The debate about payday loans should be informed by reliable and complete statistical information. Image: Thinkstock

Payday lending is a hot-button issue. Consumer Focus released a study saying the number of payday loans borrowed in the United Kingdom has quadrupled in the last four years. Montana’s I-164 initiative seeks to limit payday lending, and Arizona’s “Operation Sunset” ended all payday lending within the state on June 30. Federally, S.3245, the Payday Lending Limitation Act of 2010, seeks to extend the Truth In Lending Act to cap all payday loans at 36 percent interest.

Understanding payday loan statistics

Understanding the payday loan industry and its customers is complicated by ubiquitous inaccurate and conflicting data. A recent report by Personal Money Market that compiles more than two dozen studies on the industry reveals that many commonly held beliefs are not supported by the numbers. For example, the average payday loan customer makes $47,260 per year and has been working for the same employer at least four years. More than 95 percent of borrowers confirm they understand the finance charges on these loans, while only 20 percent of credit card customers say they are able to comprehend their credit card agreements, according to a creditcards.com analysis.

The numbers behind short term credit

Studies by groups ranging from the Federal Reserve of New York State to our company, Personal Money Market, found that 11 percent to 20 percent of applications in brick-and-mortar stores and up to 99 percent of online applications are rejected. Still, one of every five payday loans is written off as a default. The profit margin for most payday lenders is between 8 percent and 10 percent, compared to the 12 percent profit of J.P. Morgan and 27 percent profit Goldman Sachs reported to the Securities and Exchange Commission in April.

Attempting to inform the discussion

A careful and informed discussion of the issues surrounding short-term credit and payday lending has been lacking. With pending legislation in the Senate, 15 states that ban payday lending altogether and several states considering limitations, accurate statistics are vital.

A full copy of the report is available at http://personalmoneystore.com/payday-lending-statistics/

How it’s Different

The Social Gift Card Exchange separates itself from the pack by being the only gift card service to provide a platform for buyers and sellers to trade their gift cards directly with friends, colleagues, neighbors and trusted companies. There is no middleman, so all discounts and profits go directly to the user. While this community of buyers and sellers is the defining feature of the Social Gift Card Exchange, Card Hub also gives its customers the option to sell popular gift cards directly to Card Hub.

How It Works

During the gift card listing process, some customers will be prompted with an offer to sell their card to Card Hub. If they’re not satisfied with the offer, they can choose to list it in the community in order to sell it directly to another member for a better deal. This way, Card Hub users have the best of both worlds and can decide for themselves which method they prefer.

Make Money Selling Your Gift Cards

Most gift card services will give customers cash in exchange for a gift card. The Social Gift Card Exchange takes this idea one step further and enables consumers to turn a profit while trading gift cards. For example, if a user has a $50 gift card to a very popular store like Amazon, they will likely get about $45 for their card. If their favorite store is slightly less popular, like Gap, they can then use that $45 to buy a $60 Gap gift card. Now they have a gift card to a store they actually like, and they’re $15 richer!

Other Features from the Gift Card Center

The Social Gift Card Exchange is the latest addition to CardHub.com’s Gift Card Center. Other features include a Gift Card Wish List that takes less than 60 seconds to create and doesn’t require any maintenance, a Birthday Calendar for e-mail birthday reminders, and a robust Gift Card Shopping Mall of over 300 hundred stores and restaurants.

Where to find the Social Gift Card Exchange

The Social Gift Card Exchange is offered through Card Hub’s Gift Card application for Facebook and through CardHub.com itself. To take advantage of all the new features offered through Card Hub’s Gift Card Center, please visit http://gifts.cardhub.com/

Personal Money Market offers Complaint Resources. This information is helpful for borrowers who have had a bad experience with lenders. The purpose of Complaint Resources are twofold:

1. To ensure borrowers have the tools they need to file a complaint against a lender who they feel has treated them unfairly.
2. To help Personal Money Market weed out unfit lenders. At PMS, we do business with only the best payday loan lenders.

Using the Complaint Resources is simple. Go to the page, find the name of your state and follow the instructions provided. Some states make it easier than others; depending on where you live the complaint filing process could be as simple as filing a form online. However, some states require you submit your complaint via postal mail.

About filing complaints

In most states, the process for filing a complaint against a payday loan company is the same as filing a complaint with any business. In most cases, you’ll need to contact the Office of the Attorney general of your state. Most states have specific forms for you to fill out, and in several states you can download them from the Attorney General’s site and print them out.

You may also file a complaint with the Federal Trade Commission. This is especially useful for payday lenders that operate nationwide chains. The FTC does not resolve complaints for consumers, but it does keep files on businesses who have had complaints registered against them. If you wish to file a complaint with the FTC, simply go to Complaint Resources and look under “federal.”

Personal Money Market’s pledge to you

Personal Money Market is dedicated to offering the best payday loans at the best rates from the best lenders. We do not condone irresponsible borrowing or irresponsible lending. We strive to ensure that all the lenders who are attached to the Personal Money Market name are of utmost integrity. Please help us in our mission to ensure responsible lending.

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If you’re in the market for a new or used car or wondering if there’s a way to lower your monthly payments on the car you own now, check out the new Car Deal Expert website. It’s a great resource for anyone who owns a car or is thinking about buying one – and that’s a lot of people. Car Deal Expert can save you thousands of dollars by helping you find the very best car loan available.

A full-service site

Car Deal Expert offers a full range of financial services for car buyers and car owners. In addition to great deals on new-car loans, used-car financing, and auto refinancing, you’ll find expert answers to all kinds of automobile-related questions. Should you purchase an extended warranty? How much of your income should you spend on a car? What’s the best way to finance an RV? Can you save money by refinancing your car loan? How does a loan pre-approval affect your negotiating power with car dealerships? Can you get a car loan without good credit?

No hassle, no obligation

At Car Deal Expert, the entire loan-approval process is done online. All you do is fill out one short application and Car Deal Expert does all the legwork for you. Within minutes, you’ll be in contact with a lender offering the best available terms for your individual situation. There’s no waiting or worrying or hassling. And there’s no obligation, either. Car Deal Expert will find you a reputable lender very quickly, but whether you agree to the terms offered is completely up to you.

Improved bargaining power

Getting a quick loan pre-approval on the Car Deal Expert site before you go out to buy a car can save you a lot of headache and trouble, not to mention money. If nothing else, when you’ve already been approved for a loan, you’ll know whether the financing offered by the dealer is fair. And when you walk into a vehicle showroom with a pre-approval in hand, salespeople are less inclined to persuade you to spend more than your stated limit.

Lower interest rates

When you apply for a loan through a car dealership, you may not be offered the lowest interest rate available because higher interest rates can mean higher sales commissions. But when you apply at Car Deal Expert, you will be matched with a lender offering the lowest interest rate available, or a choice of lenders offering various rates and loan terms, depending on your circumstances.

New-car loans. Buying a new car is one of the most important investment decisions most of us will ever make. But too often, people get so excited about the car that they don’t bother to shop for a loan. Instead, they walk into the dealership and blindly accept whatever financing the dealer offers. Many online lenders have better interest rates and more favorable loan terms than dealerships do. So before you go out to buy a new car, take just a few minutes to find out how much you can save by getting a loan pre-approval through Car Deal Expert.

Used-car loans. New-car prices have risen steadily over the years, and used-car prices have kept pace. Used-car financing has become commonplace, and today, if purchase a vehicle that’s only one or two years old, your payments will be nearly as high as a new-car loan. New or used, buying a car is a huge undertaking, and it makes good sense to shop carefully for the best possible loan.

Auto refinancing. If you bought your car when interest rates were high or if you accepted dealer financing without shopping around for better deals, paying off your existing car loan with a new lower-interest loan can save you thousands of dollars. If you bought your car before you had established credit and you’ve been making your payments regularly for a couple of years, you might be able to qualify for a lower interest rate now. If you’ve been working on improving your credit score and you’re still paying on an auto loan, there’s no reason to wait until the next time you buy a car to get a better interest rate. By refinancing your vehicle, you may be able to save money every month, starting right now.

Moving on

The past few years have been economic nightmares for lots of people, but that doesn’t change the fact that most people still need cars just to get to and from work. Lots of people today are afraid to apply for a vehicle loan because of damaged credit scores resulting from the loss of a home or job. But buying a car and making regular payments on the loan can help repair the damage done. If you’re lucky enough to be back on your feet with a job, making car-loan payments like clockwork can do your credit score a world of good.

Getting an answer

There’s a comforting anonymity in applying online for a loan at Car Deal Expert. If you don’t qualify, at least you have an answer, and no one’s going to know but you. But if you don’t apply, you’ll never know; and if you do apply, you just might be pleasantly surprised. Best of all, if you qualify for a loan through Car Deal Expert, you can rest assured you’re being offered the best terms available.

Unsecured Loans From BailBondLenders.com

There is a new type of loan available to help those caught up in the criminal justice system. If you, your family or a friend needs to get bailed out but you are having trouble coming up with the 10% up front, you can get unsecured short term bail bond loans through bailbondlenders.com.

Advantages of Bail Bond Loans

There are some great advantages to this type of no collateral loan. Typically there are no credit checks. You can have your money direct deposited to your checking or savings account sometimes in as little as two hours. There are usually no requirements for faxing in identification documents, proof of income or identity verification. The loan process only takes an average of 4-5 minutes and is similar to an application for installment loans and short term loans.

Eligibility for Bail Bond Loans

Approvals are based on other things besides your credit rating or credit score. They do not typically obtain a copy of your credit report or cause a hard inquiry on your record, so they have to base approval criteria on other things besides credit worthiness.

Who is Eligible for Bail Bond Financing

The criteria used for approval varies depending on which lenders in their system receive your application. The industry average criteria looks something like this:

• You are a U.S. Citizen
• You are over 18 years of age
• You have a good job
• You have had your job longer than 6 months
• You have been at your current residence longer than 6 months
• You do not have any outstanding loans with these specific lenders

Usually Overlooked Types of Bail Bond Borrowers

Some other types of people who may be eligible for these loans but are usually turned down by traditional lenders:

• Members of the military or armed forces
• Dependents and family members of the armed forces or military
• People with bad credit or poor credit
• People with no credit
• People with bankruptcies

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