The way things are going, small businesses are going to need more than that. What about a cash advance for all? (Photo: flickr.com)

The U.S. has finally traveled out of the dark ages of recession, or so it seems, because a few people I know have had to utilize cash advance loans to keep their businesses afloat. Many of financial hardships that people are facing aren’t spewing forth from a lack of effort. Typically, recoveries from recession in the United States are lead by small businesses. It’s during this time that small businesses should be springing forth, and advancing the growth of the current economic state.

Positives of This Recession Break

The positive side of a “recession breather” is that small businesses can lease or buy fairly cheap commercial property while they prepare for financial growth and industry expansion. My friend and newbie online business owner Carl R. said, “I believe that in up to six months from now, the unemployment rate should scale back down to the eight percent, or maybe even five percent mark.” At that point, we should be celebrating and enjoying life, because small businesses would provide four out of five new jobs for Americans.

Is There a Dark Side to This?

Unfortunately, if we do happen to regress into another dreaded recession, falling from the “recession breather” we’re currently in, it could go down this way: unemployment could crawl “way above” 10 percent. That would definitely put us into another funk. Commercial Real Estate values would sink more than they expand, due to a lack of small business expansion. When small businesses refuse to expand, they react by rebuffing the notion of hiring, because of the possible lack of expansion. The concept is similar to a revolving wheel. Small businesses are the rise and fall of our country’s financial destiny. Small businesses fear the thought of consistently changing company policies and creating rigid changes in energy, union membership and health care matters. In this case, unfortunately, a cash advance loan wouldn’t help my friend Carl.

There are wonderful possibilities as to how small business power could signal an economic charge against financial woes and provide recession remission. However, the reality is that small businesses still aren’t hiring, and most are aware of the facts presented here.

Some Businesses are Doing Better than Others

Some of the conglomerates like McDonald’s, Green Mountain Coffee and Panera Bread have weathered the current recession, either by keeping profits at a set high or improving their sales figures. However, not all restaurants are operated and provide as much convenience as fast-food chains Most use and need credit lines to run their businesses.

Will President Obama Save Small Business?

There are numerous issues involved in the recovery of small business. Energy and union labor are two big issues worrying small business owners. President Obama’s plans for health care are a current worry as well. Inflation and commodity prices that determine the costs of food production and delivery all play a key factor in the anxiousness small business owners are feeling about what’s ahead in the upcoming months.

Michael Lind had some things to say on Salon.com about the ideas and future plans for Obamacare, in that it practically places small businesses on a financial “sacrificial altar.” I won’t delve into the intricacies of his statements, but if Mr. Lind’s words represent the thoughts of President Obama, and congressional Democrats (who poor and middle class people have been hoping would rescue our country from its existing financial position), small businesses will only be able to dream of expansion.

Not a Storybook Ending

The sad truth is that locked down small businesses won’t start hiring, and the result will be that the current commercial property bomb might not be defused in time. And I’m sure that no one wants to see America fall prey to the explosion of a second recession. Thankfully, a cash advance loan is there if – or when – you need one.

Apply for a Cash Advance HERE!

Stop playing tug-of-war with your credit card company.

You are overwhelmed with debt. You have eight credit cards that are all maxed out. Making the minimum payments is causing much financial stress, and you are not making any headway on getting out of debt. What can you do? Get help, get debt counseling, find someone who can help you with the necessary information to manage your debt.

Today, many people feel that securing a debt consolidation loan is the best option. A debt consolidation loan is a single loan, which pays off other loans and specific lines of credit. It’s likely that you have seen advertisements, and the claims that are made by these firms seem to have a measure of validity. Are debt consolidation loans a good idea for you? Let’s take a look and see if a debt consolidation loan is right for you.

Debt consolidation can decrease stress

A major benefit of a debt consolidation loan is that you are obligated to make one payment instead of many. For people who mismanage their bills, this can be a great stress reliever. Obviously, managing your bills with one payment makes managing your finances much easier.

Save money with lower interest

Secondly, most debt consolidation loans will provide the borrower with reduced interest rates. The most common type of debt consolidation loan is generally a home equity loan or second mortgage. Because a mortgage or home equity loan is a secured debt, the interest rates will be significantly lower.

With a secured loan comes the added benefit of a lower monthly payment. This perhaps is the best benefit to securing a consolidation loan. If you are like most families, you have a certain amount of money every month. That money is distributed to various creditors and expenses. If the total sum of that money is lower, obviously you will realize the benefit.

Simplify your financial situation

The benefit of having one creditor means that if you do suffer financial difficulties you will deal with one creditor instead of numerous phone calls from a number of different creditors. If you have ever experienced creditor phone calls you most certainly will count this as a benefit.

If your debt consolidation loan is a home-equity loan, you will also get a tax break each year. While credit card interest rates are not typically deductible, the full interest amount is deductible on home-equity loans. Subsequently this is an added benefit for you.

Don’t be too hasty

The negatives to consolidation loans are that it is easier for you to get back into debt. With more money left over at the end of the month the your credit cards all freed up, you may end up in the same spot you were when you took out your debt consolidation loan.

The most obvious negative to a consolidation loan that is secured with a home is you run the risk of losing that home. Because your consolidation loan is backed by your house, failure to make payments in a timely fashion could result in foreclosure.

Times should be a-changin’

Consolidation loans serve as a remedy for many people to relieve financial difficulty. For others, it may lead them to more financial difficulty. Consolidation loans are not for everyone, and everyone should evaluate their situation and know their level of fiscal responsibility.

The bottom line is, if you have mismanaged your finances in the past, you are at risk to do so again unless you make some significant changes. Weigh your options carefully, and plan accordingly.

Have you ever needed a payday loan funded promptly?

Personal Money Store can assist you in getting the top-of-the-line loan for your needs in as little as 2 hours. Everyone needs help now and then. Ask yourself these few questions. Do I need cash to help pay my bills, get groceries or an unexpected expense?

• We require neither credit check nor any faxing
• Secure and confidential
• Lenders compete for your business
• Network of Lenders

It is simple to get the loan you need

We have many companies that compete for your business as soon as you call or apply for a loan online. We will require no credit check nor will we require you to fax any necessary documents.

Our network of providers gives you a great chance of getting the desired loan you need instantly. You’ll not have a long wait, but a quick and prompt response without any waiting nor do you need to look for other services.

Nowadays, many people are very busy

On that note, you can apply for a loan right now, or during your lunch break at work, even when you’re relaxing at home. Applying is easy and quick.

Our easy to use web application and our ability to find lenders quickly mean that you will have money deposited to your account very fast and securely into. This is a short term loan you can use for any emergency or because you are in need of extra cash for daily activities

Online payday loan requires no faxing

When you apply for an instant payday loan, the payday application data will be stored utilizing the latest data encryption and security measures. You can rest assured that your personal information will be kept very confidential and safe in our systems.

Personal Money Store understands that there are times that you need cash for emergency situations. The best thing about using our online service is not having to go out looking for one. We are here to assist you online.

Apply now for a short-term payday loan!

Once you are an approved payday loan applicant, you will be informed immediately that you qualify for a payday loan.  The only agreement is between yourself and the approved lender; and not Personal Money Store. Please always read any necessary agreements you will receive from your lender carefully.

Apply HERE for a Payday Loan Online

Payday loans mean that surprise expenses will never leave your budget in a bind. (Photo: Wikipedia.org)

Payday loans are quick short term loans that can be used for urgent situations such as paying off medical bills, car repair and more. The loan amount has to be returned on the day you receive your pay, and the interest rate is fixed by the lender. Payday loans may sound advantageous for meeting unexpected or urgent financial needs, but there are also some disadvantages that cannot be ignored.

Payday Loans Help with Unplanned or Unpredicted Money Requirements

Payday loans are instant loans, as you do not have to wait long to get this loan approved. Thus, the convenience of this loan system is that you can instantly use the loan money to meet your unexpected emergencies. The process of applying for this loan is fast and simple. You just need to fill out a short form and provide documents that include your general information such as your name, address and banking details.

A Few Preventive Steps to Make the Most of Payday Loans

1. Since you are required to provide your bank details and credit details to the lender, it is important to always check the credibility and the reputation of the lender you are going to deal with.
2. It is better to research a bit to find out the interest rates and compare the rates with what your lender is charging. Try to search for around three or four lenders (or even more) and compare their services to get the best deal.
3. Make sure that there are no hidden charges or terms included while applying for a payday loan. Always read the terms and conditions of the lenders providing you the payday loan in order to avoid these charges.
4. It is advisable to plan your loan repayment while applying for payday loans. Since the entire loan amount is to be returned on your next payday, you will need to plan this before so that you will avoid any extension on repayment as this can further burden the upcoming month’s expenditure and also can add to your increasing interest rate.
5. Payday Loans can be an easy solution against unexpected expenditures or monthly needs but we cannot ignore the fact that these loans come with quite a high interest rate.

Avoiding the Pitfalls: Using Payday Loans Well

1. Payday loans are not the best solution for every problem. These loans should not be taken for just any reason, such as fulfilling your luxuries, shopping for fun and so on.
2. You must search properly and go through a list of lenders in order to get the best deal in interest rates. The more you search, the better your chances of finding a good lender providing you with suitable interest rate.
3. You can deal with money shortage due to unplanned monthly budget or unexpected financial burdens with a payday loan easily. However, to avoid any more financial burden from your payday loan, you must have complete knowledge of payday loans. You must know the pros and cons in order to utilize them properly and safely.

Apply for Payday Loans HERE

Cash Advance Loans are Completely Restriction–Free.

No fax cash advances can advance the condition of a healthy budget. (Photo: picasaweb.google.com)

Low-cost cash advance loans are widely accepted as the most appropriate way for the people who are trapped in the vicious circle of financial trouble get through those tough budget crunches. The loan amount retrieved under low cost cash advance loans category can be used for any sort of urgent payment like paying your important bills, funding your child’s education, car repair, etc. This category of loans is basically a short term loan and the cash amount received by choosing this option is completely restriction-free. The entire procedure of this loan is straight forward, with easy and simple sets of terms and regulations.

Low Cost Cash Advance Loans Offer Affordable Rate of Interest and Repayment Scheduling.

Low cost cash advance loans are highly popular and a much adopted solution among the people because of its affordable rate of interest and convenient repayment scheduling. In this type of short-term, low-cost cash advance loan, a person can apply for a loan amount ranging from $100 to $1,500 with repayment tenure of 14 to 18 days. However, on the basis of valid and acceptable reasons, one can also request an extension in repayment tenure.

Low-Cost Cash Advance Loans are Available in Both Secured and Unsecured Forms.

Low cost cash advance loans are available under both the provisions of secured and unsecured forms. Secured low cost cash advance loans can be chosen by borrowers who possess valuable assets or borrowers with decent collateral. On the other hand, borrowers who are either non-homeowners, tenants or are residing with their parents can utilize the facility of this unsecured form of low cost cash advance loans. Even the people with poor credit history are also eligible to apply for this loan. Thus, it won’t be incorrect to conclude that this type of loan caters to every section of borrowers who need financial aid to settle their economic tensions.

Prerequisites for Low Cost Cash Advance Loan Approval.

Now let us put some light on the essential prerequisites attached to the approval procedure of this loan. To apply for this type of loan, the applicant should be above 18 years of age, must be employed or posses a regular source of income, and is required to have an active bank account. Thus if you are under the burden of any heavy debts or need financial assistance to cover some important medical expenses then immediately place a request for this loan.

Internet can be the best medium to apply for low cost cash advance loans.

In this information age, almost all leading financial companies are accessible online. Many lenders offer information on low cost cash advance loans on its business Web site. Yet you can approach any number of financial institutions, asking for various loan quotes while sitting in the comfort of your own home. These Web sites guide you with the complete information about the entire loan procedure, and the executives will promptly answer all your queries and issues in a most satisfying manner. You just need to download the online application form and fill in your personal and employment details. After submitting your application form, the executives of that particular firm will get back to you with the best solution for your financial requirements.

For Low Cost Cash Advance Loans, Apply HERE!

Consumers are using payday loans and their tax refunds to pay necessary bills. In the past, taxpayers saw their tax refunds as additional money to do something fun with. Whether it was a vacation, a new TV or a down payment on a vehicle, people used the money for unnecessary items. This year a new poll is showing that most Americans are looking forward to paying off bills and expenses with their tax money. In fact more than 54 percent of those receiving refund money intend to either pay credit card bills, utility bills or other housing-related expenses. This is up from the 35 percent who were in the same position just one year ago.

This news is no surprise to analysts who have spent months studying the economy and the recession. They predicted long ago that people’s attitudes toward spending would be conservative at best. Michael Fortman, economist for Smartmoney.com, stated, “Even with big sales and discounts, many Americans are going to be very cautious going into the future. … They have seen the recession and what it did to many families and they don’t want to get caught up in the issue later on down the road.”

Taxpayers are trying to stretch their budgets

The Obama administration wants this year’s refund money to be fueled back into the economy. Their hope is that the added money will spur the economy out of a recession quicker. However, with the loss of more than 5 million jobs since the end of 2007,this is a difficult task. Add that to research showing the people are focusing any increase in funds to necessary bills, and the result is less discretionary spending. As Fortman concluded, “It makes sense to be frugal when the economy is in such bad shape, but it hurts the economy when everyone does it.”

Taxpayers are trying to stretch their budgets, using payday loans, extreme budgeting, thrift-store shopping and bartering to meet their everyday needs. One mother from Sarasota, Florida stated, “For the past year and a half, I have been trading clothes with other mothers at my son’s school. Without that bartering, it would have been next to impossible to keep our five children clothed.” Creativity is the new way of 2009, as consumers are eager to find new ways of saving money.

Government interventions with the stimulus plan

The question remains whether the government’s intervention with the $787 billion stimulus truly served its purpose. It’s going to be difficult to say whether it did because of the unknown.

Critics maintain that the stimulus’s mixture of government spending and tax cuts benefited large businesses, but did little for immediate relief in the lives of American families. Harvey Leven, lawyer in New York, stated, “The little guy is always down. … Sure, the government extended huge packages to corporate America, but taxpayers — the ones who in the end will pay for the stimulus — are left in the cold. They have to fend for themselves suffering through unemployment, rising interest rates and lowered home values.”

Americans wonder about the future

In the end, many Americans are wondering where the post-recession life will leave them. They are being resourceful when paying bills, using payday loans and tax refund money to cover the costs. Everyone hopes, though, that their return to normalcy will be quick. Hopefully the economy will level itself out and allow people to return to normal spending.

Apply for Payday Loans HERE!

Yesterday I got a payday loan. Tomorrow I’m headed to New Zealand

I’m headed to New Zealand, because I have cash today, thanks to an online payday advance. Plenty of people will call that irresponsible, but plenty of people haven’t walked in my shoes. If you’ve been through the economic wringer in recent years, maybe you’ll get it. Or maybe you won’t. Either way, I’ve got money now and I’m going.

After two layoffs, I have money now

Two years ago, I was laid off from a good-paying job I’d had for several years. I collected unemployment for a few months and watched my retirement and investment accounts melt away like everyone else’s. I found a new, lower-paying job, but was laid off again after just a couple of months. This time, I didn’t qualify for unemployment benefits. After seven months, I was tapped out and couldn’t make my mortgage payment.

My head is barely above water, but I have money now

I managed to avoid a foreclosure with a lender-approved short sale, but everything I owned – other than my paid-off car and some beat-up furniture — was gone. I gave the furniture away and moved in with some friends. I finally found yet another even lower-paying job, and a couple months later, I was able to rent the apartment I have now. Luckily, I cut up my credit cards when I lost my first job, so I don’t have debts. My head is above water, but I’m still struggling to make ends meet.

The weather in New Zealand is perfect, and I have money now

I’m not in a stable financial place yet, but I’ve had my job long enough to get a personal loan. Now that I’ve got a little extra cash, I’m taking my life off hold. The coastline and mountains of New Zealand defy description. The whales are amazing. People say the Sauvignon blancs of the Marlborough region are better than the ones they make in Napa Valley. The air and water temperatures are perfect this time of year, and New Zealand is still a dollar-friendly place.

I have 23 hours plus a weekend, and I have money now, too

Last week I hit 23 hours of accumulated vacation time. Last night, I applied for an online payday loan. I had one in five minutes flat. The money was in my bank account this morning. I’ll pay it back out of my next paycheck and worry about how I’ll get by when it comes to that. Twenty-three paid hours plus a weekend isn’t at all enough time to visit New Zealand. Mostly I’ll be sitting on a plane. My grandmother is 94. I haven’t seen her in six years. She lives in Ashburton on the South Island. I fly out tomorrow morning.

Apply HERE for Money Now!

Cash advance loans can be a fast cash infusion for businesses, too. (Photo: flickr.com)

All businesses should be capable of weathering any situation, good or bad. This is of dire importance, particularly when these situations affect the money that is invested in the business. To help businesses deal with the evolving and sometimes unstable economy, there are now cash advance loans. These loans are helpful because they allow a business to obtain cash in the easiest possible way, and can be the simplest way to resolve any emergency needs for large sums of money.

How Does this Service Work?

Obtaining this loan requires future credit card sales and a merchant account. The merchant is eligible to get money from the lender once they agree on a part of the merchant’s future profit as the payment. First, the merchant gets to decide what percentage of this profit is sent to the lender when, in the future, a credit card sale is completed. The lender will then give the money to the merchant and wait on a MasterCard or Visa payment.

Why Choose this Over a Business Loan or Line of Credit?

The main appeal of choosing to obtain a cash advance loan instead of opting for the more traditional business line of credit or business loan is that this service offers a much faster way of gaining capital for your business, while being extremely easy to process. Payment of this loan is completely automated. The minute you process your MasterCard or Visa payment, you have already started paying back your lender. The speed with which you can obtain this loan makes it a great way to get large sums of money in emergency situations. Bank loans and line of credit loans usually take a much longer time to follow through, and in the meantime you could be losing valuable business. With business cash advance loans, you can easily avoid this.

Other Advantages of Cash Advance Loans

Business loans are often denied based on bad credit history. However, this option does not require excellent credit history.  Lenders are also flexible and will consider your business’s financial situation. If profits are only coming in very slowly, they will allow you to pay lower amounts.

Unlike business loans, applying for cash advance loans does not involve any collateral. Nor does it involve any fixed terms or fees. You can apply for and be approved for this loan in just a few hours, making it an ideal option to take when you need the cash immediately. A lot of the difficulties that you would usually face when opting for a business loan or a business line of credit are eliminated with this type of loan. This makes it perfect for any day during which you unexpectedly need large sums of money.

Use the Money as You Like

Another benefit is the fact that you are allowed to use the money in any way you please. Often with business loans, you sign an agreement that compels you to spend the money only in the ways that are agreed upon. You are not under this restraint when it comes to a business cash advance.

Apply for Cash Advance Loans HERE!

A hard money loan may be the key to avoiding foreclosure

The residential foreclosure rate continues to rise. Because of the lenient lending policies that were so popular during the housing bubble, many home owners now find themselves in situations they never thought possible.

Following recent losses, banks have created new credit policies that make it difficult for home owners to refinance their properties. Sub-prime borrowers are finding it impossible to get the money needed to avoid foreclosure. Fortunately, private lenders have seized the opportunity to help people avoid foreclosure by providing hard money loans.

An alternative to foreclosure

Times have changed and a hard money loan may be the only alternative to a mortgage foreclosure. Hard money loans still carry interest rates that are higher than those of most banks and traditional lending institutions, but now lenders are willing to tailor agreements in accordance with the best interests of all parties involved. Used properly, a hard money loan can allow you to make the corrections you need in order to save your home from foreclosure.

The “loan shark” reputation

Lenders offering hard money loans have been referred to as loan sharks in the past, because they had a reputation of being tough and ruthless in their application of the terms of the agreement. They charged high interest rates and did not hesitate to seize properties when a borrower defaulted on the repayments.

How to make your hard money loan a success

There are many hard money lenders in the market, all offering different terms and conditions. It is in your best interest that you thoroughly research these lenders before making a decision to borrow, and discuss your situation with people who may have valuable input. Before you choose a lender, do the following:

Make an appointment with several lenders before you make a choice, so that you can see if their terms and conditions are right for your situation.

Remember that these loans are negotiable, so be prepared to bargain.

Every dollar you save is extremely valuable, so do not borrow more than what you need.

Hard money loans have relatively high interest rates. You could be headed for more trouble if you can’t make the payments, so make a plan right now to pay off your loan as quickly as possible.

If you have access to an accountant or a real estate attorney, do not hesitate to use their services, as they may be in a position to put you in touch with a reliable lender from their list of contacts.

Be prepared to give your true financial status to the loan officer. Honesty can make the difference between getting a tough deal and a favorable one, because even the best-intentioned lenders want to minimize their risks.

Is foreclosure really an acceptable option?

A hard money loans is a great way to get the extra time you need to avoid a foreclosure. The real estate market is slow and traditional lenders are tightening up on credit policies. The best way to save your home in this economic climate may be to get a hard money loan. What have you got to lose? Hopefully, not the house.

Recover from Cash Crunch Instantly

Given the current never-ending tight credit crunch, a lot of people are now using no fax payday loans to ensure that they keep up with their planned and unplanned expenses such as credit card payments and other expected bill payments like rent or auto loans. Even unexpected bills and expenses like repair of a disabled vehicle or maybe electronic equipment such as a laptop computer or even hospital bills can be covered.

It’s a Fax-Less Loan

No fax payday loans do not require you to fax your I.D. and bank documents. Because of this, they are also known as fax-less loans. People who have Internet access and a savings or checking account can instantly decrease their financial worries using cash that is always available through a no fax payday loan.

They’re Available Online

Unlike other types of loans that require you to fax proof of identity and other information, a no fax payday loan just requires you to visit your lender’s Web site or their office within your neighborhood, fill out a simple form and submit. Your application will be assessed and you will get a reply almost instantly. You may even get the loan money in your account within the hour in some cases.

No Credit History Checks are Done

If you need cash to lower your financial stress or that of your entire family, then you should look in the direction of a no fax payday loan. These loans don’t require a check on your past credit records for your loan to be approved and paid out. So even if you have a bad credit history, you can still secure a no fax payday loan easily.

They are Collateral-Free

No fax payday loans are hassle-free because they are impersonal and easy to obtain. They also do not require any collateral submission. So that’s one less hassle for your loan approval.

Avoid Trouble with Collectors

Payday loans can keep you out of trouble with collectors. If you owe some money that requires urgent payment and you can’t make that before your next payday, then a no fax payday loan can help you sort that out and avoid being taken to court or have the collectors show up at your door.

Cheaper than Overdraft Fees

No fax payday loans are generally cheaper than overdraft fees. If you are in dire need of avoiding or eliminating overdraft fee, then a no fax payday loan is your way out. It offers a major advantage as a short-term financial backup plan against overdrawing your checking or savings account, especially in difficult financial situations of today.

Easily Pay Back on Your Next Payday

You can pay back your faxless payday loan with your next pay check. In fact, you can have the entire amount automatically transferred to your lender from your bank account on your payday or the next day of your payday.
It’s easy to see that a faxless payday loan is safe, fast, easy and less stressful to apply for and can help you get out of your current financial conditions no matter how bad they may be.

Apply for a No Fax Payday Loan HERE!

Applying for a cash advance at Personal Money Store is very convenient. Check out our application today! (Photo: flickr.com)

It is not difficult to get an online cash advance loan these days, and it seems that just about anyone can get one. An element that adds the cherry on top of a payday advance is that the process can be quick, easy and convenient.

There are simple measures that a future borrower needs to undergo, such as researching which companies offer them the best customer satisfaction, and other areas of service that help streamline the application process. These make things roll as smoothly as possible.

Some Cash Advance Requirements You Should Know

The requirements for getting a cash advance are generally that a borrower be at least 18 years of age. A valid checking account and a minimum monthly income of $1,000 are usually required as well. There are many cash advance lenders who have different requirements, such as three months of employment history and a checking account in the borrower’s name that has been open for at least as long as the applicant’s employment history. Also, a borrower should make sure that all of his/her important information is gathered for the application. Financial information such as bank statements, pay stubs, and account and savings numbers should all be ready. With the proper preparation, a borrower can speed up the already short application process considerably.

What if You Don’t Have Checking or Are Self-Employed?

There are many cash advance lenders who will gladly accept a valid savings account in lieu of a checking account. It’s also a great idea to check with your chosen cash advance lender to see exactly what they require. If you are self-employed, lenders may require a few more documents from you. Income documentation, typically for a three- to six-month time span, might be asked of you in a situation of self-employment. However, online cash advance lending companies like Personal Money Store are a tad more lenient as far as the income requirements and supporting documentation goes.

With Personal Money Store, it Couldn’t Be Easier

You’re here at PersonalMoneyStore.com because the online application is very easy to use. You should have all of your information handy, as it speeds up the process. Have your social security number ready. After all of the necessary information has been given, lenders verify the information given through a series of databases. Many lenders advertise that they guarantee applicants “no credit checks,” credit rating or history checks. You’d have to have been living under a rock if you’ve never heard the typical, “No-Credit” or “Bad-Credit” cash advance invites. This pulls the situation into the borrower’s favor, because even if they are denied by their chosen lender, many other cash advance sources are available.

A payday lender who approves you for a cash advance will contact you by phone or E-mail after reviewing your application. At this point in the process, the lender will carefully outline all repayment terms and discuss the length of the cash loan. There are some businesses who offer a same-day cash advance, but that won’t always happen. Generally, cash advance companies can have your money in your account within three to five business days.

Electronically Wired Funds

Funds that are electronically wired into a borrower’s bank account will be available to them a lot quicker, but there may be extra fees from your bank and cash advance lender attached. Speak with your lender in depth about wire transfers before you decide to commit. Aside from the extra costs the lender may charge, wire transfers can be the fastest, easiest way to receive cash advances. Again, take note that many lenders charge a 10 to 15 percent fee of the total transfer amount for wire transfer services.

Your Information Should Be Treated With Care

The best thing for you to do is your homework. Make sure that you are completely aware of the risks you could face when offering your personal information. A study conducted by a group of University of Toledo marketing graduate students showed that out of 50 online cash advance services, as many as 10 do not provide secure cash advance application pages. This is not the case with Personal Money Store, however.

Many different types of companies were listed in the survey, which included payday loans, unsecured loans, online loans and short-term loans. Make sure that you’re careful. If your personal information is unsecure and floating around the World Wide Web, even the most moderate of hackers can access all of your personal records. Remember that the most well known, and established, companies are best. That’s the kind of security Personal Money Store offers you.

Find That Privacy Policy!

Just to make sure that you know your personal information is secure and not at risk of being hacked, start with the cash advance company’s privacy policy, which should be posted somewhere on the Web site. Make sure you look for a few sentences that should read something like this: “We do not share personal information with any outside entity, or engage in third party marketing.” Once all of the anxiousness and fear has gone away, remember these simple measures needed, and get your cash advance today!

Apply for a Cash Advance HERE

Payday advances help make ends meet

If you want to use plastic without overspending, get a payday advance and use your debit card.

Just when you could really use it, you run out of cash. You scrape together enough money to pay the mortgage, and the home insurance bill comes in the mail. You might be able to let that slide until next payday, but then, just for good measure, the car won’t start. Naturally, your kid takes this opportunity to remind you that his karate class fees are due tomorrow.

Payday advances can help you avoid credit card debt

When money is tight, it can be tempting to use credit cards. But when you’re living from paycheck to paycheck, credit cards make it very difficult to stick to a budget. If you charge just a couple hundred dollars a month and pay the minimum payments, you’ll soon find yourself swimming in debt. Before long, you’ll run up a debt that will take years to pay off.

Applying for payday advances is absolutely hassle-free

It’s quick and easy to apply for online payday advances. At Personal Money Store, it takes just a few minutes, and in many cases funds can be deposited to your account in as little as two hours. You can apply for payday advances of up to $1500, and the minute you do, Personal Money Store connects you with the payday lender that best meets your requirements. You don’t have to fax anything or even pick up the phone. Best of all, there’s no credit check.

Payday advances are easy to pay back

Most online payday advances are paid back on your next payday in one automatic deduction from your bank account. You don’t have to bother to write a check or remember to pay online. Sometimes you can qualify for an installment payday advance that lets you make several smaller payments over a longer period of time.

Payday advances can help you avoid overspending

Next time you’re short of cash, consider applying for an online payday advance instead of using a credit card. A payday advance doesn’t drag on the way credit card debt does. When you get a payday advance instead of using a credit card, you can’t accidentally overspend: You know exactly how much money you have available. And compared to credit cards, there are no surprises: With payday advances, you know exactly when the debt will be paid off and exactly what it will cost.

Payday advances can get you through to payday

Borrowing should never be undertaken lightly. (That’s the problem with credit cards – it’s just too easy to forget that every purchase is a loan transaction.) Any form of credit can be misused, and a payday advance is no exception. But it’s completely possible to get the benefits of a payday advance without digging yourself into unmanageable debt.

Before you apply for a payday advance, ask yourself this question: After paying this back, can I get by on my next paycheck without having to borrow again? If your answer is yes, a payday advance is the ticket to your next paycheck.

APPLY for Payday Advances HERE!

Payday loans have not put this woman on the street. This study indicates that there is in fact no clear correlation between using payday loans and facing financial calamity like bankruptcy. (Photo: flickr.com)

Human Ecology professors Ruth Berry and Karen Duncan of the University of Manitoba appear to have been ready to point the accusing finger at payday loans in Canada. Given supporting data, it appears they would have been happy to report that payday loans and bankruptcy were strongly connected in the Great White North. However, “The Importance of Payday Loans in Canadian Consumer Insolvency” does nothing of the sort because doing so would fly in the face of hard evidence. There is no clear correlation between bankruptcy and use of payday loans in Canada, according to the authors of this study. In fact, the overall financial well-being of payday loan customers appeared to be slightly more favorable than those surveyed who did not use payday loans.

Payday Loans in Urban Centers and Inner Cities

In much the same way that payday lending has grown across the American landscape, payday lenders have stepped in to serve people of the inner cities who have been abandoned by the traditional banking industry – all because there wasn’t enough money to be had. And yet the same banks are the ones who charge payday loan companies with exploiting the public. While it is true that interest rates (when annualized as APR) for payday loans are higher than some traditional bank loans, the ease and convenience of payday loans tends to trump the offerings of banks and credit unions who demand higher customer qualifications and force applicants through a maze of paperwork. Credit-constrained consumers who lack liquid assets continue to find payday loans infinitely useful.

Berry and Duncan Want to Find the Payday Loan-Insolvency Connection

In their quest for this grail, the authors obtain data from “the main industry players in the payday loan field in Canada,” namely National Money Mart Company, RentCash and Cash Money. They also reference the Canadian Payday Loan Association, which is the national industry association that represents at least 40 payday loan companies (including those mentioned above), and the Financial Consumer Agency of Canada through analysis of related studies.

Previous Studies Didn’t Find a Connection, Either

“Not much literature exists connecting the experience of payday loans with consumers filing for bankruptcy,” write the authors. Perhaps this is because there isn’t a real connection? One study they cite found that only one in 10 payday loan customers filed for bankruptcy following a payday loan. Other studies noted a similar percentage. Those respondents who were found to have multiple payday loans at the same time may have been more prone to bankruptcy, but this group was found to be a minority. Moderate usage – which represents the majority of payday loans – shows no clear correlation with bankruptcy filings. In fact, a study by Robert Mayer (”Payday Lending and Personal Bankruptcy,” 2004) showed that those who displayed such moderate use owed only 17 percent of net monthly income, which is hardly a bankruptcy-inducing situation.

More Findings that Break the Mold

• The authors’ data indicated that payday loan customers tended to hold less in the way of long-term loans that did those surveyed who did not use payday loans. Such loans were most often mortgage loans.
• Interestingly, those who filed for bankruptcy and had used payday loans carried “significantly less” short-term debt than those bankruptcy filers who had not filed for payday loans. Payday loan customers held a mean of $14,485 in debt for 2005 and $13,938 for 2006, while those who did not use payday loans showed a mean debt of $25,972 and $26,615 in those years.
• Insolvent consumers didn’t display any tendency toward being either male or female.
• Households surveyed who used payday loans tended to be smaller than those households who didn’t.

Data by City

Berry and Duncan analyzed data from a number of major Canadian cities. What they found tended to be consistent with what has been discussed thus far: that payday loans do not correlate directly to bankruptcy and that payday loan consumers tended to display greater financial well-being than those surveyed who had never used the short term loans. Here’s a sampling:

Vancouver: Bankruptcy households who used payday loans versus those who did not displayed a higher average income.

Calgary, Edmonton and Toronto: Payday loan users showed much less long-term debt.

Installment Loans: Yet Another Path to Avoiding Bankruptcy

Berry and Duncan freely admit that “bankrupts with payday loans are more likely to be employed and have higher incomes and lower debt-to-income ratios than other bankrupts.” This brings them to their burning question: “Do payday loans contribute to bankruptcy?” Numerous studies paint very different pictures regarding the average amount for payday loans. Since more of them point to relatively small figures, it seems unlikely that such amounts would contribute heavily to bankruptcy. And since many lenders offer installment loans as an option in the event that a consumer is unable to pay their payday loan on the maturity date, there is a built-in path leading away from default and bankruptcy.

There’s an Indictment in Here Somewhere

Despite the fact that they found that payday loan customers tended to be more financially healthy than those respondents who never used the product, Berry and Duncan continue to operate from the position that payday loans are some evil product that should be avoided at all costs. Such is not the case, truly. They fulfill a need that traditional banking has largely ignored. Oh, but if only “mainstream lenders provided more accessible services, and educational institutions and non-profit or government agencies gave more objective information about payday lenders in public service advertisements, perhaps these borrowers might attempt to access other lending options,” write the authors. They follow that statement with the false claim that payday lenders do not make their interest rates known to consumers. In America, payday loan companies are required by the Truth in Lending Act to make this information readily available to consumers.

Prescience and Payday Loan Law

If there were only a database in place that could record payday loan usage, then perhaps there would be fewer abuses. That’s what the authors suggest in their 2007 study, and it has come to pass in numerous U.S. states. “A model that might be considered for regulating the number of payday loans held by one individual is the Drug Program Information Database (DPIN) which connects Manitoba Health and all pharmacies in Manitoba to a central database,” they write in reference to a 2006 Manitoba Centre for Health Policy study. “This prevents duplication and double-doctoring by providing the dispensing pharmacy with real time information to show the patient’s drug profile and allows the pharmacist to deny filling a prescription, which is the same or similar to another recently prescribed.” This is quite similar to what we see with payday loan databases. Such inventions do tend to lean toward the nanny state frame of mind, but many lawmakers have insisted upon pushing it through.

Correlation Does Not Imply Causation

And in this case, the authors can’t even draw a correlation between payday loans and bankruptcy filings in Canada. Certainly, those who have filed for bankruptcy would be burdened by any additional debt (including payday loans), but that implies no correlation (let alone causation). “It is not possible to determine whether the loan is hastening the insolvent’s decision to file for bankruptcy,” write Berry and Duncan. I’d go further than that, based upon their findings. I’ll say what they appear unwilling to admit: that payday loans help more than they hurt when used moderately (as most are). Bankruptcy is frequently the result of a complex mixture of financial and social issues. Payday loans are no scapegoat.

Money for nothing

In these difficult economic times, the average American family is forced to live paycheck to paycheck — if they are lucky enough to have jobs at all. When the U.S. government bailed out Wall Street, the major banks got huge cash infusions. Since then, major banks like Chase and Bank of America have been reporting record-breaking profits.

Is this because they are making profitable loans to consumers and businesses, earning money the way banks traditionally do? No. In fact, banks’ lending levels are the lowest they have been in more than a decade. What is the secret to their record profits? Fee revenue, or as we all call it: Overdraft Fees.

NSF fees are costing Americans billions

According to the Washington Post, consumers paid a stunning $23.7 Billion dollars in overdraft fees in 2008, and that number is expected to rise dramatically in 2009. An estimated 51 million Americans have been forced to pay at least one overdraft fee in the past year at an average of $35 each.

Ouch. These fees are making cash-strapped families hurt even more. What is worse, banks used to have more forgiving policies regarding overdrafts, but now some only allow one overdraft fee per year to be removed.

Congress is regulating overdraft fees

Congress is considering overhauling the laws that govern overdraft fees, but it could be years before those laws go into effect. Yet, many Americans have discovered a secret method for preventing overdraft fees and saving money, while being able to cover their daily expenses until their next paycheck. What is the secret? Online payday loans.

Borrow money through your computer

Most Americans loathe the idea of getting a payday loan from a cash advance store in a strip mall. People are embarrassed to admit they are having financial difficulties, and frankly being seen at a payday loan store could be a huge social stigma.

Thankfully, the internet has revolutionized the way people can borrow money when they need it. You can receive up to $1,500 in two hours or less, and have the money deposited directly into your checking account. You don’t need good credit to qualify for these loans, and you don’t even need a fax machine!

The true cost of overdraft fees

Look at the math. Say you were getting paid on Friday, but your bank account came up just $3 short on Thursday. One single overdraft fee would cost you $35, creating an effective annual interest rate of 260,245 percent! As most people know, having just one overdraft fee is rare when your account balance is low. If you just buy gas, go to the grocery store, pay for child care, and pay your electric bill the day before payday, you could owe $140 in overdraft fees and in reality be paying more than 1 million percent interest!

Payday Loans help you save

Online payday loans just make financial sense. If it cost you $15 to borrow $100, and it saved you $140 in overdraft fees, its like putting $125 in your pocket. The key to saving money on payday loans is to make sure to pay them back quickly, as the fees can get expensive over time. If you don’t have the money to pay the loan back within then next two weeks, consider an installment loan, which offers a more affordable payment plan.

Your secret to beating the banks

Your banker will tell you that payday loans are dangerous and expensive. What they don’t want you to know is that they are making a killing on overdraft fees, and wouldn’t want that money to go away. Do your own homework, and you’ll find out that banks are profiting billions while America suffers. Take matters into your own hands and get an instant cash advance today.

If you need an instant cash advance, APPLY HERE

Sometimes it makes good sense to borrow money

A quick online loan can help you save money

Too often, your paycheck is spent the minute you get it. You pay a few bills, make a trip to the grocery store, and fill the tank with gas.

You’re almost tapped out.  Fortunately or not, your kid mows the lawn just like you asked him to. In fact, he does a great job. You hand him ten bucks, as promised.

It’s payday, and already the countdown has begun. Will you be able to make it for two weeks on $50? It can be done. You’ve proved many times that it can. But what if something goes wrong?

Borrow money before it becomes an emergency

Twice in recent weeks you’ve had to jump the battery to start the car. What if a jump start doesn’t do the trick next time? The water heater’s been knocking and if you were to be honest about it, you’d have to admit that really, the hot water hasn’t been all that hot lately. What if the water heater conks out before payday?

Some former colleagues asked you to meet them for dinner tomorrow night. You’re hoping it turns out to be an informal interview for a better job. The place they want to meet is spendy. You think they’ll pick up the tab, but what if they don’t?

Borrow money if you know you can pay it back on payday

The bills are paid. There’s food in the house and gas in the car. Do you put life on hold until next payday? Or do you borrow money today and do the things you need to do?

There’s nothing wrong with getting a personal loan when you know you’ll be able to get by comfortably on your next paycheck after paying it back. In fact, there’s a lot to be said for getting cash today and being prepared for the unexpected.

Borrow money today and sleep well tonight

If you need cash today and you know that getting a loan till payday won’t put you farther behind, it makes good sense to borrow money. A fast cash loan can spare you unnecessary expense. For example, why not buy a new car battery now rather than wait until the car won’t start again and you have to pay for a new battery plus towing?

If you think things through and borrow wisely, a payday loan can help you come out ahead of the game. When you’re down to your last few dollars and worried about how you’ll make it, a little cash until payday might even let you save some money on those expensive sleep aids.

APPLY HERE to borrow money

Making Work Pay will cost millions of American taxpayers anywhere from $250 to $400 this coming tax season. These people may need payday loans. (Photo: flickr.com)

Were you one of those people who were elated to hear about the “Making Work Pay” tax break that President Obama gifted to the American people? Truly, it did benefit many people. Workers were paid back to the tune of 6.2 percent of their earned income, with a max of $400 for individuals and $800 for married couples filing jointly. Those singles making more than $95,000 and couples making more than $190,000 weren’t eligible, but then they didn’t have to be.

With that refund, those eligible didn’t have to resort to short term loan options like payday loans. However, for millions more, perhaps they’ll be wishing they had gotten a payday loan instead of having to pay back hundreds of dollars. And don’t even get me started on the farce that is tax refund loans (aka refund anticipation loans).

15-Million-Plus Owe Uncle Barack $250 Apiece

And that’s just the retirees!

That’s what the Associated Press is reporting as consumers are attempting to dig their way out of the blight of the recession. People are looking forward to some debt relief without the pain of tax refund loans, and in this instance, perhaps even without payday loans. But according to the IRS, many of people are going to be disappointed. What goes around comes around … and bites you in the hindquarters.

Who Will Owe Money Because of Making Work Pay?

We’re talking those with more than one job and married couples where both parties work (that’s a big one). These groups will have to repay $400, which could mean a smaller refund or even a tax bill. Even those in their golden years with rusty old Social Security and taxable wages will not have the lamb’s blood painted on their door. Their Obama giveback will be $250. Pony up, America!

Ah, the Memories of Magic Refunds and High Hopes

Individuals felt up to $400 worth of love for Making Work Pay, while couples doubled their pleasure up to $800. It was all part of the revolutionary stimulus package back in February of 2009. It pumped paychecks full of chicken broth, which most consumers promptly spent. If you spent it and you aren’t sure if you’re having enough withheld from your paycheck, click here for a handy calculator. If you don’t like what you find, file a new W-4… fast, because the 2009 tax year is almost over! The IRS has known about this problem since last spring, and they’ve been urging people to check their withholding amount since then.

Picking Up the Pieces of a Shattered Stimulus Plan

Payday loans may be short-term glue for what ails your budget, but this whole stimulus thing replaced pro-mise with pro-blems. For instance, a single worker with two jobs could get a $400 Obama-boost for each job, even though he’s only eligible for one $400 buff. That will have to be paid back. Similarly, with married couples where both work, if they combine to earn over $13,000, they enter a new tax bracket. There’s a total $1,200 boost instead of the $800 that should have been allowed. That’s $400 to pay back, friends. The Census Bureau says that 55 percent of all married couples in America are in this boat. That’s 33 million couples with 400 reasons to love Making Work Pay.

Wait, Don’t Forget Victimized Students

If they’re single and work part-time, they were eligible for the $400 credit. But, all my payday loans and garters, if their parents claimed them as a dependent, they didn’t qualify! In this case, Making Work Pay means paying back that $400.

Retirees Making Work Pay for Obama

More than 50 million Social Security recipients got $250 lump sum payments each, all thanks to Making Work Pay. But they were already receiving the credit for being employed, so the $250 refund will have to be paid back. It keeps getting better for American citizens.

Don’t Make the Same Mistakes in 2010

The Making Work Pay credit is still available, so tread cautiously. You certainly don’t want to create the same problem for yourself again. The average refund was about $2,800, so this Making Work Pay giveback will not result in a bill for many. However, some won’t be quite so lucky.

Iowa Sen. Chuck “Seppuku” Grassley of Iowa took a break from his more breathless moments to nail Making Work Pay on the head. It was “another unfortunate example of what can happen when Congress and the White House rush through legislation like the stimulus without thinking through the consequences,” he told the AP.

(Insert forehead slap and “I shoulda had a payday loan!” here)

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Payday loans are heavily regulated in the Canadian province of Manitoba. This flies in the face of reason, as 310-LOAN's executive study indicates. (Photo: picasaweb.google.com)

Governments both large and small often take it upon themselves to decide what consumers should or shouldn’t be able to do with their own money. Call this the “nanny state” mentality if you will. Regardless, it seems that a population is somewhat less than empowered if the ability to make financial choices is taken away, replaced by rules (explicit or otherwise). Through the eyes of capitalism, if consumers are not afforded self-determination, the market flounders and the people become increasingly dependent upon their government for financial protection.

The payday loans industry has taken its lumps when it comes to regulation-happy governments. Despite well-reasoned arguments that reflect the trends, tendencies and – dare I say it – general will of the people, numerous governments have managed to push through legislation that effectively kills consumer choice and destroys the payday lending industry within the affected region. In addition to the obvious unemployment that results from such careless legislation, the consumers who demanded the payday loan product are driven to less desirable (more expensive) alternatives. There’s a reason they weren’t depending upon the traditional banking system in the first place. Just because payday lending is regulated out of states and provinces doesn’t mean all of the consumers who depending upon payday loans are acceptable risks by traditional banking industry standards.

Manitoba Allows 17 Percent APR

This rate cannot sustain a payday lending business that relies upon payday loans alone for operating profits. It’s been proven many times over. Canada’s provinces have made life difficult for businesses that offer payday loans. British Columbia has a 23 percent APR rate cap, Quebec caps rates at 35 percent and Nova Scotia allows 60 percent. Compared with Nova Scotia, it seems that Manitoba payday lending lobbyists forgot to show up for the party. I jest, of course. One 2007 study by Andrew Smyth and Nathan Slee of 310-LOAN (considered to be Canada’s largest direct payday lender) makes such a clear case that one wonders if Manitoba’s government even read it. If they had read it and still voted to go with a 17 percent APR cap, you’d wonder either what axe they have to grind or who was fronting their retreat to Aruba.

“Evidence pertaining to public hearings before the Manitoba Public Utility Board to determine maximum allowable charges and fees for payday loans“

To preface the study, the authors cite a comment by Manitoba’s Minister of Finance at the time, Greg Selinger. Selinger said that “The intention is not to drive the companies out of business, because people are showing an interest in having this service, but to make sure that when they offer the service they do it in a way that’s just and reasonable.”

What is “Just and Reasonable?”

310-LOAN, according to the authors, clearly explains their fee structure to customers before any agreements are signed. They also verify that customers are actively employed as opposed to depending upon pensions or social assistance. That is a reasonable way to treat one’s payday loan customers, it would seem. Furthermore, 310-LOAN will not accept applicants who already have more than two NSF transactions in their recent banking history or more than one outstanding payday loan with another lender. They accept applicants who can reasonably repay their payday loans. Such is a protection for both the consumer and the payday loan company. Just and reasonable care is taken that neither party is exploited.

Who Uses Payday Loans?

The study authors utilize payday loan studies from Statistics Canada (StatsCan), IpsosReid, Environics, The Public Interest Advocacy Centre (PIAC) and StratCom. When available, these findings are compared against the general Manitoban population. The data for Manitoba indicates that payday loans are used by consumers who earn a slightly below average income for the province, but these consumers are far from being the “victimized poor.”

Average Age: Neither Too Young nor Too Old

According to Environics, the average Manitoba payday loans customer is 39 years old. StatsCan puts the number at 39.5, while PIAC found the average to be 42. With these and all the following results, it should be noted (and perhaps goes without saying) that the survey audiences are not identical.

Gender Split

It’s nearly a 50/50 split according to most studies. The 2006 Census for Manitoba gave a three to four percent bump up for female payday loan customers, however.

Marital Status: Most are From Married Households

The 2006 Census found that 48 percent of payday loan customers in Manitoba were married. Environics recorded 49 percent while PIAC was significantly higher at 59 percent. For single payday loan customers, the numbers were almost identical across the board: 35 percent by the Census, 35 by Environics and 31 percent according to PIAC. Only a small sample listed themselves as separated, divorced or widowed: 17 percent in the Census, 15 percent by Environics’ count and 10 percent according to PIAC.

They Will Have Residency

Partakers of payday loans in Manitoba tend to weight more heavily toward being renters, but the RBC Home Ownership Survey used for a portion of the data indicates that a majority (61 percent) do indeed own homes. In total, renters totaled 39 (RBC), 76 (Environics) and 41 percent of the respondents. Home ownership was 61 percent according to RBC, 21 percent for Environics and 59 percent for PIAC. The variations in the Environics study are curious, but not discussed by the study authors.

Household Income: Below Average, But Not Poor

Manitoba’s payday loan portrait is decidedly middle-class according to data the study authors present. Using 2001 Census data for the province, the average income for all Manitobans was $58,360. Looking at payday loan customers, PIAC found that the average income level was $51,400 and StratCom (using stats for Toronto in the Ontario province) marked it at $53,480. Environics was considerably lower at $41,376, while StratCom (using Vancouver, British Columbia data) was $42,026.

Education Level: Educated Payday Loan Customers

Using the same sources as the previous indicator, the 2001 Census found that 23 percent of Manitobans had graduated from university, 31 percent had gone to college or vocational school and 24 percent had at least a high school diploma (leaving 23 percent under that education level). StratCom (again for Vancouver) puts those numbers at 16, 28, 44 and 12 percent, respectively. StratCom Toronto clocks in at 26, 36, 34 and a miniscule three percent (more highly educated in urban Ontario, it seems). Environics’ distribution is 21, 43, 20 and 14 percent and PIAC’s is 18, 23 52 and six percent.

Employment: Payday Loan Customers Have Steady Jobs

As stated earlier, 310-LOAN requires that their customers be gainfully employed. While this standard is not exclusive in the payday lending industry as a whole, it is a dominant requirement to which most lenders adhere. Looking first at the general population of Manitoba as surveyed by Environics, we see the following breakdown, supporting the notion that payday loans in Manitoba and beyond are taken by consumers with the ability to repay:

• Employed: 62 percent
• Unemployed: Four percent (very low by today’s standards)
• Student: Six percent
• Retired: 21 percent
• Homemaker: Four percent

The total sample of payday loan customers taken by StratCom (Vancouver and Toronto) is as follows:

• Employed: 89 percent
• Unemployed: Four percent
• Student: One percent
• Retired: Four percent
• Homemaker: One percent

For Environics in Manitoba:

• Employed: 78 percent
• Unemployed: Seven percent
• Student: Two percent
• Retired: Five percent
• Homemaker: Two percent

And finally PIAC:

• Employed: 70 percent
• Unemployed: 10 percent
• Student: Eight percent
• Retired: Seven percent
• Homemaker: Five percent

Why Does Manitoba Use Payday Loans?

Emergency cash and money to cover unexpected expenses are the main reasons given in the PIAC and Environics studies, report the 310-LOAN study authors. Environics also found that consumers use payday loans to avoid bouncing a check. For Environics:

• Necessary Emergency Cash: 36 percent
• Covering Surprise Expenses: 24 percent
• To Cover a Potential Bounced Check: 21 percent
• Short-term Income Shortage: 11 percent
• For Discretionary Purchases: Four percent
• Other: Three percent

PIAC showed similar results, but notice the differences, which are not excluded to the categories PIAC respondents didn’t even cite that did rank in the Environics study:

• Necessary Emergency Cash: 31 percent
• Covering Surprise Expenses: 34 percent
• Bounced Check: Seven percent (why it’s so much lower is unclear)
• For a Major Purchase: Five percent
• Discretionary Purchases: 16 percent (why so much higher?)

When Banks Simply Won’t Do

Speed, convenience, privacy and the ability to handle emergency financial situations were all significant indicators for payday loan customers across multiple study sources. In addition, there is some evidence that suggests some dissatisfaction with traditional banking sources. See the authors’ study for specific numbers. It should also be noted that the studies referenced lean significantly toward “very satisfied” or “somewhat satisfied” for consumer approval level with payday loans and alternative financial services.

What Does a Harsh Rate Cap Do to Payday Loans in Manitoba?

310-LOAN’s study authors attempt to illustrate this is terms of where their own business is in the product life cycle. They claim payday lending is reaching the maturity stage, where saturation in society is relatively high. “In the case of payday loans, as more lenders appear, consumers are more exposed to the product and more inclined to use it,” write the authors. The saturation tends to intensify competition, leading the market toward greater self-regulation of pricing. This competition ultimately benefits the consumer, but the competition must be allowed to reach its apex if they are to fully reap the benefits. That’s the nature of a free-market economy.

Canadian Government Thinks Competition Should Already Be Maxed

Thus, they think rates should have already reached the lowest “consumer-friendly” point. Since they consider rates to be too high (a notion that the average consumer surveyed disputes), governments impose rate caps. It kills payday lenders, but does not kill demand for payday loans.

310-LOAN finds that while payday lending has grown quickly, supply is only now starting to catch up with demand. Their support for this notion is that payday loan industry advertising spending in Manitoba has begun to exceed revenue increases only in this most recent stage in payday lending’s life cycle. Earlier findings (where the supply was lower) wouldn’t need excessive advertising in order to gain customers. Demand provided fuel for growth.

Section 347 of the Criminal Code Has Delayed Saturation

Legal woes for the payday loan industry have slowed growth. This is not to say that the product is illegal; it certainly is not. But enough roadblocks were set up by the Canadian legal system to slow payday loan industry growth. In many cases, it was even a barrier to entry for potential payday lenders. This kept many potential investors away as well.

Competition and Lower Rates: the U.S. Model

The authors cite a Federal Reserve study by Donald Morgan (”Defining and Detecting Predatory Lending“) in which the connection between more payday loan stores per capita and lower rates is made quite clear. This does not mean, as the authors comment on a 60 percent APR cap that some Manitoba lawmakers had proposed before going off the deep end at 17 percent, that such a rate would be sustainable. That’s far from the truth in their estimation. In fact, it had been widely acknowledged that 60 percent is not financially viable for payday loan companies.

“Without an agreed upon method of calculating an unconscionable rate,” write the study authors, “we suggest that the board consider the costs involved in issuing short-term, small sum loans in the market today in order to effectively set the limit on the cost of borrowing.” Using a well-known Ernst & Young study, they note the profit margins for what are considered to be Canada’s “big five” banks:

• CIBC: 23.61 percent
• BMO Bank of Montreal: 27.43 percent
• RBC Royal Bank: 23.26 percent
• Scotiabank: 32.81 percent
• TD Canada Trust: 35.51 percent
  Average: 28.52 percent

Also based upon Ernst & Young findings, the authors note that the rate for issuing a $279 payday loan is $74.08. That’s 26.55 percent for the loan issued, which compares quite favorably with the average banking profit margin above. Based upon the authors’ interpretation of data on 11 payday lenders, such a rate would allow 10 of them to “remain in the market and stimulate and immediate increase in supply and investment in the payday loan industry.”

The Risks of an Excessively Low Rate Ceiling

Allow the industry to evolve in a natural free-market setting, argue the study authors. That will enhance both product and pricing according to consumer need. Set the rates too low and lenders must slash costs wherever possible and abandon efforts to meet consumer need. For instance, allowing for installment loans has proven to be popular with consumers in many locations, but the cost associated would be impossible to swallow for lenders if rates are cut to the proverbial quick. For consumers, there is anecdotal evidence that the convenience of installment loans would outweigh having the least expensive loan possible under law.

Life Dictates Debt, Not Payday Lenders

Situations like job loss, illness and family or other personal difficulties tend to have the greatest impact upon a consumer’s ability to repay short term credit such as payday loans. Yet the Manitoba government (or any government) wants the public to believe that it is the rates of supposedly predatory lenders that cause the problem. Thus, they see rate caps as the only answer. Consumers and even economists do not tend to share such views. Interest rate caps to not solve personal and societal issues; they merely restrict the free market and tend to add trouble rather than subtract it.

You aren’t the only one counting cash until payday

Counting cash until payday has become the new norm. We all have unique situations, but we’re all in the same boat: Ten days until payday and ten dollars in the bank. Sometimes you can scrape by on your last few dollars for an impressive stretch of time. But if one little thing goes wrong before payday – the car breaks down, the water heater stops working, or the dog gets sick – you have nowhere to turn.

Getting cash until payday is worth the cost

Sometimes — even before something goes wrong — it makes sense to get a payday loan to pad your bank account with a little extra cash until payday. The cost of a payday loan can be much less than late fees on a mortgage loan or credit card account. If you care about your credit score, think about getting a payday loan to protect it.

When you’re down to your last few dollars, paying a fee to get a little extra cash until payday is worth it for the peace of mind alone. Get a personal loan today, and if your kid needs something unexpected tomorrow, you’re prepared.

Getting cash until payday is easy

It’s fast and hassle-free to apply for cash until payday at Personal Money Store. Loans of up to $1500 are available and the funds are deposited directly to your bank account, sometimes in as little as two hours. You don’t have to fax anything or drive anywhere and there’s no credit check. On your next payday, the loan is paid back by an automatic deduction from your account. Or if you prefer to make several smaller payments over a longer period of time, you can apply for an installment payday loan.

Getting cash until payday lets you get things done

If you can make your loan payment without having to borrow again, getting a payday loan can make good sense. You have better things to do than count and recount your last ten dollars. With a little extra cash until payday, you just might get them done.

APPLY HERE for Cash Until Payday

Are guaranteed loans just wishful thinking?

Guaranteed Loans and Santa Claus: They're not real!

There are no such things as guaranteed loans. (You kind of knew that when you asked.) But if you’re hoping to get cash today, it’s guaranteed that Personal Money Store can almost always find a lender to grant your wish on the very best terms available.

There are no guaranteed loans, but payday loans are easy to get

Although there are no guaranteed loans, payday lenders generally don’t run credit checks. You can usually get a payday loan even if you have bad credit or no credit at all. You can usually get a payday loan despite having financial problems. You can get a payday loan if you’ve filed for bankruptcy, had your wages garnished, lost your home or car in a foreclosure or repossession, or are getting a divorce.

Payday loans are probably the most easily accessible form of credit available today. At Personal Money Store, your application is very likely to be approved even though there are no guaranteed loans.

You must be a sane adult with a regular income

To get a payday loan, you usually must have a job with a regular income and you must have been employed for the minimum time prescribed by the lender. You must have legal capacity to enter into a contract, so you cannot, for example, be a minor. Nor can you be insane. (Insanity can be a problem for people who have reached the age of majority but still believe in Santa Claus, the Easter Bunny, and Guaranteed Loans.)

You must be a sociable person with a bank account

If you want an online payday loan, you have to have a bank account because online payday lenders deliver loan funds by electronic transfer. You usually have to know at least two people to get a payday loan, because lenders usually require personal references, although they generally don’t contact the references before making the loan. (References can be a problem for hermits, recluses, and other shut-ins, even when they have regular incomes and bank accounts.)

You mustn’t have too much of a good thing

Depending on whether your state has a “cooling off” law, you may not be able to get a payday loan if you’ve recently had too many in a row. Many state legislatures have determined that if there were were such things as guaranteed loans, too many people would become too deeply mired in payday loan debt all too quickly.

Some payday lenders obtain Teletrack reports

It bears repeating that payday lenders generally don’t run formal credit checks. Some, however, use Teletrack reports to make credit-risk assessments. Teletrack is not a traditional credit bureau, and unlike a credit check, a Teletrack check won’t show up on your credit report. Teletrack provides analyses of consumer credit histories based on information obtained from payday loan companies, furniture companies, vehicle financing firms, high-risk consumer finance companies, credit card companies, banks and credit unions, as well as public records.

Teletrack doesn’t make credit-worthiness decisions, but it provides information to payday lenders who may then use it to approve or deny loan applications. Teletrack is considered a consumer credit reporting firm and is governed by the Fair Credit Reporting Act.

You won’t get a loan if you don’t apply, guaranteed

So you see, there are no guaranteed loans, although you’re very likely to get a personal loan when you apply at Personal Money Store. If you need to borrow money now and know that you can pay it back on your next payday without having to borrow again, then apply today. Chances are your wish will be granted right away.

Apply for the Best Payday Loans HERE!

Many people rely on nontraditional loans like payday loans, installment loans, and cash advances to make ends meet. Although there are some signs that the economy has reached its low and should be on an upswing shortly, many businesses are still in distress. The latest large corporation to feel the strain of the recession is the Six Flags amusement park company. The company recently filed for Chapter 11 bankruptcy protection, seeking to reorganize debt of $1.8 billion.

Business to continue as usual

According to Six Flags CEO Mark Shapiro, the bankruptcy filing won’t affect the operations of the company’s 20 theme parks located throughout the US, Mexico, and Canada. Although the company had a record year in 2008, bringing in over 25 million customers, its debt has become unmanageable. The debt is estimated to be near $2.4 billion, and the company can no longer sustain it.

Discounted prices may still break the average budget

Because of the recession many people have cut amusement parks and other entertainment out of the budget. Six Flags, like other theme parks, reduced its prices to gain customers, a tactic normally used on in slow seasons like early spring and late fall. Specials like $10 entry fees, discounts on food and drinks, and two-for-one fares are all being used at the parks. Sharpiro added, “We are trying to maintain the revenues we do have as we face a restructure of debt. Six Flags will extend all discounting possible to better serve customers who are feeling the recession’s limitation of their funds.”

Consumer response

Many consumers see the Six Flag bankruptcy as another indication that the recession is not yet over. They believe more financial blows are to come. Economist Gary Lindall of Citigroup stats, “When you see industry giants having serious financial issues, it’s an indicator that individual problems could potentially still occur…people are taking notice of billion-dollar corporations’ actions and acting accordingly with their personal finances.”
Consumers are bracing themselves for more financial strain when it comes to dealing with everyday bills and expenses. Many qualifying customers are using payday loans, cash advances and installment loans as normal budgetary aids, rather than solely for emergency purposes. Analyst Dale Prichard of Smartmoney.com stated, “It used to be that nontraditional loans were looked at as an unusual choice and used for out-of-the-ordinary expenses. Research is showing that many Americans are looking to these types of funding every month as a way to cover their regular bills.”

New ways to balance the budget

The popularity of nontraditional loans is expected to grow exponentially in coming years as hard-hit consumers recover from the recession. Although there are some signs of an end to the current wave of economic problems, there are still a lot of financial issues to settle. For example, many homeowners are in the midst of mortgage modification programs and have yet to actually get used to their mortgage payments again. Because of changes in the credit industry, some people have to manage their finances without the credit cards they once relied on. Changes like these are making people wary of the future.

In the end . . .

As big corporations continue to struggle through the after effects of the recession, people are left to manage their finances with additional and nontraditional methods. Payday loans, installment loans, and cash advances are working their way into the regular consumer agenda, rather than being solely emergency options.