A FICO report shows a record number of people in the lowest credit score categories, and tighter lending standards make short-term credit alternatives a lifeline for millions of consumers. Flickr photo.

Credit scores are falling to new lows for millions of Americans. Lower credit scores and tighter lending standards have economic recovery caught between a rock and a hard place. Figures provided by FICO Inc. show that 25.5 percent of consumers — about 43 million people — now have a credit score of 599 or below. These consumers probably won’t be able to get the affordable mortgages, auto loans and credit cards that economic recovery is depending on.

Millions fall into lowest credit score categories

Along with a high unemployment rate and depressed home prices, plunging credit scores seem to be canceling out what should be positive things like record low mortgage rates and no-interest auto loans. The Associated Press reports that FICO’s findings show an additional 2.4 million people fell into the lowest credit score categories during the Great Recession. Historically, just 15 percent of 170 million consumers with active credit accounts, or 25.5 million people, fell below 599. Borrowing for these consumers is often limited to short term credit alternatives such as installment loans, personal loans and payday cash advances.

A lifeline for people with low credit scores

Already at record lows, the number of consumers with credit scores below 599 is expected to increase. The Associated Press article indicates that it can take several months before missed payments drive down a credit score. The Labor Department says about 26 million people are out of work or underemployed. Millions more face mortgage foreclosure, which can delete 150 points from a credit score. Once the damage is done, it could be years before this group can restore their credit scores, even with a strong short-term credit history. Fortunately, with access to short term credit alternatives, they won’t be completely left out in the cold.

Lending standards lowering credit scores

Leave it to banks to do their part to lower credit scores. Creditcards.com reports that by cutting credit lines and increasing interest rates, banks are lowering their customers’ credit scores. This happens because FICO scores compare debt levels to credit limits. Lower credit lines make it look like a borrower is closer to being maxed out when they haven’t increased their debt at all. Plus, higher interest rates make it tougher to pay off existing debts. And for a personal loan to help pay the bills, they can forget about talking to their bank.

Can the  economy recover without easy credit?

Consumer spending based on credit fueled an unsustainable U.S. economic boom that was destined to bust. Considering the latest FICO report on record low credit scores, it’s no wonder a U.S. economic recovery is stuck in neutral, according to the Dallas News. consumers who can’t borrow money can’t buy houses and cars, invest in home improvements, or make other major purchases that drive economic growth and give businesses reasons to hire workers and ramp up production. For credit scores to improve, the economy has to recover and Americans have to change their spending habits. For an economy driven by consumer spending, that will be an amazing feat indeed.

Payday loans are priced based on free market principles, yet some try to make invalid comparisons between cash advance fees and interest rates for home and auto loans. Flickr photo.

Interest rates are the issue that payday loan opponents rely on most often. Anti-payday loan activists compare interest rates on payday loans with the interest rates for other financial products such as auto loans or home mortgages. Payday loan opponents make these comparisons because it’s the easiest way for them to support their arguments. The truth isn’t so obvious. Payday loans, and everything about them, are so different from loans for cars or houses that putting them in the same category as longterm loans makes little sense.

Cash loans no credit check

Payday loans, payday loans online and installment loans for people with bad credit fill an important role for consumers. These types of short-term financial relief are available in so many ways because there is a big market for them. During the recent, historically severe recession and what is so far a weak, jobless recovery, more people than ever need convenient access to short-term credit for money emergencies. While the market creates the environment for financial options like payday cash advances, it also determines the interest rates associated with these products.

Payday loans: value vs. price

Payday loans are like any product or service traded in a free and open market. For a product or service to be sustainable, the market creates a delicate balance between price and value. These rules apply to the interest rates applied to any financial product, from auto loans to mortgages. As long as payday loans deliver value for the price,consumers will continue to use them. As long as it’s worthwhile for payday loan companies to offer short-term cash solutions, they will continue to offer them.

Short term loans and the free market

Banks and car dealerships will set interest rates in search of optimum levels of customers and profits. If business starts falling off, their rates may be too high and they adjust accordingly. But no bank or car dealership will set interest rates that make it impossible to remain profitable. Most people would consider it outrageous if the government forced banks or auto dealerships to do that. But strangely enough, that’s what anti-payday loan activists would like the government to do to payday lenders, even though such measures were recently rejected as part of the big financial reform bill.

Right price, right now

For example, let’s say a payday loan costs about $15 to borrow $100 for two weeks. For millions of payday loan borrowers, that fee is appropriately set, based on the purpose of the transaction. A payday loan is a short term financial solution that is paid off in two weeks. For a person in a financial emergency, it’s worth it to pay $15 dollars in the short term to avoid long term financial problems such as credit damage or repossession. Responsible payday loan borrowers understand that it’s worth the cost if the payday loan is paid in full at the end of the term.

Comparing apples to oranges

Payday loan opponents use that $15 per $100 ratio and apply it to unrelated financial products like auto loans and mortgages, which use an annualized percentage rate (APR). In this case, the APR on the $100 payday loan would be in triple digits if a borrower strung it out for a whole year. Listening to these arguments, politicians are proposing that APR should apply to payday lenders, and the APR on payday loans should be capped at 36 percent. While a 36 percent interest rate would seem unusually high for a car loan or a mortgage loan lasting many years, it’s not enough to support small, short term loans lasting two weeks.

Fair market price

Direct payday lenders would not be able to make credit available to their customers if they offered 36 percent APR. The Richmond Times Dispatch reports that at 36 percent APR, the total fee charged on a $100, two-week cash advance would be $1.38. At that rate, payday advance lenders could not cover the cost of originating the instant payday loans, let alone meet employee payroll, benefits and other business expenses, like rent. The fees on payday loans are largely determined by how much they cost the lender to offer them. Like any business, profit from the transaction must be part of the equation. Millions of satisfied payday loan borrowers agree.

Chick-Fil-A is going to be giving out free spicy chicken sandwiches - with a caveat. Image from Flickr.

A free Chick-fil-A spicy chicken sandwich sounds tasty, doesn’t it? Well, the company is offering limited free spicy chicken sandwiches – with a reservation. In order to get your free Chick-fil-A spicy chicken sandwich, you have to add your name to the reservation list. Once you’ve got your reservation made, you can get a “preview taste” of a Chick-fil-A spicy chicken sandwich.

Chick-fil-A spicy chicken sandwich

Slated for rollout on June 7, the Chick-fil-A spicy chicken sandwich reservation allows for limited preview tastings. In order to reserve your sandwich, go to GetSpicyChicken.com and choose which Chick-fil-A store where you want to pick up your free spicy chicken sandwich. Print off your reservation, and take it in to the Chick-fil-A between May 31 and June 5.

Chick-fil-A still privately held

The Chick-fil-A company has been around since the 1940s and has been known as Chick-fil-A since the 1960s. The company has always been privately held. At one point, Warren Buffett offered significant payday cash advances to the company to go public – but it opted to not take the offer. With revenue of about $3 billion in 2009, the company is proving a good investment for the owner and three generations of family that continue to operate the business.

Problems with Chick-fil-A reservations

Some people trying to make reservations for the free spicy chicken sandwich at Chick-fil-A have been encountering problems on Monday morning. With hundreds of thousands of people trying to get their reservations in, the website appears to not be operating correctly. This spicy chicken sandwich reservation is Chick-fil-A’s way of avoiding a KFC-like disaster and running out of free product. If the website does not return to functioning soon, however, it is possible that Chick-fil-A may be facing customer frustration and anger.

The Chick-fil-A chicken secret

The Chick-fil-A spicy chicken sandwich is going to, most likely, use a spicy breading on the traditional Chick-fil-A sandwich. Chick-fil-A was the first fast food place to use high-pressure peanut oil to fry chicken, which helps create the thick, juicy sandwich that the company is known for. This high-pressure method is now used in most grocery store delis as well. If you want a Chick-Fil-A style sandwich at home, try browning breaded chicken in oil in a pan for a few minutes, then baking the chicken in the oven to cook it through. It may take a bit more work, but it means you can get a Chick-fil-A style spicy chicken sandwich long before it goes on the menu.

Lindsey Graham has pulled his support of a climate bill - over an immigration dispute. Image from Flickr.

This morning, a coalition of Democratic senators, Republican Lindsey Graham, business leaders, religious leaders and military officials were scheduled to debut their “grand compromise” climate bill. However, this weekend dueling press releases and political positioning led Lindsey Graham to pull his support for the climate bill. The climate bill has been in Senate negotiations for months, and was set to ask government and companies to take payday cash advances to improve their environmental impact and promote green technology. The bill is not entirely dead, and Lindsey Graham may still return to the list of sponsors.

Lindsey Graham pulls climate bill support

When Senate leaders began drafting a compromise climate bill, Lindsey Graham was one of the very few Republican senators that showed a willingness to negotiate. John Kerry, Joseph Lieberman, and Lindsey Graham were crafting the legislation to address climate change and energy policy within the United States. A comprehensive climate bill is one of the stated Obama administration priories. Without Lindsey Graham’s support, the climate bill is in question, though the White House has said it will still “work to secure bipartisan agreement.”

Immigration reform at issue for climate bill

Lindsey Graham did not pull support for the climate bill because of any particular provision of that legislation. Instead, in his statement removing his support of the climate Bill, Graham calls out the White House and Democratic leaders for their insistence on an immigration reform bill. An immigration reform bill has been on the docket to be discussed for a long while, though the White House and Democrats have pushed for forward motion on the issue much sooner. Lindsey Graham has stated that this “bait-and-switch” of issues is akin to instant payday loans no faxing – taking one issue now at the possible cost of another later. Graham believes that highly-charged Senate debate on illegal immigration would make it very difficult, if not impossible, to discuss and pass a climate bill.

Lindsey Graham’s work on climate and immigration

Lindsey Graham has been under significant pressure from Republican leaders to not work with Democratic senators on crafting a climate bill. Graham has been the bridge in the heavily divided Senate, providing much-needed bipartisan support for contentious legislation. However, Graham has stated that by including immigration and climate in the same Senate session, leaders will not be able to make progress on both issues. In his statement removing support, Graham explained his actions by saying:

“But I will not allow him to play one issue off of another, and neither will the American people. They expect us to do both, and they will not accept the notion that trying to act on one is an excuse for not acting on the other.”

So what do you think? Can the heavily divided Senate address immigration reform and a climate bill in the same session?

New York Times
Guardian

(Photo: Thinkstock)

The Associated Press reports that weekend FBI and ATF raids in Michigan, Ohio and Indiana captured eight members of a Christian militia called the Hutaree militia. The individuals in question were suspected of plotting to kill members of local law enforcement and then kill other officers at their subsequent funerals, according to federal agents. The weekend raids were a form of preventative maintenance. According to the AP, other unaffiliated Christian militia groups like the Southeast Michigan Volunteer Militia consider the Hutaree militia to be “too extreme.”

What is the Christian militia known as the Hutaree militia about?

On the Hutaree militia Christian militia Web site, the group claims the members “are prepared to defend all those who belong to Christ and save those who (don’t).” It is unclear as to whether the alleged action planned against law enforcement was in any way related to their preparation for the Second Coming, but the Christian militia group says they “will one day see (their) enemy and meet him on the battlefield if so God wills it.” Use of payday cash advances for weapons for this battle would be discouraged, to say the least.

Charges range from conspiracy to attempted use of WMDs

The six Michigan residents, two Ohio residents and one Indiana resident face charges of “seditious conspiracy, attempted use of weapons of mass destruction (an Improvised Explosive Device, or IED), teaching the use of explosive materials, and possessing a firearm during a crime of violence,” according to the AP. The indictment and Department of Justice Press Release are on the public record.

Names of those Christian militia arrested

David Brian Stone (aka “Joe Stonewall” and “Captain Hutaree”), 45

Tina Mae Stone, 44

David Brian Stone, Jr., 19

Joshua John Clough (aka “Azzurlin,” “Az,” “Mouse” or “Jason Z. Charles”), 28

Michael David Meeks (aka “Mikey”), 40

Thomas William Piatek, 46

Kristopher T. Sickles (aka “Pale Horse”), 27

Jacob J. Ward (aka “Nate” and “Guhighllo”), 33

Joshua Matthew Stone, the 21-year-old son of David Brian Stone, is currently a fugitive. The FBI encourages anyone with information that could lead to his capture to contact them at (313) 965-2323.

Neighbors had no idea, thought they were “nice”

That may be more indicative of what Robert Frost meant when he wrote that “Good fences make good neighbors” than it speaks for the quality of character among members of this extreme Christian militia known as the Hutaree militia. Speaking of taking lessons from literature, the Hutaree militia’s extreme interpretation of the Bible is their way of coping with the “New World Order,” as they see it.

What are we to learn from this? If we are to follow the word of literature, then perhaps we should take Jonathan Swift’s “A Modest Proposal” to heart and eat the children to deal with overpopulation? That’s ridiculous, of course, and Swift intended it to be satire. Maybe “1984″ is a better model for our modern society. But wait, that’s the kind of totalitarian regime that Christian militias like the Hutaree militia would contest. And what if they chose not to lay down their arms afterward – would we have a Hutareetocracy? Would a chorus of “Onward, Christian Soldiers” be required before applying for no faxing payday loans?

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If passed, the California act would legalize and tax recreational marijuana. Image from Flickr.

Yesterday evening, the California Secretary of State confirmed that the voter initiative to legalize marijuana received an estimated 523,531 valid signatures – well more than the 433,971 signatures needed to get on the November ballot. The California legalization initiative has supporters that argue pot legalization will not only save the cash-strapped California economy money, but will bring in the instant cash of tax revenue. Some detractors of the bill argue that legalizing the drug will lead to an increase in crime and health impacts. Other detractors worry that legalizing gray-market marijuana will decrease the quality of marijuana and significantly harm the budding marijuana industry. Part 1 of this article covers the Regulate, Control, and Tax Cannabis Act in California and the arguments for its passage. Part 2: Arguments against Marijuana Legalization in California covers the arguments against marijuana legalization in California.

History of marijuana legalization in California

In 1913, the first state law criminalizing marijuana in the United States was passed in California. Other states quickly followed suit. By 1937, federal law made possession or transfer of “Marihuana” illegal for everything except medical and industrial uses.

This act was declared unconstitutional in 1969, but the U.S. Federal government included marijuana in the Controlled Substances Act of 1970. In 1996, California legalized medical marijuana with Proposition 215, reigniting a national debate. On the federal level, marijuana remains an illegal Schedule I narcotic considered to have “no valid medical use.”

The California marijuana legalization measure

The California voter initiative to legalize pot, known as the Regulate, Control, and Tax Cannabis Act lays out several limitations on the legal use of marijuana. The initiative would allow anyone 21 or older to “possess, cultivate or transport marijuana for personal use.” Local governments throughout California would have the ability to tax and regulate commercial production or sale of marijuana. Individuals would also be prohibited from smoking marijuana in public, smoking marijuana while minors are present, providing to any underage person, possessing the drug on school grounds or driving while under the influence of marijuana.

The cost-savings argument for marijuana legalization

Supporters of the Regulate, Control and Tax Cannabis Act argue that the legalization of marijuana would save the State of California a significant amount of money. California is currently in a huge budget deficit, and has been using payday cash advances on the state budget to cover costs.

Estimates for these savings range from $156 million to $1 billion. Supporters claim that once the already-stretched-thin law-enforcement system stops prosecuting individuals for growing, possessing or selling marijuana they can focus on crimes and criminals that are more violent or dangerous. Proponents also point out that while very few deaths in California can be attributed to marijuana, alcohol contributes to hundreds of deaths each year.

The taxation argument for cannabis legalization

In addition to saving the state of California millions of dollars in law enforcement, the Regulate, Control and Tax Cannabis Act also gives local governments the ability to tax marijuana. Proponents of the act estimate that $15 billion worth of gray-market and black market marijuana is sold each year in California.

An excise tax on the retail sales of marijuana would bring in an estimated $1.3 billion a year or more in revenue. Some counties and cities within California currently tax medical marijuana dispensaries. These city and county taxes bring in as much as $350,000 per dispensary.

The jobs argument for legalizing pot

Some areas of California, such as Humboldt County, already have a thriving marijuana tourism industry. With services from medical marijuana dispensaries to schools focused on how to grow marijuana, the area brings in several million dollars a year in tourism revenue. Supporters of legalizing cannabis point out that if the marijuana tourism industry in California grows to just one-third the size of the wine industry, it would create more than 50,000 jobs. If marijuana were legalized, it would also become legal to produce hemp in the state, which could add to the agricultural base of California.

California’s Regulate, Control, and Tax Cannabis Act is due to go on the November ballot. To see the arguments against the legalization of marijuana in California, see Part 2: Arguments against Marijuana Legalization in California.

Sources:

Business Week
Seattle Times
Time Magazine
CNN
California NORML

Dead-ends jobs are the status quo

Government figures show that workers today are much less willing to quit a job without having another job lined up than they have been since surveys began in the 1960s. Many workers would like to find new jobs but are afraid to make a move until the labor market improves.

At a minimum, a person employed in any capacity still gets paychecks and can still make it over the rough spots with emergency money from payday cash advances. At the end of the day, however, qualifying for payday cash isn’t enough to make a job satisfying.

All is not well in the workplace

An American Express survey reveals that 54 percent of employed workers are willing to accept demotions and pay cuts in order to keep their current jobs. This finding is consistent with the results of a detailed global workforce study conducted by employment consultant Towers Watson.

For now, security trumps everything

Towers Watson found that the “desire for security trumps everything,” with 86 percent of workers valuing job security, more than the number of workers who valued improved pay or career advancement. Towers Watson also found that job mobility is at a decade-long low point and that confidence in management is “disturbingly low.”  Forty-three percent of employed workers want to advance their careers by leaving their current employers, but only 12 percent are looking for new jobs.  It’s safe to assume that many workers who would be willing to start businesses of their own are also reluctant to make a change right now.

Lack of mobility depresses wages

According to CNNMoney.com economists say that a lack of job mobility can depress wages and thwart economic recovery. Changing jobs allows workers to increase their incomes, which in turn increases their spending power. When unemployment rates are low, people leave jobs more freely and employers pay higher wages to retain or find the best workers. Under favorable economic conditions, even the threat of leaving a job can result in increased pay. But for now, workers are keeping tight reins on their jobs and staying put, regardless of whether they like their work or feel they’re fairly compensated.

1. Homebuyers

First-time homebuyers may be entitled to a credit of 10 percent of the price, for a maximum credit of $8,000. The homebuyer credit is not limited to first-time buyers. Buyers who owned homes and bought new ones after Nov. 6, 2009, may be entitled to a credit of 10 percent of the purchase price, for a maximum credit of $6,500. Buyers must have lived in their previous homes for five consecutive years in the past eight, must have a house under contract by April 30, 2010, and must close by June 30.

2. Energy-saving improvements

For 2009, homeowners may be entitled to credits worth 30 percent of the amount spent on energy-saving windows, water heaters and other qualified improvements, up to a combined limit of $1,500 for 2009 and 2010. Installation of solar, wind, or geothermal energy systems may entitle homeowners to 30 percent credits with no limits.

3. Vehicles

Sales taxes on purchase prices of to $49,500 for new cars, light trucks, motorcycles, and motor homes purchased after Feb. 16, 2009, can be deducted on 2009 returns. Vehicles purchased through the Cash for Clunkers program are included. Taxpayers do not have to itemize deductions to claim the credit, although in some states, it may sometimes be more advantageous to include sales taxes in itemized deductions. The credit is limited to certain income amounts, and depending on income, some taxpayers may receive only partial credits.

4. College students

In 2009 and 2010, the new American Opportunity Tax Credit allows taxpayers to claim $2,500 per student per year for the first four years of college. The Hope Credit provides $1,800 per student for the first two years of college, and the Lifetime Learning Credit offers up to $2,000. Income limits apply, and a taxpayer can use only one form of educational credit.

5. Unemployment

For 2009 only, the first $2,400 of unemployment income is nontaxable. Unemployed married couples may exclude benefits of up to $4,800. Whether or not you were unemployed, if you switched jobs or looked for a job, job-search expenses (travel, career coaching, employment agency fees, etc) may qualify as miscellaneous deductions. Combined miscellaneous deductions must exceed 2 percent of adjusted gross income to be written off. Taxpayers who were out of work last year and had to pay for COBRA or other health insurance may add those expenses to the usual out-of-pocket medical expenses, making it more likely that they’ll meet the deduction threshold of 7.5 percent of adjusted gross income.

6. Freelance work

Taxpayers who took on any kind of paid freelance work in 2009 to make up for pay cuts or job losses, must report the income but can deduct numerous business expenses, such as supplies, equipment and work-related vehicle mileage. In the case of a home office, freelancers may even be entitled to deduct  prorated amounts of mortgage payments and utility bills.

7. Moving for work

Taxpayers who relocated to accept full-time employment can sometimes deduct moving expenses like truck rental or moving company fees, packing supplies, storage and travel costs. To qualify for the deduction, the new job must be at least 50 miles farther from a taxpayer’s home than the previous job was.

8. Earthquake relief

Charitable donations to Haiti made before March 1, 2010, are deductible on 2009 tax returns. A new bill currently in the House would allow deduction of last-minute donations made to Chile before April 15, 2010, and would also extend the time for making donations to Haiti until the April 15 filing deadline.

9. Investment losses

Taxpayers who sold securities at a loss in 2009 after owning those shares for more than a year may use the losses to offset capital gains. If a taxpayer had losses and no gains, up to $3,000 of net loss can be set off against ordinary income and any remaining amount can be carried forward to future tax years.

10. Federal disaster areas

Homeowners whose houses were damaged in declared federal disasters and not fully covered by insurance may be able to claim the losses, even without itemizing deductions. For 2009 only, after subtracting the first $500 of the loss, there is no limit on the amount, and any losses that can’t be used in 2009 can be applied retroactively to 2008 taxes.

Utah House Majority Leader Kevin Garn (Photo: defourci.com)

UPDATE: Kevin Garn has resigned from the Utah legislature.

Political sex scandals – now serving Ms. Cheryl Maher and Mr. Kevin Garn! – are like newspaper lining a birdcage. No matter what happens, some part of you is going to get dirty, whether you bend down to read the headlines and get yellow ink on your hands, or simply get caught in the rain.

People make decisions that dirty themselves and others. Perhaps we dirty ourselves by electing officials who pay $150,000 in hush money (taxpayer funds?) as Utah House Majority Leader Kevin Garn did when he ran for Congress in 2002. He and Cheryl Maher had something “inappropriate” going, as we’ll see from Salt Lake City Tribune reports. There was payday cash because of advances he made.

Cheryl Maher and Kevin Garn: the 1985 hot tub time machine edition

Cheryl Maher’s recent return and Kevin Garn’s acknowledgment that her story is “essentially true” make this trip very necessary to satisfy our lurid desires. With wife Tanya by his side, Kevin Garn admitted to giving Cheryl Maher $150,000 to keep their relationship quiet. This mid-1980s relationship involved a 30-year-old Kevin Garn, a 15-year-old Cheryl Maher, hot tubs, nudity and a decent into pharmaceutical purgatory for Maher. Mix in some Schnapps and you have a bad time all around.

Fools and fabulists, heal thyselves

We must always keep our eyes on the prize, and in this case the prize for Kevin Garn is entitlement and self-aggrandizement. He told The Tribune via phone, “I did not want to lash out and hurt anybody. This has just been a nightmare for me… I just want to tell the truth because it’s part of the healing process for me.” Captain, it seems that we’ve entered the Forest of Me. Shall I open a com channel?

People will question why the news surfaced in 2002

That is of course when Kevin Garn was running for Congress. Of course he could have denied everything, but he didn’t. So there appears to be no mystery there. Garn and his wife met with Cheryl Maher and her LDS bishop. Apologies were shared, and I’m sure they were all bathed in light, a la John Belushi in “The Blues Brothers.”

Later, Garn offered Maher a $20,000 bribe. Maher and her husband turned the extortion dial (according to Garn) and got the number up to $150,000. Kevin Garn paid the larger sum, a non-disclosure agreement was put into place and the parties went on with their lives. For Kevin Garn, he claims he “treated this no different than any other event in my life.” You lead a messy life, sir. If you are credit challenged, perhaps instant cash loans can help.

Cheryl Maher wanted justice

She apparently made contact with Kevin Garn, his eldest son and members of Congress to make it happen. Garn is claiming she wants more money, and perhaps that’s true. Or perhaps it is what she says it is. Either way, how can Kevin Garn not be sure of how this will affect his political future? Does he typically need to form a focus group in order to determine where his bread is buttered?

But I see little hope for any justice for Cheryl Maher, if it is indeed what she seeks. Utah lawmakers are lining up to support Kevin Garn; they’re closing ranks and pouring their support. One told the Tribune, “I know not of the man you speak of, but I know the man I consider a friend, a leader and an asset to the State of Utah and I would ask our fellow colleagues that our hearts might be open.” Feel the love now. Get back to your lusty schedule when convenient.

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Bretton Woods report tracks overdraft fees

According to a recent Associated Press release and a related article on BusinessWire.com, a new report by Bretton Woods Inc., a bank strategy and consulting firm that has been tracking and recording bank fees since 1998, shows that in 2009 the average U.S. household with a bank account paid overdraft and insufficient funds fees on ATM or debit-card purchases 12.7 times, for a total average cost of $376. That’s a 7% increase over the year before, when the average household incurred such fees 11.9 times, for a total average cost of $343. The full Bretton Woods report can be read online at http://bretton-woods.com/71801.html.

Overdraft fees are a major source of bank revenue

For anyone who’s ever made a $4 purchase with a debit card only to discover after the fact that the transaction cost more like $34, Regulation E is good news. But for the banks and credit unions that generated more than $38 billion in overdraft and non-sufficient funds fees in 2009, (10% more than 2008 and 27% more than 2005) Regulation E threatens to erode the bottom line significantly.  Bretton Woods predicts that in 2010 Regulation E will decrease Bank revenues from overdraft and insufficient-funds fees by at least $7.3 billion.

Overdraft fees have risen consistently for several years

According to the Associated Press release, overdraft fees have been rising consistently for several years, and reached an all-time high average of $29.58 in 2009. Between the years 2005 and 2009, not only did the average overdraft fee increase, the number of debits presented against insufficient funds increased by 18% for a total of 1.3 billion debits

Overdraft protection is a form of short-term consumer credit

Overdraft protection is a form of short-term consumer credit, in essence automatic loans to cover overdrafts. Of course, when it happens to you, overdraft protection may not feel at all like a credit transaction. Overdraft protection may feel more like punishment — a fine of sorts, especially when the overdraft in question is a very small amount and is promptly covered by a payroll or other deposit to your account — but when a bank pays an overdraft and charges you a fee for doing so, the transaction is a lending transaction, however brief and expensive it may be.

Regulation E will affect consumer credit as well as bank revenues

Bretton Woods predicts that short-term consumer loans in the form of overdraft protection on ATM and debit-card transactions will be reduced by $6.3 billion in 2010. Both the Associated Press and BusinessWire quote Bretton Woods CEO Michael Flores as saying that “Once Regulation E goes into effect, consumers will have to opt-into these fees. Banks will struggle to recover that revenue and consumers will need to replace $6.3 billion in short-term credit.”

Consumers will turn to payday loans and banks will find another way

For consumers facing short-term cash shortages, payday loans are the most likely financing alternative to overdraft protection. According to BusinessWire, the Bretton Woods report shows that households in states where payday cash advances are permitted pay up to 13% less in overdraft and insufficient fund fees than households in states where such loans are prohibited. Banks, on the other hand, have proved themselves very adept at finding new ways to assess fees.  There can be little doubt that once Regulation E takes effect, banks will come up with other creative ways to pad the bottom line.

Some theorize that the Montauk Monster could have come from the Plum Island Animal Disease Center. Image from Wikimedia Commons.

The Montauk Monster has returned – again – kind of. In July of 2008, mysterious photos of a monster-like creature surfaced in Montauk, New York. Since then, the “Montauk Monster” has been (probably) identified as a slightly decomposed raccoon… though conspiracy theories still abound.

The Montauk Monster’s first appearance

When the Montauk Monster was first photographed, there were dozens of theories about what it might be. Venom energy drink offered a reward that topped even the cheapest personal loans for the live capture of the monster. A live Montauk Monster has never been captured, though the debate about its identification is still going strong. In August of 2008, according to the Montauk Monster’s Wikipedia entry, state and government officials will take the corpse “to a nearby facility for future analysis and study”

The Montauk Monster : Related to the chupacabra?

In January of 2010, a carcass of a “strange, hairless dog-like animal with tan-brown skin” was found in Texas. Live Science makes the claim that this candidate for the chupacabra (the blood-sucking, small creature that is legend in many southern states and Hispanic countries) was, in fact, “just another Montauk Monster.” That is, of course, assuming that you accept that the Montauk Monster was just a hairless raccoon.

The conspiracy theories of Montauk

The Montauk Monster is just one piece of a puzzle for many conspiracy theorists. In 1992, a book called the Montauk Project was published that focused on possible time-travel experiments at the Montauk Air Force Base. The book is sold as science fiction, though the authors have never said that the book was pure fiction, and they openly encourage fans to speculate on the truthfulness of the series. If time travel isn’t quite your chosen way to get payday cash advances, then there are other theories.

Plum Island, the home of Montauk Monster?

There are also theories that the Montauk Monster is an escaped resident of the Plum Island Animal Disease Center. Run jointly by the Department of Homeland Security and the U.S. Department of Agriculture, Plum Island focuses on researching animal diseases. Fox News examined this possibility in September of 2008.

Grace Groner lived in Lake Forest, Illinois, where this is the library. Image from Wikipedia.

She is known as “the secret millionaire who donated her fortune”, but during her life Grace Groner was just the wonderfully kind and older lady next door. Much of her adult life, this secret millionaire lived in a one-bedroom home and lived extremely frugally. When she died, she left her estate to her alma mater. When Lake Forest College found out this instant money total turned out to be about $7 million dollars, they were shocked.

The secret millionaire donates her fortune to a good cause

Grace Groner had made a large donation to Lake Forest College in the past. She had donated $180,000 to establish a scholarship program to help students pursue internships and study-abroad programs. Lake Forest College president Stephen Schutt told the Chicago Tribune that he had known that the secret millionaire was planning on donating her fortune to the school upon her death, but he had no idea how truly large the gift would be.

Grace Groner’s secret to being a millionaire

Unlike most millionaires, Grace Groner did not live large. Instead, like most people that lived through the depression, she was very frugal. Grace walked everywhere rather than purchasing a car. The “secret millionaire’s” clothes came from rummage sales. Grace even lived in the same small single-bedroom house for most of her adult life – a house that had been willed to her by a friend. To put it simply, no matter how much money Grace Groner was worth, she lived simply and carefully. This, combined with a very smart stock purchase, helped her become the secret millionaire.

A single stock purchase created a secret millionaire

Grace Groner worked for one company for 43 years. In 1935, she purchased three $60 shares of that company, Abbott Laboratories. Instead of selling these stocks with the ups and downs of the market, Grace instead held onto the stocks. Every time they split or paid out dividends, she simply reinvested them. Her net worth built over time, and long before she died she had enough money she wouldn’t have been in need of easy payday cash advances.

Lake Forest College’s plans for Grace Groner’s fortune

When Grace Groner donated her fortune to Lake Forest College, she also donated her small home. The college plans to use the $7 million as an endowment that should pay out about $300,000 a year. They will be using Grace Groner’s gift to help students with scholarships, study abroad programs, and more. They will also be turning Grace Groner’s home into living quarters for women who receive foundation scholarships. All in all, Grace Groner donating her fortune to the school has helped ensured that generations of students will continue to receive an education – perhaps about more than just getting ahead in the world.

What is seldom or, in fact, never advertised are the actual costs involved when using a credit card as a cash flow mechanism, specifically for the employed student who is battling to balance financial tasks, not to mention their studies and part time employment duties. These costs and charges contained within the broader definition of the credit card take the form of finance charges and interest rate charges, something of which can be avoided. However, people tend to get caught in the so-called vicious circle of spending and paying back, without being able to meet the full or even minimum amounts due.

Easy payday loans direct

A source of funding for their studies and day to day expenses is that of the option of payday loans direct, the accessibility of which can be fairly easily attained, and more so from the privacy of their dormitories. Furthermore, the large majority of students has easy access to internet connectivity and can, therefore, apply for their payday loans direct via the online option. Failing such online access, they can contact the payday loans direct lender telephonically, thereby allowing for a number of possible routes to follow when considering the payday loans direct option.

Going Paperless

The payday loans direct option has evolved significantly, and it has become basically paperless, allowing for such easy and convenient access for both students and regular employed folks alike, based upon the access options previously described. This convenient access to such payday loans direct is specifically relevant for the employed student or person due to the time constraints that exist because of all the duties and functions that one has to attend to on a normal or daily basis, which as one knows for an employed student especially, it can be nothing less than hectic.

Stats on credit card debt

The specific mention of the employed student is motivated by market research and statistics that indicate an average undergraduate student had in excess of $2,000 due on credit cards, whilst the postgraduate owed in excess of $8,000 on credit cards and other related financial instruments. This obviously does not include any study or student loans taken for the payment of tuition and its related expenses. These figures provide exactly how much the employed student requires or depends upon financing options during their time spent studying.

One of the most attractive issues of a credit card is the fact that the credit extended is often times interest free for a short period. However, people tend to over extend and, therefore, lag behind with paying the full amount back. That is exactly how the student ends up owing exorbitant amounts of debt to various credit card companies, who needless to say are often times very quick to offer credit to the desperate consumer.

Protect yourself from overextending

In considering the application or use of payday loans direct, one should understand how these financial instruments actually work. Basically, the option of this loan is based upon the fact that the full amount of money is repaid by the next pay day, hence the term “payday loan” is used to describe this option. One is, therefore, limited to the amount of loan that can be taken and by the amount of money that they will be earning within the immediate payday range. This offers a sort of protection from overextending in terms of debt and credit options.

Start your payday loans direct application HERE!

Helping Haiti is as easy as sending a one-word text message.

The “text Haiti to 90999″ campaign has raised a lot of money, despite the fact that modern technology has allowed more than one Haiti earthquake hoax to spread. Twitter bred a couple of hoaxes, including UPS to Haiti free shipping and airlines flying doctors to Haiti for free. However, the positive things that technology has done to help victims of the Haiti earthquake of 2010 outweigh the negative side effects.

While some shady people harness the ease with which modern technology allows people to conduct business, others are harnessing it for good. The text-to-donate campaigns, such as Haiti to 90999,  that have been set up to help Haiti have been very successful, and it’s easy to see why.

Simple and sensible

Of course, people who are living paycheck-to-paycheck and regularly getting payday cash advances might not be able to afford to donate $10 to help people in Haiti. However, the majority of Americans won’t even notice a $10 difference in their budgets. Text-to-donate campaigns are genius because it makes it so incredibly easy to give. Plus, automatically setting it at a $10 donation, which is very affordable for most people, means that it’s so easy and inexpensive that people practically have to feel guilty if they don’t do it. And they should.

A lot of people might be wary of this method of donating because they fear it’s a hoax. However, the message to text Haiti to 90999 has been spread by trusted news organizations. It’s also all over social networking sites, so I have seen the message posted by several friends who I trust and who I know are well-informed. It’s smart to be wary of messages asking for money, but thanks to trusted sources spreading the word about Haiti to 90999, that campaign  has raised $4 million. Other text-to-donate campaigns have raised money as well. To donate to Wyclef Jean’s foundation, text Haiti to 501501, and to donate to the Clinton Foundation for Haiti earthquake relief, text Haiti to 20222.

Looking for a cash advance, prepaid Visa, gift card, money order or wire transfer? Chances are that your search may have led you across some of the 7,000-plus employees of www.AdvanceAmerica.net (aka AARC, Inc. or AEA on the New York Stock Exchange). The cash advance and payday loan company founded in 1997 and currently headquartered in Spartanburg, South
Carolina operates over 2,800 walk-in cash advance stores across 35 United States, as well as locations in Canada and the United Kingdom. That doesn’t even take into account affiliate stations under the National Cash Advance brand. Most recent annual revenue statements put Advance America at nearly $710 million in profit, which indicates that many of you have utilized their services online or in-store.

Heed the Company Creed

Respect Your Customers: We treat our customers with dignity and courtesy at all times.

Respect Your Associates: We treat our associates as we would like to be treated.

Respect Yourself: We work hard and use good, ethical judgment in everything we do.

Respect the Law: The Law is there to protect us and our customers.

Reports of Cash Advance Satisfaction

“Advance America Cash Advance provides simple and reliable access to funds that help working people meet their financial obligations,” claims the company’s Web site, AdvanceAmerica.net. “Our customers choose a cash advance as a dignified, transparent and responsible option for managing short-term financial challenges, without asking family or friends for money or risking personal items as collateral.” What consumer who was in a financial jam wouldn’t want such an option? And if Advance America’s survey claim is accurate, as high as 92 percent of their customers say cash advance is “a useful service” and 90 percent were “very satisfied” with their Advance America transaction.

Who Looks to Advance America?

The company provides interesting customer demographic information on their Web site. Median household income is $40,984, while average customer age is 39. Nine out of 10 customers have at least a high school diploma, and more than half have college credits on their resume. Almost half of all Advance America customers own their own homes as well. So what we see is the portrait of a customer who isn’t poor, uneducated or without assets. Furthermore, all customers of Advance America have a steady income and active checking account; these are basic requirements to apply at nearly any cash advance lender, including those who lend through this Personal Money Market online portal.

Why a Cash Advance?

We know that the recession has brought tough times to America and the world. Short-term consumer credit like cash advances or payday loans can help during a cash emergency –  and they’re available through Advance America even if a consumer’s credit or administrative hassle have barred them from traditional bank or credit union loans. Increased consumer financial choice is better in a working capitalist model for a variety of reasons, including price regulation. More than 19 million cash advance customers agree, says Advance America. And if that doesn’t convince you, consider just how much you might be pay with comparable alternatives (image courtesy of Advance America).

Advance America: A Force in Online Cash Advance

Using data from Compete.com, we can see that Advance America received 147,048 unique visitors in November 2009 (up about five percent from the previous month). Total visitors in November amounted to 243,070, which reflected about a 29 percent increase over October totals. Not surprisingly, Google referred the most traffic to advanceamerica.net (17 percent), while Yahoo (seven percent) and “apply.advanceamerica.net” (also seven percent) were also significant. Most common search terms according to Compete.com are “Advance America” (24 percent), “cash advance” (eight percent), “advanceamerica.net” (five percent), “payday loans” (four percent) and “cash advance America” (four percent).

What You Need to Apply

If cash advances and payday loans from Advance America appeal to you, here is a general summation of what you’ll need to apply:

• A post-dated check for the loan amount plus fees (typically around $15 per $100 loaned)
• Government-issued photo ID
• Second ID with your name printed on it (Social Security card is one example)
• A bank statement one month old or newer
• Recent pay stub for income verification
• Personal references (at least three)

Please note that requirements may vary by state and when you apply for a cash advance online. If you apply online for an Advance America cash advance of $100 or more and receive approval, the money can be directly deposited into your active checking account by the following day (if the application is submitted before 9 p.m. CST).

Advance America – Because That’s What You Do

Because you work hard, you deserve a cash advance company that meets your needs. That’s what Advance America claims to do. Because working people “advance America,” they deserve courtesy and respect – something traditional banking giants aren’t always willing to give.

Some people actually got jobs in November!

Numbers on unemployment for November have been released, and it turns out that unemployment actually went down last month, falling from 10.2 percent in October to 10 percent for November.

Of course, this might be just because of seasonal employment, but I suppose we have to take whatever we can get. It’s widely known that optimism will help the economy more than anything, because confident consumers spend more money. People are also much more likely to get payday cash advances if they know their jobs are secure.

The bad news

Unfortunately, while the overall number of unemployed Americans fell in November, the number of Americans who have been unemployed for at least 27 weeks (more than six months) increased. Luckily the legislation passed last month that extends unemployment benefits should help some of these people out.

Usually, unemployment rises in January as people who had taken temporary jobs over the holidays go back to being unemployed. Also, many companies do layoffs in January after they see their budgets for the previous year.

Not black and white

Of course, though the falling unemployment rate is indeed great news, it doesn’t give us cut and dry answers about where the economy is headed. This little upturn in employment could be simply circumstantial. Experts have been saying for months that unemployment would be one of the last economic factors to change after the recession ends. It’s surprising, therefore, to see a reduction in unemployment now, and it’s very possible that unemployment will go back up or possibly get worse in 2010.

The unemployment numbers have fluctuated a lot this year, but one thing is for sure: They’ve been bad, bad, bad. In December 2007, before the recession began, the national unemployment rate was only 4.9 percent, which is normal. Even at its new, lower rate, unemployment is still more than double that. Once more people start getting jobs, those people will start spending money. Of course, people need to spend money in order to create more jobs.

Image from blogspot.

Newspapers are continually trying to come up with ways to improve their online presence. Mostly they do this for the purpose of keeping their businesses afloat, but for those newspapers who still are concerned about improving reader experience, I’ve got a tip for you.

Tell the world where you are. Remember, the Internet is everywhere. Google Alerts linking to stories on your web site are being sent to people in other states and other countries. For instance, I get Google Alerts on robberies at stores that give payday cash advances from Indiana, Wisconsin, Iowa, California, everywhere in the country.

Breaking tradition

I have worked at a local newspaper before. I know it’s customary not to waste space and words on identifying the state where your newspaper is based. Journalists hate redundancy. To be clear, I am not saying reporters or web editors should go into stories and add the state after every mention of the city. I am saying newspapers need to include the state at the top of every page.

Newspapers also hate messing with their mastheads. Oh, they hate it a whole lot. However, newspapers could save online readers in faraway places a lot of frustration if they’d just add the city and state to their online masthead. It could be in tiny print below the regular masthead, but it should really appear on every page.

Breaking it down

In case you don’t see why this is important, let me give you a little scenario. Today, I got a Google Alert about a payday loan store robbery, and the story was from the Superior Telegram. If you click on that link, you’ll see nice and big at the top “Superior Telegram.” Great, now we know the name of your newspaper.

A web surfer looking at that gets virtually no information whatsoever. Is this telegram superior to other telegrams? Or is that the name of a city? If you work for a newspaper and you are reading this, I know what you are thinking (besides “eek! italics! and exclamation marks! unnecessary!) You are thinking “Hello, you stupid person, the state is right at the bottom in the address.”

Guess what. That’s not good enough. That’s not how web surfers operate. A graphics designer at my company once put it very well: “People don’t like to read the Internet.”

A widespread problem

I am not picking on the Superior Telegram because this is a problem with pretty much every online newspaper in a city I’ve never heard of. After I couldn’t find the state at the top of the page, I looked for an “About Us” tab. None was to be found. Yes, obviously I did eventually scroll down to the bottom of the page and see that Superior is in Wisconsin.

So, you can either continue to hold disdain for the short attention spans and general stupidity of your online readers who live in other states, or you can get off your high horse and help them out. Adapting to the Age of the Internet means making changes in the way you present yourselves. Once you put your newspaper online, it is no longer a local newspaper. Don’t make your readers work to find out who and where you are.

Sit back and relax. With payday cash advances, you won't lose sleep wondering where the cash will come from! (Photo: flickr.com)

We can all agree that no matter how diligently you work to keep your finances in a good place, something always is going to come along that puts it in check. Give yourself the power to attack this opponent head on with payday cash advances obtained with the assistance of Personal Money Market.

Don’t lose sleep again!

Payday cash advances are just what you need when you’ve lost sleep wondering how you’re going to make ends meet this month, or when you’ve been thrown the misfortune of unanticipated expenses such as an emergency room visit, a broken down car or whatever else may come up. In almost no time, we could be analyzing your application and putting you in contact with one of our many lenders who can – sometimes even in the same business day – get payday cash advances or payday loans direct-deposited into your verified, active checking account.

Bad credit? No problem – rest easy!

Personal Money Market realizes that people from various walks of life are sitting on a myriad of different financial situations. Some of these situations may include histories of missed payments, financial hardships or other things that may have taken a toll on your credit rating and/or good name. Personal Money Market keeps these and other types of consumers in mind by also giving them unprecedented access in obtaining payday cash advances and payday loans that can help those who have been turned down by other financial institutions.

Your data is safe with us

Your first major concern in regards to applying for payday cash advances or payday loans could be thinking that giving your sensitive information over to such a website could make you more vulnerable to identity theft or other threats. Identity theft is one of the nation’s fastest growing crimes, with one out of twenty American adults said to become victims annually.

You can rest easy knowing that when you submit your completed application to Personal Money Market in hopes of help in obtaining payday cash advances or payday loans, your information will be kept safe. We can say that because we utilize the same industry standard encryptions and other security measures that the best online retailers use to prevent putting their customers in harm’s way.

Receive funds the same day!

The best part about coming to us first when you need help in getting payday cash advances for whatever cash crunch you’re facing, is that upon approval, you might have the funds in your checking account as early as the end of the same day. So, when you need fast cash, Personal Money Market wants to help you.

Apply today for your payday cash advance!

Related Video:

Image from Flikr.com.

At a Joint Session of Congress, the president’s speech last night outlined his health care reform plan and addressed controversies and misunderstandings that have surrounded it.The series of videos at the end of this post shows his full speech, but if you don’t have time to watch it, here are some highlights.

The president’s speech last night started off nice and friendly as he spoke about the things Congress and regular Americans generally agree on. He opened by talking abou the economy and acknowledging that we are still deep in the midst of a recession.

President’s speech last night well received

President Barack Obama got his first standing ovation about a minute into his speech when he said “I will not let up until those Americans who seek jobs can find them.” This is great news for people who want to get payday advances, because you need paydays to get payday cash advances.

A hard-hitting moment came in the president’s speech last night when Obama, referring to health care, said “I am not the first president to take up this cause, but I am determined to be the last.” Very loud cheering followed, and it seemed he had his audience in the palm of his hand.

President’s speech last night part one

The first item on Obama’s agenda last night was outlining and explaining the health care bill currently making its way through Congress. The plan has two main parts, he said. The first part “makes what you already have work better for you,” he said.

In the president’s speech last night, he emphasized that nothing in the plan requires people to change the health care coverage they already have. What it does do to existing health insurance is make it illegal for insurance companies to deny coverage because of pre-existing conditions or drop coverage when people get sick. It also gets rid of caps on coverage and adds caps on out-of-pocket expenses.

“In America, no on should go broke because they get sick,” Obama said.

President’s speech last night part two

Obama explained that the second major part of the health care plan provides a way for people without coverage to get it. The health care plan offers a public option for people who cannot get private insurance through their employer or afford to pay for private insurance.

The public option will be self-supporting, paid for by the premiums it collects. It won’t be paid for by taxes. People will be required to carry some type of basic health insurance — who they get it from is their choice — just as people are now required to have car insurance.

“Improving our health care system only works if everybody does their part,” Obama said.

And the evening takes a turn

Up until this point, the president’s speech was punctuated only by cheering and standing ovations. However, it was time to deal with the rough stuff. The president addressed the controversies that have come up because of the health care plan, fabricated by people and “spread by those whose only agenda is to kill reform at any cost,” he said.

Joe Wilson became an instant celebrity — and in this case that is not a good thing — when he yelled “you lie!” after Obama said that the health care plan “will not cover those who are here illegally. You can see a short clip of that moment in my article about the web site called Joe Wilson is Your Pre-Existing Condition. To see the clip in its full context, check out the third video below. The moment of “truth” comes about two minutes in.

All kinds of good stuff

Luckily, that was the only disturbance that distracted from the president’s speech last night. He addressed concerns about how the public health care option will work, which will be similar to Medicare and Medicaid. He emphasized that it won’t put private health insurance companies out of business, much like public universities haven’t driven private colleges out of business. In fact, he believes only about 5 percent of Americans will sign up for the public health care option.

He said it will hold private insurance companies accountable and create competition that will drive prices down and quality up. He explains that the health care reform bill will not add  to the deficit and will mostly be paid for by finding savings within the existing health care system.

Watch the president’s speech last night

If you didn’t watch the president’s speech last night, I highly recommend that you check it out for yourself, as it definitely clears up a lot of confusion and gives you the information you need to form your own opinion about the health care reform bill.

If you’re single and mired in a contemptible cycle of living from paltry paycheck to paltry payday loan to paltry paycheck, consider marrying money. But sugar grows better in some areas of the country than it does in others, and to optimize your chances of securing it, you may have to pack up and move. According to a recent CNN report, the five best places in the United States to find the rich and single are:

Hermosa Beach, California

Population: 19,414
Single: 47.2%
Median family income: $137,941

You can bask in the sun nearly all year long in this Southern California paradise, although you can’t rely on a suntan alone to attract sugar. To speed you along in your quest for moneyed matrimony, you’ll need to get another low-paying job – perhaps at one of the many bars near the Pier Plaza — so you can get online cash loans for incidental local amenities including roller blades, surf boards, swim wear and volley balls.

Arlington, Virginia

Population: 204,568
Single: 41.6%
Median family income: $108,815

You’re sure to meet someone in the pubs of the Clarendon district where live music and amateur stand-up comedy abound. But the singles scene in Arlington is dominated by scientific geniuses and government types, so you may have to do a little personal upgrading to meet local standards. For starters, you’re going to need another low-paying job – a regular day job, not a stand-up comedy gig – so you can get payday cash advances to fund an advanced online degree of your own. When choosing which degree to click on, think science not art.

Coronado, California

Population: 22,845
Single: 36.1%
Median family income: $106,817
Coronado is a peninsula surrounded by white sand and sparkling waves, so it’s a perfect place to hang out at the beach. But Coronado is a tall order: Golf, tennis, and sailing around the bay are the ordre du jour, so you’ll need to upgrade your employment situation before you move. Then you can make a smooth transition into a high-paying job with a commute to San Diego and qualify for those cushy $1500 online personal loans. You might also consider switching to installment loans because you’ll need extra cash for nightlife in the trendy bars and clubs of the Gaslamp district. For what they’re worth in your quest to marry money, the spectacular San Diego sunsets — sans drinks — are free.

Edgewater, New Jersey

Population: 9,582
Single: 34.3%
Median family income: $105,830

You may need to do some advance planning if you want to share a million-dollar townhouse nest with an affluent Edgewater professional. Holding hands while gazing at the silhouette of the Manhattan skyline is free. But it’s expensive to flirt with neighbors in the organic produce aisles of the local markets and to expand your social circle while ostensibly toning your muscles at one of the borough’s fitness centers. An Edgewater marriage is a lofty goal, indeed. You’ll need a good income and some correspondingly good payday cash advances to negotiate it. But once you have the necessary extra cash and have taken up that amazing line of steeples, towers, and belfries, you’ll be a shoe-in for marital bliss on the Gold Coast.

Santa Clara, California

Population: 109,756
Single: 34.0%
Median family income: $101,840

To the extent that being single in the Silicon Valley is synonymous with having a high IQ, you may need more than the best payday-loan money can buy to snag sugar in Santa Clara. But armchair sports fans need not despair: Santa Clara is home to the San Francisco 49ers’ training camp, which is open to the public on certain days. For sports fans more inclined to participate than watch, even a modest online cash advance will get you into the water – and possibly marriage — with fellow athletes at the International Swim Center.