous. I have also added website that can also guide you in the right financial direction so you can steer clear of Payday Loans. ]]> 2022-04-02 15:22:41 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126562235 candicemarsh7 https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126570666 1.  What did you learn about Payday Loans that surprised you the most?

One thing that I learned the most was that I did not know so many Payday Loan companies were telling the customers the wrong information in order to trick them into getting a loan. In the video I posted under "Cons: High Interest Rates" the undercover investigator proves how many Payday Loan employees were telling them the incorrect interest rates to make the loans sound better. Not only is this absolutely illegal, but this job morally is questionable let alone flat out lying to your customers just so you can make your monthly quota is disgusting. 

2. Provide a real-life example of how this topic is relevant or interesting to you
I have mentioned it a few times, but this topic is relevant to me because I use to work for the biggest and most well known Payday Loan company, so I thought it would be interesting to give my perspective on the topic as well as learn about past customers experiences was interesting!

3. If you could pass on your knowledge to a family or friend, what do you think is the most important thing to pass out?
From my past experience and knowledge, the most important thing I can say is to not do it. I've personally seen family be destroyed, Marriages end, and homelessness just from customers borrowing money from Payday Loan companies. When I say it can destroy lives, I mean it and i've seen it all first hand. ]]> 2022-04-02 15:37:03 UTC https://padlet.com/candicemarsh7/1qrxxqezfp15tdfn/wish/2126570666