Payday lenders don't deserve to be labeled "sharks." Image from Wikimedia Commons.

Over the past few years, the term “predatory lending” has been brought up a lot, and the term is often leveled at payday lenders. The payday lending industry has been called just about every name in the book. These accusations are inaccurate. Furthermore, it isn’t fair to level these terms at the typical short term loan lender. In fact, it is hard to call any lending institution a “predatory lender.” The reason is that no one really knows what that phrase means.

Predatory lending didn’t exist until 1994

In the wake of the mortgage crisis, there has been great outrage at “predatory lending,” a buzzword of the last two decades. According to Adair Morse and others who have studied whether payday lending is predatory, the term was first coined in 1994, and rarely used until at least 2000, and didn’t gain prominence in the national lexicon until after 2005. The phrase, like others, are conjecture at best. A small loan lender is no more a predatory lender than a mortgage company.

The spread of buzzwords

There is a social phenomenon known as “buzzwords.” Some of them are tied to legitimate concepts, but any buzzword should be viewed with a skeptical eye. Many of them have differing meanings and fuzzy logic. The term “predatory lending” would presume that a loan was lent to a person who was desperate, couldn’t understand the terms, or couldn’t really pay it back. Since the typical payday advance lender explains terms well, and can’t afford to lend to people who can’t pay the loan back, that standard can’t really be applied. However, that is only a subjective definition. Someone else could think something else entirely.

Who is really predatory

Think of the debt burdens many think of as “good.” A new car costs almost $20,000. A new house costs over $150,000. These debts can lock a person into a lifetime of payments only to never realize the benefits of ownership. That sounds far more predatory than a loan until payday. You can read more in the payday loan facts and statistics report on Personal Money Market.

Get cash today even if you have bad credit

It’s becoming more and more difficult to qualify for credit cards and bank loans, but borrowing extra cash until payday is still a reassuringly simple matter. You can almost always get a payday loan without a credit check, and that’s a great relief for millions of American consumers who now have bad credit.

It doesn’t matter why you need cash today

People have endless reasons for needing quick cash. Whether it’s for car repairs, taxes, medical bills, past-due bills or a nearly-forgotten anniversary, when you apply at Personal Money Market, you won’t be asked why. It’s not always easy living paycheck-to-paycheck, and that in itself is a perfectly good reason for needing extra cash today.

Get cash today and get some sleep tonight

When you need money, it’s hard not to worry about it all day and even harder not to worry about it all night. If you’re struggling with money now but could still get by on your next paycheck after paying back a small personal loan, why not apply for a cash advance today? Most payday loans are paid back in full on your next payday, but if you need more time, you might qualify for an installment payday loan. (And yes, there are also installment loans for bad credit.) Whichever you choose, online payday loans are every bit as convenient as credit cards. They can be less expensive and much easier to pay off, too.

Apply now to get cash today

Need cash today? It’s quick and easy to get if you apply now!

• Online application process is fast
• There’s rarely anything to fax
• Apply from your home or office
• Get up to $1,500 deposited to your bank account
• Low credit score doesn’t matter
• Bankruptcy history isn’t a problem
• Funds often available in as little two hours

Start your quick cash loan application HERE!

What is a payday loan?

A payday loan is a short-term loan that is made to meet a borrower’s financial needs temporarily. The loan is usually paid back with their next paycheck. These loans benefit people who are in need of money right now.

How much cash can I get?

You can get payday loans of up to $1,500. The amount you will get, however, will be based on the information you put on your loan application. Be sure to provide accurate information on your application, so you can have a better chance of approval.

What are the requirements for payday loans?

1. Must be 18 years old to apply
2. Have a valid Social Security Number
3. Employed for at least three months and actively working
4. A valid United States citizen
5. Provide current U.S. address

Can I get this loan if I am in the Military?

Yes, Personal Money Market can even help find you the best military loans available.

How long is the application and loan process?

A loan application generally takes 2-5 minutes to fill out. Once you complete and submit your application, a message should pop-up on your screen to notify you of your status, so pay close attention.

If I have questions, can I contact the loan company?

Yes you can. Just visit the contact page on their website. It will have all the information you need concerning their location online and off.

Where can I get advanced payday loans?

A short convenient loan application is located right below this article, where you can begin the process.

Apply for advanced payday loans today!

Are your next employers looking at your Unvarnished profile?

Your professional and personal reputation is next up for review – by anybody – on the Unvarnished website. Unvarnished gives an opportunity for anyone to post their “review” of you as a person. While this could be an incredibly useful tool, in the end Unvarnished could end up more of a headache than it’s worth. In the end, we can only hope that Unvarnished doesn’t become a reason for banks to deny you the best personal loan rates.

Unvarnished bills itself as reputation management

Unvarnished is a website that invites you and others to post your “unvarnished” reviews of people. As a business tool, Unvarnished claims that it helps you “get recognition for your accomplishments and actively manage your career growth.” Any user can post a review, and any user can create their own profile. It appears that Unvarnished uses Facebook profiles to “verify” identity – which means if you have no Facebook profile, you cannot post or claim Unvarnished profiles. The Facebook link also means that Unvarnished will be much easier to cheat than a payday loan company – because a “verified” Facebook profile is just about anything but.

The problem with Unvarnished

The problem that Unvarnished presents is much the same as Yelp and RipOffReport.com. These websites can provide a very valuable service and caveat emptor reviews. However, there are always two sides to every story. Unvarnished claims to have a “community” system that will help keep bad reviews in check. However, the simple reality of Unvarnished is that, like every other review website, unhappy people are much more likely to speak out than happy people. This means that Unvarnished could present an unvarnished – if very skewed – view of you.

Should I get an Unvarnished account?

So, yes, Unvarnished review could be very skewed. And yes, Unvarnished could provide a real pain some days. However, in the end, most professionals and businesspeople would do well to get an Unvarnished account. If nothing else, knowing what others are saying about you is important – especially if it is negative. Unvarnished is one more place to keep an eye out for feedback, and respond if you need to. Most especially in a difficult job market, keeping a close eye on your reputation on places like Unvarnished is important.

Should Wal-Mart have fired an employee for legal marijuana use? Image from Flickr.

Last November, a Michigan Wal-Mart terminated an employee that had failed a routine drug test. Under most circumstances, this would be a fairly routine action – a Society for Human Resource Management 2006 report found that 84% of employers drug test before hiring, and another 58% require testing after workplace accidents. However, the case of Joseph Casias is much more complicated. Casias is a Michigan resident with a medical marijuana card, and he is suing Wal-Mart for what he claims was an illegal termination. In a case that could effect almost every small loan company up to large corporation doing business in 14 US states, the rights of a corporation to determine who they employ is being weighed against the rights of medical marijuana users.

A patchwork of medical marijuana laws

Currently in the United States, there are 14 states that allow, decriminalize, or offer a positive defense to citizens that use marijuana for medical purposes. Federal law, however, officially lists marijuana as a Schedule 1 drug – a drug that has “no accepted medical use and high tendency for abuse.” In October of 2009, as the Washington Post reported, federal prosecutors were instructed to “back away from pursuing cases against medical marijuana patients.” The resulting patchwork of laws, regulations, and legal protections for medical marijuana users such as Joseph Casias has created a difficult situations for employers.

Wal-Mart’s right to drug test

The Drug Free Workplace Act of 1988 was the first federal law that mentioned employer drug testing, though it did not line out how such policies were to be implemented. Each state has its own laws and regulations that cover drug testing on the job. In Michigan specifically, Wal-Mart had informed Joseph Casias that they would be using drug testing, and that marijuana was included on the test. In general, employers do have the right to test employees for drug and alcohol use upon hiring, at random during work, and after any workplace accidents. In general, these employers must apply drug tests evenly across their workforce.

Why Wal-Mart fired Casias for medical marijuana use

When Joseph Casias, a former Associate of the Year at his Wal-Mart, received a knee injury while he was at work, Wal-Mart followed their policies and conducted a drug test. The drug test came back positive, and Casias informed his employers that he was legally using medical marijuana to treat a brain tumor. As CNN reports, Casias was initially told by his Wal-Mart supervisors that because he was using marijuana legally, it would not be a problem. However, in accordance with Wal-Mart’s corporate policies about positive drug tests, Casias was fired. Joseph claims that he never attended work high and never used marijuana on the job. However, urine analysis tests cannot determine the time frame in which a drug was used, only that it was or was not.

The rights of medical marijuana using employees

The difficulty for both corporations and employees comes in marijuana’s “gray market” status. Legal in some states under some conditions, but illegal federally, corporations are allowed to fire employees for marijuana use under federal law. In most states, employers are also given wide latitude in their policies towards positive drug tests. However, medical marijuana advocates point out that it leaves many employees in a very tough situation – told they can use marijuana to treat their medical condition without fearing state law, but also not protected from being terminated from their workplace. With most health insurance also provided through employers, often terminally or chronically ill patients also have to weigh using medical marijuana against losing the insurance they may be extensively using.

An employer’s right to fire employees for medical marijuana

In the 14 states that currently have medical marijuana provisions, the legal implications are still being tested. In 2008, California’s supreme court ruled in the case of Ross v. Ragingwire Telecommunications, Inc (PDF) that employers are well within their rights to fire or not hire employees for using marijuana, even if that employee was doing so legally under state law.

Medical marijuana laws will most likely remain hazy

Given the patchwork of employer laws, medical marijuana laws, and corporate policies such as Wal-Mart’s, the laws about employee use of medical marijuana are likely to remain hazy. Much like regulations on a payday loan company, the laws and court cases will most likely remain an issue for each individual state to sort out.

This system of borrowing money gives you a second chance to erase your financial worries, if only temporarily. Some people assume that borrowing from a payday lender leads to total financial ruin. In fact, the total opposite is true since as long as you are responsible with your repayments, a payday installment loan can help you get your finances back in line.

Tips to become a more responsible borrower

Borrowing money from a payday loan company should not be thought of as a hard inconvenience, but instead should be regarded as a useful assistance in your time of need. To avoid getting into deeper troubles with money, though, you must first learn to become a responsible borrower. The consequences of lagging behind on short term loan payments are not the fault of the payday loan lenders and they should not be blamed if you have huge interest to pay. Whether you borrow from a payday installment lender, a bank or a credit card company, if you do not manage your loan correctly, you will hardly benefit at all in the long run.

The following are steps you can take as a borrower to avoid any problem with your payday installment loan:

• Pay promptly every due date
• Make sure you are paying the principal, too, and not just the interest
• Always get in touch with your payday lender if you should fail to pay on time
• Record all of your transactions and update your installment account to prevent oversight

Payday installment loan facts and myths

What everyone should learn early here is that getting a great deal on a payday installment loan is not a myth, but a fact that can truly help borrowers pay off their IOUs. This system of paying is particularly created for money loan borrowers who find it difficult to pay on time while giving them ample time to come up with money.

Now that short term installments are available for payday loans, there should no reason for you not to consider applying for your payday installment loan.

Apply here for a payday installment loan

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

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

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

About filing complaints

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

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

Personal Money Market’s pledge to you

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

Payday lenders spend an outrageous amount of money to find one qualified borrower. The costs per repeat borrower is astronomically higher for payday lead buyers. Most lenders do not monetize their applicants when the customer does not qualify for their loans. They spend anywhere from $50 – $300 per applicant when all costs are properly calculated that are associated with getting just that one person to apply. So the number $1 mistake is lack of lead monetization.

Payday Lenders fund only 20%-30% of applications

Depending on the underwriting criteria used by payday lending companies, they may only be able to lend to 10%-30% of applicants. Some lenders are so picky that they only lend to 5%-8% of those who request a loan. The problem is, that leaves 70% – 92% of leads that the company does not make money off of but still paid for. Once you calculate the average default rate of 15-33% you can see how much just one repeat borrower costs. It takes two good borrowers to make up the losses for the one defaulted borrower.

How much do applications cost lenders?

Assume a lender receives 100 loan applications per day. They fund 10% or 10 loans. Out of these 10 borrowers a max of 3 of them are not going to pay the money back within the loan period. Assume it cost the lender $20 per application to bring in new customers. Their total cost for the day would be $2,000. That means they paid an average of $200 per good borrower who’s funded loan did not default. That is extremely expensive.

Customer retention plays a roll

If the lender’s customer retention rate is 30%, which seems to be the average, that lender really only found 3 repeat borrowers which cost them $2,000. That equals a cost of $665 per long term borrower. Being that the average profit per long term borrower is anywhere from $500 – $1,000 you can see how slim the profit margins can be depending on certain factors like customer retention and cross monetization.

How many leads can be monetized?

On the other hand, let’s do some math for this equation with minimal denied application monetization rates. The average payout per monetized denied lead is approximately $4 depending on the original lenders underwriting criteria. If they fund a higher percentage of applications, they will have less qualified applicants to sell to other lenders with lower underwriting criteria. An example is a picky lender who only funds 8% of applicants has a much higher chance of monetizing the remaining 92% then a lender who funds 50% of applicants. The picky lender will have a lower default rate but a higher cost per funded rate.

How much revenue can lead monetization bring in?

Assume for this example that the lender funds 10% of applicants and averages a cost per acquisition for applications of $20. For one day that leaves 90 applications that were denied. If that lender monetized those leads they would have made $360 in addition to their normal revenue. That is an annual revenue increase of over $93,600. Some lenders get several thousand applications per day. Imagine the revenue increase for those kind of lenders. That also reduces the cost per acquisition for repeat borrowers. It gives the company a higher profit margin. When the profit per customer swings between $500 and $1,000 they have a little more breathing room to absorb the natural market fluctuations.

How can denied payday loan applications be monetized?

Question is, how do lenders monetize their denied leads? The answer is they sell them through a lender matching network like ours. Personal Money Market, as an affiliate, has access to a large network of lenders who buy payday loan, cash advance, short term loan, installment loan and personal loan applications. We share a large percentage of the commission price we make with the originating lender who sends us their denied leads. More lenders equals a higher approval rate which correlates to a higher monetization rate for the lenders. We can pay upwards of $65 per loan application funded through the network. Some are higher, some lower. The average is around $30 which equals in most cases $4-5 per application submitted.

Lost opportunities for increasing revenue

It is a win-win deal for lenders on both sides. Lenders who can’t fund certain applicants due to underwriting criteria can recoup some of their costs. Lenders who need more leads can buy qualified applicants on a regular basis. Some common reasons why lenders cannot loan to certain customers are:

• State law prohibitions
• Applicant is in an unlicensed state
• Applicant is a member of the military or a dependent of a member of the military
• Wrong type of employment
• Income not direct deposited by employer
• Applicant’s income level is too low
• Applicant’s past default rate is too high
• Applicant has an outstanding loan in a state that prohibits multiple loans

There is a lender for every situation

The key to monetization from a network perspective is finding a lender who can loan money in any one of the above mentioned situations. There are lenders in the system who can loan to military personnel even. There are some lenders in every state. There are lenders with low underwriting criteria. The hard part is getting an application to all of them in just a few seconds while the applicant waits for an approval or denial. Good thing we have that under control.

Are you a lender who is losing revenue?

So if you are a lender who is failing to monetize your denied applications for any reason, you should investigate the possibilities with this system. It can’t hurt to contact the monetization experts who take care of our leads. You will thank yourself once you get your system all set up. Start your profit growth today!

Financial Leads Contact Form

This Federal Reserve/Vanderbilt/Penn study tries to connect payday loans to credit ruin, but what they leave out suggests a rosier alternative. (Photo: flickr.com)

Credit cards have proven to be both a useful tool in establishing a credit history and a bane to those consumers who hope to maintain a good credit history. The temptation to “swipe and go” has been actively cultivated by the American media. With the magic plastic in hand, consumption is quick and easy. Those who pay off their credit cards each month may escape the revolving interest trap, but the vast majority of credit card users must not pay their balances in full. If they did, why would credit card companies offer reward programs? If consumers weren’t tied into earning points and paying interest fees, the programs wouldn’t be profitable for the companies.

What about Payday Loans?

According to multiple sources, over 10 million U.S. households use payday loans each year. These short-term loans are paid off over a set period of time, typically two weeks’ time. They fulfill a need and are not a swipeable ticket to impulse purchases. Certainly payday loans CAN be used for impulse buys, but lenders make it clear that this is not advisable. Furthermore, the amount available is finite, typically smaller than the credit limit available on a credit card.

Yet Sources Continually Try to Connect Payday Loans to Financial Ruin

Take the January 2009 interdisciplinary study “Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?” Written by Sumit Agarwal (Federal Reserve Bank of Chicago), Paige Marta Skiba (Vanderbilt University Law School) and Jeremy Tobacman (University of Pennsylvania), this study attempts a statistical correlation between credit card default and payday loan use. In particular, the trio attempts to make the case that consumers consistently make bad decisions by choosing to take out payday loans when they have credit card liquidity.

There must be a reason that consumers make such a choice, however. Agarwal, Skiba and Tobacman do not define such reasons, so I will attempt to fill the crucial gap.

Methodology and Results

Agarwal, Skiba and Tobacman analyze a sample of 102,779 people who took out payday loans from a single lender (this is significant, as I’ll show in a moment) and 143,228 with credit card accounts in states where the same payday loan company operates. They discovered that while credit card issuers used FICO scores as the primary means of determining a consumer’s credit worthiness, the payday lender used Teletrack scores instead, which tend to track borrowing history more on the subprime scale.

According to the study authors, Teletrack scores were eight times more effective at predicting payday loan default than FICO scores. Thus, it can easily be assumed that the more effective credit evaluation device creates more successful payday loan transactions that it would defaults and additional fees. The mainstream media is too often ready to accuse the payday lending industry of wielding such fees like a fire hose on unwitting consumers, but the truth of the matter is much less dramatic.

Payday Loan Customers Have Access to Prime Credit

Even though the authors’ study indicate that on average, consumers who use payday loans have a lower average income compared with those who just use credit cards, the same study indicates that their average FICO score is still in the 620 or slightly lower range. Thus, they can still access prime credit cards.

Why is it then that, as the authors indicate,

Two-thirds of people in the matched samples have at least $1,000 of credit card liquidity on the day they take their first payday loans, much more than the typical $300 payday loan.

It’s an interesting question. A 2001 survey by Elliehausen and Lawrence regarding credit card availability and usage found that 56.5 percent of respondents who used payday loans had bank-issued credit cards with liquidity available, but 61 percent “hadn’t used them in the past year in order to avoid exceeding the cards’ credit limits.”

People Don’t Like to Admit When They Fall to Temptation

The authors show us that there is a steady decline in credit card liquidity leading up to the time when consumers take out payday loans, but the liquidity doesn’t disappear entirely. The authors comment that

This is interesting because it speaks to the question of why people borrow on payday loans. If liquidity were flat until a large drop one month before the payday loan application, we would suspect that a single large bad shock had unexpectedly arrived. Since we find average liquidity falling steadily, impatience, general financial mismanagement or persistent shocks seem more likely explanations.

Perhaps what Agarwal, Skiba and Tobacman define as “impatience” or “financial mismanagement” could include the psychological temptation having a credit card that needn’t be paid off in full each month (advisable, but generally not required). It would be worth studying that factor in greater detail, as I know from first-hand experience that having access to credit, using it and allowing it to revolve month-to-month is an easy trap. In my opinion, such situations are not out of the ordinary. Closer study is warranted.

The Author’s View of Payday Loans is Limited

Obviously, if you only survey financial results based on the clientele of a single payday lending operation, your results will be far from definitive. When the authors claim that credit card holders who take out payday loans are 92 percent more likely to experience credit card delinquency, such a dramatic number indicates to me that the statistical sample is much too small to be meaningful. If consumers evaluated by Teletrack are generally less prone to payday loan defaults, why would credit card defaults be all that different?

It is significant to note here that applying for payday loans does not generally depend upon or impact one’s FICO score. That is one of the major selling points of the product, as consumers with less than perfect credit can take out a payday loan for a set amount when necessary. There is no system of revolving credit at work with payday loans; the balance is paid in full at a set date two weeks in the future. Furthermore, since payday loans obtained after Teletrack reference are generally not recorded in a consumer’s credit history, other lenders cannot use a consumer’s payday loan history against them when they apply for large-scale loans for homes, vehicles, education, etc. If banks could use payday loan information against consumers, they most certainly would. Their track history of penalizing and confusing consumers with credit card terms prompted President Obama to step in with fair credit practice legislation, which in my mind only serves to support my argument that banks will charge whatever they can.

Why Don’t Credit Card Companies Use Teletrack?

You’d think credit card companies would find any subprime information about a consumer to be valuable in their attempts to justify higher rates and limiting practices. The study authors indicate that the reason credit card issuers don’t normally use Teletrack is that the credit bureaus charge them for each credit query. Perhaps the leverage they can glean on a consumer is not valuable enough to counteract the fees?

Temptation Yields to Payday Loans

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Considering how much damage a consumer can do to their credit history by allowing revolving interest credit cards to spiral out of control, the set maturity period of payday loans could readily be considered a better option. From a psychological standpoint, not having a tempting credit card in hand when you surf E-commerce sites or drift through the local shopping mall could be advantageous to the consumer. While Agarwal, Skiba and Tobacman have the beginnings of a useful study here, a larger sample of both credit card issuers and payday loan businesses is needed to make a more meaningful assessment of the payday loan’s supposed correlation with credit destruction. Perhaps then consumers can more easily see that the practices of banks who issue credit cards may be the most harmful advice out there. See the video below if you aren’t convinced of that yet…

Related Video:

If you are looking for Payday Loans, Apply Now!

School supplies can be expensive, but finding a payday loan company with Personal Money Market is not. (Photo: flickr.com)

Bills seem to pop up at the worst possible times.  Most of the time, however, the payment isn’t due for another couple of weeks, meaning that even if you’re stressing now, you can wait.  And then, there are the times when you’re short on the cash but the option of waiting isn’t there, such as the teacher asking for money for your child’s class’ next activity (school supplies are expensive), the daily commuter vehicle that just won’t stay in working order, a much larger security deposit than you budgeted to get into your new place or the child whose illness forces a trip to the emergency room.  In such cases, you can depend on Personal Money Market.

Open when you need us

Personal Money Market is available 24/7 to help you, whether you’ve fallen short on paying all of your regular bills or a one-time surprise has thrown a wrench into your budget’s works.  In very little time,  you could be on the right road to acquiring just what the payday loan company ordered: quick cash for your emergency. Don’t worry if your credit is less than spotless. Typically, no credit check is required. You can get on with your life faster than you could have ever imagined.

Can it be? Payday loans, same day?

Coming to Personal Money Market for your payday loan company needs is quite a smart choice.  After all, the immediate decisions that our representatives make as to whether you qualify for one of our lending network’s payday loans means that you may be able to get the cash you need in an extremely timely fashion, sometimes in the same day that you’re approved.

The process is not only very quick, but quite simple as well.  Once logged on, you will be asked to fill out a faxless application which will ask you some important questions in regards to your current employment status, monthly take home income, whether you receive a paper check or direct deposit from your employer and others purely to verify your ability to repay a loan, should you be approved.  There is nothing to worry about, however, because the transmission of all sensitive information is encrypted to keep it out of reach of identity thieves and other cyber criminals.

Making you a match

Should your application be approved to be picked up by a payday loan company in our network, you will be contacted by one of their representatives by either telephone or E-mail.  It is then that they will make you an offer if you’ve been working on building a brighter financial future.  Upon acceptance of an offer, you will hear or read the terms and conditions of the loan, including any applicable fees, interest rates, methods of payment and so on.  Once you fully understand the terms of the loan and the confirmation has been secured, your funds will be wired to you very quickly, sometimes in the same day that you’re approved!

Keep in mind that not everyone will be approved, though we do try to help everyone.  We are not a lender, but rather a ”match making” service of sorts that works, tooth and nail, to match people from all walks of life with a company who may be able to assist them in their time of need.  On a final note, always use payday loans as short-term help and not a long term financial solution.  Those with credit problems should seek credit counseling.

If you need a payday loan company for quick cash, try Personal Money Market today!

Related Video:

Harman International makes high-end audio equipment.

Most people interested in Harman International Industries Inc. already know that the company says it has not received a buyout offer from Arabian Peninsula Group. Rumors about the alleged buyout offer spread pretty far pretty fast. Reuters says:

Several media outlets on Sunday received faxed statements that said a private investment firm called Arabian Peninsula Group (APG) planned to buy Harman for $49.50 a share — double the high-end audio equipment maker’s Friday close of $25.18.

Although the fax quoted an executive from Arabian Peninsula Group named Donald Parker, there was no contact information. Harman says it has never heard of Arabian Peninsula Group, and so far it appears that no one else has either.

Yea or nay? Hard to say

Reuters says it’s difficult to verify whether Arabian Peninsula Group is a real company because Kuwait has no financial regulator. The area code that the fax supposedly came from was a Kuwait code.

In the United States it is easy to verify every type of business — from a payday loan company to a pet store — because businesses must have a license. However, the same level of regulation isn’t present in Kuwait, so it’s harder to verify a business’s legitimacy.

Not the first time

Reuters also reports that similar scenarios have happened before:

The incident is similar to one in April when an alleged offer from a United Arab Emirates-Kuwait consortium for diversified U.S. manufacturer Textron Inc (TXT.N) sent its shares up 47 percent. No deal ever materialized.

In both cases, a person identifying himself as a fund manager had called newsrooms touting the stories, but refusing to give contact numbers.

Fake news, real results

Though it now seems almost certain that this alleged buyout deal was a hoax, the news certainly had some real results on the stock market. The Wall Street Journal reports:

The denial sent shares slumping when the market opened, and they were recently down 8.7% to $22.98. Nearly four times the typical number of shares have changed hands on Monday. In premarket trading the shares spiked as high as $38, which would have been the highest intra-day trade since last August and the stock’s first time above $30 since October.

More searches for Arabian Peninsula Group

I know it’s not really a good yardstick, but I have a tendency to believe that anything that doesn’t exist on Wikipedia doesn’t really exist at all. Going by that logic, Arabian Peninsula Group does not exist.

Of course, by that logic I don’t really exist, either, so we’ll just call it another small piece of evidence. Also, after an intensive Google search, it doesn’t appear that Arabian Peninsula Group has a web site, which also speaks volumes about its validity, in my opinion.