Tricked by “Check into Cash”
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Tautphaus Park Zoo’s Boo at the Zoo was an excellent affair for the kids, except for one of those payday loan places called “Check into Cash”. They setup a table near the aviary with their logo, and I thought they were an odd business to be at a children’s event. They were giving out candy like everyone else, so I did not think much more of it.
Later that evening I discovered that Check into Cash had put a 4″ x 6″ pamphlet ad into my kids’ trick or treat bag! Their ad shows some lowlife holding a pipe wrench and toilet plunger, and proclaims (I quote):
gotta’ [sic] MONEYMAYDAY that just won’t wait ’till payday? your rescue is quick, easy and confidential. Just write us a personal check; and we hold your check. It’s that simple! Just bring: Photo I.D., Proof of income, Latest 30 day bank statement.
There is also a coupon for $10 off your first transaction fee! (Their exclamation mark.)
Is it just me, or did this local business cross an ethical line by marketing such an adult service (and a predatory one at that) to our children at a children’s event? No other business poluted the event like Check into Cash did. Seeing how this was a Halloween event, most generous businesses simply gave out candy.
A few businesses did include some advertisement, but it was a coupon for a free ice cream cone, a coupon of four free weeks from a karate place, and a buy-one-get-one-free coupon to the Aquatic Center. These are clearly offers appropriate for children.
The way it oughta be, since it would be difficult for the zoo staff to police the materials handed out, would be to simply not allow businesses that are not even tangentially related to children’s interests. It’s hard to imagine local businesses exhibiting such a blatant disregard for ethics and common sense like Check into Cash has.
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0 
0 This week’s River City Weekly had an article on payday loan places.
One big thing they said is that you can now get microloans with low interest rates at some Idaho Falls credit unions. I was not aware they had started doing that, and it’s about time! I have read much about microloans and how much they can help economies. The owner of Subway eateries got his start with microloans and advocates them.
Anyone looking for a quick-fix payday loan should first call their credit union to see if they offer something similar for a lower rate.
The other interesting thing from the RCW article was that 14 states have outlawed payday loans.
Should Idaho outlaw payday/title loans?
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0 0 Yes they should!!! These people are crooks and at 500% interest, their no better than a loan shark.
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0 0 Local businesses sponsor the B.A.Z. and in return get to set up a booth, give out treats and as an option advertising. Adults bring their kids and walk through. Thus, they are a niche to advertise towards. What is the crime in that? As for their business practices how about not participating and calling it good? Or else pull all credit card sponsorships from events, too. So much for the Olympics. Why is there so much “There oughta be a law” going on about this?
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0 0 It’s legal to run the lottery in Idaho now. It’s no diferent than these loan places. The lottery is a tax on those bad at math, and the loan places tax those that can’t read and comprehend.
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0 0 Yeah but you’re only spending a dollar for a lottery ticket. You’re not going to a loan place looking for a 500 dollar loan and then get trapped because you cant afford to pay it back because the interest rate is so high, so you’re only able to pay the interest each week so they don’t take your car away. Admit it Guest….it’s a scam. Plain and simple. You dont get a loan with the lottery, you play in order to get lucky. Sure the odds are high, but people win every day which is why it’s so popular.
Those loan places are taking advantage of the poor and it should be against the law to charge so much interest.
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0 0 Okay Robin, why can’t I start a strip club or casino then? It’s just a niche, why not not participate in it and call it good?
Credit cards charging 0-30% interest are not in the same league, let alone ballpark, as these cash-payday-title loan places.
The lottery is no different? Uhhhmmm…. apples and oranges. You might as well say strip clubs are okay because primetime TV is no different.
14 states have already banned them. The military was talking about banning them from the outskirts of bases. Why do you think that might be?
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0 0 When I moved here, one of the first things I noticed was the sheer amount of “checks cashed now” and “payday loan” places. It’s seemingly double that of a normal city this size.
I think it points to a deeper problem in this community. Why do people feel compelled to keep up with the Jones’ by having their big trucks (equipped with Bully Dog), snowmachines, ATV’s, the works?
If you have no money and want to ride an ATV - make friends with someone who owns one!
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0 0 So, let me try my hand at math:
A $100 payday loan is around $15-20 for two weeks - Bad.
A $100 bounced check costs around $50 ($25 for bank, $25 for merchant)- that is o.k.
A late fee or overlimit fee on a credit card is $35+ - that is o.k.
If you are late or get disconnected on your utility bill it is around $30-$50 plus you might have to put a deposit down now - that is o.k, too.
And for those who can add and read:
Get a payday advance and keep it rolliing it over for a year - bad, duh.
Go out to a fast food place every day - bad, duh.
Rent a car instead of buy one for a year, bad, duh.
Spend money when you don’t have it - bad, duh.
America, where the government has a law for everything - just like the founding fathers wanted…
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0 0 WOW…..are you guys serious??? Why do you think there are so many places that cash checks, do payday loans??? Hmmm maybe for the same reason you have different choices in anything else…..IF THE MARKET IS THERE…PEOPLE WILL USE IT!!
Why are their so many different nail shops, grocery stores, do I really need to go on?? I didnt think so.
If you think that Check Into Cash or any of the other places are for poor stupid people only then why do you know so much about them? What needed a few extra bucks that one time?? Yeah thats what I thought.
I do find the interest rates that they charge are high…but as long as people out there need the service and are willing to pay it instead of the embarrassment of a returned check or having your cable, power or phone turned off then guess what….Check Into Cash and all the other companies out there will keep on trucking and keep on building.
Keep in mind that when you see someone who cant afford to feed their children because they are between paydays whose helping them out so their babies can eat!
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0 0 You are advocating short term gains for long term losses, being penny wise and pound foolish.
The market also exists for casinos, illegal drug purchases, strip clubs, and hookers, but you don’t see those being allowed everywhere. Just because some people are willing to pay for it does not mean our society wants that type of business operating locally.
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0 0 So I got it now. Just as long as they are not in your backyard.
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0 0 Joe, that’s a good way of looking at it.
Isn’t walking into a Check into Cash store more embarrassing than having your phone, cable, or power turned off for a week? If not, then maybe that’s why there’s a market for them here but not so much anywhere else I’ve lived. I used to live on 10,000 a year. I was not ashamed to be poor, but I would have been ashamed to take a 20% loan just so I could watch my Sportscenter.
If you are using the service once a year to feed your baby, then I understand. But sadly, I think that’s only part of what people actually use it for.
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0 0 The population these business cater to are the poor, the un-banked, those people on the fringes of our society who make so little that they cannot qualify for a credit card, who live hand to mouth with nothing held back for a rainy day because their meagre minimum-wage incomes don’t even meet the bare necessities. These people are often under-educated and easily confused by legal financial jargon they may try to read in that microscopic type at the bottom of those Check-to-Cash loan forms. If they have a decent car, it is probably their most valuable asset, as more than likely they also are unable to buy a home and so pay half to 2/3 of their take home salary for rent. So they sign away the title of their car, then the wage-earner gets sick and can’t work, or else a child becomes ill suddenly, and what little resources the family had quickly dry up in unexpected medical costs–what? Medicaid you say? If the parents both work full time, there is little liklihood that the family will qualify. Of course the hospital must treat the patient regardless of ability to pay, but what about medicine? I don’t know of any local pharmacies that are in the charity business. Either way, the loan is either extended by paying the insane interest, or it is defaulted altogether and the family loses their only piece of equity–as well as their only means of transportation. The downward spiral continues as jobs are lost due to inability to get to work reliably on time, rent is paid late and unlawful detainers (evictions) are filed by angry landlords, ect.ect. That these corporations choose to be rungs on this ladder spirialling ever downward to financial ruin and poverty, sickens me. YES, THEY SHOULD BE OUTLAWED.
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0 0 Rebecca and other,
Before you spout off about the cash advance industry get your facts straight and quite mixing them up.
The industry does not pray on the poor and unbank. Sure many of the industry’s customer base are lower income but a large part are families with incomes of over $60K.
Secondly, the term “unbank” is not accurate. Nearly all cash advance companies require their customers to have an active checking account or savings account to debit their loan payments. No checking account , no loan.
Third, if you are going to have an “honest” discussion about the payday lending industry then you must discuss the banks and credit unions outrageous daily overdraft fees and NSFs. Both industries want you to mismanage your checking account so they can assess their high fees. Why do you think, they rarely close an active checking account for excessive bad check writing? The answer is as long as the customer continues to pay the NSF charges the bank or CU considers them to be good customers. Also look at what poor money management cost a bank or CU customer - You write one check for $100 but have only $90 in your account (you forgot that you withdraw $20 from an ATM another bank and CU fee). Your bank charges you a $35 NSF and the merchant charges you another $35 NSF. Your now $70 in the hole for a $100 quasi-loan. If you had gone to a cash advance company you would not have incurred those NSF charges and your loan fee would have been $15 to $20.
Now imagine the same scenario but instead the bank or CU honors your $100 check. Your account is now negative and unless you bring it current within a stated period you will incur daily overdraft charges of $5-8 per day up to 7 days. Again you potentially pay your bank or CU the same if not more then you would have from a cash advance lender.
Are payday loans for everyone? No. However they are an alternative when you are looking at excessive overdraft and/or NSF charges.
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0 0 David: What you fail to explain to everyone in your defense of these scammers, I mean loan business’s: is that the same people that go to these loan stores, are the same ones that bounce checks. (The lower income population) Not to mention, nearly all banks these days offer a service where you pay a one time yearly fee, usually 50 dollars, and this will cover you in the event you bounce a check. So you won’t be charge that 35-50 dollar fee from whatever company the check was made out to.
Your strong feelings towards this “industry” as you put it, lead me to believe you work or own such a business, or perhaps you use their services yourself.
You’ve also noted that the loan fee is “15-20″ dollars. But you also failed to note that is only for 100 dollars. The max amount that can be advanced is 500 dollars and the majority of people that use these places don’t go in for 100, they go for the maximum of 500 dollars. Suddenly the interest on that loan has jumped up 500 percent.
I just think its unfortunate that these places prey on the poor and uneducated and make this service so attractive and readily available to them. Not to mention the fact that there’s one on nearly every street corner in this town.
Personally I feel there’s no defending this type of business. It’s legal loansharking, plain and simple!!
(but that’s just my opinion)
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0 0 David, you are comparing apples to oranges by excusing high quickee loan APRs in comparing them to bank NSF fees.
You say many customers are poor but a large part make over $60k. Many many many, what’s the majority of the poor customer base?
You fail to answer why states have begun outlawing this practice. Why would they do that?
Taken at the base level, someone taking a loan from one of these places and paying it back in the first time frame without penalties, isn’t the fee at a rate that equals an extremely high APR rate?
The APR is the baseline standard for all loans. These qwikee loan places charge extremely high APR rates, bottom line. I hope Idaho moves to outlaw them in the next legislature.
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0 0 My husband and I make over 75k/yr with only tech school behind us. We went on vacation, after we returned I got let go from my job, and broke my foot. With The costly vacation ransaking us and my income removed from the picture we managed. yet we found ourselves at an unconfortable place where automatic payments might come in two days before my husband’s payday. I HATE wellsfargo my bank because they do all possible to charge you $50 nsf charges for each item over balance. e.g. I’ve had nsf charges of $50 for a $6.95 the supervisor refused to remove it at the bank. so I rather pay $20 dollars to ensure I have $100+ in bank than pay $150+ to the bank in nsf charges. Also, I don’t like per se having one of these places everywhere like inmy neighbor city, but in the privacy of my own home I can go to their website and go through the transaction. Its actually money smart my field is credit… and eventhough the rate IS ridiculous, my most important financial asset is my CREDIT rating, both my husband and I having excellent ratings, this is my dirty little secret for when in a financial pinch. because None of my creditors are any wiser to it and it keeps me with low interest rates where it really matters! Naturally I wouldn’t use this service if I couldn’t pay within a week or so. Just my two pennies!
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0 0 Wells Fargo does not charge 50 dollars for an insufficent funds charge. It’s 25 bucks. Your bank probably tried putting the check through twice, which is why they charged you 50 bucks. I’m sorry to hear about the loss of your job, but that doesn’t excuse the fact that you failed to balance your checkbook. If your checkbook would have been balanced, you would have known you didn’t have the funds available for that 6 dollar check you wrote. Don’t blame the bank for your inability to balance your checkbook correctly.
Best of luck to you.
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0 0 StepIntoASlimJim Wells Fargo has charged me $50 for nsf charges for an oversight on my part. How or why you’ve been charged differently from what I’ve been charged, I really don’t care. The customer service in Wells fargo is mediocre at best so beyond the $50 I was charged for nsf charges I just HATE that particular bank. It wasn’t a check I wrote that took me over balance, it was the wrong card I chose. I have been transitioning my money out of WF into my other bank’s account. Both cards being the same color I simply, in a hurry chose the wrong card. I’m not looking for an excuse for that particular issue simply relating the facts to this one situation. The service that check into cash providing for me has reached its prime potential, since thankfully I have found a job with same pay yet better hours and don’t have to pay any nsf charges. Was I 100% sure those scheduled payments would come through within those few days? nah but I rather pay $20 to check into cash than $50 to Wells fargo hell! if I go lucky and only got charged what you got charged, I’d still rather pay it to another company than WF. again my two shiny pennies.
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0 0 Hanna….what it boils down to is that it was YOUR mistake, yet you want the Bank to pay for it. Incredible! But to each his own and if the scam artists at check into cash is what works for you, than that’s great. Just don’t get so bent out of shape because most of us here realize these places are only there to rip off the poor and uneducated.
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0 0 JoseCuervo- That’s right it was my oversight, and yes my expectation is for WF to waive a fee of $50 for an over balance of $6. My point is, WF=bad customer service. I much rather have had the transaction be declined than to pay the NSF charges. WF advertises this approval of money not in the bank as a courtesy! yet I cannot opt out of such a courtesy with them? its retarded, had that transaction been declined I would’ve realized I was using the wrong card. Again I digress, Bad cx service means I don’t go back, and after the 10yrs of never having any nsf charges always having stellar record with them that was the LEAST they owed me, yes I said owed. Because its a give and take and those NSF charges are not mandatory no matter what your bank tells you, their arbitrary… So in that business relationship they failed, lost a customer, my family’s business and at the very least 5 of my friend’s business as well for $6 it seems petty but that was their bad business decission mine was chosing the wrong card, and I move on to whomever will provide the customer service I’m looking for its simple business. As far as people being prey to the cash advance things, regardless of education level or social status, these people are people, with their own choices and every right to make them. I consider it horridly high-handed to look down on these people as if they’ve never had the choice to begin with! Such establishments serve their purpose, its their customers that define what their purpose is. As far as I’m concerned every financial institution and business for that matter is there to make money. Is that such a surprise?!?! Or must we automatically run to big daddy goverment to limit our choices even more? Don’t count me in. Gosh it sure is nice to have choices….
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0 0 Do you think a legitimate business resorts to spam in order to advertise? What caliber of business do you suppose resorts to using spambots to enter comment spam on blogs of all places, in order to advertise for their business?
Cash loan city dot com keeps dropping spam here in this thread, and they are using sophisticated bots that get around anti-spam measures. It’s not particularly malicious, and I delete them immediately,
however you should know that this type of business industry has to resort to spam attacks in order to advertise their message. How honest of an industry could it be?
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0 0 I saw that and was hoping you’d get rid of it, thanks. What it boils down to is wise old advice my grandpa gave me 20 years ago “live within your means, and have a rainy day fund set up…”
I see so many people with huge houses, several cars, vacation homes, you name it, and I chuckle, because I realize they must be in debt and mortgaged up to their eyeballs. My husband and I have been very careful with our planning and spending, and are pround to say our home and cars are paid off. We pay our credit card bills monthly. We live within our means, and because we don’t blow money needlessly to keep up with the Jones’ we don’t have to live stressed out paycheck to paycheck.
I realize there are emergencies, but if you forgo the Gap clothing and needless extras, a lot can be saved in a “rainy day” account.
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0 0 Mommy of 2’s grandfather’s advice is rock solid.
A few years ago, I left my job due to severe career burnout. I went back into construction that summer, than worked at Target and at two call centers that winter and spring. That same summer, my wife lost her job. Even with the jobs I was working, our takehome pay was just barely half of what we’d been making prior to our job turmoil. Fortunately, we had a rainy day fund set aside — an ample one. It saw us through just over a year of underemployment, an engine replacement to the tune of $3,000. It even allowed us to buy a small camper trailer (not the best-timed of purchases, but as this one was in terrific shape at a price that was way below what others were charging, we didn’t pass it up). Now that I’m into a better job, we’re working to get that rainy day fund re-established. One of the first rules of economics we should learn is to pay ourselves — and that’s with savings.
Our cars are paid off. We’re still working on the house, but we pay extra principal every month. We don’t have extras like cable TV, high-speed internet, monthly cell phone plans and the like. Bottom line is: Save yer money.
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0 0 BTW, another comment reminded me of an experience a friend of mine had a couple years back.
Z103 radio station is doing another of those “Trick or Treat Street at …” events, this year at Snake River Landing. It is October 31st, from 3:30 to 6:30 pm.
They say, “Over 50 RVs and sponsors will make up our safe neighborhood for your kids to makes their rounds through to get hooked up with the good stuff.”
Hopefully they changed their vendor guidelines, because when my friends went to it a couple years ago, those business RVs only gave out stupid ads and coupons to the kids for “Halloween treats”.
They had to stand in line for 2 HOURS to get in, then went around and ONLY 1 dentist gave away some tootsie rolls. Every single other vendor gave out “buy one get one half off” coupons to the kids, along with several print advertisements and goofy product advertisements (like pens or ice scrapers).
They were very disappointed and upset. They wasted an incredible amount of time, and their kid was completely confused that this claimed to be a “Halloween” event.
The mom asked one of the vendors why they were not giving candy away if it was billed as a Halloween event. The vendor said, “We’re not just giving you a piece of candy, we’re giving you an entire free meal!” Sure, they got a free kid’s meal after they purchased two adult meals! Wow, you could get that from the Sunday paper without dressing up and standing in line for two hours.
So I hope Z103 lets their vendors at this event know that they should stick to the holiday spirit instead of just dumping their advertisements on our kids. Do it right or don’t do it all.
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0 0 So that’s why we don’t take our kids to these kinds of advertising events.
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0 0 what is the problem with someone like cashloancity.com? we got a loan from them with a $20 fee after one month because my capitol one credit card charged me $39 for being late…. and then the $39 that they charged me put me over so they charged me $39 for that. Why would you not go after someone like that? Because they are an established financial institutiion right? well… the people that you are putting down here are the ones that saved me from the people that you don’t talk about!
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1 0 If you pay your bills on time and balance your account properly you wouldn’t have to pay the late fees and overdraft charges. You must have borrowed less than a hundred dollars from the check loan place because I don’t know any of them that only charge 20 dollars. The majority of these check into cash places charge between 3 and 5 hundred percent service charge and I don’t know about you but to me that’s a scam. Read all the other comments people have left here. Most have used this type of service because they didn’t know how to properly manage their money to begin with. Anyone who knows anything about finances will tell you these places are run and owned by scam artists and are a huge rip-off.
It’s your decision to use them, but I would pawn my wifes engagement ring before I let one of these places rip me off!
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0 0 Some of those places will do the first loan free. If you only need a loan one time it doesn’t cost anything so what’s the ripoff? Makes you feel like you’re sticking it to the man! It’s nice to know you have that option. It’s a lot better than paying late charges on another account. And if my hubby pawned my engagement ring at the very least he would be sleeping in the doghouse.
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1 0 The best way to avoid being ripped off by banks like Wells Fargo and others is to avoid them completely. Most people can find at least one credit union they are eligible to join. JOIN IT! Then you can stop paying through the nose to the scum who take advantage of everyone they possibly can. And those payday loan places (and the loan industry in general) need to be seriously regulated. The rates and terms of those types of loans used to be illegal in this country. They should be illegal again and probably will be in the near future. I plan on harassing as many legislators as I have time to contact about this issue.
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0 0 It’s a little ironic that, since ads reappeared here, this thread has ads that link to Check into Cash, and other businesses accused of skullduggery herein.
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0 0 It’s not really ironic, that’s how “ads by Google” work. Whatever the topic is that’s being discussed in any particular post, is the type of company or ad that will be displayed. The ads change according to each topic being discussed. That’s how the majority of websites operate. No irony involved, just advertisers trying to get the most for their advertising dollar.
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0 0 I know. It’s just funny that on a thread calling these guys on the carpet, these ads appear.
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[...] UPDATE: I thought I had written about last year’s Zoo trick or treat thing when the ‘Check into Cash’ predatory lender had set up inside. Here’s the story: http://idahofallz.com/2005/10/28/tricked-by-check-into-cash/ [...]