Some compare what these Payday Loan businesses do to what Robin Hood does. Help the poor when main-stream lenders don’t. Most are not as flattering in their description. They bail you out of tough financial situation or they are parasites who take advantage of and pray on the poor and sick. Take you pick. Since I am not aware of anything positive about them, I find it puzzling that one is allowed to set-up shop at a major intersection (Elm St. and Durham St.) in our Downtown.
Sudbury’s Downtown has made a lot of progress in the last few years in it’s effort to re-vitalize the area. The improvements that have taken place are due to the efforts and creativity of Downtown business owners. Our City Hall, for some bizarre reason, opposes and sabotages any effort that even hints of progress. One business owner in the area told me that everybody operating a business in Sudbury needs to get a licence from City Hall. I can’t imagine anybody interested in our image being able to justify having this sleazy business in our Downtown.
I went to inquire at City Hall but was told that CashMoney and other money lending businesses are licensed by the Federal Government and the City of Sudbury had nothing to do with CashMoney being in our Downtown. I find it hard to believe that our City Hall had nothing to do with this ’’legal loan sharks’’ being in our midst.
I did write (E-mail) to the Mayor’s office expressing disbelief and bewilderment over the fact that Sudbury has no say in what kinds of businesses operate here. Also, I asked for a comment regarding CashMoney setting shop in our Downtown. I haven’t received a reply yet.
I asked many other Sudburians how they feel about CashMoney being right in our Downtown. Many are opposed to it but feel that we shouldn’t put ourselves in a position where our only option is to go to CashMoney. Save up for what you need and avoid going into debt, especially to these unscrupulous payday loan companies. Since our Governments (All levels) don’t protect us from these ‘’Legal Loan Sharks’’, it is best if you never start using them.
If you must get a loan from one of them, at least be aware of what you are getting into. They all charge exorbitant rates of interest (Often 20% or more), Also, there are additional charges above this exorbitant interest rate. I have been told that at Instaloans on Lasalle Blvd. you have to buy a card (sort of like an ATM card) to get your money out of a machine in the ’’store’’. This is not an option. You actually have to pay to get your money.
The more details I hear about these payday loan companies, the more I wonder why they are allowed to operate. Why can’t our Governments put them out of business? at least regulate them? It seems to me that they are allowed to prey on the most vulnerable and defenceless in our society with impunity.
Last evening, I talked to a lady at the Transit Terminal about the new CashMoney. She told me that it tarnishes our Downtown’s image and once they get their mitts into you, you will forever be paying them. Another lady said this, ’’what if you get sick or something and can’t pay them back on time, do they send some Mafia type over to break your legs? Do they?’’.
I don’t think any legs will be broken but her question got me thinking. What will they do? I phoned the CashMoney store at 1414 Lasalle Blvd. (at Lasalle and Barrydowne). I was told that if I fail to pay them back on time, the matter will be turned over to their Collections Department. Something tells me it’s better to pay them back on time, better yet, don’t get a loan from them in the first place.
I just heard Jason Turnbull say on his Points North radio show say that owner of Records on Wheels, Tony Anselmo, is closing his store after 40 years. Records on Wheels was at the location CashMoney is opening soon in. Records on Wheels is exactly the kind of business we want in our Downtown, unfortunately a casino is coming to Sudbury. A friend of mine said earlier (jokingly, I hope jokingly) ‘’we’ll soon have a casino and if you spend all your money, you can go get a loan at CashMoney. Maybe somebody will bring drug dealers and prostitutes here and we can be the Sin City of the North‘’.
Larson Heinonen is a writer, artist, and photographer based in Sudbury. This piece was originally published at his site, Larson's Gallery.
The site for the Sudbury working-group of The Media Co-op has been archived and will no longer be updated. Please visit the main Media Co-op website to learn more about the organization.
The Sudbury working-group of The Media Co-op was formed to create independent media in the North, to speak to our issues and outlooks on our communities as well as the world around us. Independent media provides an avenue for people who are wishing to gain critical perspective on the issues that matter most to us, and to give a voice to those people and stories that you won't find in the mainstream media.
The Sudbury working-group site is no longer being updated and has been archived.