There are always groups that want to get rid of things that other people find beneficial or even enjoyable. Back in the days of prohibition, it was the Temperance Movement that fought long and hard to keep people from enjoying an adult beverage from time to time; because they thought they knew what was best for everyone. A couple of decades ago, Al Gore’s wife and a handful of other Washington Wives decided to take the fun out of rock ‘n roll, and tried their hardest to get this form of music regulated or even banned.consumer-financial-protection-bureau-logo
Today we have the Consumer Financial Protection Bureau (CFPB) and other proponents of the Nanny-State, who think they know what is best for lower income, unbanked and other people in this country. They are diligently pushing forward to introduce regulations that would force payday lenders and other providers of short-term, small-dollar loans to jump through hoops and bow down to the federal government in order to stay in business.
On the one side, you have people who love meddling about in other peoples’ business, and on the other you have the people who make a living from this industry, and who champion the idea of a truly free market. Many proponents of the CFPB are predicting nothing short of total annihilation for the payday lending industry. They believe that the regulation that the CFPB recently unveiled will spell the end for short term consumer lending as we know it.
What if they’re right? What would a world without payday loans – or at least a country where they are effectively over-regulated into nothingness – really look like?
Sure, some might be glad to see the local cash advance locations close up shop. They might think the neon signs and advertising is out of hand. They might be glad to see online payday lenders forced to take their advertisements off the Internet. Of course, these are the same folks who will find some other industry to attack next, so there’s that to consider.payday-loans-61
If payday loans are over-regulated to the point of extinction, here’s what will happen:
Thousands of people will lose their jobs/livelihoods. There are real, living, breathing human beings that rely on their paychecks from payday lending companies to keep their families fed and to keep a roof over their heads. If the CFPB and their cronies have their way, these folks will be forced out of their jobs and left pounding the pavement to find a new source of income and benefits.
Poor people, underbanked and unbanked folks will have to go without when they need emergency cash for unexpected expenses. There are literally millions of people who have bad credit, lower incomes and no ability to get loans or lines of credit from other institutions. How will these people – some of the most severely financially at-risk households – get money to fix their cars, pay for their kids’ dental work or even buy groceries to tide them over between paydays?
The federal government will have proven that they can step in and override the sovereignty of state laws in one, fell swoop. There are already laws on the books in various states that govern the payday lending industry; some quite successfully. If the CFPB is able to hand out a mandate from on high, the laws and policies that states have worked hard on – and spent hard-earned tax money on – will be thrown by the wayside. This is something that citizens of every state need to consider very seriously.
So, some folks may be just happy as clams to see an industry that they don’t care for eliminated, there are some very serious repercussions that must be considered prior to allowing the new payday lending rules form the CFPB become a federal law.

Proposed Payday Lending Restrictions will likely cause harm to Lower Income Households
If you read articles written by most mainstream writers or listen to election speeches from “progressive” candidates, you’ll probably find out that most of these folks detest payday loans. You’ll hear a lot about “cycles of debt”, “high interest rates” and lenders that are “predatory.” As it usually turns out with these sorts of things, most of the information you get is nothing short of hyperbole or click-bait. And here’s what some of these so-called “experts” and “consumer advocates” are not telling you: The latest batch of proposed payday lending regulations will probably cause a lot of grief for lower income households.
The bandwagon against payday loans has reached such a boiling point that Google has removed all ads for payday loans from its popular online ad network. This is the same Google that has no qualms about running ads for any number of scams, including tons of weight loss “miracle” systems that usually turn out to be nothing but snake oil in disguise. But the search engine/advertising giant has decided to toe the line when it comes to payday loans, by flat out banning ads for these popular types of loans.
With all of this going on, it should come as no surprise that the Consumer Financial Protection Bureau has finally come forward with the new regulations on the payday loan industry that they have been threatening for the better part of the last year. All of the groups, individuals and institutions that are opposed to short term loans have been overjoyed about the new rules. But a huge group of people (according to some studies, more than 12 million American households) are not going to be doing any celebrating if these proposed regulations wind up becoming federal law.
While the CFPB is not actually banning payday loans, the main idea behind the crafting of the new rules is to force lenders to make sure that all borrowers are able to pay back their loans on time. So, what’s wrong with that? Well, even though some people may not like payday loans that does not mean that these loans do not help people. As we said, nearly 12 million people rely on these loans during any given time of the year, and that number may actually be increasing.
It is easy to believe that the majority of payday loan customers are people who have no access to mainstream credit. However, as more people find that their pay schedules at work don’t exactly jibe with their financial needs, more people may require payday loans to help them get through in between pay periods at work. In fact, some big financial investors are investigating ways to offer payday loan-like products and services to everyone who is gainfully employed. Even Uber is getting in on the game, by announcing company plans to allow their drivers to get payday advances of as much as $1,000. And other new offerings may soon be coming that allow employees to get payday advances through cooperative efforts with their employers and new lending methodologies.
Here’s what it comes down to: For all of the “progress” that the CFPB is offering, they may be a day late and a dollar short. Just like other government initiatives in the past, this crackdown on payday lending may be another case of the federal government attempting to introduce regulations to an industry that is already on the cusp of great changes. And to make matters worse, the regulations will probably limit access to lines of credit to lower income people, right when those same loans begin to become more accessible to just about everyone else.
Make no mistake – the regulations will cause people to go without. The CFPB says that by increasing lenders’ costs, they would reduce the total dollar volume of payday loans by more than half. So where will all the money that would have normally gone to borrowers go? Could be that those dollars will wind up in the wallets of borrowers who lenders are able to identify as being less of a risk. Kind of sounds like a case study of poor/lower income households being marginalized and punished, doesn’t it?

dollar-squeezeSometimes the regular pay check just doesn’t stretch as far as it should. Many times we find ourselves staring at an unexpected expense, without enough money in the bank to pay for it. It’s just these types of situations that lead many people to go online to take out payday loans. If you suspect that you need to get some fast cash in the bank, and plan on taking out a payday loan to get that money you are currently in need of, this post should help you to sort out all the facts to make a smart choice for your upcoming online borrowing needs.

Your Payday Loan is an Unsecured Loan

Not all loans are created equal. For example, some loans are secured loans. This means that you have to offer your personal property – vehicles, homes, etc… – as security on your loan. When you take out an online advance cash loan, however, you are getting what is called an unsecured loan. You don’t have to put your property on the line as collateral for these types of loans. Since most payday loans are smaller than the traditional bank loans that you might be familiar with, there is no need for you to offer up any security to your lender.

Cash Loan Bad Credit FACTS

Bad credit can be a hindrance to you in many areas of life. There are even some people who are finding that they can’t land their dream jobs because their potential employers won’t even hire new employees with low credit scores. You can breathe easy when you apply for an online payday loan, though, because lending companies do not require you to submit a credit check. To make a long story short, your lower credit score will not stop you from getting loan approval online.

Advance Cash Loan: Cash Loan Review Websites

You must be careful when using online reviews to find your advance cash loan. There are many loan review sites that are nothing more than advertising portals for popular lenders. We take a different route on this website and offer you the ability to submit your loan request to a large network of lenders. Every lender in this network is known for offering professional lending services to their clients. If you have any doubts about the lenders you find on those review sites, you’ll be glad to know that you only work with the top lenders when you apply for your loan here.

How Much Can You Borrow on a Payday Loan?

You can borrow between $100 and $1500 when you take out an online cash loan. Choose wisely to get enough money to take care of expenses without overextending your bank account too much on your upcoming payday.

When Should You Pay Back Your Payday Loan?

Advance loans, like other loans you take out, should always be paid back on time. You should pay back your online lender two weeks after you receive your loan money. This allows you to avoid accruing extra debt and prevents additional loan fees form kicking in.

Here’s your direct line to a successful payday loan online

You are now aware of some very important facts about finding a lender and getting an advance loan online. When you get your loan money you can use it to pay for any expense that you want to pay for. Your payday lender will never ask you to justify why you need to borrow money. And you can actually get the loan process going right now by filling out the secure, online loan application form that is located on this very website. This is your fast, secure portal to the best payday lending companies doing business today.

While there are plenty of streaming content providers doing business today, Netflix is still considered the pioneer of the industry and the gold standard. They pretty much saw a need, created a market and fulfilled the need. And all the while, they have managed to stay on top and to become a household name. In the beginning, Netflix was a mail delivered movie rental company. It began to drive traditional VHS/DVD rental companies out of business. Then Netflix started streaming movies, shows, documentaries and other content. That is when the game changes forever. These days Netflix is in a spot that a lot of other companies envy, but it does face challenges down the road.
To handle some of its unique challenges, Netflix has reduced its U.S. catalog due to content rights becoming more expensive. But at the same time, the company has purchased the rights to international content, in order to provide its subscribers around the world with new content. They have also started funding their own original series; much to the delight of their huge base of existing and brand new subscribers.
Knowing where Netflix is heading is nice, but knowing what its customer-base thinks about its future is really eye-opening. A survey was conducted that asked 3,000 people about their thoughts about Netflix and how it compares to other entertainment content providers.
The Epic Battle of Netflix vs. Pay Television
Cable and satellite TV providers have long had a stranglehold on the viewing market. And even though Netflix offers people the ability to cut the cord with traditional programming packages for good, there are still plenty of Netflix subscribers who still use traditional pay TV. It might seem like traditional pay television is Netflix’s biggest competition. However, the CEO of Netflix said that other streaming service providers, like HBO, are the biggest threat to this still-growing empire. That’s all well and good, but Netflix users do not agree with this statement. In fact, they see cable TV and Netflix as being diametrically opposed with one another. And these folks believe that Netflix will ultimately come out on top.
Will Netflix Kill Off Traditional TV?
People who have ditched cable or DirecTV in favor of Netflix often wind up saving a lot of money every month. With traditional TV packages often costing nearly $100 a month, and people often only using a fraction of the channels they get, it is easy to understand why the financial incentive of choosing Netflix is driving people to get rid of cable once and for all. Some people think that there’s no way Netflix will totally eliminate traditional TV programming, because of sports, local news broadcasts and other live forms of entertainment/information that people still adhere to. If we remember back to the beginning of Netflix, it was a company that simply delivered rental DVDs by mail. Now it has morphed into a streaming content giant. There is no saying that as the marketplace changes that Netflix – or some other streaming content provider – will not become the streaming source for the type of live programming that people enjoy.
Regardless of whether you think Netflix will destroy cable and traditional TV, if you are looking to save money and don’t feel like you really get your money’s worth out of your old-school cable package, it may be time to cut the cord and switch over to a streaming content provider to get access to your favorite programming and movies. In the future, we may well find that we live in a world where cable companies are yesterday’s news, and streaming providers are the top dogs.

People often daydream about starting their own business. This country, regardless of what people might say, is still dependent upon small businesses doing well. The best small businesses will ultimately grow and may become huge corporations. Think about Facebook. Not that long ago it was a basic college social website. Today, it is global and rakes in billions. Now, not every small business owner will wind up being the next Mark Zuckerberg. But being your own boss, even if your company is a small one, is still a great way to make a living.
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The problem is that every business requires a bit of money to get started. Without capital, it is difficult to get even the best idea or the most promising small business off the ground. And it is even harder to start your own business if you have bad credit. In fact, some people give up on their dreams of starting their own businesses because they have low credit scores. If you have bad credit and think that starting a business of your own is just a pipe dream, you may want to rethink things. In fact, there are things that budding entrepreneurs can do to get business loans even if they have bad credit.

The first thing to do is to figure out how much capital you need to get started. People often fail to qualify for small business loans because their credit doesn’t cover the amount they need to borrow. Cut corners where you can and don’t ask for a dollar more than you need for start-up costs. In other words, cut any frills that you have planned for your new company, and start off with the bare bone necessities. That way, you can ask for less money and improve your chance of getting a business loan.

There are government loans available for people who need less than $35,000 to start a business. The government guarantees these types of loans, which makes lenders more willing to provide financing, even for business owners who have less than perfect credit scores. The Small Business Administration (SBA) can give you a list of lenders that you can hit up for a business loan. Stop by the SBA office in your town to get more information and guidance on getting a small business loan with bad credit.

Consider alternative lending. Unless you need a ton of cash to get started, you may be able to get the money you need for your new business from a lender other than a traditional bank. There are lots of small business opportunities for janitorial companies, caterers, carpet cleaners and a whole host of other small businesses that can get up and running on a couple of hundred to a couple of thousand dollars. Payday lenders and flex loan providers do not run credit checks, and they specialize in smaller dollar loans. Of course, these types of lending companies require you to have a regular source of income, so continue working at your day job until you get your new business moving in the right direction, and only after you’ve paid back your small cash advance loan, so you can avoid paying extra fees.
The best thing you can do if you dream of starting a business is to stay determined, trim startup costs, and to stay the course. Bad credit can make the entire process a bit more challenging. But if you remember the tips that we shared with you in this article, you should be able to get a small business loan to help you get things moving in the right direction.

It has been about five years since the Consumer Financial Protection Bureau (CFPB) officially began. From its lackluster early years to its recent promises to “reform” the financial industry, this organization has not been a stranger to controversy. The group is looking to ramp up its efforts to implement changes to the financial industry even more in the future.consumer-financial-protection-bureau-logo

According to the Director of the CFPB Richard Cordray, “By pursuing the goals of evenhanded oversight, appropriate law enforcement, fair rules, expert research, and broad-based consumer education and engagement, we have been working to restore trust and confidence in the markets for household financial products and services. As we do that more and more, we can see that we are succeeding in delivering tangible value for consumers.”

Cordray promises that the CFPB will use these objectives to form a foundation for the future, and has set up nine steps the bureau will stick with in order to do so. Cordray went on to explain, “They are statements we are making about particular outcomes in particular markets that we want to drive toward fulfilling, rather than descriptions of what tools we plan to use. So strategy starts with what we want to see in the marketplace, which then can guide us in selecting the tools most appropriate for the task.”

Here is an overview of the nine steps the CFPB plans on using:

Commenting on the big picture created by these nine steps Cordray said, “As we look ahead and work toward the primary goals we have set for ourselves, I believe these are also important characteristics of our work together at the Consumer Bureau.”

On paper, all of these steps sound reasonable, and even positive. However, it remains to be seen if Cordray and his staff can pull these things off without placing undue scrutiny and penalties on some service providers. Can this organization effectively “overhaul” the financial industry without forcing some financial service providers out of business, and creating financial vacuums in the marketplace that would effectively leave consumers with fewer choices on how to handle their money? The answers to these questions will become more apparent as this organization continues to do what it does. As this happens, though, we all have to wonder whether or not the CFPB has consumers and providers best interests at heart or if it is using its nine step plan to further its own agenda and that of the current presidential administration.

Over the past decade or so we’ve all seen big employers doing all they can to get more involved (for better or worse) in the personal lives of their employees. If you work for a big company, there’s a good chance that you are familiar with this trend. Maybe you have to enroll for a wellness program in order to qualify for cheaper insurance through your employer. This is very common in corporate America these days. But there is a new type of wellness program that employers are starting to roll out to their employees – financial wellness/education services.girl, young woman having financial problems

Capital One, Chace and BOA are just a few of the big banks that are researching the potential to offer different types of financial education in the workplace. These financial firms seem to be responding to a real demand that exists. A recent Harris poll indicates that 86 percent of employees said that it is “important for employers to offer financial wellness programs. About 93 percent of big companies stated that they want to assist their employees more and to help them get a better understanding of their finances.

The McGraw-Hill Federal Credit Union of New York has become one of the biggest supporters of this type of program. This credit union began to offer a course called “Financial Wellness in the Workplace” to a medium sized company in New York earlier in the year. This program doesn’t just offer assistance with the company’s 401k program; it offers training on debt, credit, buying homes, budgeting and much more.

The President and CEO of the credit union, Shawn Gilfeder said, “Folks are clamoring for this and they just don’t know where to find it. We do think the niche here is the workplace environment. If you ask the employees if they’d pay a sum of money to have that opportunity individually, they would say no. But if it’s offered in the workplace, they’re happy to participate.”

A report done for the FINRA Investor Education Foundation, delved into financial wellness programs that are offered by nine separate employers and discovered that they made efforts to offer valid information to people that was not commercially driven or biased. This report also found that employees who get involved with retirement planning seminars are more financially literate and many of these folks actually alter their retirement savings plan after attending educational seminars. Some even delayed their retirements once they found that they did not have enough money saved up.

The McGraw Hill Credit Union program eases participants into the process by doing lunch and learn sessions that touch on topics like identity protection, credit scores and smart budgeting tips. There are nearly 300 employees that participate in person, and more that participate remotely. The folks behind this program have been taken aback by how coworkers share information and talk about important financial topics that usually don’t get much conversation time.

Education is always a good thing. The thing that people will need to make sure is that they are learning about their finances via educators that are not trying to sell services or to offer biased opinions about these topics. And employers need to make sure that they don’t get too invasive about how they offer these services to their employees. Allowing people to participate is one thing; forcing them to – as many companies do with their health and wellness programs – is not going to sit well with people. In the meantime, it will be interesting to see how many employers jump on the bandwagon and begin offering these types of educational services to their workers in the near future.

CarHop has been known as one of the country’s most popular auto dealers that allows buyers to “buy-here-pay-here.” The company has been in business for years, and has sold thousands of cars to people during that time. It comes as a bit of a surprise, then, to learn that the Consumer Financial Protection Bureau (CFPB) has announced that they are taking legal action against CarHop. According to the CFPB, CarHop and its in-house financing company, Universal Acceptance Corporation, are guilty of failing to provide positive and accurate credit information to consumers.auto750

Allegedly, CarHop and their financing company promised consumers that it would provide the positive, accurate credit information to the major credit reporting companies. The investigation by the CFPB has revealed that inaccurate credit information was provide on more than 84,000 accounts, and that the inaccurate reporting was a systematic issue within the companies. The Consumer Financial Protection Bureau has officially ordered the companies to stop the illegal activity and to pay a civil penalty of $6,465,000.

The Director of the CFPB is named Richard Cordray. He has been somewhat of a lightning rod of controversy in recent years. However, he has never backed down from going on record with what he thinks about these types of financial misdeeds. When asked about the actions against CarHop, Cordray said, “Many consumers went to CarHop because they needed transportation and wanted to build up a good record of paying their bills. But CarHop and Universal Acceptance Corporation thwarted those expectations by inaccurately furnishing negative credit information. The CFPB will not stand for companies whose sloppy actions jeopardize consumers’ credit.”

CarHop is based in Minnesota and also goes by the name of Interstate Auto Group. This dealer is amongst the largest buy-here-pay-here auto dealers in the United States. These types of auto dealers not only sell cars, but they originate and service the car loans as well. There are over 50 CarHop locations spread across 15 different states. The majority of CarHop’s customers are folks with poor credit scores or virtually no credit histories. These types of consumers regularly rely on subprime or deep subprime lines of credit. These types of loans are often marketed as easy ways for consumers to rebuild/build their credit scores. CarHop apparently promised that it would provide all positive payment histories to the major credit reporting agencies. Many of the customers who regularly purchase vehicles from CarHop do so due to the fact that they have severe financial obstacles to deal with or bad credit scores.

The Universal Acceptance Corporation operates on behalf of this popular auto dealer. This company provides consumer account information to the big credit reporting agencies every month. The Consumer Financial Protection Bureau, during their investigation, discovered that the company reported information that was obviously false. It is believed that the company provided inaccurate information to the credit agencies for over 84,000 consumer accounts. This apparently went on between January of 2009 and September of 2013.

Reporting inaccurate information to credit reporting companies can cause harm to consumer credit scores. Bad information could cause credit scores to drop and may even prevent consumers from obtaining good lines of credit, or favorable job positions. As such, it is easy to understand why such a large line was leveled by the CFPB. The public will have to stay tuned to find out whether or not CarHop is going to stay in business and whether or not their daily operations, policies and procedures will change due to the actions taken by the CFPB.

Man-standing-at-lighted-door-within-green-matrix-postAlabama recently put a new database into action that helps the state to track payday lending. According to this database, over 462,000 payday loans, for a total of $146 million were processed over a ten week period. The group that tracks this activity, the Alabama Banking Department, started tracking payday loans back in August, after being victorious in a court battle to create the database to help enforce existing regulations that put a $500 cap on payday loans for consumers at any given time. The numbers collected so far help to provide an inside look at how much money consumers borrow from payday lending companies in the state of Alabama.

One “consumer advocate” who has petitioned for more regulations on payday lenders, Shay Farley, said, “Anyone, who looks at these numbers, I challenge them not to have their eyes opened because it is shocking,” with regards to the information from the state database. Those who are critical of payday lenders say that the state should take additional actions to provide additional protection for borrowers from what they describe as a “debt trap.” Representatives of the payday lending industry, however, say that the numbers provided are proof positive that the payday lending industry is already on a decline because of the increased regulations that have already been put into place.

When consumers take out a payday loan, they pay a flat fee – usually around $15 for every $100 that they borrow – and then pay the loan principal plus the fees back in about 10 to 14 days. Those who are critical of the payday lending industry have argued the borrowers wind up trapped in debt because they take out multiple loans to pay off their initial payday loans. According to Farley, the people of Alabama are well “ahead of the curve” with regards to payday loan usage.

The state of South Carolina, which has a population similar to that of Alabama, along with similar loan limitations, processed about one million payday loans the entire fiscal year of 2014. The state of Washington, processed just over 871,000 payday loans the same year. Farley went on to describe her opinion about these differences, saying, “In other states that have moved for reforms, there has been no rioting in the streets to bring back payday loans.” Again, however, payday lending industry insiders have countered that statement by saying that the numbers prove that people desperately need the financial services that payday lending companies offer, and that the industry itself is taking serious hits because of the new regulation.

Max Wood is the owners of several Cash Spot stores in Alabama cities. Wood says that figures he has been privy to show that about 300,000 people take out payday loans in Alabama. According to Wood, “There is no other choice for those 300,000 people for all practical purposes. Wood went on to argue that Alabama was not out of line with regards to citizens’ usage of payday loans, and that the numbers revealed by the database were not surprising in the least to those who really understand the industry. It looks like the public fights about payday lending in Alabama are not going to slow down any time in the near future. However, those consumer advocate groups need to realize just how much lower income people depend on these loans in the great state of Alabama, and that new regulations need to balance compassion with common sense in order to be truly effective for all parties involved.

10260485-fast-payday-loans-guaranteedSome people and organizations out there want to get rid of payday lending companies altogether. These critics consider short term, small dollar loans to be predatory. Other folks simply consider payday loans to be yet another financial product available to provide people with a line of credit. Payday loans can get passionate responses from both sides of the fence, but no matter how you slice it, people should have the right to take out these types of loans in a free society that is based upon capitalism, like ours.

Payday loans were originally created to provide a less stringent financial alternative to help people who are having immediate financial issues, need fast access to money, and may not have access to lending services from mainstream banks and credit companies. People routinely use these types of loans to take care of expenses when they simply don’t have enough money in the bank or on hand to deal with pressing, perhaps unforeseen expenses. The majority of payday lending companies require their customers to have steady income, bank accounts and to be at least 21 years of age. Payday lenders even routinely skip on using Social Security numbers when processing loans. Why is it, then, that so many people are opposed to the payday lending industry?

People who are up on their soapboxes with regards to payday loans often cite that these loans force borrowers to pay very high interest rates and that the loans themselves are just plain predatory in nature. The Consumer Financial Protection Bureau released a report in 2014 that stated that 58 percent of all payday loan customers receive government assistance. This fact would almost lead someone to believe that payday loans add to the financial difficulties that these people face, if it weren’t for the other facts that are not being taken into consideration.

unsecured-debt-consolidationWhat these payday loan opponents are not bringing to the table, however, is the fact that people have a very difficult time getting approved for loans. Loan approvals are not only complicated for people with bad credit scores and lower incomes, but they are even hard to get for people who are flush with cash and who have higher credit ratings. The banks have increased the stringency of their approval processes and they have prevented millions of people from getting loans, and made it difficult, at best, for millions of other borrowers. In a nutshell, this increased scrutiny on the part of mainstream lenders has made getting access to emergency cash an impossibility for millions of unbanked and underbanked households in the United States.

Our economy, at its most basic level, is built on the philosophy of supply and demand. In a free market, businesses are created to help fill the demand of customers. Since the late 1990s, the use of payday lenders has increased over 500 percent. This industry now brings in about $50 billion annually. Of course, this just goes to show that the demand is there. Why is it, then, that there are so many government watchdog groups that are hell bent on getting rid of the companies that supply a service to so many people? And doing so under the guise of protecting consumers to boot??

The people who take out payday loans are not doing so blindly. The lenders are not using predatory lending practices. At the end of the day, people need access to money for emergency expenses. If they cannot get this access via mainstream banks, then they need alternatives. The CFPB and federal government simply have no business making it more difficult for these consumers to get access to lines of credit when they need them the most.

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