Intellishop Bank Payday loan
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Payday loans are offered by a few MSC, not only by Intellishop. I did two of them and the very first one was $75 in fees. It was a straight forward loan. The second one, however, was with the same company, but different location. The fee was $150. Both reimbursed the bank fees.
On the second one, the instructions were to ask to pay later. Then re-borrow. Both did not have a credit check and did not affect my record. However, I would not do them again. From there, you will discover that the interests are usurious as compared to the bank or credit card charges. Not only that, there are a lot of papers to download. I think the second one was bonused. However, if the shops failed, I would have had to shoulder the bank fees, which were unacceptable. But if you follow the Guidelines, you will be paid. On the second one, I had to verify the instructions with the scheduler. Sometimes they presume that everything is clear. Be sure to ask if you are not sure.
Be prepared with the most recent bank statement, payroll statements and I think a reference. The loan is due on your next payday. Good luck!
On the second one, the instructions were to ask to pay later. Then re-borrow. Both did not have a credit check and did not affect my record. However, I would not do them again. From there, you will discover that the interests are usurious as compared to the bank or credit card charges. Not only that, there are a lot of papers to download. I think the second one was bonused. However, if the shops failed, I would have had to shoulder the bank fees, which were unacceptable. But if you follow the Guidelines, you will be paid. On the second one, I had to verify the instructions with the scheduler. Sometimes they presume that everything is clear. Be sure to ask if you are not sure.
Be prepared with the most recent bank statement, payroll statements and I think a reference. The loan is due on your next payday. Good luck!
I just duct taped a 10 foot pole to my existing 10 ft pole. This is on my 20 ft pole list.
I would not assist a payday loan company out of principle alone. They feed on the most vulnerable and poor in society. I am fortunate enough that my state (FL) has put some strict limitations on this industry.
This has dramatically shrunk the number of them down to a handful that are there to service the people that are living paycheck to paycheck that have a true crisis, and not lure people into a cycle of loans that go on forever where they end up taxing every paycheck and never break out of the continuous loan trap.
Edited 1 time(s). Last edit at 01/07/2015 01:18PM by scanman1.
I would not assist a payday loan company out of principle alone. They feed on the most vulnerable and poor in society. I am fortunate enough that my state (FL) has put some strict limitations on this industry.
This has dramatically shrunk the number of them down to a handful that are there to service the people that are living paycheck to paycheck that have a true crisis, and not lure people into a cycle of loans that go on forever where they end up taxing every paycheck and never break out of the continuous loan trap.
@ wrote:
Amount of the loan. In Florida, payday advances cannot exceed $500. There are no exceptions.
Number of loans. You can only have one outstanding payday loan at a time. Loans are tracked through a central database. When you pay back the loan, there is an additional 24-hour cooling-off period before you can take out another pay day loan.
Loan term. Pay day loans cannot be for less than seven days or more than 31 days. Rollovers are also prohibited. If you take out a 14-day payday loan, for example, the lender is not permitted to rollover, or renew, the loan, charging the fees again, for an additional 14 days -– even though the entire length of time would be less than 31 days. The term is set when you take out the loan, but if you are unable to pay, there is something you can do to extend the term of the loan without additional charges or interest.
Grace period. The law provides you with a 60-day grace period if you are unable to pay back the loan upon the expiration of the contract term. But to take advantage of this you must: (1) make an appointment with a credit counseling agency within seven days of the original due date, and (2) complete the credit counseling within the 60-day grace period. If the credit counseling agency recommends a repayment plan, you may repay the debt in accordance with the plan without incurring additional fees or costs.
Fees and costs. Florida statutes limit the fee that can be charged on a payday loan to 10% of the loan amount. Costs, in the form of a verification fee, are limited to five dollars for each loan. This is not an annual interest rate but the rate that is being charged for the specific loan term. For example, a seven-day payday loan of $100 with a 10% fee, would cost you ten dollars plus the verification fee for the seven-day period. Applying an annual rate, the 10% fee is equivalent to an interest rate in excess of 500%.
Collection. If the check you provided to the payday loan lender does not clear the bank and you are not able to pay, there are limitations on what the payday lender can do. The payday lender may not pursue criminal action against you for a bad check. They can demand payment but costs in are limited to the 10% fee, the $5 cost and any bad check fees imposed by the lender’s bank (if you did not inform the lender in advance that the check could not be honored). No additional costs may be charged unless a lawsuit is filed and additional costs are imposed by the court. The lender may seek to recover interest on its judgment but it is limited to the judgment rate in the state generally and not a rate based on the payday loan fee.
Additional Requirements Under Florida Law
Florida law requires that the payday loan agreement be in writing and signed by both parties on the date the loan is given. The loan agreement must contain:
the name and address of the lender and the lenders business office
the name of the lender's representative who signed the agreement.
a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.
The agreement cannot legally contain terms whereby the borrower agrees to hold the lender harmless for any damages or actions, waives any rights under the law, agrees in advance to the entry of a judgment or wage garnishment, or waives any defenses to repayment.
The proceeds of the loan may be provided in a form other than cash only if the borrower agrees. The fees allowed under the law may not be collected in advance, and the lender cannot require any additional security or guarantors. Lastly, a copy of the signed agreement must be provided to the borrower at the time of the transaction.
Edited 1 time(s). Last edit at 01/07/2015 01:18PM by scanman1.
While I do think that payday loans may serve a useful purpose to some folks, kudos to you for standing up for your principles. Most of us can be bought with a large enough carrot. 
Yep, my carrots have been anywhere from $45 to $150. These companies have strong lobbyists. My state has often tried to rein them in but the bills never make it all the way through to completion.
I wish I could write something helpful but I also would not do these. There is more than one MSC out there that does these so the requirements may be different with each e.g. short vs long narrative or none at all. Good luck! I'm sure if you study the guidelines and bring the basics (ID, void cheque/bank account number, paystubs, etc) you'll be fine.
Silver Certified ~ Shopping all of Toronto and beyond
I do these loans when I can get them because they are helping to ensure that the companies are following the rules and not abusing the clients.
I had an accounting client who got into these before Arizona made most of them illegal and put a cap on the APR and how often you could roll them over. He borrowed $500 and was paying $75 every two weeks to roll it over. 390% APR, not even tax deductible since it wasn't a business loan. One of his primary expenditures was at the Beverage Stop for booze, another at the Indian shop for cigarettes, and he regularly spent $15 for restaurant pizza for himself (he could have picked one up at the grocery store for $4). Any wonder why he could never seem to pay back that $500?
Oh, he also stiffed me for $800 in accounting and tax fees. I should have sued him, but he was also behind on child support so any collection would be a matter of "take a number and get in line." There's a limit on how much can be garnished from a paycheck.
But the usurious fees were part of why he could never get any traction to get out of the hole he had dug himself into.
I had an accounting client who got into these before Arizona made most of them illegal and put a cap on the APR and how often you could roll them over. He borrowed $500 and was paying $75 every two weeks to roll it over. 390% APR, not even tax deductible since it wasn't a business loan. One of his primary expenditures was at the Beverage Stop for booze, another at the Indian shop for cigarettes, and he regularly spent $15 for restaurant pizza for himself (he could have picked one up at the grocery store for $4). Any wonder why he could never seem to pay back that $500?
Oh, he also stiffed me for $800 in accounting and tax fees. I should have sued him, but he was also behind on child support so any collection would be a matter of "take a number and get in line." There's a limit on how much can be garnished from a paycheck.
But the usurious fees were part of why he could never get any traction to get out of the hole he had dug himself into.
Time to build a bigger bridge.
Thanks to all who answered. I was wondering if these shops that I see on the intellishop job board are the same that you guys are talking about? I keep getting an email for these shops which are paying $15 plus $15 bonus totaling $30. The locations are about thirty minutes away. Here is the email
COMMENTS: Brand New Bank Shops Available!
You will visit your assigned location and speak with a representative regarding a payday loan. You will be evaluating the overall customer service that you receive from the bank representative, along with the information that is provided about the payday loan and other services that your location offers.
Note: You will need to obtain a business card from your assigned location.
Shop Times: Monday - Saturday, during branch hours.
Shop Fee: $15.00
You must meet the following qualifications to apply for this shop:
* Your Shopper Rating must be at least 5
* You cannot have shopped the same location within 60 days
* Your age must be 18 years or More
* You must accept PayPal payments
I hope that I am not breaking the rules by posting this email. If I am, I apologize and ask to please delete this post. Does this email look familiar? I am not sure if you actually has to get the loan or just inquire about one? Thanks again for your help.
COMMENTS: Brand New Bank Shops Available!
You will visit your assigned location and speak with a representative regarding a payday loan. You will be evaluating the overall customer service that you receive from the bank representative, along with the information that is provided about the payday loan and other services that your location offers.
Note: You will need to obtain a business card from your assigned location.
Shop Times: Monday - Saturday, during branch hours.
Shop Fee: $15.00
You must meet the following qualifications to apply for this shop:
* Your Shopper Rating must be at least 5
* You cannot have shopped the same location within 60 days
* Your age must be 18 years or More
* You must accept PayPal payments
I hope that I am not breaking the rules by posting this email. If I am, I apologize and ask to please delete this post. Does this email look familiar? I am not sure if you actually has to get the loan or just inquire about one? Thanks again for your help.
I got one with an MSC, don't remember which one it was now. It said I had to take out a loan then cancel it. Ok. But when I read the paperwork it had to be a $600 loan! which I had not been told about. And while the instructions were very long and detailed about what I had to do, they were very, very LITE on how to cancel the loan. There was a sentence or two to the effect of, "Shopper will then cancel loan. Shopper can reverse the bank draft by calling".
I don't like that "shopper" terminology, very cold, as if "shopper" is not a person. And it did not say who you call to cancel the loan, or exactly how you do that. It was abundantly clear that they did not care about that part. That's "shopper's" problem. So I cancelled it and I'm glad.
I don't like that "shopper" terminology, very cold, as if "shopper" is not a person. And it did not say who you call to cancel the loan, or exactly how you do that. It was abundantly clear that they did not care about that part. That's "shopper's" problem. So I cancelled it and I'm glad.
Ok. But when I read the paperwork it had to be a $600 loan!
Err, ahh, nope. I agree with scanman - 10 foot (or more) pole list!
Edited 1 time(s). Last edit at 01/08/2015 03:28AM by bestofbothworlds.
Err, ahh, nope. I agree with scanman - 10 foot (or more) pole list!
Edited 1 time(s). Last edit at 01/08/2015 03:28AM by bestofbothworlds.
The shop described by jovanyhdez requires you to ask about a loan. I don't see that it requires you to get one. I've done shops where I had to go to a payday loan place and ask about getting one of their reloadable prepaid debit cards. Ask, but not get one. So it's important to know which is your scenario because the inquiry shops are no big deal. The ones where you have to get the loan are more complicated because you have to make a second trip (sometimes; depends on which MSC and which client) to repay the loan.
Time to build a bigger bridge.
I have actually not seen any of these shops in my area. I think I did do some phone shops once that paid almost nothing.
"Evolve thyself and lose all hate...." Orphaned Land
They have a scenario that has you go all the way up to processing and then BACK OUT before making payment
I have done the find out about a loan from the bottom feeding scum sucking payday loan industry shops. I had four of them done three in one day the fourth one I got thrown out of the place because I started arguing with them about the renewal fees to roll the loan over. It worked out to about 390% APR. They're not violating the letter of the law, but the spirit of it.
Would not borrow from them myself and would only shop one if it would help to close the businesses down. I agree with the fact that they prey on people in poverty and people who have been unfortunate to have been sick or BK court.
Just my view as an individual... I do not do any shops with payday loan, check cashing etc... If I have to give out my SSN, and take on fee's that they can disapprove and not reimburse for...aw hell naw.
Like I said, that's just me. Naw and heck naw. I am not having my ID information recorded by a stranger behind a counter. There is to much ID theft in the world today.
Don
Like I said, that's just me.
Naw and heck naw. I am not having my ID information recorded by a stranger behind a counter. There is to much ID theft in the world today.
Don
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