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

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

After two layoffs, I have money now

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

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

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

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

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

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

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

Apply HERE for Money Now!

Short Term Loans Online

If you are going to trade a vehicle in under the Cash For Clunkers program you might as well apply for a short-term loan online to put some money in your pocket to help with the down payment. Everyone knows that you can get a better interest rate and repayment terms when you have more cash to put down on your down payment. Keep reading to find out what installment  loans for bad credit can do for you.

Direct Deposit In As Little As 2 Hours

When you have extra money for a down payment for your vehicle it makes the whole car buying process much easier. The more cash you put down the lower your monthly payments in most cases. Who doesn’t want a lower monthly payment on the new car they are buying. It is to your advantage to get up to $1,500 direct deposited to your account in as little as two hours.

Online Short Term Loan Options to Help With Down Payment

You have a couple options for obtaining this quick cash before you trade your vehicle in for the cars.gov Cash For Clunkers program. You can apply right on this site for the following types of online loans:

• Click To Read About Cash Advances
• Click To Read About Payday Loans
• Click To Read About Installment Loans
• Click To Read About Short Term Loans
• Click To Read About Personal Loans

Cash Advances Online

Cash advances are typically obtained through employers, banks, and other financial institutions. Many refer to cash advances online as direct deposit loans and payday loans. Speed and convenience are the benefits of applying for a cash advance online. Usually cash advances are not available for loan amounts over $1,500.

Payday Loans Online

Payday loans are many times obtained in walk in stores in the borrowers local area. Most users of payday loans don’t even know they can get them online. The advantages of a payday loan online is there are typically no faxing of identification documents required. You don’t have to show pay stubs or proof of address on utility bills etc. Like cash advances these loans are typically $1,500 or less.

Installment Loans Online

Installment loans are an alternative to the typical payday loan and cash advance type of loans. Most borrowers of installment loans know they can get them online and are usually more picky about where they borrow from. The advantages of installment loans consist of generous repayment plans. Unlike payday loans and cash advances, installment loans online provide a much longer payment period. Some installment loans can range from $300 up to $2,500.

Short Term Loans Online

Short term loans are very similar to installment loans and have longer payment plans. Many borrowers of short term loans don’t mind credit checks and prefer for their loans to count on their credit reports. Building credit with short term loans online is available with some lenders. Typically applying online does not require a credit check. Like installment loans and personal loans some short term lenders will lend over $1,500 depending on the qualifications of the applicant.

Personal Loans Online

Personal loans are usually unsecured but there are some types that are secured and do require collateral. Like short term loans some unsecured personal loans require credit checks but that is not typical for the online variety. The advantage of personal loans online is the amount you can borrow. Many personal loans range from $100 all the way up to $10,000.

Start Your Application For Up To $1,500 Below

Nest eggs are hard to come by when you live on chicken feed

The rent is due

Your landlord doesn’t care why you’re down and out. He makes a bundle, but he won’t pay a penny for your thoughts. In his eyes you’re a deadbeat and he wants cold hard cash. You live from hand to mouth and every month you pay an arm and a leg to help your landlord make money hand over fist. You pay through the nose for the leaking roof over your head while your landlord lives high on the hog.

The golden rule doesn’t seem to apply when it’s time to pony up. Your landlord was born with a silver spoon in his mouth, and you can bet your bottom dollar he won’t wait until payday.  You’re going to have to pay on the nail.

When you’re caught short, cut your losses with a quick payday loan. Dollars for doughnuts, you can make ends meet with an online cash advance so long as paying it back on payday won’t leave you strapped for cash again.

The weekend is coming

You’re hard up and payday is still a week away. You’re not a cheapskate, but you don’t ride the gravy train, either. Although you have generous friends who somehow manage to stay in the black, it’s humiliating when they always have to pick up the tab. You live on a shoestring, but you don’t like someone else footing the bill all the time.

For my money, a quick cash loan is the way to go if you can pay it back on payday and still have a little money to burn. Your friends may have hearts of gold, but when it comes to having fun, it sure feels good to pay your share out of your own pocket.

It’s on sale now

You aren't made of money, but that new tent is sound as a pound

At $189, that new two-person tent with mesh vents and detachable rain-cover seemed like highway robbery. But at the end-of-summer sale, it’s looking cheap at half the price. You’ve been pinching pennies all summer for a weekend camp-out at the lake, but payday is two weeks away and the sale ends tomorrow. They’re selling your tent for a song and you’re counting down until payday.

If you don’t come up with some extra cash right away, you’re going to be a day late and a dollar short. If you can pay the piper on payday and still cover all your expenses without having to borrow again, it may make good sense to get a personal loan now. A quick loan won’t cost the earth, and you’ll feel like a million bucks, camped by the lake in that luxurious tent, safe from the bugs and rain.

It’s going to bounce

You don’t have two pennies to rub together, and your math skills are in the hole, too. You just found a mistake in your check book and you’ve overdrawn your account. It wasn’t intentional, but the bank won’t let you put in your two cents: You’re going to get hit with some hefty overdraft fees if you don’t come up with some fast cash.

It sure would be nice to be loaded and to be able to solve advanced math problems at the drop of a dime, too.  But you’re not.  You’re going to take a beating and your bank is going to make a killing if you don’t do something quickly. All that glitters is not gold, but in a situation like this, an online cash advance is pay dirt worth every red cent.

Jim Siegel of The Columbus Dispatch reports that the Ohio Department of Commerce will not regulate payday loans into oblivion. Great, but they’re on the verge of being taken away from the public as is, thanks to House Bill 545. It capped annual interest rates at 28 percent for the high risk, unsecured loans, which is not a workable profit model. It isn’t oblivion, but it’s close.

In order to save scores of employees from unemployment and keep options open for consumers who need emergency cash but have less than perfect credit, lenders who remain in Ohio are offering pay day loans under the state’s Small Loan Act. Ernie Davis, the commerce department’s legislative director admits that lenders ”are operating under licenses set in statute.” Yet meddling politicians – driven as if their masters’ whips are at their backs – are going to look again and again to make sure lenders are “abiding by terms set in the new law.”

What’s their main problem?

Some are claiming that the process payday lenders are using under the Small Loans Act – issuing a check payment, then charging a fee if the customer wants to cash the check there – is exploitative. This, of course, is ridiculous. They can cash elsewhere, such as at their bank (they can’t take out payday loans if they don’t have bank accounts). Furthermore, check cashing businesses charge a small fee to cash checks. Why should a payday lender do it for free?

Gov. Ted Strickland says that he’ll be willing to review the situation if the law is being violated, but otherwise, pointless legislative battles that waste the taxpayers’ money must not occur. Furthermore, the payday loans industry should not be squeezed any more than it already has. John Rabenold, VP of governmental affairs for Cincinnati-based Axcess Financial (parent company of Check ‘n Go) said that half of their 72 Ohio stores are no longer in operation, and “the rest are struggling.” Rabenold would welcome a return to the debate over House Bill 545, but only so long as politicians wake up and see that capping payday loans hurts consumers.

Easy loans are a sign of the times. By that, I mean that Americans live in an age where consumers have choice as to how they will manage their short-term finances. It’s been easy for microloans to become popular, as they are fast, convenient and discreet. What a person needs money to cover before their next payday is nobody’s business but their own.

But when it comes to the U.S. banking system, it’s everybody’s business. Former Federal Reserve chairman Alan Greenspan, who is not enamored of President Obama’s Troubled Asset Relief Program, predicts more trouble during this recession.

Politico quoted Greenspan on the crisis:  “Since the collapse of Lehman Brothers in September, we have been exposed to the most rapid and unremitting set of gloomy statistics that I have ever seen. It’s a once-in-a-century type event.”

Banks should fall under government control

According to the Wall Street Journal, Greenspan took an uncharacteristic step by referring to a new period of “increased regulation.” Turning away from his free-market roots and toward the appropriate plane of sense for this dire situation, Greenspan went on to say that

All of the sophisticated mathematics and computer wizardry essentially rested on one central premise: that enlightened self interest of owners and managers of financial institutions would lead them to maintain a sufficient buffer against insolvency by actively monitoring and managing their firms’ capital and risk positions. This premise failed in the summer of 2007.

So the government will step in?

The Financial Times reports that Greenspan is for the nationalization of banks. “It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring,” he said. “I understand that once in a hundred years this is what you do.” Eating up toxic assets so that the industry can move forward. Whether President Obama and Timothy Geithner will put this into action remains to be seen. What happens with banks will be the business of each and every American who has hopes for a future of credit, jobs and trade, to name just a few. But as always, what happens when they need easy loans is the business of nobody but the individual in need.

Related articles

• G7 Finance Ministers Reject Protectionist Measures (huffingtonpost.com)
• Alan Greenspan Vouches for Nationalization (businesspundit.com)
• Treasury Weighs Hard Choices To Save Banks (cbsnews.com)

It’s interesting that 12 people took the time to vent their “moral outrage” over changes in the Ohio payday loans industry. Interesting, in that it wasn’t until the 13th person commented on Sheryl Harris’ Cleveland Plain Dealer editorial that they noticed something wacky.

Here it is. The numbers have been left the same to preserve the editorial integrity of the source material:

So when payday lending was legal last year, CheckSmart customers paid $575 to walk out the door with $500 in cash.

Under the new licensing scheme, CheckSmart customers pay $575 to walk out the door with $500 in cash.

Shocker!

Sure, it must be a typo, but let’s move on.

If you didn’t already know, payday loans have been banned in Ohio. This ban came not only during a recession, but during a time when Ohio’s state of budget affairs was among the worst in the nation. Unemployment is high; kicking out legitimate businesses is a bad idea.

Harris draws our attention to House Bill 545, which she says was “supposed to help consumers by creating a Short-Term Loan Act that gave borrowers at least a month to pay off loans. More importantly, the new law was supposed to drive down the costs.” The crux of the argument Harris and people like her use against the payday loan industry is that the APR for a loan would be a “jaw-dropping” 391 percent.

But that’s not what’s really jaw-dropping!

What’s truly jaw dropping is that we’re expected to eat and like the spoon-fed rhetoric that payday loans are annual loans! Right-thinking people must stand up for the intellectual honest and stamp out these deceptively mild distortions of the truth. Sure, if a payday loan could be extrapolated out over an entire year, 391 percent in annual interest is possible. However, since they are two-week loans that charge $15 in many locations, You’re looking at 15 percent paid in interest, on top of the principal. For a short-term loan that is often given to clients with less than perfect credit, that is both a bargain and a price point that helps shelter lenders from risk.

What does Harris coo about, in honor of the misguided law? She yearns for a 28 percent APR, which would even one-up the supposed cap President Obama wants to put on payday loans at 36 percent APR. With Obama’s APR, the lender profits to the tune of $4.14 for a $300 loan made to a consumer. How is that anything other than insanity for a business? Furthermore, what kind of insanity afflicts people who think that today there are religious reasons for not charging interests on loans (they essentially coined the term “usury” and gave it boogieman status… similar to what was done to hide the original meaning of the word pagan… now it’s considered evil in the public eye, goat horns and all… it originally meant “country dweller” or “rustic”).

Facts are simple here. Payday loans help all sorts of consumers, particularly those who need emergency cash that can’t wait until their next payday. Few banks or credit unions offer micro loans, particularly for customers with less than perfect credit. Thus, the loans fill a need in society.

Your payday loan news source has been keeping an eye on the South Carolina legislature lately as it relates to short-term consumer lending. From the time that legislation was introduced to when it reached the House for a vote, we’ve been watching. House Speaker pro tem Harry Cato even published an opinion piece in a local South Carolina newspaper that was in favor of fair regulation.

Now, Seanna Adcox of the Associate Press reports that the bill was approved by the South Carolina House with a 93-16 vote. As a protection to consumers, the bill allows them to have one loan at a time, up to $600. In addition, an online database that will be operational by February 1, 2010 will record when loans are made. Cash advance lenders will be required to check this database each time a consumer applies for a loan. Customers who are approved will also have the option of an extended payment plan if they are unable to pay within the standard two week’s time.

Consumers use payday loans in moderation, not 10x in a row

Another part of the bill limits customers to 10 successive payday loans. After that, they must wait until at least one payday has passed before they can apply for another. Payday loan critics don’t feel these requirements aren’t strong enough. Cash Advance Mojo feels that if the most recent statistical research from the Federal Reserve is any indication, almost nobody is using 10 payday loans in a row. The cited payday loan study by the Federal Reserve’s Gregory Elliehausen indicates consumers only use the loans in a moderate fashion.

Yet there will always be naysayers. Rep. Joe Neal said legislators should be “ashamed for allowing payday lenders to exploit residents.” But fellow House members like Speaker Bobby Harrell know better:

Regulating the practice and enacting consumer safeguards is the right thing to do. These loans are meant to be short-term financial solutions for unforeseen expenses; capping the loan amount and creating a statewide database to ensure that someone can only have one loan at a time will help prevent individuals from falling into a bottomless cycle of debt.

A payday loan is indeed a short-term financial solution. There is no shame in making an informed choice about your finances when emergency cash is needed.

Gregory Elliehausen of the Board of Governors of the Federal Reserve system recently produced a telling payday loan report entitled “An Analysis of Consumers’ Use of Payday Loans.” This report gives us a glimpse into the demographic characteristics of payday loan customers and shows us some of the key factors that go into the decision-making process of whether to use the loan product for emergency cash. For a convenient synopsis, consider the Payday Pundit’s outline here.

Payday loans: a cure, not an epidemic

This cutting edge payday lending study proves through survey data of payday loan customers that lenders provide “a desired service to lower and moderate income, middle-educated, young American families.” Unlike the bleating cries of those who criticize the industry – who claim that there’s a payday loan addict around every corner – Elliehausen clearly and non-judgmentally shows that only two percent of U.S. adults use payday loans at any one time.

Elliehausen makes it quite clear

Here’s a sampling of what is known about cash advance customers:

• Sixty-three percent of customers are the heads of young families
• Only 10 percent are 65 or older, indicating that the elderly are not being exploited or targeted as most critics claim
• Customers typically have “lower and middle incomes”; 41 percent earn $25,000 to $50,000 per year, while 39 percent earn $40,000 or more
• Higher income payday loan customers (those who earn above $50,000) make up a larger share than those in the lower bracket ($15,000 or less). This refutes the idea that the poor and destitute are being “targeted”
• Ninety percent of customers have a high school diploma or better, while 54 percent have attended college or have a higher education degree
• General indications are that payday loan customers have limited access to credit, yet still use payday loans sparingly
• A whopping “eighty-one percent of customers recalled receiving information on the annual percentage rate for their loan” and were aware of overall costs
• Even more telling, 86 percent of no fax payday loan customers said that the product was a “useful service”

Politicians, leave the payday loan alone… respect your constituency

Past academic studies have shown that the payday loan benefits consumers, and that taking them away leads to a decrease in financial well-being. Elliehausen’s study concludes that

In giving consumers access to additional credit for unexpected expenses or shortfalls in income, payday loans give the consumers a little control over their financial situations that they otherwise would not have.

A payday loan is a tool, a bridge and a temporary cure. Limiting consumer options by taking them away makes no sense in a society that values the abilities and opinions of its people.

Related articles

• Consumer credit drops for the third straight month (money.cnn.com)

Recently, a package of payday loan legislative proposals was heard by the House Financial Institutions & Insurance Committee. According to blogger House Democrats, these Department of Financial Institutions-regulated short-term loans have spawned a host of potential new bills. House Democrats is nice enough to provide links to early reports on the hearings here and here. Here’s what’s on the docket:

• HB 1310, regulates collections contact
• HB 1425, which simply prohibits cash advance (why bother with the rest, then?)
• HB 1684, limits all outstanding loan balances to less than 30 percent of a borrower’s gross income
• HB 1685, would add a 60-day repayment option
• HB 1709, minimum term 60 days, reduces fees may not exceed 10 percent of principal, and sets up an installment plan
• HB 1805, limits borrowers when a payday lender has loaned them $700 in the previous 30 days
• HB 1806, sets an aggregate loan limit of $700
• HB 1807, prohibits faxless payday loan rollovers within 24 hours of repayment
• HB 1851, requires that borrowers be made aware of payday loan alternatives

Church has invaded state

One of the main complaints some have against payday loans is that the rates exceed state usury laws. First of all, that’s using the oft-discredited and completely inapplicable method pretending that payday loans> are annual loans. They aren’t, no matter how much lipstick you put on that pig of an idea. Furthermore, the whole idea of usury laws is a holdover from a time when religion unabashedly held power over world governments.

The world has become a bit wiser, but the influence is still hard to shake. Finally, opponents claim that when the loans were first made legal, nobody knew that people would use them more than occasionally. Really? Then set up a database and place reasonable limits on how much consumers can borrow. Do not play big brother for them, or you will face eventual revolt and anarchy.

Payday loan supporters favor choice

It would be a gigantic mistake to ban the payday loan. When people have options, according to these folks, they can make better decisions. Considering that these are basically two-week loans, consumers must show discipline in order to repay on time. And guess what? Studies show that most do (as much as 90 percent)!

Related articles

• Cap payday loan costs, board urges (thestar.com)
• Media Advisory: Canadian Payday Loan Association Available for Comment on the Government of Ontario’s Advisory Board Report on Payday Loan Rates (newswire.ca)
• Payday Loan to Meet your Expenses (personalmoneystore.com)

Whether you operate a payday loan store or any other kind of business, Jeffrey Fox has some wisdom for you.

Consultant, author and business owner Fox writes in his essay “An Iron-Clad, Titanium-Clad Rule for Getting Business in a Recession: Improve Your Salespeople” that a recession is no time to down on employee training, particularly in sales. Yet that’s exactly what many businesses do, which is counter-intuitive. If you’re cutting sales, you’re cutting the connection between the company and the customer.

During the 2001 recession, Fortune Magazine put it this way: “focus on the quality of your people. We hope it’s no longer necessary to argue that this is increasingly your company’s only source of competitive advantage.” Yet too many companies fail to grasp this; Fox is stupefied by the practice. Blind cost-cutting is, as he puts it, “just dumb.”

Successful companies continue to look for the best people

Think of a sales force as front line troops. If they are not well-trained, they will not only fail, but create a lasting negative impression that can damage your business for years to come. Nobody needs that during a great recession. Fox compares cutting sales training with cutting surgeon’s training, acting rehearsals or pilot simulation lessons. Without preparation, you brew a recipe for disaster.

Dollarize your contribution

When times are tough, your front line troops need the tools to succeed. In business, Fox feels, employees must be able to dollarize the contributions they make, dollarize (give a specific dollar value) the values of their products and services. For a payday loan store, this could mean marketing the product in very real-world terms, such as “By using a no fax payday loan between paydays to pay an overdue utility bill, John Q. saved $60 in reconnect fees.” Another example might involve numbers, but not dollars. Let’s say that “in months when Jane Q. used a cash advance to cover emergency expenses, she was 30 percent more efficient with her budget than in months were she looked to other sources for emergency cash.

Plan well

The key is planning, and it doesn’t just apply to payday loan stores, but to customers. You plan your budget in order to tackle your expected expenses (rent, utilities, credit card bills, etc.), but there will always be those unexpected expenses that life throws your way. Sometimes, your “emergency fund” may cover it, but sometimes it may not. When it doesn’t, you have quick choices to make.

If you do the math and find that your budget will stretch that extra 15 percent with a payday loan, you weigh the cost and decide if it’s right for you. Since a faxless payday loan is quick, convenient and discreet, that 15 percent might just be what  you need to make the “sale” – pushing your budget forward and reaping the reward during a cash crisis. Sell yourself to the benefits, give your budget the infusion to sell your way through to the next payday. Planning that sale is right way to bring yourself the goods that are peace of mind. Not even considering it is “just dumb.”

Related articles

• Why “mountain stage” is a better marketing-planning metaphor than “hunker down” (RexBlog.com)
• Cars crashing (economist.com)

Whether you need information about a payday loan or want to keep up with financial news and tips, Personal Money Store is your source. However, we’re not the only game in town. The Payday Pundit has a keen insight into the comings and goings of the cash advance> industry and loads of sound consumer financial advice.

Recently, one of the Pundit’s readers commented on what overregulation is doing to the payday loan industry and consumers alike. Cash Advance Mojo would like to share their thoughts here:

In my opinion, the legislators are just covering up their own incompetence with regards to regulating the payday loan industry. How many people in state government have ever taken a payday loan? The problem is that they are not ‘middle class’ people and they don’t understand the product. Instead of taking the time to understand the product and coming up with viable regulations, they decide that its best that they put in a rate cap that puts lenders out of business (some are even ignorant enough not to believe that!).

Their lack of understanding causes weak oversight and allows some lenders to use abusive lending practices (such as charging excessive interest). If they actually did their homework, stopped looking down their nose at a business they hardly understand (and its customer base), and worked on a more universal approach to regulation, they would do the business and the public a great service.

It is the state governments, not the lenders, that are to blame for the controversy over this essential product for the public. Anyone who says otherwise has either been raked over by a non-reputable (poorly regulated) company or has never had the need to look for a short-term loan.

Hold your elected officials accountable; your vote is power

If government had any real idea about the difficulties their average constituents faced on a day-to-day basis, politics as we know it would be entirely different. A payday loan is a useful tool. Once regulators begin to understand this, perhaps valuable time can be spent considering problems that need fixing.

Related articles

• Online Site to Receive Your No Fax Payday Loans (personalmoneystore.com)
• Board says Ontario should put cap on payday loans (ctv.ca)

Many organizations and causes expecting cash advances through the government’s massive economic stimulus package will have to wait for other bills to come along. During the course of the debate so far regarding the stimulus package, a total of 41 items have been cut from the bill completely. Others have had the amount they will get reduced

To view the full list of items cut, visit CNN Money. I will detail some of the bigger cuts here.

State fiscal stabilization

One of the biggest items in the bill was infusing state budgets with cash. Surprisingly, the entire $40 billion that was dedicated to helping states balance their budgets has been cut from the bill completely.

I am sure that other items in the bill will help state budgets, and as long as the country’s economy is stimulated as a whole, the state economies will benefit, too. I have to say, though, with all of the other items that are in the bill, it surprises me that funding specifically dedicated to no other purpose besides financial stabilization was cut.

School construction

The biggest cut made to the stimulus package so far was the money slated for constructing schools. The cause was going to get $16 billion under a previous version of the plan. Now that funding has been completely eliminated.

I can argue for both sides of this decision. Constructing schools would accomplish a key goal of the stimulus package: to create jobs. More and better education will also be good for the economy in the long run. However, because of the time it takes to build schools, it would be a while before actual job creation began, and Congress has been stressing that the stimulus needs to work quickly. Also, more teacher jobs would ultimately cost the government more money.

An additional $3.5 billion was slated for higher education construction, and that funding was also cut.

Health prevention activity

An early version of the bill pledged major cash advances to people’s health. But now the $5.8 billion dedication to preventative health services has been cut. I think it’s unfortunate because this item could have helped many people who don’t have health insurance. However, I don’t see a clear way in which it would have stimulated the economy.

Broadband

From the beginning of his campaign, President Barack Obama has had a goal of making broadband service available for everyone. He wanted $2 billion in stimulus money dedicated to this cause, but it looks like he will have to wait for a later opportunity to achieve this goal. Funding for broadband has been cut from the bill. So if you live in an area where broadband isn’t available, you will have to wait for a later time to have access to the service.

Retrofitting Project 8 Housing

Project 8 Housing is government-owned or supplemented rental properties that are only available to low-income families. Congress tried to include funding to retrofit these rental properties to better weather earthquakes and other natural disasters. Originally $1.2 billion was slated for this cause, but now it has been eliminated.

This is another case, I think, in which the item was cut because it wouldn’t do enough to actually stimulate the economy. The project would have created jobs by putting people to work on doing the retrofitting, but perhaps it just wasn’t enough to justify the expense.

I guess those causes will just have to wait for another bill to get their cash advances.

Many causes that need loans won’t see a payday from the government from the economic stimulus package.  You can see the full list of items that got cut here at CNN.com. I have chosen to write about a few items that deserve special attention, for one reason or another.

The recurring theme among the cuts seems to be that Congress realized they can’t just fold in causes that have nothing to do with stimulating the economy.

Historic Preservation

Previously, the bill contained an item that would give a big payday to historic preservation. A $55 million payday to be exact. I can’t say that I know what the money was going to fund, exactly. Much historic preservation mostly involves leaving things alone. But I can say that there isn’t a correlation between historic preservation and improving the economy.

The historic preservation money was a good example of spending money and not getting anything back for it. Payday loans are a good example of another time when you should only spend the money if it will save you money or make you money.

School Nutrition and Distance Learning

Many items in the economic stimulus package were geared toward subsidizing education and programs related to education. The bill dedicated $98 million to school nutrition. That’s a very good cause, and investing in our future, specifically children, is always a good idea. However, this item belongs in a different bill. The Congress members gunning for this item couldn’t present a satisfactory argument for how it would aid the economy.

Another education related item was $100 million for distance learning. I think it’s  a shame this one got cut. It is common knowledge that people with more education make more money, so this item could have helped the economy. People who make more money spend more money.

General Services Administration

Another big cut was the $4.5 billion for a government organization called General Services Administration. According to the GSA web site:

GSA provides workplaces by constructing, managing, and preserving government buildings and by leasing and managing commercial real estate.

It seems to me like helping this organization could have helped achieve one of the main goals of the stimulus package: to create jobs. I hope we will see more explanation on why Congress chose to make the cuts that it did. There was another $89 million dedicated to ”General Services Administration operations,” so clearly, at some point, Congress members considered this a very worthy cause.

Neighborhood stabilization

According to the Department of Housing and Urban Development, the purpose of neighborhood stabilization is “to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.”

Clearly this item should be part of the Trouble Asset Relief Program. The housing crisis and the recession go hand in hand, but because we have already dedicated $700 billion to aiding the housing crisis, this economic stimulus package should focus on other things. There is a lot of funding left in the TARP, so if Congress wants to fund the housing market, the money should come out of there.

Several other programs won’t be getting loans or a payday from the economic stimulus package, and you can check out the list and leave comments if you have opinions on any of them.

Payday loans help people from all walks of life through little emergencies with extra cash. In a certain sense, there’s a populist tinge to them. Big banks want to take the average person’s financial choice away, while companies like payday lenders offer a bridge to short-term financial empowerment. It’s just one reason that the product has been as popular as it has, particularly in difficult times.

In the corporate world, a populist-style view is very rare. However, as Rick Newman of U.S. News and World Report shows us, Netflix CEO Reed Hastings may just be one of those rare exceptions. Newman reports that Hastings’ recent New York Times op-ed piece goes after the “big government” approach President Obama is taking with capping CEO salaries. He calls it “a terrible idea,” but he does recognize the need for change.

So what does he propose? “Tax me!” he says. Or anyone else who earns over $1 million – AT 50 PERCENT.

Care to explain, Mr. Hastings?

“Some will tell you that would reduce the incentive to earn but I don’t see that as likely. Besides, half of a giant compensation package is still pretty huge, and most of our motivation is the sheer challenge of the job anyway,” he says.

What a message! Is it true the Hastings isn’t motivated solely by the money, as it would appear? It may be so. Faxless payday loan companies aren’t turning obscene profits, but thousands continue to campaign in their favor. Not only for their jobs, but for the values of financial self-determination and a free market. Hastings certainly knows – as Newman puts it – that

it’s more important than ever to form an emotional bond with your customer. That was true before Wall Street cratered, because the Internet has enhanced accountability and knocked down barriers between the people at the top of the food chain and the people at the bottom. It’s even more true now, as titans like Citigroup and General Motors and Bernie Madoff topple and the little guy gets revenge. Or at least a hearing.

The little guy’s revenge

If there were more CEOs like Reed Hastings, perhaps the public perception of the corporate world – that of greed – would change somewhat. If nothing else, that could certainly help foster an environment where trust and fair competition would reign. For the average person or even the upper class consumer who depends upon payday loans in a pickle, a bit more reason to trust the financial institutions that have tried to take away choice and monopolize the market would be planted in the soil.

Faxless payday loans can be supportive when you have financial difficulties. If you have payments due and don’t have enough to cover them or your car has let you down and requires repairs or you have an unexpected medical bill to pay, then you should be looking for supportive measures to help you.

You might be battling with your conscience for not saving enough to face such situations but that is not going to help your cause. You need an instant solution as quickly as possible. Where can you find help?

A Faxless Payday Loan without difficulty

You have friends but you may be embarrassed to ask them for money or you might have already asked and they might not have been in a position to help. Have you tried every possible solution, but in vain? In this situation, there is actually a very simple solution. You may have either completely overlooked this solution or you simply did not know that it existed. This is the possibility of getting a cash advance from your payday income. If you have thought of it already but simply did not consider it, because you thought it was complex or felt it would require complications like security, documents etc., then you should think again.

The cash advance I want you to consider would not require any of these, not even a credit check. If you have not already heard about a faxless payday loan, that is exactly what I am getting at. Yes, it is true. In most cases, you really do not have to do any faxing to get this loan. This is the loan sought after by many people when they require money immediately. It is almost an instantaneous loan. If you qualify, typically you get it almost as soon as you apply for it.

The nuts and bolts of a faxless payday loan

It is not a big deal. You only have to make an application online; you may also do it over the phone – the choice is yours. The “apply” button on this page is a great place to start. Once approved, usually you get the cash transferred to your bank account the same day. You do not have to worry about taking  this type of loan because they are given only for small amounts, the maximum you may apply for is only $1,500 for a short period. The short period is one of the reasons why you get these loans very easily.

Choose your lender wisely

Of course, you have to be careful choosing the lender. Most good lenders will not charge you for the application, they would not need any credit checks or faxing, they will lay down the terms and conditions before you at the time of signing up the application; they would not bind you to any hidden charges. Typically you should expect the lender to give you the loan as simply, actually simpler, than any bank loan.

Whatever be the situation you are in, if the need for money is urgent, go for your faxless payday loan. Your immediate problems will be solved quickly. You will be amazed at the instantaneous result.

Gareth Marples writes in his blog “The History of…” that payday loans have been controversial since their very inception in the early 1990s. Yet you’ve probably heard the old saying that you can’t make an omelette without breaking some eggs, right? Undertaking a faxless payday loan during a financial emergency will cost anywhere from $15 to $30 per $100 loaned (shop around), but the result is most often delicious peace of mind. Not having to worry about a vexing financial matter would be a welcome relief to anyone.

Yet the pro and con sides of the payday loan argument rage on with the heat of a commercial oven. In Cash Advance Mojo’s opinion, he would like to see logic to prevail in the face of evidence, but the Center For Responsible Lending doesn’t show you all the sides of the debate.

Too many cooks in the kitchen

Somebody around here must understand the true recipe for getting consumers out of short-term financial distress when emergencies rise like an uncooked loaf of bread. It’s full of promise uncooked, but most edible and nourishing in its ultimate form. The anti- and pro-payday loan cooks should have it out in the kitchen right now.

1. Angry cook: “Payday lending across the nation is rife with abuse. These high-cost loans often lead consumers down the path to bankruptcy!”
2. Sensible cook: Payday loans are designed for short-term emergency use. They are fast, convenient for those with less than perfect credit and discreet. Rates are set as they are to cover the risk factor involved.
3. Angry: Payday lenders charge interest upwards of 391 percent or more annually!
4. Sensible: These are not annual loans and creme brulee isn’t served tartare. See for yourself. If your lender charges $15 per $100, you’re paying a 15 percent fee. Anything else would be a fabrication, like snipe souffle.
5. Angry: Payday loan stores target seniors and the working poor!



6. Sensible: It’s check-cashing outlets that are typically located only in lower-income areas. Their customers don’t need a regular income source or bank account, which they do if they’re going to do business with a payday lender. Moreover, studies have shown that 90 percent of customers repay their loans on time and they are typically an educated lot. They know what they’re signing up for and repay their debts.,
7. Angry: Argh! But payday loan companies make millions off the poor!
8. Sensible: Settle down, Flossie. Bruce Tunell, who is the Deputy Superintendent of the Arizona State Banking Department, says that “It’s unlikely that payday lenders are targeting low-income people, because the usage of the payday loan cuts across the economic spectrum.”
9. Angry: Borrowers roll their loans over many times, digging themselves a deep hole!
10. Sensible: I’ve already told you that 90 percent of borrowers pay their loans off on time. That isn’t rollover. Sorry, let’s be civil. Nicholas Boehler of Advance America in Tucson, Arizona says that “We’ve had thousands of customers use our service since we opened in 2000. Of those, only about 400 or so are active customers. Most people pay their loans and we never see them again.”
11. Angry: Well, um, California wants to give consumers longer periods to repay loans and more disclosure information. Cash advance must be crooked!
12. Sensible: Then why did California authorize them in July of 1996, saying that they were “secure, small emergency loans without the red tape?”

And the egg beat goes on

Who knows if our combative cooks will ever make an omelette together? Clearly, the payday loan issue is prone to heated debate. Marples goes into even more of the debate; you should check it out for yourself and decide whether payday loans are for you. Just remember, when you need emergency cash, it’s always nice to have an omelette in the pan. Because, you know, they’re tasty…

Related articles

• What consumer advocates want from Obama (cnn.com)
• The new new banking model (money.cnn.com)
• Bailed-Out Bank Nixes Lavish Vegas Junket (cbsnews.com)

Faxless payday loan companies serve consumers who the banking system abandoned. For various reasons, offering small loans for credit-challenged people is not what banks wanted to do in the early 1990s when payday loans first began their rise. It is no coincidence that banks left the inner cities; lending risk was greater. However, no fax payday loans are the bridge the middle class needs, particularly when financial times are as difficult as they are today.

36 percent APR payday loans increase unemployment

According to barackobama.com,  President Obama and Vice President Biden will cap payday loans at 36 percent annually. Do the math and you’ll see that this is ridiculous. That means that a two-week cash advance of $300 brings a profit of only $4.14 to the lender. That’s a quick route to going out of business and creating even mass unemployment. Obama also promises to make payday lenders accountable and force them to disclose all terms, but anyone who knows anything about payday loans knows it isn’t hard to throw a rock and hit a lender who already has these concepts well in hand and is serving the public well.

Obama’s “crackdown” could also mean outsourcing

This is exactly what the president doesn’t want, but he could force businesses who have no interest in outsourcing to consider that route. According to Lacheen, First Cash Financial Services has already moved into Mexico. This actually makes sense on another level, too, as the Mexican population is also largely under-banked. Lobbying lawmakers in America helps, but it isn’t always successful. And don’t think for one minute that lobbying is back-room shadiness. It’s a necessary part of America’s political system.

Lacheen calls the threat of anti-payday loan legislation from President Obama’s swift left-handed pen the “Obama Risk.” I call it a bad idea for America.

The credit crunch has made it harder to secure a personal loan or be approved for a credit card. Now, more middle-income families are turning to payday advance loans. These short-term loans can be a savior in a financial emergency. However, if you find yourself having one “financial emergency” after another, you might need more than a quick fix.

The payday advance loans cycle

Americans don’t have a very good track record of saving money, and many of us were already living paycheck-to-paycheck even before the recession. Now more people are finding that their paychecks aren’t lasting as long. If you are using payday advance loans to pay off regular bills, it’s time to re-evaluate your spending. Also, paying off one payday loan with another payday loan is a sure sign that you are stuck in a cycle that needs to be stopped.

Timing can be everything

Many borrowers take out payday advance loans to ensure that they pay their bills on time. This is a good idea because late payments can hurt your credit. However, if you have done this several times, it is time to set a new course of action. Call your cable company, utilities company, phone company, etc. and try to negotiate a different due date.

Buy the important stuff first

If you find that your money isn’t stretching far enough, make sure that after you get paid you buy the most important things first. I’m talking bare necessities: food, shelter and medical care. Make sure you keep track of your bills and if you can pay for things like housing and electricity early, do so. If it looks like you won’t be left with enough money to pay your cable bill without payday advance loans, it’s probably time to cancel your service.

Cash Advance Mojo appreciates what the United Nations was trying to do, but for satire to work the way it should, one must be aware of the boundaries of good taste. Dance the line, don’t eradicate the line.

What is Refugee Run?

Unfortunately, that’s what the U.N. did at Davos with their little “Refugee Run” theme park. With introductions like this – “Are you looking for a little excitement in your life? Imagine what fun it would be to live through a rebel attack . . . to navigate a minefield … to negotiate with corrupt officials and border guards in a desperate effort to survive” – who wouldn’t want a piece of the fun?

“Are there no prisons?” exclaimed Ebenezer

Refugee Run is targeted at the disconnected world leaders and luminaries who are sheltered from real world conditions by the trappings of their wealth. Perhaps if these leaders were made to understand the conditions their own people actually face in places like Darfur, Congo, Iraq and Pakistan, they would be motivated into action.

Huddle on the floor in a canvas tent

Visit Refugee Run. There’s a canvas tent in Darfur, where you huddle with others on the dirt floor. Move on to a slightly larger hovel, where families pray for their lives. Now you’re in Afghanistan, Pakistan or Iran. Homeless tent towns like those found in the United States or one hundred other countries aren’t far away from where you sit.

However, most world leaders tended to skip the theme park and headed back to their Swiss hotel suites that came complete with whirlpool hot tubs and gift baskets. And the freedom and financial means to access payday loans if they so desired.

A bit less heavy-handed next time, OK U.N.?

“Can Davos man empathize with refugees when he or she is not in danger and is going back to a luxury banquet and hotel room afterwards?” William Easterly of Aid Watch wrote in one of many scathing reviews.

Yet not all were critical of the display. “The exhibition is artificial, but anything that sensitizes people to the harsh realities of refugees can only be a plus,” said former Australian Foreign Minister Gareth Evans. Ban Ki-Moon, the U.N. Secretary-General, called his organization’s efforts ” Refugee Run “a profound experience that reminds us of the plight of millions of forcibly displaced people.” Even mega-rich celerities like Virgin Group Chairman Sir Richard Branson voiced their support, calling Refugee Run a statement “beautifully done.”

Hundreds visited, but did they see?

Only time will tell. Fundraising for refugee aid programs continues, and the U.N. remains hopeful that displaced peoples worldwide will eventually discover an acceptable quality of life. Political, economic and self-determination should be basic human rights that all who live and breathe possess. Voting for representative leaders, doing what you desire with your money and making the big and little decisions in your personal life are all part of what make you human. If someone wants a cash advance for extra money until their next payday, they shouldn’t be looked down upon like a refugee. Humans should be in the business of making decisions for themselves.

Related articles

• Hey, Davos Man: If You’re so Smart, Why Didn’t You See this Coming? (blogs.harvardbusiness.org)
• Plea At Davos: Don’t Forget World’s Poor (cbsnews.com)
• Sir. Richard Branson: talks up optimism for entrepreneurs (bizequity.com)

Your payday loan source says you’ll save money if you don’t buy a Hummer. You’ll likely save on your car’s purchase price, insurance, gas… and traffic tickets.

Ben Mack of Wired gives us yet another reason to downgrade to smaller, more economical, more environmentally-friendly cars. Apparently, Hummer drivers receive nearly five times more (4.63 to be exact) tickets than the average driver.

Quality Planning Corp. surveyed data from 1.7 million drivers and discovered that the Hummer models H2 and H3 are the most frequently ticketed vehicles on the road. At the opposite extreme, the GMC Sierra CL1500 pickup was least likely to be ticketed. OK, maybe that isn’t the most economical car…

Back to the drawing board?

“The sense of power that Hummer drivers derive from their vehicle may be directly correlated with the number of violations they incur, or perhaps Hummer drivers, by virtue of their driving position, are less likely to notice road hazards, signs, pedestrians and other drivers,” said Raj Bhat, president of Quality Planning Corp.

The study suggests such an attitude is unique to Hummer drivers and doesn’t apply to everyone in an SUV. Mechanically, the Hummer resembles a Chevy Tahoe, but Tahoe drivers were ticked less than average. Other cars below average include the Jaguar XJ and Buick Lucerne.

Mack claims that while there are those who hate the Hummer, there’s not a lot of corroborating evidence suggesting cops target specific vehicles for tickets. A lot of people argue people in red cars are more likely to get stopped, for example, but others say that’s a myth.

Whatever the case, statistically, if you aren’t driving a Hummer, you’re less likely to receive a ticket. Fewer tickets means more disposable income during the current recession. But if you do get into a jam and you won’t have the extra money to cover until your next payday, a payday loan can help.