https://padlet.com/cassieshania/6k72j0kecmmqrgf6 en-us 2023-04-02 04:31:50 UTC 2023-04-04 03:53:17 UTC hello@padlet.com cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540934344 Welcome everyone! Here you will learn about Payday Loans/ Cash Money but, more specifically, the Pros and Cons associated with them. There will be numerous videos, websites, images and helpful questions answered that will help grow your knowledge regards Payday/ Cash Money loans.]]> 2023-04-02 04:34:22 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540934344 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938078 This website communicates 5 main topics. These topics include what a Payday Loan is, how it works, Pros,Cons, a breakdown and alternatives to Payday Loans. Something I find important on this website is that typical payday loans are small amounts, ranging from $100-$1500 with a 2 week term. Something else I learned on this website is that lenders usually do not check credit scores, which can leave borrowers into what is called a Payday Loan trap. A Payday loan trap is when borrowers are allowed loans they are unable to pay back. The last important information I viewed on this website is that the loan is unsecured. This means that in the event of being unable to pay back the borrowed money, the lenders are unable to take you property as the consequence.

What makes this website different from others is the way it is easily divided with pros listed with headings as well as other topics.]]> 2023-04-02 04:49:26 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938078 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938106 This website is Cash Money. They are one of the most well known popular Lenders in Canada. This website briefly explains what a line of credit is and the process of applying for them. Satisfied customer reviews are also left towards the bottom of the page which can give assurance to others that they can be trusted.

I chose this website because it is a great way to see what interest rates would be in real time as well as how much money you could get.]]> 2023-04-02 04:49:33 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938106 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938139 This video is a great informer for Canadians. It explains that many companies hide guidelines due to the fact they only have to display what it would cost to borrow $300 for 2 weeks in Ontario. It also goes on to list better alternatives and routes to try before going to a payday loan company.  This can include trying to borrow from family members or friends.

I chose this video because many people may not understand that Payday loans should primarily be their last resort in difficult situations. The high interest rates is what makes these loans a bad idea.]]> 2023-04-02 04:49:43 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938139 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938163 This video focuses on the dangers of Payday Loans. A licensed insolvency trustee answering many common questions and grey areas associated with getting these loans. At the time of this video 4/10 people had Payday loans play a part as to why they required to ask for a consumer proposal or Bankruptcy.

This video is important because it warns Canadians about the dangers of trying to get multiple loans at lower amounts that don't have to be reported to the government.]]> 2023-04-02 04:49:51 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938163 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938189 In this video, CBC news had one of their reporters go undercover as a customer to examine if these Payday Loan employees were being truthful and how well they are explained. In the first interaction, the employee responds says the rate is %3.94. She did not include that this is monthly. The annual interest rate in that situation was actually %46.

I chose this video because it is important to understand that it is the employees' job to make the sale and that it can be common to be misled in these financial situations. Having interactions recorded shows proof that if you aren't very knowledgable in an area, terms can be very easily misunderstood. ]]> 2023-04-02 04:50:00 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938189 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938209 The final video goes into weather or not Payday Loan affect an individuals credit score. Topics include how expensive it will be, whether they report to Equifax and Trans union, Value to the score and lastly value to the underwriter. Individuals seeking a Payday loan are seen as high risk which can cause worsening credit.

I chose this video because while it was short, there was a lot of information that was explained as well as the creators opinion on the overall topic of Payday Loans.]]> 2023-04-02 04:50:08 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938209 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938277 This image shows a visual representation of the disadvantages to obtaining a Payday loan. The most commonly known disadvantages being high interest rates and predatory lenders.]]> 2023-04-02 04:50:28 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938277 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938292 This visual shows how much $300 would cost customers depending on that amount, as well as the term. This chart is a good visual aid for individuals that can not imagine the chart and alignment. ]]> 2023-04-02 04:50:35 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938292 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938557 What did you learn about your topic that surprised you the most?

Something that surprised me most, is that the annual interest rate of loans can average at about %442. This seems outrageous, but this is to ensure they are able to make their money back and at an amazing rate on their end.

Provide a real-life example of how this topic is relevant or interesting for you.

This topic is relevant to me because if I knew anyone that needed a Payday loan, I would be able to educate them. Another reason why this is relevant to me because if I ever had bad credit, I would be able to get to get a Payday loan in need. 

If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I believe the most important thing to pass onto a family member or friend would be the fact that there are many other alternatives to obtaining a Payday loan. I would emphasize the fact that getting a loan with an annual rate of %442 currently, would be a bad decision. ]]> 2023-04-02 04:51:46 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2540938557 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2541720655 The Government of Canada's website is filled with useful, reliable information about Payday loans. There is a table of contents containing information about options to consider before getting a Payday Loan, consequences of not paying back the loan and information about what you can do if you are stuck in a debt cycle. A debt cycle is when you may find yourself unable to pay bills and applying for many loans to pay other outstanding ones. 

As I said above, this is on Canada's official government website which ensures it is extremely credible. They cannot and would not lie to the citizens. ]]> 2023-04-03 04:33:23 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2541720655 cassieshania https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2541720768 This last website is by the company Cash Co Financial. They are a Toronto based alternative to a payday loan and offer their own type of loan called a Flex Loan. These are a long term loan instalment that can be used to rebuild bad Credit score. With every on time payment, the individuals credit score increases. There are many locations all around Canada, with 5 locations in Ontario.
 
I chose this website because many people may feel like a Payday loan is their only option when in reality it should always be the last! This shows that the company cares about their customers and wouldn't mind making less for the greater good of the individuals.]]> 2023-04-03 04:33:32 UTC https://padlet.com/cassieshania/6k72j0kecmmqrgf6/wish/2541720768