There’s someone who offers loans to the poor and destitute in Vancouver, including those on a fixed income on welfare, are disabled or on pension. This really is our local model of micro loans and it makes us question if a similar thing is going on elsewhere in the planet, at least in the manner it is being done locally. A particular man who must at this time, stay unnamed gets loans on the road from someone who’s in a status to give cash as well as the rate of return by welfare Wednesday on a $20 dollar loan is $35. This is an rate of interest of 75% per month loans to those on fixed incomes. This works out to 900% per year. The past time we looked, this was prohibited. As there are a lot of men and women in tough fiscal situation as evidenced by the working poor who get payday loans, there are a lot of road loan sharks out there “servicing” those even lower on the scale in relation to the working poor. The going rate in banks for credit cards ranges between 9% to 19% and up to 29% on other loans. The more of a credit risk you’re and for store special cards, the more complex the speed. This same loan shark we’re conscious may borrow substantial amounts from the bank at lesser interest to recycle at the substantially higher rates back to themselves from the down and out. It’s more likely that there’s a “slush fund” savings account earning interest in the bank from which cash is taken out briefly and loaned at higher interest in a one month turn around. If that is true, this loan shark is acquiring two methods; at the bank and much more on the road. This is happening in Vancouver, BC and it is probably going on in a neighbourhood near you.
This occurrence has probably existed for some time including all the cut backs and deregulation. Every now and then, authorities hacks such as the NDP promise something needs to be done about excessive bank fees and interest and following that, the problem expires before it even gets to the table in parliament for discussion let alone legislating. Because of this, a whole underworld of loan sharking has resurfaced. There is a variety of of the action ranging from that practised in gangs to the down and out loaners of last resort on the road, such as we’re dealing with in this and follow up bits. !
Frequently, those who are down and out, such as the homeless and those on provincial disabled pension, CPP, Canada pension, and the like find it difficult to get funds for one crisis or another, particularly from any valid financial institution. The working poor often rely on payday loans from Cash Marts and the like at higher interest over the short term of a two week roll over, but even this amounts only to about 10% on the loan. But nothing can compare to a 75% monthly interest charged by road scum loan sharks like a particular person who has additionally been spying and harassing us for decades. The said loan sharking person is apparently involved in several unethical operations and was seen in a small embezzlement by ourselves. That the system and justice system cannot or WOn’t do anything about indicates this is pervading and out of control.
The loan period is dependant on the welfare cycle of a single month and is payable on welfare Wednesday of each month at 75% interest. This same person runs many such loans as far as we’ve really been able to ascertain, but we don’t know as to how many. We do understand there are a lot of customers on the road who require a short-term crisis one month, modest amount loan, whether for food, shelter or what might be required. This loan shark who seems to have many links from that which we’ve learned over time and consequently, has significant sway, has an extensive clientele base as he’s usually seen relating to many in urgent conditions.
At the last BC and city authorities approximation, there are some 6,000 displaced individuals in the Greater Vancouver Regional District (GVRD). There are much more people that are physically and psychologically disabled and even more pensioners, some of whom rely on such measures as all else is closed off due to austerity and cut backs. This drives a number of them in the control of the scum bag loan shark who’s getting increased company because of this. We’ve been close to seeing one such trade and were told place scenario of what came down. We’ll definitely be on the lookout and ready to create a video. When more info comes to light and is collated with real facts and figures, we guarantee a complete exposure. Actually, studies have turned up some evidence of the sort of action happening in the United States.
“Authorized payday advance companies, which give moneyat high interest rates on the security of a postdated check, in many cases are described as loan sharks by their critics as a result of high rates of interest that immobilize debtors, stopping short of prohibited financing and violent group practices. Now’s payday loan is a close cousin of the early twentieth century wages loan, the merchandise to which the “shark” epithet was initially used, however they’re now legalised in some states.
A 2001 comparison of short term financing rates billed by the Chicago Outfit organized crime syndicate and payday lenders in California shown that, determined by when a payday loan was paid back by a borrower (usually 1-14 days), the rate of interest charged for a cash advance may be substantially higher in relation to the interest rate of a similar loan made by the organized crime syndicate.” (1)
The banks, like Wells Fargo, Bank of America and JP Morgan, now supply approximately $1.5 billion in credit lines to publicly-held payday loan businesses and between $2.5 to $3 billion to the bigger payday loan business, says the report, which was issued jointly by community group network National People’s Action and non-partisan watchdog Public Accountability Initiative. !
The payday lenders, including Advance America, Cash America and ACE Cash Express, which enable customers to borrow against future paychecks, and which, according to the report, bill an average interest rate of 455 percent on top of fees of $15-18 per $100 loaned, frequently depend on the large banks’ funding for their business.” (2)
“The very same banks that helped tank the market and then wanted hundreds of billions of dollars in taxpayer-financed bailouts are currently helping the bottom feeders of the financial sector, as they seek the payday lenders to strip even more riches away from regular Americans,” NPA executive director George Goehl, who also called payday lending “legalized loan sharking,” said in a phone press conference. “If Al Capone was living now you may even get a better loan from him.” (3)
Looking to Toronto, Canada, we see the practice going on here according to accessible news, at least as far as organized crime. “…in 2008, sources described Lu to the Toronto Sun as the biggest loan shark in the vicinity of the Niagara Falls casino. Before legal casinos opened, he ran gaming houses in Toronto’s Chinatowns, police sources said. Lu was reported missing by his family to York Regional Police in December 2007 after he returned home from a visit to China in October, Vander Heyden said. Lu was last seen living on Oct. 30, 2007. At the time, authorities said that that due to Lu’s “private nature,” his family was not instantly worried by his lack… A police source told the Sun in 2008 that Lu maintained Niagara Casino as element of his underworld giving domain name. The source said there was an arrangement which permitted Vietnamese loan sharks. Lu was Vietnamese of Chinese tradition as well as a Canadian citizen to run in Niagara while members of the Big Circle Boys, a Chinese gang, focused on gamers at other casinos.” (4)
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