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Hotelier Stan Hartling Urges Caution Against Predatory Lenders

Updated: Mar 14

Warns Young Individuals of Financial Pitfalls at Career Symposium



Hotelier Stan Hartling

In a compelling address to over 500 students at the Second Annual Career Symposium, prominent hotelier Dr. Stan Harlting issued a stark warning against falling prey to predatory lenders, cautioning young individuals about the potential financial consequences.


Hartling, associated with renowned establishments such as The Sands Resorts, The Palms Resort, and The Short Club Resort, emphasized the importance of exercising caution when seeking financial assistance, particularly in times of urgent need.


Hartling drew attention to the deceptive practices employed by certain lenders, urging students to be vigilant about the terms and conditions associated with loans. He specifically highlighted instances where borrowers might end up paying back up to five times the borrowed amount due to hidden fees and exorbitant interest rates.


The hotelier emphasized that predatory lenders often target individuals with promises of quick and easy approval, offering seemingly attractive sums ranging from $3,000 to $5,000. Despite presenting an initial interest rate of eight percent, Hartling cautioned that the fine print may reveal a compounding interest rate of eight percent per month.

“You are going to reach a point in your life when you need money bad,” he noted. “What I am begging you is, be careful. There are lenders that will make it easy for you to get that $3,000…that $5,000. There is nothing easy, and you will be told a rate of eight percent, but if you read the fine print, it is eight percent per month. When everybody else tells you ‘no’, this lender will tell you ‘yes’, and you will leave with a cheque in probably an hour.”

 


Karen Whitt of the Palms Resort share a photo moment with students attending the Second Annual Career Symposium at the Palms Resort

A key point of concern highlighted by Hartling was the automatic payroll deductions associated with some loans. While this may seem harmless for standard loans, it can become a significant issue when dealing with predatory lending, leading to ongoing financial challenges for borrowers.


“Please remember this, when you are sitting there and you think you have got a great thing, because you are going to get $3,000 to $5,000, and you can be out of here (money-lending office) in an hour when everybody told you ‘no’, and you didn’t listen to all the terms and you signed, then they can come after your pay.

 

“You can cry all you want after that, that doesn't go away, you go to a judge, you can go anywhere, when you signed that money can come right out of the paycheck from your employer. So, I beg you, please be aware of that,” he said.

 

The warning extended to the implications of refinancing, with Hartling underscoring the potential long-term consequences that may not be fully disclosed by predatory lenders. He shared a cautionary tale of a simple $5,000 loan ballooning into a staggering $30,000 debt due to missed payments and escalating interest rates.


Hartling urged students to thoroughly scrutinize loan agreements, understand the terms and conditions, and explore alternative sources of financial assistance before resorting to high-risk loans. The hotelier's plea was grounded in the desire to protect young individuals from the devastating financial impact of predatory lending practices.


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