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

This is where the "loan sharks" of old went...they just stopped breaking knees, and opened a storefront

I fell for them at 46% interest! Didn't speak much English and had no idea what I was signing for! Now 4 years later still paying it off. Almost done and never again!

I unfortunately worked for one of these companies and its all too true! I felt horrible human being.. My boss loved her job.. made me sick to my stomach almost everyday..! I last 5 months there! They prey on low income families. They actually market to those living on fixed incomes.... Just absolutely horrible..

Been there done that....NEVER AGAIN! One of the worst decision of my life!

"high interest loans" Oh yeah i got an 11% loan once, i'm so glad I paid it off --- 39%? 46%!? that's insane! how is that legal

Revolving credit and money management should be a high school course. It’s not simple. It’s purposefully obfuscated by lenders. Borrower beware.

They should teach personal finance at school, ppl are under prepared for these scams.

I will never get enough of the hidden camera investigations, please keep making them!

After you sign, you get a copy of the contract. What..? How is that ethical?

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 99.9% corrupt.

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

The payday lenders are a big problem in the USA too with insane interest rates.

Moral of the story; Don't borrow money from one of these places unless you're okay with never having good credit again, and have no intention on paying it back, ever.

I used to work for a payday loan company and we were encourage to give clients as much as possible and do "rollover" loans. Still being new to the industry, I thought this was an unethical practice and decided to leave the company.

In Brampton, along Queen Street, there are 19 different loan / cash for gold locations. All of them have stayed in business for nearly a decade.

Thank you Market Place! You not only have you saved me thousands of dollars, you saved life and mental health. To think I was so desperate that I actually applied. I was declined at first, saying they could work thru it with me. I am so lucky to have watched this. It felt like digging yourself out of a hole. The more you dig the deeper you go. With tears in my eyes thank you! Are these the same people that offer inheritance loans.? When you lose your loved one and left with no money to pay for a funeral, where does one turn? I'm seeing happen all the time during covid!

When People are desperate for money, they don't look at the interest rates, they look at the money they are getting at the Now Moment. Interest means nothing when you need the money.

Bet she was taken advantage for the home remodeling too.

even a cap of 20% interest is really high, but the current 60% is nuts... how can the govt allow this!?

Fairstones and all those other places need to be shut down. Instead of helping anyone out of debt you just get into more and will never pay it off.