Today, we have to talk about one of the BIGGEST financial traps that are actually legal in Canada. Predatory lending to unassuming Canadians can put them under the money hammer for decades.
This CBC Marketplace Report goes over just how awful this practice has become, and the impact it has on many Canadians.
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From CBC: Money Mart, Cash Money, Easyfinancial and Fairstone Financial offer thousands of dollars in long-term loans at high interest rates. With the cost of borrowing at historic lows, CBC Marketplace digs into how these alternative lenders are able to charge between 30 and 50 per cent interest. And, we uncover whether you’re really told everything you need to know when you sign up for these loans.
From Russell:
This is one of my biggest pet peves. When I saw this incredible reporting from Jeannie Stiglic, Jenny Cowley, Charlsie Agro of CBC's market place, I knew I had to talk about it.
These business borrow money at incredibly low rates, lower than ever before during the pandemic, and then they loan that same money out to average citizens at rates upward of 50% per year. That is absolutely criminal, and many people don't understand just how bad it is, due to the lack of financial education in our school systems.
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DISCLAIMER: This video is intended to be used for entertainment purposes only, and is not to be interpreted as advice, financial or otherwise. Any decision made by an individual about their finances or benefit applications is entirely at the discretion of that individual. Russell Matthews does not warrant or represent that any information is accurate. This description contains affiliate links, and if you purchase an item, a portion of the sale will go towards supporting the channel, at no additional cost to you.
Things You'll Hear:
Cashmoney, Payday Loans, Easyfinancial, Fairstone Financial, Payday Loan, is Cash Money a Scam, Is Easyfinancial a scam, how to get a quick loan, how to get a payday loan, fastest loan canada, canada news, cbc marketplace, high interest loans, the truth about high interest loans,
