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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.

Are Critics of the Payday Lending Industry Biased?

If you were to do a Google search to look for articles about the payday lending industry, chances are you’d find hundreds of articles and op-eds that preach about how evil this industry is. One such op-ed was recently written by Gary Kalman from the Center for Responsible Lending. In this piece, titled “Stop the debt trap” Kalman uses a tone of sternness when talking about payday lenders. In fact, this op-ed pretty much condemns the industry altogether. Despite the fact that CRL has waged a war against payday lenders for decades, and has even done so via subsidies received by taxpayers and utilizing federal regulators, the fact of the matter is that all of these criticisms of payday lending continue to drive business to Self-Help, a credit union that is professionally affiliated with the Center for Responsible Lending.Banks Being Scrutinized By Regulators for Payday-Like Loans

Kalman, for his part, continues to state that his organization is simply “fighting to rein in the abuses” (alleged abuses, we might add) of payday lenders. This is both misleading and insincere. And the same thing could be said about how the Center for Responsible Lending has continued to malign the actions and character of both payday lenders and the very customers who depend upon these types of loans.

The bottom line is that Self-Help makes it a point to offer financial services/products that would definitely derive a benefit if payday loans were to be completely removed from the market. The network of businesses and groups that make up the Self-Help group – which have already received a combined $380 million-plus in loans, grants from the government and other taxpayer funds – has put millions of dollars into the pockets of lobbyists who are petitioning the federal government to take more serious measures against payday lenders, including putting new regulations on the industry.

The Center for Responsible Lending spouts off about being the “customer advocacy” branch of Self-Help. It has made use of the funding it receives – funding it has been hauling in for twenty years now – to fuel its smear campaign against the payday lending industry. It continues to disparage the industry and the loans that it offers, and to anyone willing to look into the matter, it is looking to get rid of its stiffest competition; noting more, nothing less…

Experts on the subject have been wondering if Self-Help’s financial products are more costly than the terms that most payday lenders offer. The fact of the matter is – regardless of affordability – Self-Help offers short term loans to consumers. As such, the organization has directly benefited from the restrictions they have fought so hard to saddle the payday lenders with. The elephant in the room is just how this organization is getting away with using the government to punish its competition, while they continue to carry on business as usual.

Recently, a new regulation was passed into law in Oregon. This law puts a cap on short term loan interest rates and “…reduced access to payday loans in Oregon, and … former payday borrowers responded by shifting into incomplete and plausibly inferior substitutes,” according to one published study. “Most substitution seems to occur through checking account overdrafts of various types and/or late bills.”

With all of this in mind, it is clear that many of the payday loan opponents out there – especially those who are especially vocal about the subject – are biased. In the case of the Center for Responsible Lending, it is apparent that this organization is biased for a very good reason: The elimination of payday lenders would be most profitable for this group, indeed!

Payday Lenders Changing up Business Tactics Prior to Government Crackdown

Providing loans to people who are strapped for cash has proved to be a good way to make a living for the owner of Bellicose Capital. This man’s name is Matt Matorello. Matt’s company helps to run some Michigan payday lending websites for a Native American tribe. The websites offer small loans to customers and charges fees in return for making these loans. Over the years, Bellicose has collected a lot of money; to the tune of tens of millions. The tribe that this company works for keeps roughly 2 percent of the earned revenue. It looks like Matt is going to sell the business to the tribe for about $1.3 million dollars on the front end, with as much as $300 million dollars in payments down the road, depending upon the success of the business. The company projects that it will earn nearly $58 million each year down the road.payday-online

Martorello is not the only owner of a payday lending company who is looking to get out of the industry lately. There are many payday lending companies that are overhauling the ways they do business. These lenders are changing up the products they offer or moving their headquarters to countries outside of the US. A major reason that so many lenders are either getting out or changing their ways seems to be due to the Consumer Financial Protection Bureau getting ready to put now restrictions and regulations in place in 2016. These regulations have been over four years in the making, and the CFPB has not yet finalized all of the details. They have stated, though, that their new rules will prevent borrowers from taking out short term loans that they cannot afford to pay back and from taking out multiple loans at the same time. Lenders believe that the CFPB is on a mission to destroy payday advance loans and other short term loans. These regulations leave the lenders with few options other than to change the way that they do business.

According to an analyst at Height Securities named Ed Groshans, “The CFPB made it extraordinarily clear that the path they’re going down is going to eliminate the vast majority of payday lending.” Payday loans are short term loans that require the borrower to either write a postdated check or allow lenders to make automatic withdrawals at the agreed upon repayment date. The new regulations will cover other alternative lending products and services that allow people to pay back their loans over a longer period of time. Bellicose, the company we told you about earlier, is a consulting company and not a lender, though the company does specialize in short term installment loans.

Up until now, most payday lending regulation has happened at the state level, and the rules have been well understood by lending companies. Some lending companies have struck deals with Native American tribes. Some critics call these tactics “rent-a-tribe”, suggesting that lenders and consultants are only doing business with tribes in order to skirt existing payday lending laws. With the new regulations being handled from a federal level, though, it will be increasingly more difficult for lending companies to do business. Many experts believe that the CFPB has no business getting involved from a federal level, being as so many state laws have worked well for both lenders and borrowers over the years. As is usually the case, however, the CFPB is proving it is truly a branch of the modern day American government by doing all that it can to overstep its boundaries and to make doing business even more difficult than it already is for short term lending companies. It’s no wonder so many lending companies are changing things up in order to avoid dealing with the new regulations that are about to take effect.

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 Rude Awakening for Americans Looking to Purchase a Home

We are all familiar with the fabled ‘American Dream.’ You know what we’re talking about – having a good job, maybe a nice little family and that house that you have always dreamed of. We can all relate, as there is nothing better than the feeling of having a home that is all your own. But as much as Americans love their houses, the housing market has still not totally recovered from the housing bubble of recent years.Photo_Video

One reason that the housing market is still in a bit of a slump is because many Americans may find that they are unable to qualify for a mortgage loan. A recent study revealed that around 30 percent of Americans would probably not qualify for a home loan if they were to apply for one right now.

The study we just mentioned allowed analysts to check out data from about 13 million mortgage quotes and 225,000 loan purchase requests. The analysts found that loan applicants with credit scores lower than 620 were not likely to receive quotes for mortgage loans, even if those same people were able to make a large, 20 percent down payment on a new home. FICO reported recently that nearly 30 percent of American consumers have credit scores that are 620 or less.

Financial research teams also discovered that loan applicants needed to have a credit score of 740 or more to qualify for the top shelf (lower) interest rates. The threshold to get the best interest rates was just 720 back in 2010.

People applying for loans with the best credit scores scored an average 30 year fixed rate mortgage interest rate of 4.42 percent. By way of comparison, the loan applicants with scores between 620 and 740 ended up getting loan quotes with interest rates that ranged between 4.47 and 5.09 percent.

When you take into consideration the size and long term of a typical mortgage loan, this difference can add up to thousands, possibly even tens of thousands of extra dollars in favor of borrowers who get a mortgage with higher credit scores. Unfortunately, the folks who can usually least afford extra large payments – those with lower credit scores, in many cases – wind up being the very same people who will have to pay more than their counterparts with higher credit scores.

It is important to keep in mind, though, that the folks with the credit scores between 620 and 740 are still in much better financial shape than the nearly 30 percent of American consumers who probably cannot even qualify for a mortgage loan at all.

So what are people to do if they want to purchase a new home, but have lower credit scores? Saving money for a down payment is a good first step, but not the only thing that one should do. It is also a good idea for these folks to check out their credit reports to find out exactly where they stand. They should look to correct any mistakes on their credit reports and then try their best to pay off higher interest balances to help improve their credit scores in the weeks and months to come. It may take a while, but the more outstanding debts that are paid off, the better a consumer’s credit score becomes.

If your credit score has dipped down a bit in recent months, and you are looking forward to purchasing a home in the near future, please use the information you gleaned from this article as the motivation you need to make sure you don’t get turned down for a mortgage when the time comes to start shopping around for a new place to live.

Tips for Young Women on Paying Down Debt

With the gender salary gap getting smaller all the time young women today are making more money than before. With the increase in salary, there is a chance that young women today can end up in more debt than ever before. Here are some tips to help all the young women who have debt work toward paying it off.

Of course you need to work on paying off any debt you have, from say student loans. What you need to do when working to pay off debt is to make your regular payments every month. On top of that you need to figure out what debt that has the highest interest rate and pay more toward that debt. Then keep doing this until all of your debt is paid off.

Debt Snowball

Debt Snowball (Photo credit: LendingMemo)

Most experts agree that if you are looking to add some debt to what you already have, say you want a new car or are planning on buying a home, then you need to be careful. The experts recommend that if possible try to keep your payments on your debt be no more than about fifteen percent of your monthly income. This way you will still have money for the other bills you have, other necessities, and still have some money to put into various savings accounts.

Another tip that most experts agree on is that if you have credit cards you need to keep your balance low. While credit cards are able to help you to build credit, if used inappropriately used they can ruin your credit too. To get the best out of your credit card experts say that you should keep your balance at no more than twenty percent of your credit limit. This way you are not ruining your credit with huge bills, and you are still working at building up your credit.

If you can, you should pay more than your minimum monthly balances. Doing this will help you to pay off your debts faster. This also looks good on your credit score. It will also help you in the future should you want to take out a loan. The bank will see that you try to stay out of debt and make larger payments and they will feel confident that you will be able to pay the loan back. After all banks like loaning money to people who do not need it so they can be sure they will be paid back.

Young women today need to watch out for debt. They need to work on getting rid of any and all debt they have once they are out of school and in the real world. It does not have to be overwhelming when you are working on paying off your debt, but if you do not work at it, you could end up in an overwhelming financial situation.