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Where do you stand in regards to Pay Day Loans?

Where do you stand with Pay Day Loans?  

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Almost every other day I walk by one payday loan company on my way to get my food, there are cars parked there to borrow 300$ or 100$ for 20$, I don't recall exactly now. That is what the poster showed outside. 

So I decided to search and learn more about this phenomenona.

I came up with 3 arguments for PayDay Loans and 3 arguments against them. 


  1. Quick access to funds.
  2. No credit check required
  3. Possible Convenient repayment options


  1. High-interest rates.
  2. Predatory lending practices
  3. Lack of financial education

I understand the argument. Payday loans are a product of the market demand for quick and easy access to cash. Sure, part of capitalism.

  • However, can the government do more in terms of policy without being accused of communism? 😄 

I hope at least these payday loan companies verify the income. I am really curious about how their process works. Will do more digging in the next few days If I have some free time. 

Where do you stand? 


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15 minutes ago, RedDog said:

I suggest the Canadian cost of living is leaving hundreds of thousands behind.

Yes, and this is where they come in with the solution. 

It is capitalism no matter how we spin it. I agree, however still, I will look specifically for data online in the next few days to see if any studies have been done as to how many people actually paid their loans, especially now, as you said many are falling behind. 

My own curiosity if this payday loan system actually helps people as they claim they do. (long run)

because if one does not pay, I am quite certain the conditions must be written so one ends up paying that amount x, y times over.

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13 hours ago, herbie said:

Molotov through their front window.

Local highlight of fame - our town was doing so well the Payday loan company went tits up.

Just one company? 

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18 hours ago, RedDog said:

I don’t imagine anyone is going through the door with a gun to their head. That said, I suggest the Canadian cost of living is leaving hundreds of thousands behind.

I suggest their choice of lifestyle contributes significantly to their financial situation.

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My kid used them. I sent him $100 once, they charged a $20 fee, then charged him $20 to get it. Total gouge.

He was so messed on drugs, he phoned for the password to collect it. The hint was ;your dog's name" and he had the same dog growing up. Duh!
I refused after that, so he'd ask me to interac his sister in another town, and she could go thru that bullshit. She also refused to use the payday outfit.
Like I sai, he was so out of it he'd call me or her every few months and try again... for over 10 years.

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