The Cash Store |
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Consumer reviews about The Cash Store |
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[email protected]
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Dec 28, 2011
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Fraud and cheating
CASH STORE cin the TX charges up to 600% interest. I borrowed $2000.00 and paid about 5000.00 back by paying it off early. DO DO IT. It is not the employees fault, it is thier job. Do not put your self in the position of getting raped by this unregulated money scam. It is set up to keep you in debt and it cost you dearly.
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FMBear
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Mar 1, 2012
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Fraud and cheating
The Cash Store in Canada (www.cashstore.ca) is the WORST payday 'lender' I have ever experienced. They assumed that I wanted 'balance protection' on top of the 23% payday loan. When I read the agreement she was getting me to sign, I noticed this extra surcharge and said NO. So they redrafted the agreement to the standard 23%. The fact that they are called The Cash Store is a JOKE. They do NOT offer CASH. They have NO CASH in their stores. You must take your advance by cheque, their Debit Card, or their MasterCard. Both of their cards have high fees. I opted for the cheque. When I did so, the manager verbally asked me if my bank account does holds. I said no, I have been a premium chequing account holder at my bank for years with NO holds, not even on ATM deposits. When I went to deposit the cheque at my bank that day IN PERSON, they accepted it but called me about 10 minutes later to remind me that cheques from the Cash Store are subject to a 5 day business hold. Therefore, NONE of the money was available for me to pay the bills I needed the loan for. When I called my bank back the next morning, the cheque was already sent out to the cheque processing center, so I couldn't get it back. NOWHERE in the agreement does it say that their cheques are subject to hold. When I called 'The Cash Store' manager back at 9AM the following morning, she said that it's not a problem for other customers and it must be something with my account. I politely told her that was a lie, as the day before I had deposited a cheque from my boss to the same branch in person and the funds were instantly available. i also informed her how in 5 years I have never once had a cheque held at my bank, and that the teller specifically told me the reason the cheque was being held was because it was from 'The Cash Store'. I had to call my father and ask him to deposit an emergency loan into my account so that I could go and CANCEL this loan as is protected in the contract up to the close of the following business day. So just to recap how fucking crazy this is, I have to PAYBACK the original loan amount to cancel the agreement, while I wait a week for the funds to actually clear into my account. This is the most deceptive, fraudulent business practice I have ever experienced in the world of payday lenders. If you are in Canada, go to a 'reputable' payday lender. My favorites are CashMoney (www.cashmoney.ca) & MoneyMart (www.moneymart.ca), and MoneyTree (moneytreeinc.ca) is ok as well although MoneyTree will only lend smaller amounts for the first few loans until you prove yourself. CashMoney does a flat rate of 20% per hundred, and are the friendliest operation I have encountered. MoneyMart is 18% if you pay it back on the due date, otherwise it's 23%. MoneyTree is the same 18% & 23%. the biggest bonus, is they all give you COLD HARD CA$H. AVOID 'the Cash Store' at ALL COSTS. I also informed the manager that since the payday legal agreement says in section 'B' that 'you will receive $XXX on MM/DD/YY' constitutes fraud and renders the agreement null & void since I did not receive the funds on the date promised in the agreement. Again the manager tried to come up with every excuse like, it's your first time depositing one of your cheques, or maybe your account holds cheques, and any other lies she could think of. She is a friendly enough girl but working for the dirtiest of the dirty. FUCKING SHAMEFUL!
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FMBear
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Mar 2, 2012
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Fraud and cheating
I wanted to add further to my comments from yesterday.
If you are thinking about using a payday lender, please avoid it at all costs. 18 or 23% doesn't sound like much but let me break it down to you in a different way so you understand how BAD it really is.
If your net take-home paycheck is $1250, most payday lenders will offer you up to about $650
The cost of this loan at 2 weeks at 23% would be $149.50 so the grand total to be repaid would be $799.50
Imagine if your boss came to you and said: "Effective immediately I am arbitrarily cutting your take-home pay by 12% for the rest of your life." That is $1250 - $149.50 = 11.96%
That is what any of these payday companies are doing, you are ACCEPTING a continual cycle of a permanent wage decrease, because let's be honest, from what I've seen, once somebody starts they re-loan every payday.
So if you are in this cycle or you are in a bind, I need you to think outside of the box. Can you go without essentials for awhile to break the cycle. Can you call up a relative and beg them to loan you the money personally to pay the payday loans off and break the cycle.
Do WHATEVER it takes to BREAK THE CYCLE. These are EVIL EVIL corporations that are DESIGNED to keep you ENSLAVED while making them obscene profits.
Did you know that under the Criminal Code of Canada, section 347 makes it a criminal offence to charge more than 60% interest per annum. This is called USURY.
Take a look at your payday loan documents and see what these companies are charging. For example, a 2-week payday loan of $640 @ 23% interest on the balance has an effective PER ANNUM rate (APR) of 559.67%!!!
The government made some changes to the industry but basically allows these corporations to continue their illegal loan-shark operations because there are not other financial institutions willing to step in and provide the higher risk short-term loan options that people really need.
So wake up! Take a deep breath, forgive yourself for allowing yourself into this cycle, and make a plan to escape.
I broke down and begged my senior father to loan me the money, at first he was hesitant but when I explained the amounts of interest these companies had me on the hook for he wired me the money right away.
Another important FACT to be aware of. In Canada, after you sign the loan contract for a payday lender, you have THE LEGAL RIGHT until the close of business the following day to CANCEL the loan at NO COST. I went and cancelled loans at 3 payday lenders yesterday. All 3 of them did it, but required assistance from the supervisor because they didn't know how to do it. 2 of the clerks had never cancelled one before and didn't know it was an option! 1 of them confided that in several years at her business, she had only rescinded 2 contracts!
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Your Mom Knows Best
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Mar 2, 2012
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Fraud and cheating
" 18 or 23% doesn't sound like much"
lolwut? Yes it does...
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Your Mom Knows Best
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Mar 2, 2012
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Fraud and cheating
"I broke down and begged my senior father to loan me the money, at first he was hesitant but when I explained the amounts of interest these companies had me on the hook for he wired me the money right away."
How does your father have any money if he felt your justification of, "I am too stupid to understand what loan interest is" was reasonable?
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FMBear
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Mar 5, 2012
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Fraud and cheating
@YourMomKnowsBest First of all, I highly doubt you're a mother, as your scathing, toxic, and judgemental replies on this site clearly show you are a total bitch. (Yes I read all 200 of your RIDICULOUS replies denying every person on here - Who the f*** do you think you are?)
My father actually cares about what is best for me, that is what a parent does. Unlike your FAKE name of MotherKnowsBest. You dont know SHIT! He has forgiven me for making a mistake. It doesnt make one STUPID to sign for a payday loan when you need to eat food and you have no other options. It does make you stupid to continue the cycle without trying to find a way out.
If you read my second response on here, I am clearly illustrating the real cost of these loans, and challenging people who are stuck in them to find a way out.
Obviously you have never been down on your luck or so far down without any credit or assets established to survive. I would like to say I hope you never do, but after reading your responses I think you have some very difficult karmic lessons in your future.
The last thing we need on here is some nasty cow insulting people who are already struggling.
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atlanticcanadian
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Jul 21, 2012
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Cash Money
I got a pay advance from Cash Money on Wyse Road in Dartmouth, Nova Scotia - a very small amount. Just needed it to carry me over four days. I paid it off immediately. I then tried to get a loan from a financial institution. The financial institution stated that they needed a letter from Cash Money stating that it was paid off. So called Cash Money - the local branch. Anne, the Assistant Branch Manager said no. Some other guy that could barely speak any one of Canada's official languages said I need $4.95 money order and to wait 15 to 25 days and MAYBE their head office would send me out a letter.
Issue is I don't have 15 to 25 days, I need the loan proceeds to pay for a lawyer. I tried very hard to explain my situation and said I would pay the $4.95, no problem but needed the letter immediately. I was treated very rudely by Anne, Jennifer and Lisa and some guy that couldn't speak English or French and was told to act professional. I seriously would like to know how any person that works at Cash Money is professional because they are not.
I understand that it is a Saturday and all that but it can't be that hard to print something off from a computer saying I am paid up. Cash Money and all payday loan places, you lose my business that's for sure.
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Jokka
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Sep 23, 2013
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The Cash Store
I took a loan from The Cash Store earlier in the month. I went in the following week, to pay the loan back, I paid by cash. I checked my bank a few days later. To find out the cash store took another 50% of the loan cost after I had paid the amount owing in full, and never took out another loan. How do I go about being reimbursed by this fraudulent company?
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