With the cost of virtually everything going up, with no end in sight, it has become that much harder to make every dollar stretch. From higher grocery bills to the increasing cost of filling up your gas tank, more and more people have found themselves in need of such essentials, but falling short on others such as the rent, electricity, water or the phone bills.

We’ve all been there

It seems as if so many people have found themselves in such situations. Then, should a more pressing emergency expense rear its ugly head, such as a broken down car, it can make everything spin out of control, especially as more Americans find themselves in less-than-perfect credit situations. Should this happen to you, you have a friend indeed with you apply with us for cheap loans.

Ease the pain of prices on the rise!

Cheap loans can get your there when you’re in a pinch. We are able to help almost everyone in obtaining low fee payday loans, instant payday loans, same day payday loans, installment payday loans, payday cash loans and fast payday loans that can be deposited as soon as the end of the day or shortly thereafter. This online-based payday loan “match maker” also has great working relationships with reputable lenders who might be able to wire you payday advance loans, easy payday loans, online payday loans or even cheap payday loans and payday loans for bad credit to those whose credit ratings have also taken a beating.

Do you qualify?

Seeing if you qualify for no fax payday loans, quick payday loans and easy online payday loans is so simple and painless that virtually anyone can complete the application process. The completely secure web-based application takes only a few minutes, inquiring for your social security number, employment and total income information and a few other things that will verify your ability to repay, should you be approved for easy online payday loans.
You can be assured, however, that when you submit your application in hopes of obtaining faxless payday loans, payday loans online, bad credit payday loans, or any other kinds of easy online payday loans, state-of-the-art encryption and other security measures are always utilized to keep your sensitive information safe and out of the reach of identity thieves or other cyber criminals.

Don’t wait!

However, the best thing about seeking assistance obtaining any sorts of cheap loans is that waiting around for your funds to be deposited is kept to a minimum. In fact, with some lenders who may be able to help you, they can have money wired into your active checking account as soon as the end of the business day. So, if you can’t pay the bills and buy the milk eggs and bread, don’t pay late. Use cheap loans instead!

Your local post office will likely close at noon. Hurry!

Ah, what to do when a federal holiday falls on the weekend. It always causes confusion. Of course, even when federal holidays fall on regularly scheduled Mondays it causes confusion. Which holidays count? Which ones don’t? I can assure you, though, that you can still get fast payday loans through Personal Money Store today.

Well, the federal government has come to the conclusion that if I have to work the Friday before the Fourth of July, so do the postal workers. However, many of them will get to leave early.

July 3 and July 4 details

The Seattle Times reports that mail delivery today will not be affected. However, most post offices will close for retail purposes at noon. So, if you need to use the post office, hurry up!

On the Fourth of July there will not be mail delivery and post offices will be closed. Only holiday express mail will be delivered Saturday. Mail delivery and post office hours will be back to normal Monday.

Are banks open today?

The short answer is yes, banks are open today. Of course, it depends on the bank. There’s no law that says they can’t close early or not open at all today … is there?

It appears to me that the Saturday bank schedule will also be basically normal: Most banks will be closed but a few grocery store branches might have limited hours.

Sounds like a regular Saturday to me. However, if you use a standalone branch of your bank that usually is open on Saturdays, it will probably be closed tomorrow.

A few more tidbits

People have a lot of questions about what’s open and what’s not today and tomorrow. This is going to vary widely by region, but I have found some answers that apply to the area where I live that might be able to be applied nationwide, at least in general.

The DMV will be closed today and tomorrow. In general, regarding the DMV, it’s always safe to err on the side of “closed.” Columbus Day? Closed. MLK Day? Closed. Pioneer Day in Utah? White House dog’s birthday? Yeah, the DMV will pretty much shut down if it has any sort of excuse at all. Like 3 p.m. on a Wednesday.

Get to the good stuff

Whether the liquor store is open on the Fourth of July or not might depend on whatever the local liquor control board says, as usual. However, as long as the state you live in doesn’t mandate that liquor stores be closed, you can safely assume they’ll be open for usual business hours for today and tomorrow.

I mean, what liquor store owner would voluntarily shut down the store on the Fourth of July? That’s just bad business sense.

Government and garbage

In general, city and county government offices will be closed today and tomorrow. These offices generally operate like the DMV and close down whenever they can. After all, they make the rules, right?

Luckily, garbage collection for the most part will proceed as usual.  Thank goodness. Garbage collection is one of those things you don’t shut down unless you have a really, really good reason. Like a massive hurricane.

If you are still asking yourself “Is the post office open today?” or “Are banks open today?” you might want to just call the specific locantion you’re thinking of and ask. Of course, it’ll probably be busy, so if it’s not too far, you might just want to head down there and take a look-see.

We work because we have to, we work because we look to contribute and develop our lives professionally. Sometimes, we even do it because we enjoy the professional comradeship. But when it comes down to it, everybody’s working for the weekend. This is a scientific fact, proven via the much-esteemed, in-depth studies of one Dr. Loverboy.

But finding that work-life balance can be tough. There’s always more to be done, and the comforts of home and family tend to be pushed further away with each new task that crosses your desk. That’s why doctors everywhere (including the good Dr. Loverboy) have endorsed National Leave Work Early Day. That day is TODAY, June 2, 2009.

Find an excuse, do what you must

Everyone must attend. This is a holiday of monumental significance to the nation’s mental health, and who can deny it? The recession has everyone putting in the OT for their rainy day funds (or simply to make ends meet). Payday lenders and their fast payday loans are there to help cover the gaps, but sometimes even that isn’t enough. Flee the general area of work, because the financial problems will be there either way; you’ll solve them eventually. And when you do go, don’t use you computer or smartphone to stay connected. E-mail, IM and VPNs are verboten. Personal time, family time, exercise time, hobby time or just good old-fashioned goofing off time are doctor’s orders.

You might wonder who came up with this brilliant idea. National Leave Work Early Day was created by author and productivity expert Laura Stack. It original intention wasn’t so much to just slack off, but to actually take productive advantage of non-work time. Speaking of taking back time, there’s even a group called Take Back Your Time. They conducted a survey of  the American workforce in 2008, and here’s what they found. Prepare yourself, because the results are quite tragic. More than one in four American workers (26 percent) took no vacation at all. Another survey found that 60 percent don’t even plan to take time off work over the next six months. Of course, considering the state of our finances, many couldn’t afford a vacation if they took one.

Other holidays today

Leave it to me, they’ll be having more fun than you are at work (except perhaps Saint Erasmus). de Sade will DEFINITELY be having more fun, even though he’s dead…

• National Bubba Day
• Saint Erasmus Day
• Yell “Fudge” at Cobras in North America Day
• Birthday – Marquis de Sade
• Coronation Day (Bhutan)
• Coronation Day (UK)
• Republic Day (Italy)

If India thinks we should cut back…

Perhaps it’s simply a push on their part to take more of our jobs. Seriously, Ash Gee writes for Nhatky.in (yes, even India knows about National Leave Work Early Day, so what’s wrong with you, America?) that the 40-hour workweek is a foreign concept for too many people. Why do in 40 what you can do in 80? That is what they might say.

“You can get your life back,” writes Laura Stack in her book “Leave the Office Earlier.” “You’ll have the same responsibilities, but you’ll learn to do them in less time.” If you need more convincing, there are more survey results for your survey-perusing pleasure:

• A March 2009 survey by Microsoft noted that Americans work 45 hours per week on average
• More than a third of those hours are not entirely productive
• Weekly meetings, averaging 5.5 hours, accomplish little according to 71 percent of U.S. workers
• Two thirds of Americans feel they don’t have a healthy work/life balance
• Procrastination, lack of communication and useless meetings sap productivity

What does the National Leave Work Early Day founder suggest?

Laura Stack has a number tips for leaving the office early. Chief among them is that we need to learn how to be assertive in the office setting.

“I’ve rarely, if ever, seen someone be fired because they said, ‘I can’t attend the meeting’ or ‘I have to leave at 5,’” she said. “You can always get another job; you can’t get another family.”

Another important aspect of getting the most out of your working time so that you don’t need extra time to complete your required tasks is mastering how you use technology. E-mail is a world-famous productivity killer, so use labels, folders and filters to prioritize messages by their importance. Rather than allowing it to be a constant interruption to your work, make it work for you.

Finally, a couple of quick tips from Stack to send you on your National Leave Work Early Day. You’ll have that much more time to make it to the payday lenders for fast payday loans that way:

• Start meetings before 4 p.m. and insist on ending by 4:30 p.m. The best meeting time: right after lunch.
• Start small. Pick a single day to leave earlier and work that day more carefully. As your productivity skills rise, add more days.

Related Video:

On Saturday, up to 1 million business credit cards through Advanta Bank Corp. will be shut down, frozen, terminated, however you want to put it.

What is the owner of an Advanta business credit card to do? There are a couple of things you should find out before you panic.

Business credit cards without personal guarantee

If you set up your Advanta business credit card as business credit without personal guarantee, that means you won’t have to dip into your personal bank account to pay you Advanta credit card bill.

The process of setting up business credit cards without personal guarantee is pretty involved, it’s not like getting fast payday loans. However, if you complete the process your personal finances will remain intact even if your business goes bankrupt.

Sudden credit freeze

With little to no warning, Advanta plans to shut down nearly 1 million business credit card accounts on Saturday.

Advanta sent notifications to customers via snail mail, the company says. However, because of “postal problems,” customers will likely receive notice that they can no longer use their Advanta business card on or before the day their accounts are frozen. Read the full story here.

How to establish credit without personal guarantee

In order to ensure that your business credit card isn’t backed by a personal guarantee, you must follow these steps:

1. Form a corporation or LLC, and get an Employer ID Number, which works like a social security number for your business.
2. Separate your personal finances and credit from your business finances and credit
3. Open a business bank account in the exact business legal name as it appears on your paperwork.
4. Apply for lines of credit with trade suppliers, and make sure they will report how your business pays to the credit bureaus.
5. Make sure your business is listed with all 3 business credit agencies (EquiFax, Dun & Bradstreet and Experian).

Separate business entity

If you had already done all of these when you received your Advanta business credit card, you should not be held personally liable for the balance on your soon-to-be-frozen account.

Business finance.com says you must have five trade supplier accounts and three business credit cards in order to obtain business credit or loans without personal guarantee.

Why get business credit?

If you are a small business owner, you might want to make sure that your business and personal finances are separated, and quickly. In a couple of weeks the Small Business Association will start issuing emergency loans.

Reuters describes the program as an “emergency bridge-lending program geared toward helping struggling small businesses ride out the current recession.

Details on SBA emergency loans

From Reuters:

Calling it another “tool to our toolbox” SBA head Karen Mills said the new American Recovery Capital (ARC) program will offer “viable” small businesses temporary six-month loans of up to $35,000.

Mills said typically these short-term loans will be used for helping ease a credit crunch, as banks call in balances on credit cards.

“You can pay down your credit card line and now you have $35,000 more of liquidity.”

The interest-free loan must be used within six months and borrowers have up to six years to repay it. The only other stipulation is that it cannot be used to pay any previous SBA-backed loan the business may have outstanding.

I just got back from the Sunbanks Rhythm and Blues festival, a four-day music and camping event at beautiful Banks Lake near Electric City, Washington. I had to take time off from work without pay in order to go, and financially I was cutting it uncomfortably close to the wire.

It wasn’t pride so much as syntax

I’d been getting a lot of illiterate-sounding emails with names like “no faxing payday loans,” “easy loan,” “instant cash loans,” “money now,” and “payday loan yes.” I really could have used the extra cash all these payday lenders were offering. It wasn’t that I was not desperate; it was more that even though I didn’t know how I was going to pay my car insurance when I got home, I could not stoop to the orthographical level of a “cash til payday loan.”

I forgot my worries with Two Scoops Moore

So I packed up my tent and sleeping bag, put the few groceries I had in a cooler, and set off for Sunbanks with a blues-fan friend whose car had a full tank of gas. I was still thinking about emergency loans and instant money when Eric “Two Scoops” Moore took the stage. Moore is a pianist, singer, and songwriter from Seattle who spent several years on the road with Luther “Guitar Jr.” Johnson. He has a strong, soulful voice and a rollicking, honky-tonk keyboard style. His performance included hilariously crafted, cartoonish songs like “Big Ugly Fella,” “Big Fat Mama,” “Hamburger Time,” “Let’s Eat!” and “Big Buffet,” (”They got meat and potatoes, they got beans and rice, they got good country gravy make you go back twice . . . “).

I said “yes” to money

Two Scoops did the trick!

Listening to Two Scoops on a warm, sunny morning by the side of a sparkling, blue lake — far from “payday loans uk” and all the other ragged claws of internet babble — my money worries began to fade. Then Two Scoops sang a song with a title I didn’t catch and lyrics I couldn’t miss: “Keep a dollar in your pocket ‘cause money’s your best friend.” Right on cue, my companion with the car and once-full tank of gas handed me a one-dollar bill. I gave him back a smile and stuck the bill in my pocket. I had resisted all manner of “paycheck loans,” “same day cash,” and “quick payday loans,” but I wasn’t saying “no” to my new best friend.

Then I found a great big friend

When I got home, my friend George was still in my pocket. I was going to move him in with the ten or so other one-dollar bills I still had in my wallet and eat for a few days. Then I remembered the bag of food I’d rescued from the cooler. I unpacked it and there in the bottom of the plastic grocery bag I found a friend I hadn’t seen in a long, long time: Ben Franklin. He was dripping wet from the melted ice, but still worth a hundred Georges.

And we’ll get by till payday

I laid Ben out on the table to dry and called my blues companion to tell him that Ben would be staying with me for three weeks and then going back home to him. I have great memories from Sunbanks. I have a good friend who still has a car with half a tank of gas. I have a few festival leftovers in the refrigerator. I have George. I have George’s ten comrades. And most of all, I have Ben. Money’s my best friend, and I’ll get by without a loan till payday.

With the growing problem of credit and budgets already tightened until “it hurts,” can a payday loan be a port in a storm? Of course, if you are among the unfortunate who have just been laid off or terminated from your employment, it’s certainly not a viable option. For those employed though, who are fairly secure in their jobs and still receiving a paycheck, pressing debt can be made less stressful if there is the possibility of borrowing money against your next payday. The key here is to utilize this type of service in a very responsible way.

Staying Realistic About Debt

It’s very important to keep in mind that more borrowing is not a wise solution to a financial problem that, more than likely, was caused by borrowing too much in the first place. The economic downturn that we have been experiencing has hit everyone in one way or the other. It’s tough to make some of the bills on time. For someone who has had a bad month with some unexpected expenses, i.e. illness, car repairs and the like, a payday loan could definitely be a handy “quick fix” for getting a bill such as a house payment, or car payment made in a timely fashion. However, it’s important to remember that acquiring payday loans on a regular basis is not a cure-all for problem debt.

Set up a Budget

If these horrendous financial times have not already encouraged you to do so, now is the time to set up a budget. Look for realistic ways to cut down on spending. For example, if you have been eating out twice a week, cut down on this expense. Eat out only once a month, making it a family event that everyone looks forward to. Make a list of things you need when you run errands and try to make less trips back and forth to the same locations. This will cut your gasoline expense. If your family enjoys going to the movies, try renting a movie every couple of weeks and it will seem more like a treat. And put a limit on how much you will spend on groceries each week. Plan your meals and make healthy choices including vegetables, fruits, and more economical proteins such as chicken and cheese. Give each family member a chance for input on preparing their favorite dish.

Tightening the “Financial Belt”

As discouraging as it seems, you are not alone in this crisis. In the final analysis, many thousands of families are struggling to make “ends meet.” If you are still employed and are in a position to apply for a payday loan, you are ahead of some.

Cut expenses to the bone

Think of new and innovative ways to “stretch that dollar” and once you’ve come up with a budget that you can live with, stick with it. Don’t be tempted to take too many of those payday loans. There is no easy money, and there is no free money.

This financial crisis will not last forever, but there are no current hard and fast solutions that have been found to bring about quick change.

Although I don’t like to be in debt, a payday loan is a perfect opportunity to quickly get some cash when you need it urgently. I know many people who didn’t like to take any kind of loans, but when they get into an unexpected financial situation, this loan was their only help.

I was in such a situation. I got a new job, and wanted to leave a great impression on my colleagues on the first day at work. So I bought a suit, a really expensive one. But when I got home, I got not so pleasantly surprised. The stove broke down, and after a couple of hours, the heater did too. I didn’t know what to do. I accepted the fact that I had to take a loan, and the fast payday loans seemed to be the best choice for me.

How to get it?

I really couldn’t believe it was so easy. I only needed to confirm that I was 18 or older, that I had a bank account, and, of course, that I had a job. No faxing, no waiting, no checking of my credit history; it was all over in about hours and the money was in my bank account. You don’t have to have an excellent credit history to get a loan, so everyone can apply. You can even get it online, and all that is left is to go to the bank and withdraw your money. When I went to work the next day, I returned home and made the dinner for my wife and me, and later I watched a show on T.V. It felt great not having to think about the problems I had solved so quickly.

Don’t fool yourself

But don’t think that this is your way of getting some extra cash every month. You have to be very responsible when taking any kind of loan and this is not an exception. This is probably the best way of getting a little extra cash when you really, really need it. But if you take out a payday loan every month, you will be just spinning around. Don’t take a loan to pay off a loan!

But…

Instead, control yourself and your spending. Don’t buy stuff you don’t really need. These loans are meant to be used only in extreme situations, when you have to pay for something right now. Be responsible with payday loans. These loans of $100 to $1,500 can make all the difference, if you use them correctly.

And don’t forget that you had a loan. Some forget that they have to pay a loan, so they are unpleasantly surprised when the payment day comes. Adjust your budget to pay it off on your next payday.

And also, SAVE!

When you take a Payday loan, it is important to keep in mind that you now have a payment to make, and that the money you bring home on your next paycheck will not be as high as usual. So, it is important to do some saving. I tried not to eat in restaurants, but prepared my own food. I held off buying any clothes that I didn’t need and if I absolutely needed something, I didn’t buy brand names, and bought on sale instead. It is very important to plan your expenses until and after the loan is paid off.

Personal Money Store not only supplies fast payday loans, we keep you up to date on economic news.

Gannett Company Inc., one of the largest newspaper publishers in the world, is facing an income decrease of epic proportions. Newspaper stocks in general fell Friday, but Gannett led the pack. The company’s fourth-quarter net income was down 35.5 percent. Its publishing income fell an astonishing 49.6 percent.

The newspaper industry was struggling long before the rest of the economy. The rise of the Internet has hit publishers hard. More people are getting their news from web sites. Advertisers are investing in online ads rather than newspaper ads.

Jobless workers don’t need newsprint

In the past the skyrocketing unemployment rate might have actually helped the newspaper industry out. After all, the most common method of looking for jobs was to pick up the paper and scour the classified ads. That’s no longer the case. It seems these days people can get pretty much anything they need, including fast payday loans, online.

There are plenty of free web sites out there where people can look for employment for free, such as Monster.com. Even laid off journalists don’t need a paper to look for a job. Journalismjobs.com lists all of the newspaper positions available in the country. However, journalists who get laid off nowadays probably take it as a sign that it’s time to move on to a different industry.

Items for sale advertised for free

Craig Newmark founded craigslist in San Francisco

On top of losing revenue from newspaper sales, publishers are also losing money from the people placing classified ads. Ads selling household items, advertising garage sales and offering services used to be the bread and butter of newspaper organizations.

Now the Internet has taken over that sector, too. Craigslist.org, for instance, allows anyone to post ads for free. You can find items for sale, job listings and personals ads in your area no matter where you are. Most importantly, it’s free. In the words of research analyst James Goss “It’s hard to compete with free.”

Keep up with economic news through your fast payday loans source.

The Minister of Defense, ready to sack a counterfeiter. R.I.P., Reggie

Your payday loan source is a casual football fan. I’m a baseball man, myself. If you are a true football fan, you have to dress the part. That means jerseys, banners, hats, pants and much more. But be sure to exercise caution when you shop for your Super Bowl gear, as a growing number of unscrupulous vendors are attempting to pass off counterfeit merchandise as the real thing. Much like the counterfeit ticket fiasco for what turned out to be a barn-burner Texas Tech-Texas game back in November, this is something that can easily hurt you in the wallet. Payday loans are there during emergencies, but an ounce of prevention is typically the best medicine.

A recent AP story in the Boston Herald indicates that the counterfeit merchandise market is alive and well for all the fans and tourists that will flock to Tampa, Florida for the big game. One example is a Reggie White Packers jersey that was sold. “White” was upside down on the back.

“That’s about as bad as I’ve ever seen,” says U.S. Immigration and Customs Enforcement agent Michael Kennedy.

Buyers, pay attention. U.S. jobs are at stake

Common things to look for in counterfeit merchandise are subtle differences in color, sloppy stitching, logo displacement and whether or not the official NFL laser hologram logo is present. It isn’t always easy to spot, and it is rarely as easy to see as it was with the Reggie White jersey. Yet it’s definitely worthwhile taking the time to spot fakes. Not only will it help your budget, but it helps the economy as a whole.

The numbers are staggering. Authorities claim that illicit goods cost legitimate companies $250 billion per year and 100,000 American jobs. During this deep recession, such horror stories are not acceptable, particularly since the money exchanged often is put to more serious criminal activity like drug trafficking. Numerous busts have already been made by Tampa authorities, and some of the illegal vendors have been within walking distance of the stadium.

In addition to inspecting the quality of the goods, buyers should also pay attention to the price and serial numbers. An authentic NFL jersey can retail for $350 or more, so if a street or Internet vendor is trying to seduce you with a $50 steal, it’s likely counterfeit merchandise. Regarding serial numbers, look at two different jerseys. If they both have the save code, you’ve probably found some fakes. This deserves your due diligence; you check out fast payday loans before borrowing, why not a sports jersey?

What about fake tickets?

According to Anastasia Danias, senior counsel for the NFL, spotting fake tickets is a bit more difficult. Cunning vendors have found ways to make realistic-looking hologram tickets, but look closely. Danias says if it’s a real ticket, you should be able to see two different images when the ticket is tilted in the light. One says “Tampa Bay” and the other is the Super Bowl logo. If you rub your thumb on the stadium image on the back of the ticket, she adds, “the green color in the grassy area and in two lines overhead, disappear.”

Your payday loan source hopes football fans everywhere enjoy a great Super Bowl this year. When it comes to getting ready for the action, simply stay alert and aware and you should be able to avoid the snares counterfeiters set. Keep in mind that we are in a recession, however. Celebrate as you see fit, but try not to create a mini-emergency from which only a bad credit payday loan can dig you out.

Apparently, Leslie Kyman Cooper of the Arizona Consumers Council believes that payday loan companies do not provide a service that aids consumers. In an editorial in the Tucson Citizen where she responds to a previous column about the value of consumer financial education, Cooper lambastes the Center for Economic and Education Literacy (CEEL). Why? Because they have programs that aid the faxless payday loan industry in addition to consumers.

The horror…

Cooper’s primary claim is that the CEEL is attempting to aid payday lenders through the distribution of misinformation. Plus, she feels that the industry’s campaign in support of Proposition 200 was also filled with falsehoods. Fine – but what evidence does she present to back up her claims?

She offers up two collegiate studies that would seem to support that payday loans lead to financial distress. However, even more collegiate studies that contradict Cooper’s rather unstudied position. Fast payday loans don’t cause bankruptcy; the rates are right; capping rates harm consumers; they have measurable intrinsic value; they provide credit-impaired consumers with a means to meet emergency cash needs and repair credit; and they can be a key element of financial survival. If that isn’t enough, here’s more research and statistical data that supports the value of the payday loan industry.

The preponderance of evidence doesn’t appear to be on your side, Ms. Cooper.

Prop 200 ghosts haunt Arizona

One reasonable thing Ms. Cooper says is that “all kinds of lenders should be required to make clear, conspicuous, transparent and easy-to-understand disclosures about their loan products so consumers can make informed decisions when taking on credit.” Wonderful! That’s exactly what payday lenders do for the public. We’re on the same page.

Ms. Cooper, do the math on what you feel was an informed public decision to vote Prop 200 down. Capping payday loans at 36 percent drives companies out of business and kicks workers to the curb. Since we already know (thanks to the studies I mention above) that the loans themselves are not harming consumers, why punish payday loan industry employees and your state’s economy? It makes no sense, and trying to present it in a logical way is deceptive.

Recently, there was a lively League of Women Voters-sponsored spirited debate about payday loans in Webster City, Iowa. It was a refreshing change from the usual talking head-type potshots that critics of the industry typically take. Time was given for both sides to make their case. Critics, led by Victor Elias of The Child and Family Police Center, focused upon limiting the annual percentage rate to 36 percent. Jeff Kursman of Check ‘n Go argued that this cap would be harmful. Andy Hallman of the Daily Freeman-Journal reports.

There are problems with Elias’s argument from the start, in that he cites Iowa’s 36 percent APR on car title loans. He asks for the same rate for fast payday loans, even though the two products are not equivalent. Then he claims that it’s too easy to get a payday loan, which leads to too many situations where people cannot repay. Recent studies that show that 90 percent of borrowers pay on time cast doubt on Elias’s claim, however.

Your rebuttal, Mr. Kursman

Kursman tackles the easy issue first, that APR is not appropriate in the payday loan discussion, as they are not annual loans. He then points out how much more consumers would spend by relying upon an equivalent alternative to short-term loans, checking overdraft.

“We do not push people into debt. What business would intentionally push people into a cycle of debt? It defies every business model,” says Kursman. Then he states his company’s requirements for loan applicants:

We do not make loans for more than 25 percent of that borrower’s net income. Our customers are employed and have a regular income. Our average customer makes $45,000 a year. We don’t do a formal credit check on our customers. That means that one-third of the people who either don’t have a credit rating or have a bad credit rating can get a loan from us. Also, if they can’t pay us on time, we have no legal recourse against them by virtue of state law. We can’t do anything to affect their credit rating.

The bankruptcy link?

Many critics, Mr. Elias included, make the all too convenient connection between payday loans and bankruptcy. However, there is no direct connection, and academic studies have proven this. Kursman addresses a number of such studies:

If you look at studies from the University of Chicago, Clemson, Dartmouth and Columbia, you’ll see that they’ve concluded that bankruptcy actually goes up when people are prevented from using our product. There are 19 million Americans that use our product in a year. If you take us away, you’re leaving them with more expensive alternatives. That’s not consumer choice.

Elias evades the bankruptcy issue entirely, clearly conceding the point. Instead, he counters with the claim that quick payday loan companies have garnished the wages of those who haven’t repaid their obligation. Kursman points out that companies like his are prohibited by law from doing so, and that issue went no further.

Winner? Loser?

Kursman appeared to come out ahead on points, but the reality is that this discussion about payday loans was not a boxing match. However, Mr. Elias appeared to argue himself and his cause into a box on numerous occasions, despite the fact that he was given ample time by the moderators to make his side’s point. Not only that, both parties were asked whether they’d said all they wanted to say before closing. You won’t see a friendly debate like that on Sean Hannity’s show, well, ever. No matter how much he “lets freedom ring” for his listeners and viewers.

There are many reasons why you might use quick payday loans. An unexpected bill can arrive at an inappropriate time, or maybe your car breaks down and you won’t be able to get to and from work because of the lack of extra funds to cover the cost. People use quick payday loans in emergency situations. Not only can they save you money by helping you avoid bounced checks and late fees on a bill, but they can help get you out of a heartrending, disastrous situation. I would like to share a story of a really great friend of mine.

Best Friends Forever

Megan grew up in a loving home in Parker, Colorado. Although she was raised in a family that did not indulge in many of the material luxuries in life, such as fancy cars and mansion-like homes, she was the happiest kid on the block. Megan, along with her two sisters and a brother, were the most polite and well-behaved children I could remember during my childhood. They were thankful and treasured every little thing they had. I met Megan in my second grade class and became friends immediately. We went everywhere together; school, church, and every recreation event. For almost two years, for extra money, we even waitressed at the same restaurant. I became a part of her family as much as she became a part of mine.

We Said Goodbye and Went Our Separate Ways

Megan’s father was a school bus driver and her mother worked as a housekeeper. Although both her parents had never completed high school, education was a must in their family.  Not only were they polite and well-behaved, they were the brightest kids I knew. Come to think of it, Megan was always my tutor during my high school days. If I had a question or was unsure of something regarding any school assignment, I was sure I’d find peace of mind through Megan and her family. We went our separate ways after high school. Megan was offered a scholarship to attend one of the best schools, and considering the fact she came from a family that was in need of an extra cash flow, she was thrilled to be offered such an opportunity. We tried to stay in contact and exchange on-line memos as much as possible. After a period of time, I received an unexpected call from her, excitingly announcing her engagement with “the sweetest guy” she’d ever met. After her marriage, our relationship was put on a complete halt – until our reunion last year. I would never have guessed what she had endured.

What Really Happened?

A couple months into her marriage things got pretty ugly. It turned out “Joe” was not the man she thought he’d be. She was his prisoner, restricted from the world. Fortunately, she was able to keep a part-time job. Since she was cut off from her family, friends and her personal assets, her situation only got worse. It breaks my heart just thinking of it. She detailed the terrible aspects of her marriage (which I prefer not to enclose) and how she found the strength to escape.

Hope, Recovery, and Quick Payday Loans

Bottom-line is I’m glad Megan is doing better now. She would not be here today if she hadn’t escaped when she did. Her scars are still visible, but if it weren’t for the help of loyal friends, their support and a couple of quick payday loans, she probably would not have had the chance for her wounds to heal. Payday loans have saved many people from heading towards a tragedy and have also provided assistance to recovery – even with something as devastating as Megan’s.

As the first African-American president, Obama strikes a blow against hundreds of years of oppression and misery. Civil rights for all people in America has been a difficult struggle, one which will continue. However, thanks to a former Illinois senator, the country may be moving that much closer to finding that level playing field.

But his economic plan leaves something to be desired in some areas

Obama’s economic plan focuses on these major pillars:

1. Jumpstarting the stagnant economy
2. Providing middle class tax relief
3. Fighting for fair trade
4. Investing in manufacturing and creating “green” jobs
5. Creating new jobs through increased national infrastructure investment
6. Creating new technology jobs
7. Supporting small business, startups and labor
8. Protecting homeowners and cracking down on mortgage fraud
9. Curbing predatory lending and reforming bankruptcy laws
10. Improving the work/life balance for families

Let’s take a close look at that bold one above, number nine. Particularly the “curbing predatory lending” part. As we’ve already seen in Ohio, about 6,000 people will be losing their jobs thanks to new legislation, this in a state with the second highest unemployment rate in the nation.

But what Obama wants is to extend a 36 percent APR cap on all lending. That amounts to about 1.4 percent interest on two-week fast payday loans, which means about $1.40 in fees per $100 loaned. That will not sustain the industry, forcing scores of lenders to close their doors.

Which will lead to increased unemployment in a time when America can ill afford it. The U.S. economy needs to be stimulated by continued spending and use of credit, but if more and more people are put out of work, stagflation will continue.

That helps nobody

What options does that leave consumers with less than perfect credit who need payday loans for bad credit? Little to none in the way of legitimate loans like those of the businesses that will be forced to close.

But wait!

What’s that on the horizon?

It’s short term installment loans!

This is a different lending product that gives consumers even greater flexibility. Obama could hardly call them “predatory,” although America’s 44th President does seem to think that useful short-term loan products that clearly disclose their information and urge consumers to take out only what they can easily repay are “predatory.” Nobody’s perfect, eh?

With these installment loans, consumers can repay in full at any time prior to their loan’s stated maturity date – which they typically choose at the outset – or they can make a set number of payments (typically around 20) over a period of weeks, normally bi-weekly. Costs are affordable and give the consumer much more of a safety net if they are unable to pay their loan in full on the two-week maturity date most payday loans have. Short-term lending isn’t going away… it’s changing, getting better for me and for you.

The Buckeye Institute For Public Policy Solutions, a self-described “nonpartisan research and educational institute devoted to individual liberty, economic freedom, personal responsibility and limited government in Ohio” has weighed in on nine important myths about payday lending. May the analysis of Dr. Tom Lehman and Marc Kilmer make your ballot choice over Issue 5 easier to come by.

Here are the nine myths they tackle, with a little bit of commentary:

1. Payday lenders trap borrowers in a “cycle of debt” – To think clearly on this matter, it is necessary to understand that it is not a fast payday loan that cause borrowers’ financial problems. Almost universally, it is their pre-existing financial problems that cause them to take a loan. In many cases, that loan can help them get out of the hole they’re in.
2. Payday lenders charge 391% interest rates – This is a very common misconception. A Payday advance loan is a two-week loan with anywhere from a typical 15 to 30 percentage rate. 391 percent is an annual percentage rate, which works for mortgages and car loans, but payday advance loans are not annual loans.
3. Payday lenders make “obscene” profits – Lehman and Kilmer show that “as a percentage of revenues, profit margins for payday lending stores are lower than many other businesses, averaging between three and eight percent profitability.” Sure, that’s a profit, but it’s hardly obscene. Payday lenders are businesses, and in order to stay in business, there must be some profit.
4. Ohio politicians reformed, no banned, payday lending – What would you call capping rates at 28% APR? That’s profit of only $1.07 per $100 loans for a two-week loan. Does that sound like enough to support a business to you?
5. The average borrower takes out multiple loans – Evidence here is inconclusive. The methodological error critics generally seem to make is what Lehman and Kilmer call “ecological fallacy.” Essentially, “studies erroneously argue that growth in the number of payday loan lenders and/or growth in number of loans per storefront ipso facto causes loan customers to fall into a debt trap. There is no evidence to suggest this is the case.
6. Payday lending “strips” money from the community – There is an exchange of services going on here, people. There is a cost to the consumer, but they are receiving the benefit of the loan. No critic has stepped forward with a cost-benefit analysis that proves this claim.
7. Payday lenders “prey” on their borrowers – It should be clear that fast payday loan businesses are like any other legitimate business. They provide a product consumers freely buy. Moreover, in a voluntary economic transaction, “predator” and “prey” are not apt terms. Free will and choice are involved. If anything, with an average borrower default rate in the industry of around 20 percent, “predatory” borrowers tend to victimize lenders.
8. Payday lenders charge usurious rates, which are condemned in the Bible – America was founded on the separation of church and state, so let’s not play the pre-Revolutionary Church of England card here. Read Thomas Jefferson’s writings and you’ll find this fact to be unavoidable. Keep religion out of government and public policy. Besides, scriptures cited are always Old Testament, and with the coming of Jesus, didn’t he say “I am the end of the law.” Mosaic law is antiquated.
9. Consumers will be better off without payday loans – Solid evidence indicates people are worse off once loans are banned than before. See this Federal Reserve Bank study, paying particular attention to pages 20 and 26 re. North Carolina and Georgia and returned check rates.

Lehman and Kilmer’s report is clear, well-reasoned and well-supported. It’s the kind of thing Ohio voters truly need to make an informed decision about how they’ll vote on Issue 5 and the payday loan issue.