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Chequed out: Inside the payday loan cycle | Globalnews.ca

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Jillane Mignon just needed cash to pay for day care.

Her job with the City of Winnipeg’s 311 program covered the bills, but not the $1,000 a month it cost to care for her son while she was at work.

“When there are [child care] subsidies, there are no spaces. When there are spaces, there’s no subsidy.”

So it started with a small loan from a payday lender. That took care of that month.

Story continues below

“And then when you get your paycheque, half your paycheque is already gone to pay the lender. So then you have to borrow again.”

At one point, she said, she owed money to four different payday loan outlets – all the money taken out to pay existing loans, plus their rapidly accumulating interest, and get her through to the next paycheque, which was quickly swallowed up in more loan payments.

When Mignon decided to dig herself out of payday loan debt once and for all, she did so “painfully.”

“The last time I took [out a payday loan] I said, ‘Whatever my paycheque comes back as after I pay them back, I’m going to live on,” she said. “Painfully.

“Food banks. Salvation Army. Swallow your pride.”

Read the series

Instability trap: When you’re income rich, but asset-poorCanadians want work. Why have so many stopped looking?Feb. 17: Life in the temp laneFeb. 23: Retirement lost

Graphic by Janet Cordahi

Fringe finances by postal code

It’s a familiar predicament for many – one that’s earned payday lenders and cheque-cashing outlets a reputation for exploiting people who need cash quickly and have no other option.

Money Mart came under fire shortly before Christmas for its practice of exchanging gift cards for half their value in cash. At the time, Money Mart said it was “offering customers a convenient, value-added product though this service.” It eventually suspended the practice.

Neither Money Mart nor the Cash Store would speak with Global News for this article.

But Stan Keyes, a former Minister and Liberal MP for Hamilton, Ont., and head of Canada’s Payday Loan Association, argues these businesses – licensed and regulated by provinces, he notes – are filling a need no one else is meeting.

“What alternative do borrowers have?” he asked.

Squash or regulate the industry out of existence, he warns, and you leave people who need small cash infusions quickly without other options.

“If licensed payday lenders were forced to close their doors, say due to overregulation, the demand for the small sum short term loan does not dry up,” he said. “So I suppose those who claim to speak for payday loan borrowers, some of them often misinformed, don’t mind forcing those who need the small sum financing to, what? Take their television off the wall and take it to a pawn shop?”

Keyes said the fees and interest rates (about $21 for $100 at Money Mart, for example), often criticized as high, are necessary because of the risk taken on by lenders who don’t do credit checks. He also thinks citing annual interest rates of several hundred per cent is misleading because these are short-term loans.

There are about 1,500 payday lender outlets across the country. They skyrocketed in growth in the early 2000s, then levelled off. A 2005 Financial Consumer Agency of Canada survey found about 7 per cent of Canadians say they’d used the services.

A Global News analysis has found payday lenders overwhelmingly concentrated in low-income neighbourhoods and neighbourhoods with a high proportion of people receiving social assistance.

(Keyes, for his part, argues they’re simply located where the commerce is.)

Global News used tax data obtained from Statistics Canada and business location information from Red Lion Data to map payday loan locations against income and social assistance.

Interactive: Explore the map below to see how payday lending locations correlate with social assistance levels in your neighbourhood. Click a circle or coloured shape for more information; click and drag to move around.

Payday loan stores and welfare rates »

Payday loan stores and welfare rates

Payday loan stores and income »

Payday loan stores and income

Most payday loan customers are lower middle class, says Jerry Buckland, a University of Winnipeg and Menno Simons College professor who’s written a book about the practices of these “fringe” financial institutions.

But the heaviest users – the ones who get trapped in a cycle of high-interest debt – are the poorest borrowers.

“It’s those people closer to the edge who aren’t able to pay that payday loan off.”

So maybe they take out another payday loan to fill the gap. And then they’re stuck.

The problem, Buckland argues, is that payday lenders fill a need that traditional banks aren’t.

“Mainstream banks have, over the course of 30 years, shut down more branches in lower-income neighbourhoods,” he said.

“A big thing right now that I see the feds pushing is this financial literacy. And while on the one hand I think financial literacy is important, it certainly doesn’t solve the problem of financial exclusion.”

Maura Drew-Lytle, spokesperson for the Canadian Bankers Association, says banks have done a lot to make themselves more accessible, including offering low-cost accounts for about $4 a month. And as of January, 2015, she said, they’re offering basic, no-cost accounts for low-income seniors, people on disability assistance, students and youth.

She also notes the number of bank branches in Canada “has actually been increasing.”

“Banks have been very focused on customer service over the last decade or so. You’ve seen big changes in branches. … It’s not just a line of tellers any more.”

But Tamara Griffith, Financial Advocacy and Problem Solving Program Coordinator at Toronto’s West Neighbourhood House, says there are still barriers in place – including something as basic as photo ID, the lack of which can limit what a person can do with a bank account.

She and her colleagues will often accompany people when helping them open an account, she said, to help demystify the process and ensure they get what they need.

“Because we know once you walk in, you’re being sold a whole bunch of things,” she said.

“You just want a bank account: You don’t need an overdraft, you don’t need a line of credit, you don’t need a credit card. And every time, it’s the same pitch. And we say, ‘Okay, no we just need a bank account.’”

Many of the people Griffith works with are using credit cards to supplement their income, she said – not for luxuries, but just to get by. They pay the minimum payment as long as they can until the accruing interest becomes financially ruinous.

Vancouver’s VanCity established a short-term loan program for its members as an alternative to payday loans.

Photo by Daniel Paperny for Global News

Vancouver’s Vancity credit union took matters into its own hands a couple of years ago, says Linda Morris, the bank’s Senior Vice President of Business Development, Member and Community Engagement.

“We’d been seeing studies coming out of the States, but also Canada, about people who’d be underserved, or not served at all, by conventional banking,” she said.

So they did their own research – and found even some of the credit union’s own members reported using payday lenders of cheque-cashing facilities.

“That concerned us greatly, because we know the cycle of debt people can get into. … We have people come in who have three different payday lenders they owe money to.”

At the same time,” she added, “when you take a loan with a payday loan, you’re really not developing a credit history. And that’s really important also.”

Last April, VanCity launched its Fair and Fast loan program – essentially, small-scale loans, available within an hour. In July, they added a cheque-cashing component.

“We’re seeing very little delinquency. So far, people are paying back their loans. It seems to be working.

“The larger question, of course, is will we break the cycle.”

San Francisco issued a moratorium on new payday lenders and cheque-cashing locations in 2005.

Anna Mehler Paperny/Global News

San Francisco is asking itself the same question.

In 2005, the city enacted a moratorium on new cheque-cashers and payday lenders.

“We felt at the time we were pretty saturated with those types of organizations,” said Leigh Phillips, director of the city’s Office of Financial Empowerment.

“Our regulatory authority is very, very limited – these are companies that are regulated by the states,” She said. But “we wanted to do something.”

Other cities followed suit with legislation of their own, she said – Los Angeles, San Diego and San Jose among them.

That tackled one part of the problem. It’s still trying to measure how it’s doing on the other half – meeting the need that was driving the growth of these types of businesses in the first place.

The city also launched a Bank on San Francisco program, partnering with existing financial institutions to offer accessible, low-cost accounts.

In many cases, Phillips said, these were “second chance” banking products – for people with poor credit histories or who’d had bad experiences with banks in the past. They also addressed barriers ranging from identification requirements to often-incapacitating overdraft fees.

But while they surpassed their initial goal of getting accounts for 10,000 people in their first year, the program has been tougher to track since then. Phillips said it “looked like” about 80 per cent of those new clients kept their accounts open, which is good.

Just as importantly, she adds, “it’s made financial management a more concrete part of the anti-poverty conversation.”

‘That endless cycle … will drive you insane’

Jillanne Mignon got out of her payday loan debt – ‘painfully.’

Anna Mehler Paperny/Global News

Among the many things on Mignon’s to-do list once she graduates from her community economic development program at Toronto’s Centennial College is work with micro-loans.

“I like the model of microloans because it opens the lending market ot people who are normally shut out,” she said. “People who normally go to these, I call them loan sharks, these payday loan places these pawn shops, to get these monies and then they get caught in these ridiculous circles of high interest rates. …

“I know that endless cycle. It will drive you insane.”

Tell us your story: Have you been trapped in a payday loan cycle?

Note: We may use what you send us in this or future stories. We definitely won’t publish your contact info.

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Two-Thirds of Payday Loan Users Trapped in Cycle of Debt …

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Vancity one of the first to offer payday loan alternative

Vancouver, BC – A poll released today by Vancity indicates 67 per cent of payday loan users in the Lower Mainland and Greater Victoria are borrowing several times a year.

The credit union poll, which was conducted by Insights West, indicates 35 per cent took out a payday loan once a month or more. Having an unforeseen expense they didn’t anticipate (38 per cent) and getting behind on bills (37 per cent) are the main reasons why borrowers said they used payday loans. Another 22 per cent said it was because they had a debt that was due.

Today Vancity became one of the first mainstream financial institutions to launch an alternative to payday loans for its members. The new Vancity Fair & Fast Loan™ reduces costs for borrowers and helps them break the cycle of debt.

Under the Vancity Fair & Fast Loan, if a member borrowed $300 for the minimum term of two months and paid it off after two weeks, it would cost $2.20, which is 19 per cent annual percentage rate (APR). Under B.C. legislation, the maximum amount that can be charged for a $300 payday loan is $69, which would be 600 per cent annual percentage rate.

Members can borrow up to $1,500 and be approved in about an hour. And because borrowers have up to two years to pay back the loan, they can build their credit history in the process. The loans are relatively small and have more inclusive qualifying criteria so members with lower credit ratings have a better chance of being approved.

According to Consumer Protection BC, the provincial regulator of payday loans, more than 100,000 British Columbians took out 800,000 payday loans in 2013.

The Vancity poll indicates up to 60 per cent of payday loan users are somewhat or very likely to consider a short-term, same-day loan from a credit union. It also found 37 per cent of survey respondents carried a balance on their credit card, 23 per cent had to borrow money for an unforeseen expense and 22 per cent got behind on bills.

The poll was conducted among 990 Lower Mainland and Greater Victoria adults, which includes an oversample of 131 payday loan users.

“The Vancity Fair & Fast Loan is a low cost, long term alternative to help members get out of the cycle of debt and build their credit history,” says Linda Morris, Vancity’s senior vice-president of business development, member and community engagement. “It’s one of the ways we are working to enhance the financial well-being of those who have been underserved by mainstream financial institutions.”

Additional sources of information:

Insights West Vancity poll results snapshot, presentation and data tables
www.paydayloanrightsbc.ca
Backgrounder: Payday Lending in BC, Consumer Protection BC
Pay Day Lending: In Search of a Local Alternative, see page 15, Centre for Community Based Research and funded by the Wellesley Institute (2010)

About Vancity:

Vancity is a values-based financial co-operative serving the needs of its more than 501,000 member-owners and their communities through 57 branches in Metro Vancouver, the Fraser Valley, Victoria and Squamish. As Canada’s largest community credit union, Vancity uses its $17.5 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

Tweet us @vancity and connect with us on Facebook.com/Vancity.

For more information:

Lorraine Wilson | Vancity
T: 778-837-0394
mediarelations@vancity.com

Mario Canseco | Insights West
T: 778-929-0490
mariocanseco@insightswest.com

Photograph: Duckie Monster

[…]

Business Cash Advance Guru Announces the Best Business Loan Options Available for Small Business Owners, with a …

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The Answer is Yes!!

Business Cash Advance Guru Announces the Best Business Loan Options Available for Small Business Owners

Nationwide (PRWEB) August 16, 2013

Small companies looking for an emergency business loan will find that the large banks are not a reliable resource for getting needed capital for whatever the situation might be. However, alternative lenders have become over the past few years, the go-to source for not only a way to get a quick business loan online, but substantial funding for more aggressive purposes. Small companies needing to expand, hire more employees, increase inventory levels, purchase more materials, or add to their equipment, will find that alternative lenders such as Business Cash Advance Guru are an affordable solution.

That’s because alternative lenders are much more flexible and don’t follow the strict qualification guidelines the leading banks do. In fact, large corporate banks want as much information as possible before even considering a loan application, “The more information you have to illustrate that you’ve run your business well in the past gives banks the confidence they need to invest in you for the future. The more information you provide, the easier it will be for your loan officer to get your loan approved. Banks are in business to loan money, so this is a win-win for both sides,” Marc Scheipe, chief financial officer at Sage North America told FOX Business.com. However, that statement clearly demonstrates that businesses with credit blemishes or not yet established have a limited chance of getting approved.

Business Cash Advance Guru has become a leading alternative lender because the big banks are imposing standards which are too strict. “Thousands of stunned small business owners call Dun & Bradstreet each week after they’re turned down for a loan. Dun & Bradstreet compiles small-business credit reports, which banks can buy to help make their lending decisions,” the Idaho Business Review reported just less than a month ago, in June of this year.

That means the best business loan products, which are the most accessible and affordable, can only be found through alternative lenders, like Business Cash Advance Guru. What’s more, the best business loan products are available with some extremely competitive rates, plus flexible repayment terms. That’s simply not the case with prominent banks, which ask business owners for so much just to get a loan application reviewed. Large corporate banks routinely require substantial amounts of collateral, full disclosure of all assets and liabilities, certified financial documents, years of business tax returns, as well as the owner’s individual returns and run a personal and company credit check.

However, lenders like Business Cash Advance Guru are far more flexible, catering specifically to small businesses by competitively offering low rates, and flexible payment terms. In addition, alternative lenders are quick with their application processing and pre-approvals, generally approving loans within as little as 24 hours. Funds are directly deposited into the applicant’s business banking account, and there are tax benefits for such loan products.

Common poor credit business loan services that Business Cash Advance Guru now offers through their nationwide expansion include:

Unsecured Business Loans Business Loan Alternative Bad Credit Small Business Loan Franchise Business Loans Restaurant Loans Poor Credit Business Loans Business Working Capital Restaurant Funding Business Cash Advance Guru Merchant Loans Unsecured Business Loans Merchant Cash Advance Small Business Loans Business Loans

More services are available, in addition to the above list, through the website at: http://www.businesscashadvanceguru.com

The lending company’s Western U.S. expanded services are available in the following geographical areas:

Bellingham, WA, Bremerton-Silverdale, WA, Kennewick, WA, Richland, WA, Pasco, WA, Lewiston, WA, Longview, WA, Kelso, WA, Mount Vernon, WA, Anacortes, WA, Olympia, WA, Seattle, WA, Bellevue, WA, Everett, WA, Spokane, WA, Tacoma, WA, Wenatchee, WA, Yakima, WA, Billings, MT, Great Falls, MT, Missoula, MT, Bend, OR, Corvallis, OR, Eugene, OR, Springfield, OR, Medford, OR, Portland, OR, Vancouver, OR, Salem, OR, Boise City, ID, Idaho Falls, ID, Pocatello, ID, Casper, WY, Cheyenne, WY, Boulder, CO, Colorado Springs, CO, Denver, CO, Fort Collins, CO, Loveland, CO, Grand Junction, CO, Greeley, CO, Pueblo, CO, Albuquerque, NM, Farmington, NM, Las Cruces, NM, Santa Fe, NM

About TieTechnology
Business Cash Advance Guru, a division authorized by TieTechnology, LLC. TieTechnology, LLC., specialize in service based solutions for businesses. Services provided by TieTechnology are merchant credit card processing, business service telecommunications, business cash advances on credit card processing platforms and web based visibility marketing. The advantages of doing business with TieTechnology are their commitment to their customer service excellence and the offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services, please visit http://www.tietechnology.com Or http://www.businesscashadvanceguru.com.

TieTechnology, LLC
813-856-0223 x150
888-809-9243 x150


[…]

Cash Funds Fast Announces the Best Business Loan Options Available for Small Business Owners, and Western Region …

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Cash Funds Fast

Cash Funds Fast Announces the Best Business Loan Options Available

Nationwide (PRWEB) August 07, 2013

Big corporate banks have taken over so much of the lending, banking and financing industry that small business lending has been on a steady decline since the economic downturn, which begun in mid to late 2008.

Small companies looking for an emergency business loan will find that the large banks are not a reliable resource for getting needed capital for whatever the situation might be. However, alternative lenders have become over the past few years, the go-to source for not only a way to get a quick business loan online, but substantial funding for more aggressive purposes. Small companies needing to expand, hire more employees, increase inventory levels, purchase more materials, or add to their equipment, will find that alternative lenders such as Cash Funds Fast are an affordable solution.

That’s because alternative lenders are much more flexible and don’t follow the strict qualification guidelines the leading banks do. In fact, large corporate banks want as much information as possible before even considering a loan application, “The more information you have to illustrate that you’ve run your business well in the past gives banks the confidence they need to invest in you for the future. The more information you provide, the easier it will be for your loan officer to get your loan approved. Banks are in business to loan money, so this is a win-win for both sides,” Marc Scheipe, chief financial officer at Sage North America told FOX Business.com. However, that statement clearly demonstrates that businesses with credit blemishes or not yet established have a limited chance of getting approved.

Cash Funds Fast has become a leading alternative lender because the big banks are imposing standards which are too strict and subjective rules, “Thousands of stunned small business owners call Dun & Bradstreet Credibility Corporation, Each week after they’re turned down for a loan. Dun & Bradstreet Credibility compiles small-business credit reports, which banks can buy to help make their lending decisions,” the Idaho Business Review reported just less than a month ago, in June of this year.

That means the best business loan products, which are the most accessible and affordable, can only be found through alternative lenders, like Cash Funds Fast. What’s more, the best business loan products are available with some extremely competitive rates, plus flexible repayment terms. That’s simply not the case with prominent banks, which ask business owners for so much just to get a loan application reviewed. Large corporate banks routinely require substantial amounts of collateral, full disclosure of all assets and liabilities, certified financial documents, years of business tax returns, as well as the owner’s individual returns and run a personal and company credit check.

However, lenders like Cash Funds Fast are far more flexible, catering specifically to small businesses by competitively offering low rates, and flexible payment terms. In addition, alternative lenders are quick with their application processing and pre-approvals, generally approving loans within as little as 24 hours. Funds are directly deposited into the applicant’s business banking account, and there are tax benefits for such loan products.

Common poor credit business loan services that http://www.cashfundsfast.com now offers through their nationwide expansion include:

Unsecured Business Loans Business Loan Alternative Bad Credit Small Business Loan Franchise Business Loans Restaurant Loans Poor Credit Business Loans Business Working Capital Restaurant Funding Business Cash Funds Fast Merchant Loans Merchant Cash Advance Small Business Loans Business Loans

More services are available, in addition to the above list, through the website at: http://www.cashfundsfast.com

The lending company’s Western U.S. expanded services are available in the following geographical areas:

Bellingham, WA, Bremerton-Silverdale, WA, Kennewick, WA, Richland, WA, Pasco, WA, Lewiston, WA, Longview, WA, Kelso, WA, Mount Vernon, WA, Anacortes, WA, Olympia, WA, Seattle, WA, Bellevue, WA, Everett, WA, Spokane, WA, Tacoma, WA, Wenatchee, WA, Yakima, WA, Billings, MT, Great Falls, MT, Missoula, MT, Bend, OR, Corvallis, OR, Eugene, OR, Springfield, OR, Medford, OR, Portland, OR, Vancouver, OR, Salem, OR, Boise City, ID, Idaho Falls, ID, Pocatello, ID, Casper, WY, Cheyenne, WY, Boulder, CO, Colorado Springs, CO, Denver, CO, Fort Collins, CO, Loveland, CO, Grand Junction, CO, Greeley, CO, Pueblo, CO, Albuquerque, NM, Farmington, NM, Las Cruces, NM, Santa Fe, NM,

About TieTechnology

Cash Funds Fast, a division authorized by TieTechnology, LLC. TieTechnology, LLC., specialize in service based solutions for businesses. Services provided by TieTechnology are merchant credit card processing, business service telecommunications, business cash advances on credit card processing platforms and web based visibility marketing. The advantages of doing business with TieTechnology are their commitment to their customer service excellence and the offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services, please visit http://www.tietechnology.com or http://www.cashfundsfast.com/.

TieTechnology, LLC
813-856-0223 x150
888-809-9243 x150


[…]

Business Cash Advance Guru.com Announces New Bad Credit Business Loan and Poor Credit Business Capital Loan Choices …

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Grow Your Business

Check Out the VideoTestimonials About the Business Cash Advance Guru.com Bad Credit Business Loans and Poor Credit Business Capital Loan Options

(PRWEB) July 16, 2013

The banking institutions continue to hold literally billions of dollars of capital in their reserves, which has presented a substantial roadblock to small businesses across the country. For companies which have suffered during the economic downturn, credit blemishes have made it all but impossible to secure funds in order to forge ahead.

However, with Business Cash Advance Guru, rates are competitive, repayment terms are affordable, and there’s no collateral needed to secure these poor credit business capital loans.

This alternative loan provider has stated it seeks to be a go-to resource in its new expansion efforts to the North, forming a partnership with its client borrowers by offering bad credit business loan options which allow small companies to access anywhere from $5,000 to $500,000 in bad credit business capital.

Applications are processed quickly, and the majority of the bad credit business loans offered by the alternative lender are approved in as little as 24 hours. Funds are usually available within a week, which are deposited directly into the applicant’s banking account.

Business Cash Advance Guru, being a leading source of poor credit business loan options, reminds companies looking for a business bank loan alternative provider that not all lenders are created equal. Some hidden fees alternative lenders spring on applicants and do not offer flexible payment terms. However, this particular business bank loan alternative provider charges no such fees and gives its borrowers many repayment options.

Small companies, which attempt to get cash for expansion, increasing inventory or materials levels, to hire additional staff, to purchase equipment, or for other reasons all too often find that traditional lending institutions are quite reluctant to approve their loan applications. This means small companies have to seek out an affordable and reliable business bank loan alternative provider. That’s not necessarily a bad thing.
Small business owners looking for bad business bank loan options will be pleasantly surprised by the alternative loan process. The traditional loan process includes having to complete lengthy applications; reams of financial must be turned over for review, all over several weeks time. This means the applicant business has to spend an inordinate amount of time making efforts to qualify for a business loan. That does not include the fact that many of the large banks require the applicant put up substantial collateral and sign a personal guarantee.

Business Cash Advance Guru is an alternative lender offering many types of ‘bad credit business bank loan options with particularly low rates and flexible repayment terms. Funds approved and distributed to the applicant have tax benefits; what’s more, a full 97 percent of applications are approved. Business need only to accept credit cards and project future bank deposits in order to qualify. Business Cash Advance Guru offers a number of funding programs, which include start-up loans, grand opening cash advances, as well as an asset and equity based financing options. The alternative lender even has an option for invoice factoring, making it possible to secure cash even if a company has negative retained earnings or operating losses. Additionally, funds can be used for any purpose.

Common bad credit business loan services that Business Cash Advance Guru now offers, through their nationwide expansion include:

Unsecured Business Loans Business Loan Alternative Bad Credit Small Business Loan Franchise Business Loans Poor Credit Restaurant Loans Poor Credit Business Loans Business Working Capital Restaurant Funding Business Cash Funds Fast Merchant Loans Unsecured Business Loans Merchant Cash Advance Small Business Loans Business Loans

More services are available in addition to the above list through the website at: http://www.BusinessCashAdvanceGuru.com

The lending company’s Western U.S. expanded services are available in the following geographical areas:

Bellingham, WA, Bremerton-Silverdale, WA, Kennewick, WA, Richland, WA, Pasco, WA, Lewiston, WA, Longview, WA, Kelso, WA, Mount Vernon, WA, Anacortes, WA, Olympia, WA, Seattle, WA, Bellevue, WA, Everett, WA, Spokane, WA, Tacoma, WA, Wenatchee, WA, Yakima, WA
Billings, MT, Great Falls, MT, Missoula, MT
Bend, OR, Corvallis, OR, Eugene, OR, Springfield, OR, Medford, OR, Portland, OR, Vancouver, OR, Salem, OR
Boise City, ID, Coeur d’Alene, ID, Idaho Falls, ID, Pocatello, ID
Casper, WY, Cheyenne, WY
Boulder, CO, Colorado Springs, CO, Denver, CO, Fort Collins, CO, Loveland, CO, Grand Junction, CO, Greeley, CO, Pueblo, CO
Albuquerque, NM, Farmington, NM, Las Cruces, NM, Santa Fe, NM

About TieTechnology

http://www.businesscashadvanceguru.com, a division authorized by TieTechnology, LLC. TieTechnology, LLC., specializes in service based solutions for businesses. Services provided by TieTechnology are merchant credit card processing, business service telecommunications, business cash advances on credit card processing platforms and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to their customer service excellence and the offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services, please visit (http://www.tietechnology.com) or (http://www.businesscashadvanceguru.com).

TieTechnology, LLC
813-856-0223 x150
888-809-9243 x150


[…]

Keep mitts off law reforming payday loans

Published: Thursday, February 28, 2013, 12:01 a.m.

The other day I needed some cash and went to the only ATM I could find. I took out $100 and got charged $3. Sort of an expensive way to access your own money, but the big boys at Chase have to get their slice of our pie.

It got me thinking about the continuing saga of the ways the rich have manipulated our political system to make it easier for them to steal from the poor. In our state, payday loans once created a billion dollar stream of funding, from people in difficult straits, to payday loan kings like MoneyTree. That was before 2010, when our legislature, led by then-Representative and current state Sen. Sharon Nelson, D-Maury Island, completely reformed the payday loan law. They balanced out the deal between the financial companies who provided payday loans and the people who needed them. It became much less likely that the payday loan companies would pile one loan on another, using the second one to repay the first and the third to repay the second, all of which meant more money for the company and more debt for the borrower.

One happy outcome of this is that the number of payday loans decreased significantly from over 3,250,000 in 2009 to 855,000 in 2011. The amount of money tied up in these loans dropped from over $1.3 billion to $300 million. At 15 percent interest, that meant a $150 million loss to the payday loan industry … and a $150 million gain for the folks who took out payday loans.

And it’s not like you can’t get a payday loan anymore. Sixty-eight companies had 256 locations around the state in 2011, two years after the reform bill passed. If you take out a payday loan for $700 for six months, you would end up paying back $914. That includes 15 percent interest and a loan origination fee of $95. On an annual basis, that all adds up to a 35 percent interest rate. Lots of money still there for MoneyTree!

But apparently not enough. So this year the money lenders have connived to legally extort poor people by proposing a new pathway for companies like MoneyTree. Under this new bill, if you take out a $700 loan for six months, you pay 36 percent interest, and you pay a loan origination fee of $105, and you pay a monthly maintenance fee of $52.50 a month. When you are done paying off your loan, you have doubled MoneyTree’s money — you borrowed $700 and you paid back almost $1,400. On an annual basis, your interest rate is 192 percent!

The state Senate approved this proposal for legal extortion, by a vote of 30 to 18. It helps to follow the money. Dennis Bassford is the CEO of MoneyTree. He lives in a multimillion-dollar mansion hidden in a private forest on Mercer Island. I wonder how he got all that money?! But now he wants more. So last year he and his brother Dave and sister-in-law Sara gave $5,000 to Sen. Don Benton, R-Vancouver. That $5,000 meant something, as Benton won with 50.07 percent of the vote, just 78 more votes than his opponent! Benton is vice chair of the Financial Institutions Committee and helped to shepherd this bill through the Senate.

Sen. Steve Hobbs, D-Lake Stevens, is the chair of the Financial Institutions Committee. He not only voted for this bill, he enabled its passage out of committee. Along with Hobbs, Snohomish County Sens. Barbara Bailey-R, and Kirk Pearson-R, voted for this bill for MoneyTree. On the Democratic side, Snohomish County Senators Maralyn Chase, Nick Harper, Rosemary McAuliffe, and Paull Shin all voted to stop MoneyTree from raiding the pocketbooks of desperate people.

If there are any heroes in this sordid story of the Legislature taking from the poor and giving to the rich, it is Sen. Sharon Nelson. She sponsored the reform bill back in 2009, and she adamantly opposed the take-backs envisioned this year. She knows no action means that Dennis Bassford will still get his 35 percent interest rate and still sleep in his mansion. But the folks he lends to will also be able to sleep with a roof over their heads and some sense of security. Now we have to hope that the House agrees and buries this bill before it goes any further.

John Burbank is the Executive Director of the Economic Opportunity Institute (www.eoionline.org). He can be reached via email at john@eoionline.org

[…]

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Druk Capital Completes Bridge Loan to QMX

VANCOUVER, BRITISH COLUMBIA–(Marketwire -07/31/12)- NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Druk Capital Partners Inc. (“Druk” or the “Company”) (DRU.P), a capital pool company, announces that, further to its news release of June 6, 2012, it has completed, in two tranches, the advance of an aggregate of $225,000 (the “Loan”) to QMX Gold Corporation (“QMX”)(formerly, Alexis Minerals Corporation) pursuant to a loan agreement between the Company and QMX dated July 25, 2012. The Loan plus accrued interest is considered a partial advance of the cash consideration payable by the Company to QMX for the properties the Company is acquiring from QMX (the “Properties”) in connection with its qualifying transaction (the “Qualifying Transaction”).

On June 6, 2012, the Company announced that the Loan would be secured by a lien on certain real property owned by QMX located in Val-d’Or. The Company subsequently agreed that the Loan would be secured by a first mortgage in the principal amount of $225,000, on 111 mining claims located in the Val-d’Or area of Quebec known as the Dunraine claims. QMX has also agreed to use the proceeds of the Loan only on direct expenses related to the Properties.

The Loan has a maturity date of the earlier of December 22, 2012, the date of completion of the Qualifying Transaction, and the date of termination of the Qualifying Transaction and will accrue interest at a rate of 8% per annum.

About Druk Capital Partners Inc.

Druk was listed in September 2010 as a Capital Pool Company under TSX Venture Exchange Policy 2.4 and is headquartered in Vancouver, B.C. The company was established by a seasoned group of professionals who have consistently contributed to strong performances in their respective companies over the years through achievement of value enhancing milestones.

On behalf of the board of directors of DRUK CAPITAL PARTNERS INC.

Kelly Klatik, President and CEO

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This news release contains forward-looking statements relating to the timing and completion of the Proposed Transaction, the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Proposed Transaction and the future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that the Proposed Transaction will be completed and that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact:

Druk Capital Partners Inc.

Mr. Kelly Klatik

President and CEO

(604) 732-5840

info@drukcapital.com […]

Florida Payday Loans

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Macro Enterprises Inc. Announces Agreement to Amend Convertible Loan Agreement

FORT ST. JOHN, BRITISH COLUMBIA– – Macro Enterprises Inc. announces that it has entered into an agreement dated effective December 31, 2011 to amend the convertible loan agreement dated July 7, 2006, as amended, among Macro, its wholly-owned subsidiary, Macro Industries Inc., and Frank Miles, Mark Dodge, … […]