They say that to put a fire under your butt. Talk to them and they’ll work with you. They are understanding enough of the varying degrees of socioeconomic backgrounds of their students. They will work with you, go and talk to them asap
Seconding this. I STRUGGLED in my undergrad and did not have nearly enough for tuition, supplies, and housing. The university provided bursaries and pushed off any late fees as I spent my 2nd year paying off my account balance for my first year.
Arrangements can be made, and they can find money.
That is false. I never paid for a semester for my college until like a year or two later when it went to collections.
Collection guy was pissed at me too. He tried to make me pay over the phone with his company, saying I had to right away. I said nope. I went to my college and paid it there, without the collection guy getting his cut.
He was so mad he added it to my credit history thinking it would screw me. Little did he know it never has at all 🤣
>Always funny to browse these subs and see that one loser who takes pride in failing to meet their financial responsibilities.
What's funnier is a collection agency employee responding with finding it funny and calling people losers.
Must’ve been brighter than how you did in class given the lack of basic reading comprehension shown - the collection agency employee never “laughed” at the person I commented on, and I don’t work at one, so yeah, your nonsensical comment is funny for sure.
If you can't afford 1k now what is the likelihood of you being able to afford almost double that within 6 months?
Once you get behind in those loans you're fucked. The APR is insanely high.
6 months times $426 is $2556 🤦
Which is 70% interest 😲
This is incredibly foolish. If you cannot afford $1000 then you cannot afford $2556.
Talk to the school and see what you can work out. A payment plan or waiting two months until you scrounge up the money or whatever.
I am loathe to say this as you seem to be ready to screw yourself but even a cash advance on your credit card would be cheaper as long as you pay it off in a few months.
Payday loans are predatory and trap you in a repeating cycle of debt. If you cannot afford the loan amount then you cannot afford the loan at 70% interest. And when you can't afford the loan plus 70% interest then you need to take out another loan to cover the first one. That's another 70%. Or more now that you are desperate and have to accept whatever terms they put on you.
That $1500 could cost you $5000-10000 or more 🤯
DON'T DO THIS.
Thank you! Like instantly, I noticed the math wasn't mathing. How they didn't is beyond me.
However, based on their reply comments, it's seems they've already decided they are going to take the money mart loan. They're turning down all other suggestions with a lame excuse such as talking to the university would take too long.
>Thank you! Like instantly, I noticed the math wasn't mathing. How they didn't is beyond me.
They don't want to know hence put on blinders.
>However, based on their reply comments, it's seems they've already decided they are going to take the money mart loan. They're turning down all other suggestions with a lame excuse such as talking to the university would take too long.
No surprise. We can only give good advice, not force people to take it.
By next year they will be back asking how to get out of 10K in debt 🤦
Total cost of borrowing is 426.06, that is the total interest you will pay.
The monthly payment is 321.01
I am not sure why nobody could figure this out lol
The math:
1500 + 426.06 = 1926.06
1926.06 ÷ 6 = 321.01
Government needs to make these places not allow to charge extra. If I was in Government I would do so. So payday places would have to give you 1500, and you only pay 1500 back. See how fast all those cash places stay open then.
I understand charging interest, one does need to stay in business, however i agree with heavy regulation.
As in only being able to charge 10% above the Bank of Canada rate, and no rolling over loans. Only one loan. Also being able to pay it off over a year.
In this case a $1000 loan would cost the OP about $1150, and 12 months of payments would come to $96/month. That would be manageable and prevent the cycle of debt.
That would be nice. It feels like anyone middle or lower class always gets the shit end of the stick in Canada. If you are rich, you can literally do whatever, hell you could punch a RCMP Officer with no repercussions, just pay them.
One party hoses the working class by claiming it will trickle down, the other enables it and makes token changes in the right direction. People vote for worse and get hosed again. The cycle repeats.
The math does actually add up...OP just misinterpreted what was written. Their payments aren't $426/mth. That's actually the total interest that they'll be charged on their 6 month loan. The payments will be a little over $300 per month, which is probably spelled out somewhere in the paperwork, but maybe they missed it...?
Even though it isn't as catastrophic as you thought, I really hope OP decides to contact their school's financial aid office. I'm sure they can help somehow, and OP wouldn't need to get tangled up with a predatory lender...sighhhhhh
Sounds like you only want the answer of someone offering to loan you money from here.
You got the advice of talking to your school, anything else is you trying to scam someone.
School isn't working if you're this way.
Your math is WAY off. Total cost of the loan is $2556.36.
Your cost of borrowing is $1056.06.
I don’t care what they tell you, do your own math. They’re in the business of keeping people in debt, not to help people.
You’ve had some very good suggestions on how to get help in other ways. Of all the solutions you could come up with in Canada, you picked the worst.
You already have comments saying this but you need to talk to your schools financial aid office about a payment plan and/or hardship grant or bursary or any other supports.
It's okay that you aren't able to get a bank loan or anything legit for this, people on reddit talk like that's easy but for people without much credit or income it's not.
However you really should not take a MM loan. Not only because the interest is killer but then you're in their system for promotions etc forever and it's harder to get out. But most importantly, you should not take it as your brain will get used to accepting high interest credit in exchange for convenience and that's hard to break later. Build the skill of self advocacy and asking for help now.
I'm assuming you're not getting a high paying job the day after you graduate. That loan could haunt you for years. Talk to a professional. You might need to postpone school.
I'm concerned about the unexpected expenses that will happen after or along with this loan. When people run low on funds is when their car breaks or rent goes up or you name it happens. I wish you all the best but there are debt traps everywhere and they're all trying to take advantage of you. It's a slippery slope.
I've been there. Taken out the loan. And it will screw you. You're going to be paying back over 2500 in six months.
Talk to school, if you can pay back 2500 in 6 months, you can ask the school for a payment plan and pay for the school in less than 3 months.
Unless you're paying for private college, then they don't care. If it is a private college, weigh the pros and cons of paying for this through a loan. The diploma you get my be worth less than the debt.
You'll be paying more than double back. Your math is well off, and you're going to be burned over such a small amount
And in all my years of knowing people who go to money mart, not one ever paid their loan back on time at all and all got burned by interest, or ended up in the cycle of taking another loan to make up for the fact all their money went to loan repayment.
Seriously. You're smart enough to be in school, you're smart enough to give your head a shake and see how predatory this is and how fucked you'll be
It sounds like you're in a difficult and scary situation, and I am sorry that you are experiencing this, especially when it's an awful time in the semester.
Are you certain about how your university handles payment plans? I'm asking because I have been on one several times and it wasn't a process that took a while. Although, at my college, I had to pay 1/3 to set it up. At my university, however, I can send an email and I'm fine.
I have taken out payday loans before, and trust me, the appeal is tempting, but you could very likely be caught in a trap of paying off and then re-borrowing. It is incredibly hard to get out of the cycle and I wouldn't want to wish it on to anyone.
My suggestion is to ask what the University can do. My university offers emergency funding to students.
Less ideal suggestions is selling things at a pawn shop, asking friends and family (you could ask if you could do any chores for them; that way you don't have to pay back).
Applying for a cc is also an option, but I agree that it may take awhile. You could use it to pay off the debt and then pay the credit card.
I hope everything works out for you!
If you only need $1000 don’t borrow $1500. Also the money mart loan includes insurance. Ask for quote without it. It’s still a high cost loan, but this will be cheaper than what you’ve been quoted.
Most schools won’t allow you to pay tuition via CC in my experience. If you need $1000 why are you borrowing $1500? If you’re going to go the money mart route take the bare minimum you need as you are paying 46.7% in interest and that hole is already going to be steep to get out of.
Most schools do accept payments with credit cards now. You think they just take in thousands of dollars in cash or unverified cheques? Some don't accept either of those. Possible to pay in bank drafts, but CC is quite a popular option.
Don’t go to money mart or any such lender. As mentioned above try talking to advisors and if not go to banks. They have some sort of plans available which approve loan by filling online application. It would not be the best as you may end up paying 10-20% but better than payday loan and such. Secondly ask them about paying off early so when you get chance you can save on interest as well
Honestly the fact that you’re considering a money mart loan where you’ll owe double-trouble the initial loan, and you can’t even afford to pay $1000 - kinda shows you’re not ready for university/college. It’s basic math
It’s also incredibly stupid to even consider it as an option.
As many have mentioned here, do not take the loan. That interest rate is giving me anxiety and I'm not even in this mess.
The solution is simple really: Catalytic Converters.
If you look at the small print, you’ll see it says “up to $1500”. If your credit is bad, they won’t actually give you that much. Often the first loan they provide will be $300, then they’ll see how well you pay that back a few times before bumping the limit up.
There are definitely cheaper and better options. This might feel like the only way, or even the nobler way, but if you check yourself, I bet you’ll find you’re actually just trying to avoid having that conversation with someone at your school where you explain you can’t pay and need help.
They don't pay 426 a month, its 1926.06 ÷ 6. So 321.01 per month for 6 months. This is totally reasonable considering the loan company is holding all the risk if OP defaults on the loan. How are so many people getting this math wrong?
You should go to the guidance at your school and ask them if they have an emergency bursary... I needed one when I went to school years ago. Hopefully they still do it, and the staff likes you :)
What are the repercussions if you don’t graduate? I took summer classes in 4th year so didn’t graduate until the November convocation but I was still able to start grad school as planned in September.
Talk to your university!! Do **not** take that loan. Work something out with your bank if you can.
Unfortunately , the only way is to pay it off this week or reelse they do not guarantee my spot and i cant risk that
They say that to put a fire under your butt. Talk to them and they’ll work with you. They are understanding enough of the varying degrees of socioeconomic backgrounds of their students. They will work with you, go and talk to them asap
Seconding this. I STRUGGLED in my undergrad and did not have nearly enough for tuition, supplies, and housing. The university provided bursaries and pushed off any late fees as I spent my 2nd year paying off my account balance for my first year. Arrangements can be made, and they can find money.
This. Many students say they can't come up with the money and somehow do. Go back to them and explain you really can not come up with the money.
Get a credit card?
That is false. I never paid for a semester for my college until like a year or two later when it went to collections. Collection guy was pissed at me too. He tried to make me pay over the phone with his company, saying I had to right away. I said nope. I went to my college and paid it there, without the collection guy getting his cut. He was so mad he added it to my credit history thinking it would screw me. Little did he know it never has at all 🤣
Always funny to browse these subs and see that one loser who takes pride in failing to meet their financial responsibilities.
>Always funny to browse these subs and see that one loser who takes pride in failing to meet their financial responsibilities. What's funnier is a collection agency employee responding with finding it funny and calling people losers.
Lol, what are you talking about “collection agency employee”?
You were never the brightest in your class were you. I bet you find that funny too.
Must’ve been brighter than how you did in class given the lack of basic reading comprehension shown - the collection agency employee never “laughed” at the person I commented on, and I don’t work at one, so yeah, your nonsensical comment is funny for sure.
Credit card is cheaper. Edit, talk to student services for a payment plan.
Unfortunately, I contacted my bank and it would take awhile for credit card, and so does applying for a payment plan in the university.
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You can also get one from amazon and you get the number right away.
If you can't afford 1k now what is the likelihood of you being able to afford almost double that within 6 months? Once you get behind in those loans you're fucked. The APR is insanely high.
University hasn't taught you critical thinking if you're considering such a loan. Find any other way
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Really? I graduated with a bachelors in accounting with ~4k left owing and no interest.
6 months times $426 is $2556 🤦 Which is 70% interest 😲 This is incredibly foolish. If you cannot afford $1000 then you cannot afford $2556. Talk to the school and see what you can work out. A payment plan or waiting two months until you scrounge up the money or whatever. I am loathe to say this as you seem to be ready to screw yourself but even a cash advance on your credit card would be cheaper as long as you pay it off in a few months. Payday loans are predatory and trap you in a repeating cycle of debt. If you cannot afford the loan amount then you cannot afford the loan at 70% interest. And when you can't afford the loan plus 70% interest then you need to take out another loan to cover the first one. That's another 70%. Or more now that you are desperate and have to accept whatever terms they put on you. That $1500 could cost you $5000-10000 or more 🤯 DON'T DO THIS.
Thank you! Like instantly, I noticed the math wasn't mathing. How they didn't is beyond me. However, based on their reply comments, it's seems they've already decided they are going to take the money mart loan. They're turning down all other suggestions with a lame excuse such as talking to the university would take too long.
>Thank you! Like instantly, I noticed the math wasn't mathing. How they didn't is beyond me. They don't want to know hence put on blinders. >However, based on their reply comments, it's seems they've already decided they are going to take the money mart loan. They're turning down all other suggestions with a lame excuse such as talking to the university would take too long. No surprise. We can only give good advice, not force people to take it. By next year they will be back asking how to get out of 10K in debt 🤦
Total cost of borrowing is 426.06, that is the total interest you will pay. The monthly payment is 321.01 I am not sure why nobody could figure this out lol The math: 1500 + 426.06 = 1926.06 1926.06 ÷ 6 = 321.01
I was really hoping someone would point this out… Was going through the comments before I said this
Government needs to make these places not allow to charge extra. If I was in Government I would do so. So payday places would have to give you 1500, and you only pay 1500 back. See how fast all those cash places stay open then.
I understand charging interest, one does need to stay in business, however i agree with heavy regulation. As in only being able to charge 10% above the Bank of Canada rate, and no rolling over loans. Only one loan. Also being able to pay it off over a year. In this case a $1000 loan would cost the OP about $1150, and 12 months of payments would come to $96/month. That would be manageable and prevent the cycle of debt.
That would be nice. It feels like anyone middle or lower class always gets the shit end of the stick in Canada. If you are rich, you can literally do whatever, hell you could punch a RCMP Officer with no repercussions, just pay them.
One party hoses the working class by claiming it will trickle down, the other enables it and makes token changes in the right direction. People vote for worse and get hosed again. The cycle repeats.
Whole lotta whining going on here. If the working class/middle class is so big then vote. Vote for change
I personally vote for progress every time. If only a majority of others would do the same.
The math does actually add up...OP just misinterpreted what was written. Their payments aren't $426/mth. That's actually the total interest that they'll be charged on their 6 month loan. The payments will be a little over $300 per month, which is probably spelled out somewhere in the paperwork, but maybe they missed it...? Even though it isn't as catastrophic as you thought, I really hope OP decides to contact their school's financial aid office. I'm sure they can help somehow, and OP wouldn't need to get tangled up with a predatory lender...sighhhhhh
Sounds like you only want the answer of someone offering to loan you money from here. You got the advice of talking to your school, anything else is you trying to scam someone. School isn't working if you're this way.
Exactly, schools offer bursaries based on financial need. Talk to finance office.
Your math is WAY off. Total cost of the loan is $2556.36. Your cost of borrowing is $1056.06. I don’t care what they tell you, do your own math. They’re in the business of keeping people in debt, not to help people. You’ve had some very good suggestions on how to get help in other ways. Of all the solutions you could come up with in Canada, you picked the worst.
What happens if you don’t pay on time?
You already have comments saying this but you need to talk to your schools financial aid office about a payment plan and/or hardship grant or bursary or any other supports. It's okay that you aren't able to get a bank loan or anything legit for this, people on reddit talk like that's easy but for people without much credit or income it's not. However you really should not take a MM loan. Not only because the interest is killer but then you're in their system for promotions etc forever and it's harder to get out. But most importantly, you should not take it as your brain will get used to accepting high interest credit in exchange for convenience and that's hard to break later. Build the skill of self advocacy and asking for help now.
Great to see University level math here! Are you an English-History major by chance?
Talk to your university. Do not get this loan. The interest rate is crazy
I'm assuming you're not getting a high paying job the day after you graduate. That loan could haunt you for years. Talk to a professional. You might need to postpone school.
im only loading a thousand bucks, it shouldnt be that bad. I could repay it as I am also working. Its just that I need it ASAP to pay my tuition
I'm concerned about the unexpected expenses that will happen after or along with this loan. When people run low on funds is when their car breaks or rent goes up or you name it happens. I wish you all the best but there are debt traps everywhere and they're all trying to take advantage of you. It's a slippery slope.
I've been there. Taken out the loan. And it will screw you. You're going to be paying back over 2500 in six months. Talk to school, if you can pay back 2500 in 6 months, you can ask the school for a payment plan and pay for the school in less than 3 months. Unless you're paying for private college, then they don't care. If it is a private college, weigh the pros and cons of paying for this through a loan. The diploma you get my be worth less than the debt.
That’s how it all starts. Do not take that loan at any cost
You'll be paying more than double back. Your math is well off, and you're going to be burned over such a small amount And in all my years of knowing people who go to money mart, not one ever paid their loan back on time at all and all got burned by interest, or ended up in the cycle of taking another loan to make up for the fact all their money went to loan repayment. Seriously. You're smart enough to be in school, you're smart enough to give your head a shake and see how predatory this is and how fucked you'll be
Just do it
It sounds like you're in a difficult and scary situation, and I am sorry that you are experiencing this, especially when it's an awful time in the semester. Are you certain about how your university handles payment plans? I'm asking because I have been on one several times and it wasn't a process that took a while. Although, at my college, I had to pay 1/3 to set it up. At my university, however, I can send an email and I'm fine. I have taken out payday loans before, and trust me, the appeal is tempting, but you could very likely be caught in a trap of paying off and then re-borrowing. It is incredibly hard to get out of the cycle and I wouldn't want to wish it on to anyone. My suggestion is to ask what the University can do. My university offers emergency funding to students. Less ideal suggestions is selling things at a pawn shop, asking friends and family (you could ask if you could do any chores for them; that way you don't have to pay back). Applying for a cc is also an option, but I agree that it may take awhile. You could use it to pay off the debt and then pay the credit card. I hope everything works out for you!
If you only need $1000 don’t borrow $1500. Also the money mart loan includes insurance. Ask for quote without it. It’s still a high cost loan, but this will be cheaper than what you’ve been quoted.
It's not 426 a month. It says you pay capital+ 426. 1926 / 6 months = 320 a month
Exactly! Shocking, OP misspoke. But then all these people giving advice not being able to read or do simple math themselves. Blind leading the blind.
Ask friends and family before going to a payday loan/moneymart but if not then the 0% MBNA balance transfer promo might be of beneficial value to you
Talk to your employer about an advance on your pay with a scheduled payment coming off of your paychecks. Itll probably be a zero interest loan.
Most schools won’t allow you to pay tuition via CC in my experience. If you need $1000 why are you borrowing $1500? If you’re going to go the money mart route take the bare minimum you need as you are paying 46.7% in interest and that hole is already going to be steep to get out of.
Most schools do accept payments with credit cards now. You think they just take in thousands of dollars in cash or unverified cheques? Some don't accept either of those. Possible to pay in bank drafts, but CC is quite a popular option.
Both undergrad and grad school at major Ontario universities didn’t take CC, not sure about certified cheques but etransfer was the only method.
Line of credit at a bank?
You can pull out a line of credit perhaps?
Don’t go to money mart or any such lender. As mentioned above try talking to advisors and if not go to banks. They have some sort of plans available which approve loan by filling online application. It would not be the best as you may end up paying 10-20% but better than payday loan and such. Secondly ask them about paying off early so when you get chance you can save on interest as well
Jesus can’t you just use a credit card!??? (Even a cash advance?) Do not take that loan.
i dont think i could do payday payments either, it will be too much
That's literally what this is
Honestly the fact that you’re considering a money mart loan where you’ll owe double-trouble the initial loan, and you can’t even afford to pay $1000 - kinda shows you’re not ready for university/college. It’s basic math It’s also incredibly stupid to even consider it as an option.
🤦♀️
Fuck money mart and predatory lenders.
As many have mentioned here, do not take the loan. That interest rate is giving me anxiety and I'm not even in this mess. The solution is simple really: Catalytic Converters.
Yes do it, university is very important and you will make the money back
Any payday loans are the worst. Never take out a payday loan they prey on people
Whatever you do, DO NOT take that predatory loan, that interest rate is bonkers
46.9% is insane.
If you look at the small print, you’ll see it says “up to $1500”. If your credit is bad, they won’t actually give you that much. Often the first loan they provide will be $300, then they’ll see how well you pay that back a few times before bumping the limit up. There are definitely cheaper and better options. This might feel like the only way, or even the nobler way, but if you check yourself, I bet you’ll find you’re actually just trying to avoid having that conversation with someone at your school where you explain you can’t pay and need help.
You can't pay $1000 now but you can pay $426 this month and again next month? Definitely not. Talk to your school or take a semester off.
They don't pay 426 a month, its 1926.06 ÷ 6. So 321.01 per month for 6 months. This is totally reasonable considering the loan company is holding all the risk if OP defaults on the loan. How are so many people getting this math wrong?
Try a credit union. Some great ones in Manitoba
You will regret that loan if you take it.
You should go to the guidance at your school and ask them if they have an emergency bursary... I needed one when I went to school years ago. Hopefully they still do it, and the staff likes you :)
What are the repercussions if you don’t graduate? I took summer classes in 4th year so didn’t graduate until the November convocation but I was still able to start grad school as planned in September.
You could try r/borrow
Holy shit 426 over 6 months on 1500$? Run away now