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!

No faxing or credit checks in most cases

(Photo courtesy of freerangestock.com)

Payday loans of the no faxing kind are a very beneficial lending product for people who depend solely on their paycheck for almost all of their monthly expenditures. Unless you are a billionaire or were born into a royalty, you’ll likely be in the class that lives from paycheck to paycheck. Bad credit is okay with these types of payday loans which are very similar to bad credit installment loans.

However,  then a no fax payday loan can prove to be a very suitable financial relief option with which you can arrange for some quick cash to be direct deposited into your savings or checking account.

Spendable cash in just 2 hours

With payday loans no faxing required you can have spendable cash in your account in just a couple of hours. Payday loans can be acquired quickly because they have a small number of required prerequisite qualifications and are easy to process, providing you that cash you need for immediate use.

A no faxing payday loan is a loan that you can mostly get on the same day of your request. If not the same day then it usually takes a day or maximum of two to get that much needed cash into your bank account. There are a number of providers that you can approach in person or even better online when you need instant cash.

Payday loans no faxing prerequisites

Payday loans without the hassle of having to fax identification and income verification documents are essential to meet any urgent financial crisis that may happen at any given time. Internet technologies now allow you to request faxless payday loans online just when you need it the most. Most direct payday lenders provide a 24-7 payday loan request and approval system.

Direct deposit of up to $1,500

Many allow generous payday loans of up to $1500 via direct deposit to your bank account. Payday lenders give you an advance on your own money and you pay it back with your next paycheck with a fee added. For most no faxing payday loans providers the payment plans are very easy to manage. If you are a U.S. citizen with a steady job or other income and have an active bank account then you are almost qualified to get a payday loan now.

Instant approval is available with payday loans no faxing

All good direct lenders provide a fast approval for your payday loan request. Apply online in only a couple of minutes and you may have your no fax payday loan in a couple of hours. For loan requests of up to $1,500, there is typically no requirement to run a credit check against you. So even if you have defaulted in repayments for your regular bills or otherwise have had a bad credit record, even then you’ll easily get approval for a payday loan.

Research before applying for a no faxing payday loan

So when you are looking for a no faxing payday loan over the internet the best thing to do is to compare the various providers, their loan offers, and payment terms. This way, you’ll be able to quickly compare a lot of different no faxing payday loan providers and then make an informed decision about which ones fit your requirements the best.

You’ll also be able to compare their fees. Above all you will be able to tell in what duration you’ll have to pay back the entire amount. This is probably the only effort you’ll need to make when you want to acquire a payday loan. A quick no faxing payday loan is great at helping you in times of need. However, do remember that abusing them can break you down financially just as fast.

Applying is easy with payday loans no faxing

None of the loan providers puts any kind of restriction on the way you use your no faxing payday loan. So you can put the money to any use you like. You do not need to wait for a check to clear to be sure it was good because the payday loan money is deposited into your bank account directly.

Thus you can us it for online payments or funds transfer or fill out a check or swipe and pay via your debit card! So don’t shy away in times of need and apply for our no faxing payday loans and ease up your life!

Apply NOW for Payday Loans No Faxing Required

Could You Use a Payday Loan?

Have you recently had an unexpected bill that requires a payday loan? Personal Money Store is the place that can help get you back on track with an online payday loan from one of our top lenders.

We work hard to help get you the payday loan that meets your financial needs, and best of all you can apply from your own home or office. Below are some ways payday loans can help you and when you can expect to receive your money.

Receive your payday loan the same day

Our payday loan applications only take a few moments to complete, and once you are finished you will find out whether you have been approved within a few moments.

Payday loans have never been easier to apply for now that they are online! In some cases, once you are approved, you may have your funds electronically deposited to your bank account in as little as two hours. You may also be eligible to receive an online payday loan of up to $1,500. Besides being a fast way to receive funds, payday loans can also help you when an unexpected bill arises.

Payday loans Can Help Pay Overdue Bills

Payday Loans can help you pay any overdue bills you may have. There is no reason to get behind on your payments and incur late charges when payday loans are available to you. Our network of lenders have payday loans that are available up to $1,500, and these payday loans are usually electronically deposited into your bank account within the same day.

The network of lenders we work with will help you get an easy payday loan with no problems.  Apply online today, and let us help you with a bill or a  payment that needs to be paid right now. You can rely on us to help you get a payday loan fast.

So please click the “ Apply Now” button shown below to receive your payday loan.

Rob Newbiggin, a 44-year-old professional boxer, has decided to undergo a sex change operation. He says after the surgery is complete, he will change his name to Mercedes.

So will Mercedes be a boxer? She’ll certainly try. Rob Newbiggin says after he becomes a she, Mercedes will also pursue careers in modeling, painting and interior design.

Rob Newbiggin experiences support, rejection

Lucky for Rob Newbiggin, who has been married to Emma for three years, his wife is very supportive and they will stay together after the surgery is complete.

Unfortunately, though, not everyone has been so accepting. Rob Newbiggin says he must move from the town he lives in because he is being “treated like a freak.” People yell at him from their cars, and he feels the newspaper in Southport ran a negative story about him that caused a lot of the backlash.

No small fee

I don’t think Rob Newbiggin would be able to cover the cost of his surgery with a no fax payday loan. Gender reassignment surgery involves several different cosmetic surgeries that are quite costly.

Many people go through gender reassignment in phases because it is so costly and also because some of the surgeries are major and take a toll on the body.

Rob Newbiggins history

The Southport Visiter, in Rob Newbiggin’s hometown, summarized his past and the specific condition that causes him to want to have a female body:

Born in September 1964 in Pennsylvania, USA, although he had the physical characteristics of a man, he had high levels of estrogen in his body so his gender could not be classified as either male or female.

He said: “I was born intersexual to South American parents who just left me, I got moved round all sorts of foster homes and adoption agencies. I ended up in Canada.

“My adoptive mum and dad emigrated there from Manchester. My dad was in the Canadian Army and they couldn’t have children, they adopted me when I was about two and half years old.”
Rob’s father, Ted Newbiggin, was in the Canadian Army for ten years and the family moved back to England, settling in Southport, when Rob was four years old.

Moving on

Rob Newbiggin says that though he has lost many friends and it has been a difficult time, he feels the surgery and the life he will lead after it is over will be completely worth it.

“At the end of it I’ll be the woman I want to be and I’ll have done a lot of good, but it will be a huge sacrifice because I’m going to have to leave,” Rob Newbiggin said.

On parenthood

Rob Newbiggin has three children, and he did have something to say about going through a sex change as a parent.

“While I’m going through the transformation my kids will not see me as Mercedes. That wouldn’t be fair for them to see me like that.

“I’m going to wait until everything is completed and then Emma and I will gradually introduce them to me as Mercedes.”

…

“When it comes to my kids it doesn’t matter whether I’m a mother or a father as long as I’m a good parent.

“And I think I’ll be a better parent as a woman. I haven’t provided enough financial stability in my male life for my children.”

Everyone knows the Tony Awards are the fanciest of fancy. In an industry known for extravagant spending and high-class affairs, the Tony Awards are the pinnacle of affluence.

The Tony Awards seem just a pinch more highbrow than other awards ceremonies. So you might think throwing a Tony Awards party at your home has to be a fancy, expensive affair.

Cheap yet classy

Of course, I am here to tell you that you don’t need a wad of cash, a no fax payday loan or credit cards to throw a classy Tony Awards party. Just tell your guests to dress up (in clothes they already own), grab some candles and a table cloth and follow one of these inexpensive recipes.

You can hold an elegant dinner party and then watch the ceremony with your guests. The whole affair could end up costing you less than $20, depending on the number of guests. These recipes from 5dollardinners.com are built for four people, so adjust accordingly.

Apple Walnut Pork with Green Beans and Wild Rice

Ingredients
1 lb pork roast
1 granny smith apple
1/2 cup chopped walnuts
1/2 cup apple juice
1/4 cup syrup or honey
1/2 bag green beans
1 box Uncle Ben’s wild rice and long grain rice
1 T olive oil
Garlic powder
Salt and pepper

Directions
1. Cook rice according to instructions on box. Leave out the seasoning packet! Add your own spices!
2. Cook green beans on stove top or microwave.
3. Thaw or cook pork roast…this would be a great way to use leftover pork! Dice apple, throw into skillet. Add apple juice, syrup and walnuts. Saute for 4-6 minutes until juice reduces down. Add pork roast, stir mixture through pork and let cook for 3-4 minutes.
4. Serve pork with rice and green beans.

Stuffed Green Peppers

Ingredients
4 large green peppers
1/2 cup rice, uncooked
1/2 lb ground beef, cooked
1 can Rotel diced tomatoes and green chiles
1/2 cup frozen organic corn
1/2 cup shredded cheddar cheese
3 medium sweet potatoes

Directions
1. Cook 1/2 cup rice in 1 1/4 cup of water. Bring water to boil. Add rice and return to boil. Cover and reduce heat. Simmer 20 minutes.
2. Add can of Rotel, frozen corn and cooked ground beef to the saucepan with the rice. Mix well.
3. Cut the tops off of each bell pepper and remove the seeds and stem.
4. Scoop rice and meat mixture into each bell pepper. Place bell peppers into the crockpot. Cook on low for 4 or 6 hours. About 15 minutes before serving, add shredded cheese to the tops of each pepper. Let cheese melt.
5. Slit sweet potatoes with knife or vent with fork. Bake sweet potatoes at 350 for 1 hour in baking dish with 1/4 inch water. Cover with foil. Remove and let cool about 10 minutes. Peel skins off of the potato and mash. Serve with cinnamon and butter if you like. We eat them “plain”.
6. Serve stuffed bell peppers with a side of mashed sweet potatoes.

Lime Chicken, Potatoes, Broccoli and Pear Sauce

Ingredients
6 organic drumsticks
1 cup lime marinade
6 potatoes
2-3 T extra virgin olive oil
Garlic and Sea Salt
1 head broccoli
Pear Sauce

Directions
1. Place chicken and marinade in crockpot. Cook on low for 8 hours.
2. Just before dinner, dice and saute potatoes in EVOO (I usually add about 1/4 cup of water to help them cook faster).
3. Steam broccoli in steamer for 3-4 minutes, or microwave for 3 minutes.
4. Serve chicken, potatoes, broccoli and pear sauce.

Don't invest in a safe; invest in making more money.

IBonds are U.S. Treasury bonds with interest rates that are adjusted for inflation. They are engineered to make sure you always make a real profit, so they never lose value. The interest rate on IBonds right now is 5.64 percent, much higher than a traditional savings account.

So where can you get your hands on some?

Buy IBonds online

Well, it just so happens you can get some at TreasuryDirect, the U.S. Treasury’s web site that lets you do all-online financial transactions. The same way you can get a no-fax payday loan or apply for credit cards without leaving your computer, you can purchase Treasury bonds that will start earning money for you right away.

How to set up an account

Before you set up your TreasuryDirect account, make sure you have these things handy:

• Social Security Number (Taxpayer Identification Number)
• Driver’s License Number or State ID and Expiration Date
• Bank Routing Number and Account Number
• E-mail Address
• A browser that supports 128-bit encryption

When you get to the TreasuryDirect site, click on “TreasuryDirect” under the “Open An Account” menu at the right.

For your eyes only

Only you can open an account for yourself. The site specifically says:

We do not currently permit a legal representative, legal guardian, or trustee to establish an account on behalf of an estate, decedent, trust or incompetent person.

However, there is a different section on purchasing Treasury bonds as gifts.

You don’t need to be rich

You can buy an IBond for as little as $50. While that one $50 bond won’t make you a lot of money, you will make two to three times as much in interest as you would if you put that money into a bank savings account. If you buy one for $50 every month, or even every quarter, that will really add up over time.

The drawback, of course, is that you won’t be able to get to that money for a year after the bond is purchased. And there is a penalty for cashing it out in fewer than five years. But, if you are serious about long-term savings, and you want to make some profit, IBonds are a good way to go.

Payday loan customers and everyone else want to know… where does the arrogance of bank CEOs end and sanity begin?

Bloomberg’s David Glovin reports that Wells Fargo & Co. CEO John Stumpf is on the defense over “misleading” media coverage of non-essential corporate events that are continuing to occur thanks to American taxpayer money. Stumpf’s claims are that these events were necessary to “honor top bankers, financial advisers, tellers and mortgage salespeople” within their organization.

Wells Fargo received $25,000,000,000 in taxpayer bailout dollars in 2008. Want to know what I think? I think those employees could get by with the honor of still having their jobs. They will be happy knowing that they are not among the hundreds of thousands who have fallen into the downsizing abyss.

Is Stumpf using the expense as a tax writeoff?

“These one-sided stories lead you to believe every employee recognition event is a junket, a boondoggle, a waste, or that it’s for highly-paid executives. Nonsense!” says Stumpf. Then you have no reason to back down on these events that boost the spirits of your grunt workers, do you, Mr. Stumpf? They use a no fax payday loan now and again when they need a little bridge between paychecks. Oh, wait…

Seems that John Stumpf did decide to cancel some taxpayer-funded corporate events. His bank lost $2,550,000,000 in the fourth quarter of 2008, then received $25,000,000,000 in TARP funds, straight from American wallets. How big of him to cancel those events and use every penny of the money GIFTED him to keep the bank running and give loans. Stumpf says the employees to be honored at the events deserved the “attaboys.” I’m sure they did. I’m not disputing that. However, I do marvel at the gall top executives like Stumpf seem to have at times.

Inspire employees by allowing them to keep their jobs, Mr. Stumpf. Inspire them by making wise, unselfish choices that keep your organization running. Inspire them by cutting your own pay and bonuses and giving it to the hungry family men and women who deserve the chance to get their jobs back.

That would truly be inspiring, Mr. Stumpf

Until then, America waits. We wait to see if President Obama’s new stimulus package will help us turn the corner. We wait for the government to take control of the banking system. That would inspire Cash Advance Mojo and countless millions across this nation, payday loan customers, small business owners, even some large corporate heads who may keep their feelings on the matter private… not to mention so many other people. They’re just like you and me. We need to feel inspired by the course of action our leaders take.

Related articles

• Take this TARP and shove it? Not so fast. (money.cnn.com)
• AP IMPACT: US Bets on Bank Execs to Fix This Mess (abcnews.go.com)
• Bailout Bank Pay Caps Leave Wiggle Room (cbsnews.com)

Payday loans are a useful tool for emergency funds, but they should not be used as a crutch upon which a person relies in order to make ends meet. To suggest otherwise would be irresponsible; they are a short-term tool, not a long-term safety net for your budget.

This kind of “bail me out, world” mentality is distressing on the consumer level, but it is even more troubling when an entire country looks to its government to provide an escape hatch from strife when the best solution is to accept responsibility for mistakes and enact change. A sense of entitlement and the idea that government will always be there to bail us out of difficult situations is quite common today in America. Yet the “addictive dependency” that develops in society as a result of what Scott Olin Schmidt of Spot-On calls the “Sugardaddy state” is an inevitable result.

Who’s your sugar daddy and what does he do?

Schmidt sees President Obama as America’s sugar daddy. His government has disposable income (or pretends it does) and is ready to pull everyone up by the bootstraps. It places Obama in a position of dangerous power, Schmidt believes. Whatever help is given, there are strings attached.

Recent examples abound in the auto and banking industries. Obama has agreed to give money to the automakers, but new regulations were required. Unfortunately, the industries can’t afford to make the most important changes – but they can even less afford not to comply, as Washington would surely turn off the money faucet. In the banking industry, government is positioning itself to take over. No private enterprise, no choices given to taxpayers who are footing the bill. Banks won’t have to learn how to fix their own problems. It’s a giant no fax payday loan, without all the trappings and provisions that go with the “loan” part of the deal.

State governments love the sugar, too

Schmidt gives the example of California, which is on the precipice of financial collapse. President Obama and his sugar daddy state will be their connection, too. Government money flows and deep down, the sugar daddy and the recipient are feeling good. It’s nice not to have to be responsible for problems in the short run – but in the long run, this is a path that could lead to ruin. The author tells us the score:

With money comes power, and there seems to be only one source of money these days: the Department of the Treasury’s printing presses. And President Obama seems eager to consolidate the federal government’s power as he writes convenience checks against future generations’ credit limits.

Go on a diet, America

Consumers who take out payday loans are required to repay their debts. They are required to be responsible. Cash Advance Mojo and Scott Olin Schmidt hope that eventually, car-makers, banks and everyone else who habitually shirks responsibility for their lots in life will cleanse their palettes of that taste of sugar and bite on reality’s nail.

Related articles

Steve Parker: Republicans to auto industry: “Drop dead.” (huffingtonpost.com)
• Which ex-president is Obama most like? (slate.com)
• Chavez doubts U.S. can shake oil needs (cnn.com)

The Associated Press reports from Toronto that an “independent advisory board” is advising that Ontario’s government should cap the cost of payday loans at $21 for every $100 loaned. If this were to become law, it would join the current consumer protections provided by the Payday Loans Act of 2008. The act was praised by officials like Minister of Government and Consumer Services Ted McMeekin as “yet another important step the government is taking to protect Ontario consumers.” Two years following passage, the limit would be up for review again.

Faxless payday loans do not “gouge”

The independent board acknowledges that faxless payday loans are designed as “small, short-term loans,” and that the cash advance industry that provides them is not earning excessive profits. It is a reputable industry that lends to Ontario customers who are employed and able to repay their debts. They simply feel that the $21 cap would be beneficial to consumers while remaining profitable for lenders.

This runs counter to the critical opinion that no fax payday loan companies “gouge” consumers with high annual percentage rate interest. It should always be mentioned, however, that payday loans are not annual loans. As they are typically repaid in their two-week period, the interest rates bandied about by critics is deceptive and self-serving.

Moreover, the AP story states that “anti-poverty groups and political parties have accused the industry of preying on transients and people who live in low-income neighborhoods.” Since the unemployed cannot take out payday loans, the first assumption is disproven, while ample evidence suggests that payday loan customers aren’t “low income” at all.

Do more research on payday loans, Ontario

Cash Advance Mojo feels that a $21 cap is reasonable for most businesses who give payday loans, but not all. Further research into how well that supports the business model of stores in the region is necessary, as discounting that can easily lead to layoffs and store closures. No city, state, province or country needs to contribute to unemployment in the current world economy.

Related articles

• Media Advisory: Canadian Payday Loan Association Available for Comment on the Government of Ontario’s Advisory Board Report on Payday Loan Rates (newswire.ca)
• `Full steam ahead,’ minister says (thestar.com)
• Payday loan company can settle class-action lawsuit (ctv.ca)

People must be taking out no fax payday loans for groceries and trying to save as much extra cash as possible. Kraft foods, a powerhouse in the “cheap food” market posted a 72 percent decline in profits for the fourth quarter of 2008.

Are people not eating anymore?

Most of Kraft’s profit losses were due to a company restructuring and inventory reduction. However, charging extra cash for its goods hurt the company in a big way, too. Kraft made the mistake of making a fairly run-of-the-mill price increase during a time when its competitors apparently knew better than to do so. Among the items that Kraft started charging more for were Planters products. The company has since dropped the prices back down.

Drawing parallels

No fax payday loans are the cheapest form of payday loan because borrowers don’t have to pay for transportation to get to the payday loan store or even paper to send a fax. And while Kraft used to be cheap enough to be considered a bargain, times are changing as people scrimp and save every penny they can. People prefer no fax payday loans even though they may only save a few cents, and that means if they can save extra cash on macaroni and cheese for less, they will.

As promised, your no fax payday loan source provides an  update on layoffs announced over the weekend.

Japan-based NEC Corp. announced late Friday that it will lay off up to 20,000 employees, starting in April. The “good” news is, those 20,000 job cuts will be spread worldwide, and only half will affect full-time positions. The bad news for the United States is that NEC owns several subsidiaries in California’s Silicon Valley, including offices in Santa Clara, San Jose and Cupertino.

Everything’s bigger in Texas

Dow Chemical plant in Texas began layoffs last week. The company has said it will cut a total of 5,000 jobs worldwide. The company wouldn’t say how many jobs in Texas will be affected. Check out Friday’s job cuts update from your no fax payday loan store.

The company is trying to cut down on the number of layoffs by offering incentives such as early retirement packages. The plan, announced in December, should result in a decrease in the plant’s work force by about 11 percent.

Small cuts, big implications

While some of the job cuts don’t look like big numbers on paper, the pattern emerging in the education sector is painting a dismal picture. The Chicago Sun-Times published a story Saturday saying that two Catholic schools in Illinois will be shut down in June. This seems to indicate that people just aren’t willing to pay for private education anymore. Unfortunately, states are already struggling to fund public schools.

In the higher education sector, Fresno Pacific University is bracing for layoffs as it faces declining enrollment. Fresno Pacific is a small school with only a few hundred employees, but as private universities see lower enrollment and state budgets face huge deficits, more and more teachers will be out of jobs.

Check back soon for a separate report from your no fax payday loan source on job cuts announced today.

Your payday loan source sees that as of 8:15 a.m. Pacific Time the Friday before Super Bowl XLIII, the Dow Jones is currently at 8,057.25, a drop of 91.76 points from opening. The Stock Market is in need of a serious upswing on the heels of this plummeting economy, and some financial experts think they have just the thing to do it:A Super Bowl victory by the Pittsburgh Steelers… or the Arizona Cardinals.

How’s that for definitive?

Seriously, according to Laura Cohn in her Kiplinger.com article “Super Bowl Stocks,” Robert Stovall of Wood Asset Management has been studying this for years. About 80 percent of the time, if the Super Bowl champion was one of the original National Football League franchises, the Dow Jones industrial average rises for the year. Fortunately, since both the Steelers and the Cardinals were original NFL franchises (dating back before the 1970 NFL-American Football League merger), so how can American stocks lose? Like a no fax payday loan, it’s like money in the bank.

Stovall does urge investors to view this as entertainment and not a certain economic guide. In truth, he feels that that the television commercials you see are technically a better indicator of financial success. Research has proven that companies who advertise during the Super Bowl have received stock boosts, albeit temporary.

The ads must be good, though

Studies from 1989 to 2005 by the University of Buffalo and Cornell show that favorably received ads translated into a run on stock in the advertisers. This of course lead to a jump in their share price. In fact, on the Monday after the Super Bowl, shares of companies that produced the 10 most-popular ads stayed ahead of the Standard & Poor’s 500. Gains even continued after that day. Even shares of the companies that produced the least popular ads went up, but to a smaller degree. No advertising is bad advertising, right?

But at what price? Super Bowl ad time has traditionally been the most expensive available on American television, but with such a large audience in tow, many companies have found the expense to be worth the expense. Three million dollars for 30 seconds of airtime could translate into so much more.

Payday loans retain value

Much like basis your investments upon who wins the Super Bowl, ad picking for stock investment is also not a foolproof science. This is for entertainment purposes only, despite the statistical evidence that suggests there may be some credence in the theories. A stock is not like a payday loan. Numerous factors can decrease its value; a payday loan retains its value for you during a short-term cash emergency.

Related articles

• SUPER BOWL 101 – For women (and men) who don’t know football (Steelers vs. Cardinals) (lift-magazine.com)
• U.S. Justice Dept. demands sale of Labatt USA (ctv.ca)

Lilly Ledbetter

Your no fax payday loan store’s money blog reports on the country’s money  matters.

On his 10th day in office, President Barack Obama has signed his first bill into law. Today, Thursday Jan. 29, he approved the Lilly Ledbetter Fair Pay Act. The bill removes the statute of limitations from lawsuits by workers who feel they are being paid less than their coworkers because of discrimination.

The law will “send a clear message that making our economy work means making sure it works for everybody,” Obama said.

The story of Lilly Ledbetter

Ledbetter worked as a supervisor at a  Goodyear Tire and Rubber Company plant in Alabama for 19 years. When she was nearing retirement, she found out that she was being paid less than the men at the company.  She sued for discrimination, and the jury found the company guilty.

However, the Supreme Court threw out the case, saying she was required to file her suit within 180 days after Goodyear first paid her less than her peers. It is too late for Ledbetter to collect any money on her case, despite the legislation signed today.

“Goodyear will never have to pay me what it cheated me out of. In fact, I will never see a cent. But with the president’s signature today I have an even richer reward,” Ledbetter said.

Good riddance

The Fair Pay Act is a logical and much-needed law. The former 180-day statute of limitations was clearly unfair. Most employees do not know how much their coworkers make. Take me, for instance. I work less than 10 feet from a guy who has the same job I do, and I have no idea how much he makes. In fact, I don’t know how much any of my coworkers makes, male or female.

Obama was proud to make the Fair Pay Act his first official piece of legislation. He said signing the bill honored Ledbetter, his grandmother and his daughters.

“I want them to grow up in a nation that values their contributions, where there are no limits to their dreams,” Obama said.

Check back with your no fax payday loan store for more money matters.

Federal Reserve Bank of New York President William Dudley

Your no fax payday loans source keeps you informed about who is running the country’s finances.

William Dudley, who until now was head of the New York Fed’s markets group, has taken over Treasury Secretary Timothy Geithner’s former post as president of the Federal Reserve Bank of New York .

Dudley began his new job Tuesday, the day after Geithner was sworn in as Obama’s Treasury secretary. The promotion puts Dudley on the front lines of the battle to straighten out the United States’ credit crisis.

Job description

Among other “perks,” Dudley’s position means he is a voting member of the Federal Open Market Committee. That committee is in charge of setting interest rates as well as making other policy decisions.

In addition to aiding with those duties, Dudley will be responsible for carrying out the Fed’s decisions regarding Treasury securities. He will carrying out purchasing and sales of Treasury securities based on federal policies. It is possible that he will be involved in shaping federal policy regarding no fax payday loans.

Get to know your Fed Head

Dudley has been part of the New York Fed since January 2007. Before that he was a partner and managing director at Goldman Sachs & Co. He served as the company’s chief U.S. economist for 10 years. He also has served the Federal Reserve on a national level.

Dudley earned his bachelor’s degree at New College in Sarasota, Florida. He then went on to get his doctorate degree in economics from University of California at Berkeley.

Check back with your no fax payday loans store to get more updates on who is in charge of the nation’s money.

Leaders at the Michigan State Capitol are no doubt scratching their heads over how to help their state, which has the highest unemployment rate in the U.S.

Your no fax payday loan source keeps you updated on the economy.

Well, the States are United on one thing for sure: All 50 states had a higher unemployment rate in December than they did in November. The rate was also higher in all 50 states than it was in December 2007.

The unemployment bureau began recording these statistics in 1976, and it is the first time that every state’s unemployment went up compared to the previous month. Although payday loan lenders have seen more business during the recession, unemployed workers often can’t get payday loans, so no fax payday loan lenders may start seeing fewer customers instead of more as the economy worsens.

A rough Rhode

Michigan and Rhode Island have been hit hardest by the unemployment wave. Rhode Island’s unemployment hit 10 percent in December. It is the state’s highest unemployment rate in three decades. That number, however, only  includes people hunting for jobs. It does not include people who left the work force to go back to school or just plain gave up on looking.

Michigan’s December unemployment rate was 10.6 percent, a 24-year high for the state and the highest in the country. Detroit’s main industry is car manufacturing, so as the auto industry crumbles, so does Michigan’s economy. The national unemployment rate is 7.2 percent.

Staying trendy

With the rate that jobs are being cut and people are being laid off, this trend is likely to continue. Layoffdaily.com listed nearly 50 companies who announced before noon Pacific time today that they are cutting jobs and  laying off workers.

The big ones

Electronics maker NEC Tokin announced it will eliminate 9,450 jobs worldwide.  Corning glass company will slash 3,500 jobs this year. IBM has already cut more than 2,800 jobs. Target also announced it will make layoffs, but it wouldn’t disclose how many workers will be affected. Check back with your no fax payday loan source later to find out how many Target jobs will be cut.

Expose Obama

In a rather sloppy borrowing of a payday loan story from the Chinese Xinhua News Agency (misspelled “Xinghau”), FreeRepublic.com recently reported that President Obama made plans during his campaign to come down hard on the industry, limiting the annual percentage rate cap to the same cap put in place for military families, which is 36 percent. They certainly didn’t break this story, but I’d like to draw your attention to what a bad idea this is for consumers and the economy.

This will drive no fax payday loan companies out of business because the rate is unsustainable. Not only is the risk involved in offering unsecured, no credit check payday loans tremendous, but any operating business has operating costs. Banks and credit unions will drop the product like a hot potato and stick the public with overdraft fees once they see that the loans cause them to lose money at that ridiculously low APR.

How much money?

Let’s calculate what kind of profit a 36 percent APR faxless payday loan would garner for a business. For a $300 payday loan that is to be repaid in two weeks, cramming that unsecured two-week loan into a 36 percent APR straitjacket means that the compensation a lender receives is $4.14. That’s all. How is a lender going to pay their business operating expenses and employees with that?

Yet Obama claims in his economic plan that such a cap will contribute mightily to the fight against bankruptcy. As if the two were inextricably connected! I’m amazed that he isn’t aware of studies like this one from Clemson University. Payday loans do not themselves lead to bankruptcy; if an undisciplined consumer is already in trouble financially but does qualify for a loan, that loan may provide extra cash as designed. Yet a payday loan will not turn around a person’s long-term habits. Only self-discipline and financial counseling will.

Who would have thought that a state whose legislature and media have been so blatantly against the payday loan industry in recent months would allow a reporter to pierce the veil of insanity with a bit of truth telling? That’s exactly what Adam Burroughs of Wooster, Ohio’s The Daily Record accomplishes in a recently published article. Not only does he allow the critics to voice their concerns, but he gives customers and employees of the industry ample opportunity to show why banning the loans has delivered the floundering state an ill-timed death blow.

Here are the facts. Since legislation passed in Ohio that capped payday loan interest rates at 28 percent annually, numerous faxless payday loan stores have closed and many more employees have been laid off. How many, to be exact? Reports vary, but spokeswoman Lisa Ferguson of Check Into Cash claims that 32 of their stores closed in Ohio – about one third of the company’s total stores. Jennifer Kindel, the market manager for Cashland stores in Northeast Ohio, say they closed 40 locations.

What about the layoffs?

Here’s where the numbers truly get ugly. It’s easy to demonize a business, an organization, a government, etc. It doesn’t have a human face. However, when business is shut down, humans suffer through the loss of jobs. In America’s current economy, finding a replacement job is difficult. They certainly don’t grow on trees. Yet misinformed voters led by misinformed politicians who blindly accept money from organizations like the Center For Responsible Lending and similar “consumer advocate” groups voted 2-to-1 to cap the payday loan rate at an untenable 28 percent annually. The people suffer; click HERE to see how in part two of this article!

Rimshot, Mr. Cobretti!

Payday loans for a healthy Illinois

The Illinois legislature – a cobra in the grass, coiled and waiting to strike – still thinks that Payday loans are the disease. But in fact, they’re the cure.

Just before being kicked out the door, defeated Illinois State Representative hopeful Joan Krupa of Peoria introduced House Bill 6734 to amend the Payday Loan Reform Act of 2005. This is just a sampling of the damage the bill will do:

• Changes maximum duration of a loan from 120 to 240 days

• A lender may not charge more than 36 percent interest calculated on an annual percentage rate basis

• Explicitly includes all small consumer loans with terms under 241 days

House Bill 6734 will also ban or limit fees and require fast payday loan companies to confirm a borrower’s ability to repay (which companies already do, so this is a moot point).

What this will do to the people of Illinois

Like other communities who have suffered when faxless payday loans have been regulated out of business, communities in Illinois should no doubt experience the same downturn. And during a recession on the edge of a great depression, no less.

Ms. Krupa, who campaigned for state office under the slogan “building a healthy community,” should know better. Payday loans is a legitimate business arena that provides consumers in need of short-term cash a safe, viable alternative when less than perfect credit and lack of time limit their options. While a certain amount of cost must be maintained so that businesses can cover costs, the loans are certainly not expensive.

The community voices its displeasure

Bob Wolfberg, President of PLS Financial Services Inc., is quoted by a Medill Reports writer as saying that “No one could afford a 90 percent drop. It’s an outlaw bill.”

This brings us to the constant misunderstanding when it comes to payday loans and annual percentage rate. Not only are payday loans not annual loans (typically, they’re two-week loans), but as Wolfberg suggests, sticking them with an APR is similar to affixing an APR to any one-time purchase. He compares it to  “regulating the annual cost of a $4 cup of coffee,” which would cost $1,400 per year. You pay once (upfront) for the coffee, you pay once in two weeks to clear a payday loan. Heaven forbid you go to a $200 hotel room in Illinois -  the APR would lead to more than a $70,000 bill! As you can see, a one-time payment product like a payday loan is a different animal than an annual, large-scale loan. The same laws shouldn’t apply.

As an unsecured loan, a no fax payday loan that costs $15 to $20 per $100 loaned is affordable, particularly when it is compared with checking overdraft, which typically costs at least $30 per occurrence.

Payday loans are your short-term loan solution

“For longer-term debt there’s certain types of debt that’s better,” Wolfberg said, “and for shorter term debt there’s certain types of debt that’s better.” He understands – as anyone who has actually done the research and not depended upon talking heads to think for them does – that payday loans are a great product when used in the appropriate short-term situation. Clean up your act, Illinois; don’t be like Joan (see video below)…

The common complaint about payday loans from pseudo-reputable special interest organizations like the Center For Responsible Lending (CRL) is that it traps borrowers in a “cycle of debt” that leads toward inevitable bankruptcy. Clearly the subprime mortgage-backed organization did little actual research (their few “studies” are done largely in-house, reflecting complete bias), because numerous independent studies exist that show that their claim against the payday loan industry is without merit.

The most recent of such independent studies disproving the CRL’s claims is a study by Petru Stoianovici (from The Brattle Group) and Professor Michael Maloney of Clemson University. “Restrictions on Credit: A Public Policy Analysis of Payday Lending” proves that there is “no empirical evidence that payday lending leads to more bankruptcy filings; this finding casts doubt on the ‘cycle of debt’ argument against payday lending.” In addition to their own findings, Stoianovici and Maloney review a large sampling of current academic literature that supports their findings and further suggests that payday loan critics consistently operate in the realm of hearsay, rather than presenting supported arguments of any consequence.

Good customers and competition

Stoianovici and Maloney use state-level data collected between 1990 and 2006 in their study, with a particular focus on areas with faxless payday loan storefronts. From state to state, payday loan regulation varied greatly, from states like Delaware with no restrictions to those where the loans are banned completely (Georgia).

One common thread from state to state in their study is that lenders screened their applicants. Whether or not traditional credit reporting avenues were used, past financial behavior was taken into account. According to Skiba and Tobacman’s 2007 payday loan study, about 20 percent of applicants are rejected, and the rate of loan default is small (65 percent of what is found with credit cards, per Chessin’s 2005 study that the authors cite). Thus, the argument that lenders prey on helpless consumers is in doubt. These are people who can repay their debts. Borrowers who (according to the study authors) have relatively low probabilities to default are also harmed by payday loan restrictions, due to higher charges. In general, the authors find that restrictions harm the average loan customer.

Further, Stoianovici, Maloney and numerous researchers make the claim that restricting no fax payday loans makes it much more difficult for consumers to handle emergency expenses. Adair Morse argues in a 2007 study that the unnecessary restrictions against the loan product presents a barrier for consumers, in the sense that competition is eliminated in the short-term credit market. Prices for what remains are exceedingly high. Where payday loans remain, according to Morse, consumers benefit.

Easy to understand, easy to repay

Much has been said of regulating payday loans so that consumers can easily see and understand what they’re signing up for. However, these regulations are already being followed. It is as if impressionable government regulators take the CRL’s word without proof. If they looked at the industry, they’d see that consumer protections are already in place. Stoianovici and Maloney find the argument that payday loan terms are difficult to understand without merit; the loans are, in fact, very simple. Costs are listed up front, and if the borrower keeps up his end of the bargain to repay when the loan is due (typically after two weeks), all they repay is the principal balance and the typical $15 per $100 loaned. That’s it. If a “cycle of debt” culture were the norm, how could the supposedly resulting bankruptcies lead to payday loans being a profitable business?

As borrowers enter into payday loan contracts voluntarily and with full knowledge of how the loans work, it seems ridiculous to base an anti-loan argument on the grounds that people are victimized against their will or beyond their control. Paying interest and principal is agreed upon, and payday loan employees are more than willing to explain anything customers do not understand. Stoianovici, Maloney and others make a point of stating that people are not being forced into bankruptcy or any kind of financial distress by the loan product. If they are dishonest in their intentions of repaying a loan when it comes due, that is not the lender’s fault.

Profit and expense – too high?

But critics continue to make the bankruptcy connection. Regarding profitability, most critics claim that the faxless payday loan business is parasitic, that it depends upon hooking in the same “weak-willed” borrowers again and again. However, this is simply not the case. In multiple studies, such as the one by Flannery and Samolyk, payday loan store profitability depends on total volume, just as any other type of business would. Frequent borrowers are not a significant income source, which in turn suggests that rollovers are not as common as critics insist.

Regarding whether payday loans are too expensive, the authors point to studies like those by Huckstep. The loans are not too expensive. The high number of stores and significant operating costs, says Huckstep, are

relative to other lenders… payday loans are a product chosen mostly for convenience. Because of this, payday lenders compete in a local area and have a high density of stores, and keep those stores open beyond normal business hours (p. 210-1).

As demand for the product increases, the need to increase the number of stores and workers to meet the demand increases.  Stoianovici and Maloney find this to be consistent with collected data. For instance, Ace Cash Express “opened a store in Augusta, GA less than 1.8 miles away from another of its stores.” This was in response to the pre-ban need. Yet Georgia banned the loans anyway, despite the fact that doing so harms consumers. And if that doesn’t convince you, here’s another example for good measure.

Not as profitable as critics think

Stoianovici and Maloney continue on by citing more from Huckstep’s study. Specifically, he compares the profitability of payday loan stores versus large commercial lenders and the retail giant Starbucks (which has a similar business model to short-term lenders). Analyzing profit margin, Huckstep finds that payday lenders make less (7.63 percent) than both the commercial lenders (13.04 percent) and Starbucks (nine percent).

So how can it be argued that payday loans are predatory? According to Donald Morgan of the Federal Reserve, there is no logical argument that fits. Morgan does not find evidence that the presence of payday loan stores damages the financial well-being of consumers; default rates remain low. Stoianovici and Maloney clearly agree that this does not suggest that predatory lending is taking place.

Payday loans – the consumer’s choice

Authors Stoianovici and Maloney find no empirical evidence that payday loans lead to an increase in bankruptcy filings. The loans do not perpetuate a “cycle of debt.” Admittedly, despite full disclosure of terms and counseling available to customers before signing payday loan agreements, some will borrow beyond their means. This does result in higher finance charges, but this is an uncommon symptom of bad spending habits, not a factor that is inherent in the payday loan industry. It is clear that over-regulation that causes lenders to shut their doors not only puts people out of work, but harms the financial well-being of consumers. These consumers typically look to sources like checking overdraft to protect them when financial emergencies threaten their budget, yet it is unfortunate that this exceedingly profitable device is not in their best interests. Banks profit, consumers lose.

Obama to reform bankruptcy and family leave

The American economy is poised on the point of major collapse. Immediate action must be taken to change the current course, or the country’s current recession will spiral down into a major depression as it did 80 years ago.  Your payday loan source is hopeful that President Obama’s economic policies will right the ship.

This article, the concluding in a five-part series, covers Mr. Obama’s views on reforming bankruptcy laws and striking a needed balance between work and family life. For previous segments of this story, please see parts one, two, three and four.

Bankruptcy for the working class

Essentially, President Obama’s goal is to make the process of filing for bankruptcy easier for military families and victims of natural or medical disasters. If the person can prove they filed for medical reasons, Obama’s exemption would go into effect; they would be forgiven and have the chance to get back on their feet. Moreover, Obama wants to assist those filing for bankruptcy from having to lose their homes.

Mr. Obama’s bankruptcy policy does have a misstep in it regarding rate caps for payday loans at 36 percent annually. Of course your payday loan source admits some bias in the matter, but there are numerous independent parties that corroborate that capping no fax payday loan interest rates harms consumers, and that bankruptcy is not in fact caused by faxless payday loans themselves. His call for clear disclosure of lending terms is reasonable. His request that banks and credit unions offer short-term loan products to consumers sounds reasonable, but these institutions won’t do it. Why? Because forcing or tricking consumers into depending upon checking overdraft protection is much more lucrative for them.

Family matters most

Barack Obama is a family man himself, so he understands how easy it could be to lose track of what’s most important when working life’s demands weigh heavily. Through expanded programs, benefits and tax cuts, the President will strive to restore the kind of balance that leads to happier families – happier consumers – whose faith in saving and spending will be renewed by the increased quality time available. Here are some highlights:

• Obama plans to expand the Family and Medical Leave Act so that it will cover more people in more situations, including allowing for elderly care, participation in child academic functions and addressing situations where domestic violence is involved
• A $1.5 billion fund will assist states with paid leave and related programs
• Funding will be doubled for after school programs through organizations like the 21st Century Learning Centers program
• The Child and Dependent Care Tax Credit will become refundable and allow low-income families to receive up to a 50 percent credit for care expenses
• The Equal Employment Opportunity Commission will be enforced so that workers with family care obligations will not be discriminated against
• Businesses will be encouraged to create more flexible work opportunities for those with family obligations; federal incentives for telecommuting will also be given. In order to model these ideals, President Obama vows that the government will utilize the same practices

Mr. President, start the healing now

The American economy has been riding along for some time with a driver that’s asleep at the wheel. President Obama doesn’t accept more of the same, so let’s see how his policies will work. The fixes are certainly not as easy as getting a payday loan, but like the popular short-term loan product, the principles must be sound.