Tag Archive | Finance

How to get a Quick $500 for a Casino Trip with your Buddies

Every once in a while you just have to get out with the buddies. And if you are serious about having a good time, you know there is nothing like heading out for a road trip to the casino. Whether you head out to Vegas or keep your trip more on the local side of things, you know that great times await when you and some of your best friends have a night/weekend of gambling and fun. The bad thing is, though, that you cannot head out the door for one of these trips without a little bit of cash in your pocket. Many guys find that they are flat broke when these types of trips are scheduled to take place, and often don’t know what to do.

Fear not! You don’t have to miss out on all the good times that are sure to happen when the next casino trip rolls around. We’ve put together some tips that will help you to get $500 or so for a great time with your crew…Casino

One option is to use a website or local reseller to sell off some of your seldom used belongings. Find that you don’t get to play golf all that much these days, and willing to part with that old set of clubs? You may find that a local sporting goods reseller in your area is willing to give you a bit of cash to take them off your hands. Have electronics or other stuff to sell? You might want to use eBay or even Craigslist to create a quick, 2 day sale.

The downside with these methods is that you will often only get pennies on the dollar from your initial purchase price. A reseller might only give you $20 or $30 for a set of clubs that you paid hundreds for, and online auctions can often not pan out as you might expect. Still, though, if you have a bunch of stuff you don’t mind getting rid of, and don’t mind taking less for them than they are worth, this is a valid way for those of you who need a quick $500 for a trip to the casino with your buddies. But you may have to sell of quite a bit of stuff in order to make that much money.

Another Method for a Quick $500 for a Casino Trip

If you don’t feel like conducting a fire sale on all of your best stuff in order to make the casino trip, you might want to consider getting a payday advance loan. There are a lot of people who deride these types of loans, but the fact of the matter is that these loans are often the best way to get quick cash for emergencies. And getting out there with your buddies for some gambling qualifies as an emergency in this case.

Payday lenders usually charge about $15 for every $100 you borrow. They get paid back two weeks after you get the loan. So if you’re short on cash because you’re between paydays at work, you get to pay the loan back once that next check is in the bank. So, you could potentially borrow $500 and pay back $575 in two weeks. These types of loans give you cash with a time buffer, so you can not worry about paying them back until you have your next check from work. For those seriously looking for how to get a quick $500 for a casino trip with buddies, the simple payday loan may be the easiest way to get it done.

Think about these options, and the next time you need cash in order to have a bit of fun with your friends, you at least now have a couple of options that may work out quite well for you.

Can Payday Lenders and the CFPB Come to an Understanding?

There are lots of subjects that divide people on a regular basis. Folks who love one form of music, may despise another musical form. Some people think spending time outdoors is amazing, while others don’t like to venture too far from their favorite living room chair. And forget about trying to get conservatives and liberals to agree on much of anything. Another decisive issue that is getting a lot of attention lately is that of short term lending. Some consumer advocates believe that these loans are the worst thing in the world, while others believe that payday lending companies provide a valuable service to their customers. There’s just no reaching a middle ground on some subjects.direct_payday_loans_pros_cons1

Many who fashion themselves as consumer protectors have a deep seated hatred of short term loans, and view the providers of these loans in a bad light. People who tend to favor consumer choice usually believe that grown people in this country are fully capable and allowed to make choices about the types of financial products and services they choose to pay for; even if a loan has expensive fees to pay, these folks believe that everyone should have the freedom of choice to decide on their own.

As far apart as these two groups seem to be, there may actually be some common ground that both sides are not even aware of: They both want consumers to get reasonable access to lines of credit, and expect that those products are priced fairly for the people that use them. Once you get past that basic fact, though, the contention between both sides begins to heat up to a point where some people get downright nasty about the topic.

For example, there are news stories now about how the Consumer Financial Protection Bureau (CFPB) – the most powerful and vociferous of all the groups against payday lending – has been violating the sovereignty of Native American tribes as a part of their efforts to introduce new regulations on the payday lending industry. This industry happens to be a major source of income and employment for some tribes. This is a precarious battle that will likely wage for some time to come.

The Public Affairs Head for Advance American Jamie Fulmer said, “What strikes us is that when the Bureau was established by Professor and now Senator Warren and Director Cordray, there was a lot of talk about the need not to dictate consumer choice but to provide a level playing field across a broad spectrum of financial services companies.” Fulmer went on to note that the financial landscape right now is not so level right now.

In a recent interview Fulmer explained, “Customers are redefining what mainstream customer services are. We think the type of loan we are type of providing falls strongly in the mainstream, because consumers find that they have an increased, yet regular, need for small dollar short-term credit. We believe that was the correct approach and it was rooted in ensuring simplicity, transparency and full and complete and understandable disclosure.”

As to whether or not the CFPB and the major players in the payday lending industry can ever come to an understanding is something that we will all have to wait and see. However, more people – both private citizens and elected officials – are now starting to come out of the woodwork in support of the freedom of financial choice that payday lenders provide to their customers. Proponents of payday lending seem willing to reach common ground; the ball is now in the court of the CFPB.

Warren Continues to Stand in the Way of Dodd-Frank Reform

Making much needed changes to the landmark Dodd-Frank Bill would go a long way in helping to provide protection to consumers in the United States. Why is it that Liz Warren continues to prevent this type of reform from taking place?

Congress has been doubling its efforts to provide a budget arrangement that would help to prevent a government shutdown. Part of these efforts could and very well should be to come up with an amendment to the Dodd-Frank Bill that would help to provide much-needed reform. To get this done, the congress will have to get past the current objections to said amendment that have come from Senator Elizabeth Warren, herself.

Experts say that Warren should do all that she can to welcome an amendment to help reform Dodd-Frank, being as it would help to provide better protections to consumers; a cause that she has long been a champion of. Particularly, she has said that she wants to usurp the power of big banks in order to provide more power and stability to both consumers and smaller banks. Dodd-Frank has, indeed, helped to take away some of the power that the biggest banks have traditionally held. A complete overview of all of the ways this has happened is much broader than can be covered in a single article. One example, however, helps to describe how important this point is. The increased supervisory power that Dodd-Frank gave to the Federal Reserve Bank allows it to have a huge amount of control over what is described as “systematically important financial institutions. This control includes whether or not employees should be disciplined or even fired.

This extraordinary amount of power allows the Fed to get in far too deep with regards to the process of capital allocation. This is the very backbone of the United States economy. This could move our country from allocating capital strictly based on political sway and could help to take away the power of big banks and other systematically important financial institutions.

However, smaller banks have suffered a lot more than the bigger banks because of Dodd-Frank. These banks are drying up at double the rate that they were prior to the bill coming into play. Between October of 2000 and July of 2010 there were 242 banks that failed. But from then until the end of 2014 – a period that is less than half that length of time – there were 242 banks that failed. The big reason that so many small banks continue to fail is due to the burden that Dodd-Frank regulations have put on them. There are nearly 850 pages of regulations that these smaller financial institutions must contend with in order to stay in business. There are now more than 20,000 additional pages of regulations, and only 247 of the 390 that are currently required have been officially finalized. Staying on top of all these regulations requires the help of lots of lawyers. Big banks may be able to afford all of that legal assistance, but the smaller institutions simply cannot.

The bottom line is that if Warren really fancies herself to be a champion of the people, with regards to financial issues, then she must step up to the table and help in getting the new amendment passed. Failure to do so will wind up in more small banks going out of business and will ultimately mean that American consumers have even fewer banking options to choose from in the future. The ball is now in her court; experts hope that she will do the right thing and help to get the new reforms in place.

A New Perspective on the Debate about the Payday Lending Industry

Other than the estimated 12 million people who take out payday loans each year, just about everyone else despises these types of loans. Those who have taken up arms against payday lenders include consumer advocate groups, clergy members, writers, professors and even the President of the United States. Is it really right for all of these people to hate the payday lending industry, though? Many of the aspects of payday loans that people seem to vilify the most – ongoing debt cycles, allegedly targeting low income people and minorities – don’t really prove to be true when one takes an honest look at the short term lending industry. This is not to say that the industry is perfect, by any stretch of the imagination. However, it is in everyone’s best interest to learn the truth and then to make a judgement call from there.

Let’s take a look at a few aspects of short term loans and see if it is really justifiable for anyone to outright hate the payday lending industry in this country.

Payday Loan Fees

payday-onlineWhen people write scathing articles about payday loans, they often focus on the fees that the lending companies charge. At many payday lending locations, the lenders charge about $15 dollars for every $100 that is borrowed. Those types of fees would be alarming if they were attached to a mortgage or a high dollar loan. But considering that the majority of borrowers understand these rates for what they are – flat rate fees, and not yearly percentage rate fees – one should come to the conclusion that these rates are not all that high or difficult to repay.

And there are plenty of payday lending companies for people to choose from. It is not like there is a monopoly on this industry, and that borrowers are forced to pay these types of fees by a single lending company that is controlling all of the short term lending going on in the United States. There are thousands of local lending locations and hundreds of online lenders that people can choose to get loans from. Of course, some people are disturbed by the fact that there are so many payday lending locations. You don’t hear those same pundits getting upset about the number of McDonald’s locations, do you? Of course not. In a free market economy, businesses are free to develop and thrive IF the market for the businesses’ services or fees actually exist.

This leads to a very interesting point that many who oppose payday lending never seem to get: There is a great demand for short term loans all across the land. People who either don’t or won’t deal with mainstream banks and lenders, still need to borrow money. If these people – hard working adults who understand exactly how much they need to pay back within a short loan term – choose to do business with payday lender, who is anyone else to try to eliminate this industry; and industry that provides vital financial services to a large section of the population?

The fact of the matter is that there is no way to make everyone see eye-to-eye about the topic of the payday lending industry in the United States. However, the time has come for people to get a better understanding of this industry, and some of the reasons that people seem to loathe payday lending companies as a whole. It is only when we can get past the rhetoric and accusations that we ever get a better handle on any topic that might be considered controversial to others.

The Consumer Financial Protection Bureau Falls Short of Expectations

In this life, things are not always as they might appear. In fact, there are times when something may be very much different than what one might expect. Such is the case with the Consumer Financial Protection Bureau (CFPB) This bureau, which was partly the brainchild of Elizabeth Warren, is a case study in how something can wind up falling amazingly short of its original expectations.
Originally created by Dodd-Frank to provide financial protection to consumers, the CFPB has not done much to protect the financially at-risk people of this country. The champions of the CFPB argued that the complexity of financial services and products demanded that an agency be formed to specifically act as a watchdog for the consumers of the United States.
Those lofty goals have turned out to be more than the bureau can handle. The CFPB, in fact, has gone overboard many times. In a bid to protect consumers, they winded up actually causing damage to some of the most financially at-risk people in the United States. For example, there are thousands of families who are now unable to purchase less-expensive manufactured homes because rules laid out by the CFPB have prevented the most common types of mortgages that these types of consumers usually opt to get. While it is true that manufactured housing loans are a bit pricey, they also happen to come with a higher associated risk. However, for many families having a home of any kind trumps the idea of renting an even more expensive apartment or condo.CFPB_2tone_Horiz_RGB-e1382623205988
Another example of how the bureau’s proposed plans for payday lenders and other short term lending companies may help to understand how much harm the CFPB can actually cause. The bureau laid out rules that lenders would be required to determine from the very beginning if borrowers were, in fact, taking out debt that they really could not afford. This proposed requirement makes lending companies work harder to provide loans, which would drive up the costs of loans or drive some lenders completely out of business.
It seems that the CFPB is adhering to an illusion that consumer financial contracts are essentially zero sum games. Those who adhere to this view see a winner, which they think is the lender, and a loser, who they believe to be the consumer. With the consumer approaching the lender to obtain financial services, the consumer provides a service. The consumer pays the money back, plus associated fees, and both sides are happy. The consumer got access to fast money for emergency expenses, and the lender was paid for providing that money. End of story.
In a perfect world, of course, consumers would have enough wealth to not be in need of a short term loan at all. The CFPB, however, cannot resolve this problem by unfairly restricting the lender. Lending companies exist because people need to borrow money. Payday lenders, to put it bluntly, provide financial services to consumers that other financial entities are not willing or able to provide. A recent article in the Washington Post illustrates this point perfectly by stating, “Eliminating access to preferred products doesn’t eliminate the need for credit.”
Thus far, the CFPB has intimidated banks, tried to drive legitimate businesses out of business and seemingly done its best to cut off direly needed financial services to the millions of underbanked and unbanked people in this country. This is a far cry from the bureau that was put together with the intent to protect consumers, now, isn’t it?

Little Known Facts about Payday Lending Companies

Instant-Cash-Advance-OnlineMost people have a bit of difficulty in understanding financial issues. We can all agree that the intricacies of finances and staying on top of the very latest financial news are not exactly the kinds of topics that the average American can spend much time understanding. The majority of people in this country simply want to get by from one payday until the next check arrives. When we take into account these two basic facts – the vast lack of understanding about finances and the need that most families have just to get by and pay for what they need each week – it is quite easy to understand why so many people are confused about getting a loan; specifically payday loans, as this sector of the financial services industry has been somewhat vilified by the mainstream media.
It is high time that things get cleared up a bit and that we all take a few minutes to learn more about the payday lending industry. Any time you are serious about getting to the heart of the matter, it is essential to dispel the myths and get to the real truth that you may not ever hear from the mainstream news media or other so-called financial experts. Let’s take a look at some information about payday lending that you may not be aware of…
Are Payday Lenders Making HUGE Profits?
When you compare the profits that payday lenders make to the big profits that mainstream banks rake in, you’ll soon realize that most payday lenders are not raking in money hand over fist. Here’s an example for you to consider: Advance America is one of the most successful payday lending companies in the country. In 2011 they recorded pre-tax profits of just over $105 million. Yes, that is quite a lot of money, but when you compare that to the billions of dollars in pre-tax profits that big banks make every year, the profits that one of the biggest payday lending companies makes pretty much seems like pocket change.
Statistics about Payday Loans
Now that you understand that payday lending companies are not multi-billion dollar companies, let’s take a few minutes to understand some basic statistics about payday loans. Advance America reported that the average loan amount they provide for their customers is about $375. The average fees that are associated with these loans are usually about $55. The average term for one of these payday loans is typically just a bit over two weeks, at 18 days. If you take all that information, and do some basic calculations, you might come to the conclusion that the APR for one of these types of loans comes out to about 294 percent. That is a bit on the high side, but it is important to remember that these loan fees are really flat dollar fees – not true APR fees. Most payday loan borrowers are well aware of exactly how much they have to pay back when their loan term is up, and they prefer to see those fees as flat rate fees, and not as over-inflated APRs, like so many financial watchdogs try to make the fees out to be.
The Bottom Line
This article was not put together to help readers become experts about the most complex of financial topics, but to help every reader understand that there is more to payday loans than you might get from reading the typical online report from self-proclaimed financial experts and consumer advocates. Traditional banks often make it impossible for subprime borrowers to get short term loans. Thankfully, though, payday lenders are continuing to offer much-needed short term loans to the unbanked and underbanked citizens of this country. Unless there is some sort of drastic change in the very near future, it is a sure bet that millions of people will continue to rely on these loans when they need fast money, and that payday lenders will continue to stay in business; even though government bureaus and negative coverage from the media continue to join forces to cast the industry in an unfavorable light.

Go Back To School Shopping While On a Budget

Most of us are on a budget these days which means we have limited funds when it comes to back to school shopping. You can go back to school shopping while on a budget and still get everything that you need. Here are some tips for those on a budget who need some help finishing their back to school shopping.

Go through what your child had last year. Is anything reusable? If so then you should reuse it. Why buy new, when you have something perfectly good at home that you can use? Go through everything. Often times they will end up with extra notebooks or pens that they can reuse too. Make sure to take note of what you do not have to buy.

Apple Back To School

Get online. You can compare prices of the items you need to buy for your child by looking at various retailers websites. This will help you know where to go for the best deal. You do not want to overpay for anything, so this step is pretty important.

Find out when the tax free weekend is. That is a great time to go back to school shopping. You will have to fight crowds, as many people go shopping on that weekend, but not paying sales tax will save you money. That is money that you could put toward other things that you still need to get your child for the new school year.

If you start early enough in the summer with the items you know your child will need, like notebooks and pens, you can look around for deals and sales. This also allows you to spread out the cost of paying for their back to school items. By spreading out the cost it makes it much easier to pay for because you do not have to pay for it all at once, which sometimes can be a bit much with the price of things these days.

It is okay if you wait to buy some clothes until after school starts. There is no rule written down somewhere that you have to buy their whole wardrobe for the year before school starts. You can buy things periodically throughout the year as items go on sale.

These are all great ways to save money when back to school shopping. There is no reason you have to spend a ton of money at once or not pay a bill one month because you have to pay for your child to go back to school. Knowing little tips and tricks can help you get everything they need, while helping you save money at the same time.

Some Financial Advice for Women

There are so many tips and tricks out there about finances it can be difficult to figure out which ones to follow. There may be some that you are familiar with and some that you are unfamiliar with. Here are some tips to help you to navigate the financial world.

You need to know when it is time to get professional help with your finances. There are financial planners out there that are a wealth of information. They will be able to answer any questions that you may have. They will also be able to help you get back on the right financial track.myths

If you do not want to go see a financial advisor there are other resources that you can use to get the help that you need. There are many websites that have tons of articles on different articles on different parts of finances. There are also finance magazines out. You may have to go to a book store with a huge variety of magazines.

You need to make sure that you are keeping retirement plan on the top of your to do list. You need to make sure that you are doing everything that you need to do to prepare for retirement. Retirement savings are a big deal and you need to make sure that you stay on top of it.

You need to do what you can to get out of debt. Ladies you most likely have been told this time and time again, try paying off the debts with highest interest rates. This will help you to save money on the amount of interest you have to pay. Do this with all of your bills in order from largest interest rate to lowest interest rate.

Ladies, does your employer offer retirement plans? This is something that you need to know. If they do how much will they match percentage wise on your contributions? That is also something that you need to know, because you should be contributing at minimum the amount that is their maximum contribution. This will help you to build up your retirement savings quicker.

No matter what you need to be in charge of your finances. Know what is going on and how to work with your budget and how to manage your money. Even if you are not the one in the family who regularly handles the finances you need to make sure that you take charge and know how to do what needs done.

Ladies, the financial world can sometimes be confusing and overwhelming. This does not have to be the case. You can learn how to make your finances work for you. It does not have to be a difficult thing to do to stay on top of your finances.

Some Good Tips for Women Who are bad with Money

It is no secret that some women are better with money than with others. This can be changed though, there are ways to turn it around and go from bad with money to great with money. Here are some tips for those ladies who are not the best with money so they have a fighting chance to become great with money.

Forex Money for Exchange in Currency Bank

The first thing you need to do ladies is to start by changing one habit at a time. Do you have a bad habit that costs you money? It could be smoking, eating out, shopping, or anything, it does not matter. If you have a bad habit or two you should start by working on getting rid of one bad habit at a time. This will help to free up money for other things such as bills.

Work on your debt. Even if you can only afford to pay twenty extra dollars over the minimum amount due, you should pay it. This will help not only to pay your bill down faster but it will also help you to save money on interest. While you are trying to pay down debt you need to make sure that you do not build up debt on another credit card.

It is okay to seek help when needed ladies. You can go online and find a wealth of information and various articles such as this one to help you navigate yourself through the financial world. If you need more help than you can find online and you need someone to talk to, that is okay as well. Financial advisors have so much information; they have the ability to answer any question you may have. If you need their help, find one to help you.

Work on that budget ladies. Having a good budget is something that should be considered a must. You should be reviewing it regularly so that you can make any changes needed. A budget is key to helping you stay on track financially so do not just slop one together, spend the time to do it right.

Find small ways that you can save money in your everyday life. Do you buy a coffee every morning? Why not make coffee at home? Use coupons when you go shopping. There are many different ways that you can make small changes every day to help you save money, you just need to sit down and think about the changes you can make.

Ladies do not despair if you are not good with money. You have the power to change that. Ladies you are strong and you can be financially independent if you do certain things to help you down that road. Your financial future depends on the things that you do today.