RE:Since I've been called troll pinko lesbian & commieNo one is justifying the company actions. What we mean to say is we provided financing to high risk clients whom rudential, easyfinancial & even moneymart would not accept. We provided them credit with lower charges than even other competitors. It depends how each branch was run. If you act in best interest of clients, you will ask them to just pay minimum 50% in 2 weeks(balance accumulates only 2.5% for 2 weeks) and pay another 50% (of new balance) in another 2 weeks and so on until it is down. This way the overall interest is lower than most lenders out there. I even had a spreadsheet to prove that point. Imagine that if Moneymart charges $21 per hundrend for 2 weeks, you have to pay back $121. Borrow another $100, you payback total of $42 interest in 4 weeks. CSF cost would be $28.5 for 4 weeks as you can choose your own date upto max of one month. People who understood the concept, they passed on the advantage to their customers. Others, just abused it.
This company, especially those top 5 executives committed illegal acts(and eventually brought this business down) for sure & deserve to be punished. Do not blame associates who have no control over those decisions. Whatever tools were given, we utilized it to the best advantage of our customers. We built great rapport with them as we were able to satisfy their needs with graduated lower cost products when everyone else just would'nt give them a chance. The LOC suite was well received, just that it was not launched through a legal process AND it has to be used correctly to get maximum benefit for these clients.
Lastly, if you have decided to paint everyone as fraudsters, no matter what is being said there will be no effect.