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Thread: 124 street payday loan co's closed

  1. #1
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    Default 124 street payday loan co's closed

    Hi all,

    Just noticed recently that the two payday loan companies on the north-west and south-west corners of 124th and 107th have closed down. This is fantastic of course, does anyone know what's going in there?

    Cheers,
    J

  2. #2

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    Awesome news!

    Tear them down and build condos with ground floor street-facing retail, please!

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    I think you'll be seeing more of this as Money Mart has bought out most of its competition (The cash store). Im certain they will be closing several locations that are in close proximity to each other.

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    This is horrible...

    Where can I go to cash my pay check now??

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    Quote Originally Posted by burbs View Post
    This is horrible...

    Where can I go to cash my pay check now??
    I would strongly suggest your bank.

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    Too many judgments against.

    Lawyers, skip tracers, and maintenance enforcement are monitoring it constantly.

    Account's fvcken useless.


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    Quote Originally Posted by chupa View Post
    I think you'll be seeing more of this as Money Mart has bought out most of its competition (The cash store). Im certain they will be closing several locations that are in close proximity to each other.
    The good thing is that a lot of the payday loan places that closed and were grouped together were all owned by The Cash Store (they also owned Cash Money and Instaloans). So as more of them close, the others will go be gaurenteed to close with them (as we've been seeing thus far)
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    I'd like to see the Money Mart on 101 Street and Jasper close down.
    "Talk minus action equals zero." - Joe Keithley, D. O. A.

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    ^

    Top_Dawg doubts that's gonna happen anytime soon.

    Many landlords consider cheque cashing outlets as primo tenants.

    Current on rent, low / no maintenance, almost always re-up their lease.

    Total hassle free.

    The cornholios who disparage them don't own anything.

    But for a landlord with a building - they are a dream.

  10. #10

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    Cheque cashing outlets are leeches and a result of poor banking regulations. Nobody should have to pay a fee to collect their wages.

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    Quote Originally Posted by Snake Eyes View Post
    Cheque cashing outlets are leeches and a result of poor banking regulations. Nobody should have to pay a fee to collect their wages.


    And nobody has to.

    Only some people choose to.

    Mainly because they owe shitloads of money to creditors like CCRA, maintenance enforcement, court judgments against, etc., etc.

    Who would scoop their money if it was put through a traditional bank account.

    People who use them to cash cheques do so in order to remain somewhat financially anonymous.

    Through their own damn fault.

    And like anything else - convenience comes with a premium.

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    Is it actually true that using a payday loan place can help avoid that sort of thing? How is that not illegal?

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    Quote Originally Posted by Marcel Petrin View Post
    Is it actually true that using a payday loan place can help avoid that sort of thing? How is that not illegal?
    But can you really justify making something illegal just because it helps people duck creditors?

    If I move into a friend's house, and pay my rent in cash and never put my name on the rental or ownership papers, that can help me keep off the grid, away from creditors etc who might have an interest in knowing where I live. But, as far as I know, that isn't illegal.

    That said, I always thought the main point of cheque-cashing services was for people who can't get cash automatically from a bank, either because they don't have an account, or the required ID, or whatever. Sure, it's an exploitative business, but when you're living hand to mouth. not being able to get your money instantly can often be the same thing as not getting it at all.

  14. #14

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    Anyhow, back to 124 Street.

    That's great news, both businesses sterilized those corners. Agree with one of the first commenters, redevelopment of the SW corner would be idea.
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    I wait for the #5 124/107th there every night since I began my new job. I'll look to see if anything is posted. I think the 124th street location looks like its been closed for a long time. There used to be a RBC bank on the East side of 107th and 124th decades ago. Cash Canada (behind Popeyes) used to be Cloverdale Paint and paper.
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    Top_Dawg sees you every day when he's staggering over to BP's Lounge.

    And Top_Dawg recalls when there was a Bank of Nova Scotia on the northwest corner.

    Had a lot more police dispatch calls than the big bad Cash Store and jack shack combined.



    In fact that's the bank that got robbed when ol' Ezio got gunned down.

  17. #17

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    Job No 171221313-001
    Description: To change the Use from Professional, Financial and Office Support Services to Restaurants Use and to construct interior alterations (120.77 sq. m. / 84 seats).
    Location: 10702 - 124 STREET NW
    Plan RN22 Blk 28 Lot 11
    Applicant: 1889102 ALBERTA LTD
    Status: To Be Assigned
    Create Date: 4/22/2015 1:49:45 PM

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    Quote Originally Posted by Top_Dawg View Post
    Top_Dawg sees you every day when he's staggering over to BP's Lounge.

    And Top_Dawg recalls when there was a Bank of Nova Scotia on the northwest corner.

    Had a lot more police dispatch calls than the big bad Cash Store and jack shack combined.



    In fact that's the bank that got robbed when ol' Ezio got gunned down.
    Pop quiz then TD what do I look like?
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    Like this:


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    ^ LOL If only.
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    Nice cardigan.

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    I like the new legislation the NDP plan to introduce. Paula Simons column:

    http://edmontonjournal.com/news/poli...ious-predators
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    I've been listening to the payday loans folk being interviewed and whining that the legislation will mean the "end of their industry". I wonder if they really think that the general public will sympathize.

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    Cry me a river. They're going to fail because they can't take advantage of people as much as before. LOL.

    They must get the business though, so many of these places around the city. Nice fat bonuses for upper management for the majority locations in the poorest of neighborhoods.

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    Of course there is a bigger issue here and Simons mentions it in her column.

    ' These cash stores serve the customers that most banks donít want and canít be bothered with. The people who may not qualify for credit cards or lines of credit, or who may not know how to apply for them. Their customers are the working poor, living paycheque to paycheque on the margins of the financial system. '

    And that's putting it kindly.

    The fact is that despite legislation in the Bank Act which compels banks to open an account for anybody regardless of income, the banks as a matter of course, routinely ignore this obligation.

    Or if they don't, they let unpaid monthly fees accumulate for as little as three months and then close these accounts.

    The person gets blackballed, and no other financial institution will open an account for them.

    So, even when and if that person becomes gainfully employed, they have nowhere to cash / deposit their cheque.

    Or ' chek ' as many of them say.

    Basically many people are forced to use the services of these quick loan / cheque cashing places and pay the high fees.

    The solution would be to enforce the accessibility of banking services for everyone, and to compel banks to waive fees for those with low or no income.

  26. #26

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    I know people of a certain stripe will knock this as just union propaganda, but the biggest blow we could do to the predatory lending practices in this country would also help to keep Canada Post humming along: postal banking

    http://www.cupw.ca/en/campaign/resou...one-fact-sheet
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    Oh I remember when Canada Post did many banking functions! Before I used a credit card online (something very few people had in those days), we used to get Money Orders for those mail order places that didn't like cheques. I believe they also had a cheque cashing function.

    I totally understand the problem of people who can't get bank accounts though this was *much* rarer back in the day. But lending at enormous "admin fees" is not the answer.

  28. #28

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    ^^its a different market though, Postal banks typically aren't aiming at pay day loan situations where people need cash and will pay for it, but rather, at old people who put their cash under the bed. I think the credit unions do something similar here already.

    Mogo is interesting, they are doing quite well re replacing some of the payday stuff, and credit card lending, but a bit more on-line based:

    http://www.theglobeandmail.com/globe...ticle25898924/
    Last edited by moahunter; 10-03-2016 at 11:42 AM.

  29. #29

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    Quote Originally Posted by moahunter View Post
    ^^its a different market though, Postal banks typically aren't aiming at pay day loan situations where people need cash and will pay for it, but rather, at old people who put their cash under the bed. I think the credit unions do something similar here already.

    Taken right from the link I posted, emphasis mine:

    Why do we need postal banking?


    1. Banks are failing to meet the needs of a growing number of Canadians. Thousands of towns and villages across our country do not have a bank. But many of them have a post office that could provide access to financial and banking services.
    2. Nearly two million Canadians in urban and rural areas desperately need an alternative to predatory payday lenders. A postal bank could be that alternative.
    3. Canadian banks have raked in enormous profits while cutting service, closing branches and charging some of the highest banking and ATM fees in the world. We deserve better.
    4. Post administrations around the world, including Canada Post, have seen traditional mail volumes decline in recent years. Many post offices have added or expanded financial services in order to lessen their dependence on declining mail volumes and revenues. Postal banking could help Canada Post make money and increase its ability to provide public postal service and create decent jobs in communities throughout Canada.
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    Canada post offers Visa/Master card gift cards. Its not like Postal banking but they offer some banking type services. I've been buying Canada post Visa gift cards for a number of years now. I usually buy mine at the Rexall drugs across the street from the Mayfair construction site but consumers can buy them at any Canada Post outlet. Consumers can even get a Visa balance that can be topped up beginning at $200:

    Last edited by envaneo; 10-03-2016 at 02:40 PM.
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    Should have cropped that, sorry.
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    Quote Originally Posted by noodle View Post

    Taken right from the link I posted, emphasis mine:
    Which is fine, I just don't think its right based on what I have seen of Postal banks, they tend to be more places where people deposit than borrow - they are conservative (which is their attraction), not loan shark risky. In countries like NZ, the postal banks give mortgages, but not pay day loans.

    ^^I have one of those cards, I quite like it versus a regular visa card. Again its a deposit thing though, not a borrow thing.

    I quite like the Danish postal bank system. You deposit money, and instead of earning interest, have a chance at a prize. I know two people there who had good "wins" with the system.
    Last edited by moahunter; 10-03-2016 at 04:03 PM.

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    The best is the taped piece of paper Evs. Love it

    Point made though. Good stuff.

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    Quote Originally Posted by noodle View Post
    Quote Originally Posted by moahunter View Post
    ^^its a different market though, Postal banks typically aren't aiming at pay day loan situations where people need cash and will pay for it, but rather, at old people who put their cash under the bed. I think the credit unions do something similar here already.

    Taken right from the link I posted, emphasis mine:

    Why do we need postal banking?


    1. Banks are failing to meet the needs of a growing number of Canadians. Thousands of towns and villages across our country do not have a bank. But many of them have a post office that could provide access to financial and banking services.
    2. Nearly two million Canadians in urban and rural areas desperately need an alternative to predatory payday lenders. A postal bank could be that alternative.
    3. Canadian banks have raked in enormous profits while cutting service, closing branches and charging some of the highest banking and ATM fees in the world. We deserve better.
    4. Post administrations around the world, including Canada Post, have seen traditional mail volumes decline in recent years. Many post offices have added or expanded financial services in order to lessen their dependence on declining mail volumes and revenues. Postal banking could help Canada Post make money and increase its ability to provide public postal service and create decent jobs in communities throughout Canada.
    It makes sense. This would be a great idea, except ...

    I'm really hesitant about giving the postal union any more power, lest we return to the days when they regularly held Canadians for ransom, usually around Christmas, when it would do the most damage to the Canadian economy.

    I won't forget when Buzz Whatshisname said "Screw the Canadian public". Their socialism goes out the window as soon as they see an opportunity for more money for themselves.

    Can you imagine if they withheld their Postal Banking services at the most critical time? Going by past history that's what would happen.

    The only reason we haven't had to suffer through semi-annual strikes is the Canadians have a better alternative to mail, and most of what is delivered is junk mail advertising.

    So I'm conflicted about this idea. I suspect it would turn into another money grab by the Union, given the history.
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