Financial Pornography?

in Banks, Consumer Advocacy, Payday Loans, Scams

That was the label I put on the Pay Day Loan and Cheque cashing shops, but I think I will revise my statement, not wanting to put Pornography in a bad light (given how much of the Internet was built because of it, I don’t want to seem to be biting the hand that fed me).

Financial Head Shop

I am revising my statement saying that Pay Day Loan and Cheque Cashing places are actually the same as Head Shops (financially at least).

Head Shops are where you buy the paraphernalia and “bits and bobs” you need for your drug habit (e.g. bongs, rolling papers, Bob Marley T-Shirts, etc.,  just ask Michael Phelps he can fill you in on this).

Pay Day Loan establishments are like Financial Head Shops and use the same arguments as well. “…We don’t make our customers use our services, we are simply supplying a needed service to our customers…” (talk to a Head Shop owner, you’ll get about the same statement of business (i.e. if we didn’t do it, someone else would)).

No matter that you are charging at a rate that would make “Olaf the Loan Shark”  blush, or that once someone starts using a Pay Day Loan it is very hard (nearly impossible) to get out of the cycle (sounds like a bad habit, like say, drugs?). It is a service to take a $5 service charge off a Government cheque that any bank SHOULD cash for anyone who has sufficient identification.

Sorry folks, guess I woke up on the bad side of the financial world this week. I do like the comment yesterday about how the picture I posted looks a lot like an old time strip club (given the amount of Neon lighting used), that comment I had to chuckle at (glad to see my readers have as twisted a sense of humor as I do).

Questrade Democratic Pricing - 1 cent per share, $4.95 min / $9.95 max

{ 1 comment }

{ 1 comment… add one }

Leave a Comment

%d bloggers like this: