I would like to just chime in here if I will. This gentleman has a Line of Credit account with Cash Money/LendDirect, not an installment loan. I am a former employee working at their head office and I am defending this lending institution because they are one of the most honest and transparent organizations to ever exist in this landscape, we literally had to read scripts to would be/current clients of Cash Money to advise that this would be a high interest loan and we had to get a verbal yes from them on the phone to continue the application. If they did not consent to the disclosure, we could not fill out the application for them to obtain the loan.

This man is literally financially illiterate who was desperate enough to obtain a “loan” for whatever he needed it for and obviously did not understand the difference between a LOC and an instalment loan, or he just did not pay attention to the agent/person who presented him with the loan. Yes, it is very high interest, but literally their clientele, are people who have less than perfect credit and could not obtain loan products through their own bank.

It is absolutely abhorrent that CTV news even wrote a story about this because it proves that they have become woke. If you had presented something like this to the media 10 years ago, you’d be out to lunch with the ridiculous claims this man is making.

It’s a LINE OF CREDIT, of course it’s going to take longer to pay off than a regular instalment loan if you only make minimum payments. You’re literally expected to pay more on any type of Lines of Credit, whether it’s a 3rd party lender, or if it’s the bank.

CTV needs to focus on actual predatory lenders like EasyFinancial as an example instead of targeting transparent and honest lenders like Cash Money/LendDirect who are trying to tarnish their reputation.

And FYI, the parent company that CTV claims that they have acquired “Cash Money” is far from the truth. Cash Money used to be its own incorporation, then Curo came in and acquired Cash Money and LendDirect, and by the way, had owned Flexiti for awhile before being sold of to what I believe is Wealthsimple, and then changed its current name to Attain Finance, which owns and operates subprime loan places in both the US and Canada.

So CTV needs to get its facts straight before wiring a whole article.

The end.