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could someone explain about finance shops please



SmokeyoneThreads: 18
Posts: 63
Joined: Oct 25, 07 		  Jul 25, 09, 10:57 /  #
I visit a small polish town about once every other month and over the last few visits three or four shops have closed - clothing shops and a mini supermarket but I have noticed that around five finance shops seem to have opened - I think one is called the finance house and one is called go-bank - one even has a ATM in it's window...

Perhaps someone on the forum understands the sudden need for places to get money!
Are they different from the normal banks !

Thanks
esekThreads: 5
Posts: 269
Joined: Jun 3, 08 		  Jul 25, 09, 11:15 /  #
Smokeyone:
Perhaps someone on the forum understands the sudden need for places to get money!

Banks have money and that's it... it's common that wide-known Polish banks have 200-300 branches all over the country.

but i heard recently that they also struggle with crisis and some are going to close every 5th/6th branch...

just notice that most often those branches are empty (i mean by that that at least 80% of time the only people inside are company workers).
ShawnHThreads: 9
Posts: 3,056
Joined: Jul 2, 09 		  Jul 25, 09, 13:14 /  #
Could it be like the Payday Loan schemes we have here in Canada?

Somebody with a job, but is very short on money presents his ID, proof of employment and a copy of a pay stub to the payday loan company. The company verifies all of the said information and makes a loan to the person who is short of money, on the premise that when the next pay comes in, they will pay off the loan. In the mean time extortionary interest rates are charged on the loan.

The sad thing is, once you get started, it is almost impossible to get off this "roller coaster". Think about it. If you are so broke that you need next week's pay today, how are you ever going to get ahead again, when the fees are so high, and you are constantly living off of next week's pay?

This practice is currently under review here in Canada.
esekThreads: 5
Posts: 269
Joined: Jun 3, 08 		  Jul 25, 09, 14:31 /  #
ShawnH:
Think about it. If you are so broke that you need next week's pay today

we get salaries every month not week - at least it's not common practice in Poland.. maybe some physical workers get money every week.
ShawnHThreads: 9
Posts: 3,056
Joined: Jul 2, 09 		  Jul 25, 09, 14:37 /  #
esek:
we get salaries every month not week - at least it's not common practice in Poland.. maybe some physical workers get money every week.

I have been in situations where payday has been monthly, semi-monthly, bi-weekly and weekly. Just depends on the employer.

Regardless (or is that irregardless?), some people may find themselves in the situation where they need to access this kind of "service".
SmokeyoneThreads: 18
Posts: 63
Joined: Oct 25, 07 		  Jul 25, 09, 15:36 /  #
So the finance places are for small loans - not mortgages !
ShawnHThreads: 9
Posts: 3,056
Joined: Jul 2, 09 		  Jul 25, 09, 15:49 /  #
Smokeyone:
So the finance places are for small loans - not mortgages !

I can't say for sure. Just throwing out a possibility. Would be good if a native Pole would comment....
SmokeyoneThreads: 18
Posts: 63
Joined: Oct 25, 07 		  Jul 25, 09, 18:51 /  #
I just think it so unusual that five shops (are they shops !) should open in such a short space of time.............
esekThreads: 5
Posts: 269
Joined: Jun 3, 08 		  Jul 25, 09, 22:26 /  #
ShawnH:
I have been in situations where payday has been monthly, semi-monthly, bi-weekly and weekly. Just depends on the employer.

yes, you are right BUT - it's very, I mean very uncommon in Poland... i don't know a single person who work fulltime and get salary every week, every other week or sth... everybody have monthly pay day. Moreover it's very uncommon to ask your future employer (say during interview) when is the pay day... it's just because everybody by default think that he will receive salary on some specific day every month.
beckskiThreads: 19
Posts: 2,148
Joined: May 15, 07  Gold Member MEMBER  Pictures: 3 		  Aug 10, 09, 02:27 /  #
ShawnH:
Could it be like the Payday Loan schemes

They have PDL's in the U.S. too. Poor victims don't usually realize they're paying 300-1000% interest rate, for a short-term loan until their next pay check date. That's when the loan must be either paid off, or established over again with newly added outrageous interest fees.

A sincere thanks PF, for putting up with me FIVE terrific years, muah!
SmokeyoneThreads: 18
Posts: 63
Joined: Oct 25, 07 		  Aug 10, 09, 10:53 /  #
They have the 1000% plus interest places in the UK too......
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