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Government Loans: Risky Business for Taxpayers

Obtaining a loan from the government now seems perfectly normal to most Americans, be the loans for education, business, healthcare, or whatever else.

Examples include Small Business Administration loans, where a potential business owner goes to the government to get startup cash, and student loans, where a college student borrows money for tuition or even living expenses. These loans can often be paid back with interest over the course of what is often several decades.

Other examples might include Federal Housing Administration (FHA), Veterans Administration (VA), or Rural Housing Services (RHS) loans, which differ from the former in the sense that they are government insured loans, yet the fundamental principle behind them remains the same: government is taking upon itself (via taxpayers) the risk behind making the loan.

Of course, private loans are also available, though those that do not employ government insurance or other subsidies usually come with higher interest rates. The higher interest rates in the purely-private sector come from the fact that the private entity making the loan must take on all the risk, instead of externalizing it to the taxpayers.

So, the reality of lower interest rates in government and government-subsidized loans means they are vitally necessary, right?

First of all, the government doesn’t “make money,” in the way that private entities do. There is only one way in which states initially accumulate revenue, and that is through taxation. This extorted wealth is originally made in the private sector. So, in order for a government to make a loan back to the private sector, that money must first be removed from the private sector via taxation.

Government Knows How To Best Spend Your Money

For private entities, however, when they make a loan and determine who qualifies for it, and at what interest rate, the private firm making the loan is basically determining at what price (i.e, interest rate) the firm feels adequately compensated for the risk of lending out this money, and for giving up direct control over that money for the duration.

To claim, therefore, that the government should be in the business of making loans because private loans are generally too costly or too inaccessible for buyers, is no different than saying that government must take individual’s money and use it in a way that the original owners (i.e., the taxpayers) themselves would determine to be reckless and irresponsible. While it is true that occasionally a government loan may be paid back with interest at the appropriate time, it would be absurd to suggest that politicians would be more knowledgeable about how a person’s money should be used than the person who originally created and owned the wealth in the first place.

But Government Should At Least Prevent Usury, Right?

Moreover, there are those who will say that private firms making loans should be restricted from charging “excessive” interest on their loans (i.e., usury). This is an example of a very well-meaning, but utterly damaging regulation. It is crucial to note the differences in time preference displayed by both the lender and the borrower. The lender’s time preference (in this case) is lower than that of the borrower’s, meaning that the lender prefers a larger sum of money in the future, and the borrower prefers a smaller sum now. To get money now, however, the borrower must pay for it in the form of interest.

This represents a healthy balance between lenders and borrowers. It is why loans are made. Laws passed that prohibit certain interest rates on loans are far more likely to hurt those who need the loans, than anyone else. As was previously stated, a firm or person making a loan must feel compensated for the risk of making the loan, and that compensation manifests itself in the interest rate. To restrict a firm from charging a certain percentage of interest on their loans will only reduce the amount of loans it gives out.

Taking Away Your Choices

If a potential borrower who is determined to be a rather high risk asks for a private loan, then their interest on that loan will be quite high, but at least in that situation, the borrower has the choice of taking the loan, or to not take the loan. In the end, the borrower will choose what he or she believes will most benefit him or her. Yes, the borrower might miscalculate and the loan might turn out to have been a bad idea, but at least the borrower had a choice.

On the other hand, if the amount of interest that could be charged on the loan were to be forced down via government regulation, then the firm or person making the loan would simply not offer the loan at all, as he or she would not feel their risk is justified by the legally-allowable interest rate.

Faced with a lack of loans, risky borrowers may then look to government and government-subsidized loans as an option, but we find here just another case of government offering itself as the (taxpayer-funded) solution to a problem it caused in the first place.

Image source: iStockphoto.

Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.

[…]

The 3 Golden Rules of Loaning to Friends and Family

Conventional wisdom holds that you should never loan more than you can afford to lose. Believe it. If your brother or your BFF asks for $500 for car repairs, you have no guarantee you’ll ever see those funds again.

How do I know? Because I’m owed money by both a relative and a couple of friends. They aren’t bad people, just casual with cash. I’ve long since written off the relative’s loan, especially since this person has given me a bunch of rides to and from the airport when I visit my dad.

If this situation sounds emotionally loaded, that’s because it is. Here’s what Money Talks News founder Stacy Johnson has to say about the subject. Check it out, then read on for more detail.

Watch the video of ‘The 3 Golden Rules of Loaning to Friends and Family’ on MoneyTalksNews.com.

As for the other loans: I’m owed a total of about $2,100 but I’m about as likely to get it as I am to wring plasma from limestone. That was a calculated risk, and I have no one to blame but myself.

Fact is, I wouldn’t have made those loans if it kept me from paying my own basic expenses. You, too, need to keep in mind whether you can truly afford to lend money. If it’s going to torpedo your own budget, keep that wallet in your pocket.

Here are the Golden Rules of loaning to friends and family:

Rule one: Make a policy and practice of saying “no”

Have trouble saying “no”? Try it a different way:

“That’s not in my budget. Sorry.”“I have a strict anti-lending rule: I’ve lost too many relationships this way.”“I paid for your last car repair and you haven’t returned the money. I can’t do it again. Sorry.”“Let me look at my budget and see what’s possible. I’ll let you know by the end of the day tomorrow.” (This is for when you’re blindsided and/or it’s a very emotional situation. Go home and send a “that’s not in my budget, sorry” email.)

And if the would-be borrower continues to plead or badger you? Remind yourself that you cannot wreck your finances to prop up someone else’s. It’s really OK to reply, “I’m not in a position to help you and I won’t discuss it further. Sorry.” Be prepared to hang up the phone or walk out of the room.

Should the person bring it up again the next time you meet, firmly state that “if you keep talking about borrowing money, this conversation will be over.”

The most important thing to do is formulate your own policy now, so you won’t have to think on your feet when the situation arises. Maybe you only lend in dire emergencies, or to relatives with jobs, or to nobody, no matter what. The important thing is to decide on a policy, memorize it, practice saying it and stick to it – no exceptions.

And when confronted, don’t beat around the bush or ask to think it over. Your response should be immediate and firm.

Rule two: Try to help in other ways

Financial guru Dave Ramsey doesn’t think you should ever loan money, especially to family members. “It ruins relationships,” he says. “If you have the money to help then give it, don’t loan it.”

Don’t make a habit of it, though. If your cousin or your frat buddy needs help on a regular basis, those cash infusions address the symptom rather than the disease. Whether it’s careless spending or a lifestyle that’s too big for its britches, the underlying issue needs to be fixed, not enabled.

Offer help instead of a bailout, suggests wealth psychology expert Kathleen Burns Kingsbury. For example, you could decline to chip in on an auto payment or credit-card bill and instead propose help in setting up a budget or paying for a few sessions of therapy for a compulsive shopping problem.

“It may be that you can negotiate something where you’re helping, really helping,” Kingsbury says, “instead of supporting unhealthy behaviors.”

Other non-cash aid might include:

Making budget information available: Maybe your friend doesn’t want you snooping in his finances, but a site like Power Wallet will help him track expenses, set goals, measure progress and even find coupons – and it does it all privatelyHelping list items on eBay or CraigslistSuggesting they investigate peer-to-peer lendingAssist them in finding a little extra workLending or buying them a personal finance book (I’d suggest anything by Liz Weston, Clark Howard or, of course, our own guru, Stacy Johnson.)Signing them up for the Money Talks News newsletter

Rule 3: If you must loan, be smart about it

If you do decide to lend, get it in writing. Seriously. Even if it’s your mom or the parents of your godchild.

You can get a free promissory note form online from Suze Orman. Gail Cunningham of the National Foundation for Credit Counseling suggests getting the documents witnessed and notarized. This shows the borrower that you’re serious about being repaid. It also protects you later on if things get ugly – for example, if that former BFF stands in front of a judge and says, “It’s not my signature.”

Be specific about repayment terms. “As soon as possible” is vague enough to be interpreted as “any time from next week to never.” Spell out what happens if you were to die before the loan is repaid: Will it be forgiven, owed to the estate or (if the borrower is a close relative) be subtracted from that person’s share of any inheritance?

You might also consider putting this phrase into the document: “If you don’t repay me via the terms on which we agreed, you will never again be allowed to ask me for money.” (If this person has the chutzpah to ask for additional bucks a couple of years after stiffing you, turn the agreement into a paper airplane and throw it at him.)

If this is a major amount of money vs. spotting a pal $50 until payday, protect yourself by talking to a lawyer and, possibly, requiring something to secure the loan.

Again, you shouldn’t lend money you aren’t willing to lose. Promissory paperwork notwithstanding, are you really prepared to take a sibling or a friend to court?

P.S. With regard to my own money lending, the bank is now closed to all but the most serious family emergencies.

Do you ever loan money to friends or family? If you’ve got tips on how to keep it real, tell us in the comments below or on our Facebook page.

This article was originally published on MoneyTalksNews.com as ‘The 3 Golden Rules of Loaning to Friends and Family’.

FinancePersonal Finance – Lifestyle […]

The 4 Worst Reasons For A Cash Advance

A cash advance is a loan from your credit card. It usually comes at a higher APR than regular purchases and is often limited to a percentage of your overall credit limit (terms vary by card and customer). Interest accrues from the date of the transaction (there is no grace period). Cash advances can be obtained in a bank branch, at ATMs or by using the paper convenience checks mailed and promoted by the card issuer.

Cash Advance in Theory

A cash advance could be a reasonable option for someone who has an emergency need for money and limited resources for getting it – especially when that person has a clear and reasonable plan for paying back the money in a short amount of time. It is, for example, a better option than a payday loan or title loan, due to the exorbitant triple-digit interest rates those loans typically carry and the greater payoff flexibility that comes with credit card debt.

Cash Advance in Reality

A cash advance is a very expensive way to get money, and the risk of falling into revolving debt cannot be ignored. The potential to pay many times the amount of the original advance (in interest charges) is very real. Furthermore, in addition to the higher interest rate, cash advances typically come with additional fees that everyday credit card purchases are not subject to.

Worst Reasons for a Cash Advance

The reasons a person might need a cash advance are as numerous and varied as the population of any city in America. Bona fide emergencies happen every day. But the reasons listed below should be a huge red flag that a cash advance would be a very bad idea:

1. You’re about to file for bankruptcy. New credit card debt does not magically disappear in a bankruptcy. Your creditors and a judge will examine your debts, including the dates and types. Once you know or have a strong inclination that you’ll soon file for bankruptcy, credit card use of any kind may be considered fraudulent. A cash advance immediately prior to filing is very likely to be challenged by the card issuer and that account may be excluded from the debts that are forgiven in a bankruptcy. For more, see When To Declare Bankruptcy.

2. To buy something you want but can’t afford. Credit cards should never be used to acquire things you want but can’t afford. It’s true that they can bridge the gap between a short term financial need and the ability to pay for it, but a person who confuses wants with needs is at risk of falling into revolving debt. At the very least, spending this way postpones your ability to establish a healthy emergency fund.

Going into debt for wants is also emotionally detrimental. A person who thrives on immediate gratification and the temporary emotional lift of a big purchase will eventually feel regret (and possibly depression, anxiety, stress and other debilitating emotions) when faced with the debt. The more compulsive the purchase, the more pronounced the regret. See 5 Ways To Control Emotional Spending.

3. To pay a credit card bill. Obtaining a cash advance to pay bills is a dangerous financial strategy that puts you very close to financial disaster. It is by nature only a very short term solution and it immediately exacerbates the financial troubles at hand.

4. To buy a gift for someone else. Never go into debt to buy a gift for another person. This is in the category of wants (versus needs). Generosity of spirit is an admirable trait, but not when it is at the expense of your own long-term financial health. We cannot give what we don’t have. No truly worthy recipient will be comfortable receiving the gift knowing it caused the giver to fall into costly debt.

The Bottom Line

Any consumer with a cash emergency should conduct a realistic and honest self-assessment to answer a few tough questions: Why do I need the money? Can I say no to this expense? Do I pay off my credit cards each month? How and when will I pay off this cash advance? What are the fees and interest rate, and what will my total cost be? What is my plan for building an emergency fund? See Budgeting Basics to help you get started on better financial planning.

Avoiding the need for a cash advance requires careful planning and conservative financial behavior over the long term. Financial solvency does not come easily to everyone, nor does it happen quickly. But smart money moves add up over time. For more information, read The Best And Worst Ways To Raise Cash Quickly.

[…]

Payday loan brokers regularly raid bank accounts of poor customers …

A new breed of payday loan brokers are making as many as 1m attempts per month to raid the bank accounts of some of the poorest members of society.

The behaviour is provoking alarm at one of Britain’s biggest high street banks, Natwest, which says it is being inundated with complaints from its most vulnerable customers.

NatWest said it is seeing as many as 640 complaints a day from customers who say that sums, usually in the range of £50 to £75, have been taken from their accounts by companies they do not recognise but are in fact payday loan brokers.

The brokers are websites that promise to find loans, but are not lenders themselves. Often buried in the small print is a clause allowing the payday broker to charge £50 to £75 to find the person a loan – on top of an annual interest charge as high as 3,000%. In the worst cases, the site shares the person’s bank details with as many as 200 other companies, which then also attempt to levy charges against the individual.

The City regulator has received a dossier of information about the escalating problem, and the Financial Ombudsman Service also confirmed that it is facing a wave of complaints about the issue.

NatWest, which is owned by the Royal Bank of Scotland, gave as an example a 41-year-old shop assistant who took a payday loan of £100 at 2,216% interest. A month later she complained to NatWest after seeing a separate fee of £67.88 paid to My Loan Now and £67.95 to Loans Direct on her account, companies she said she had never dealt with.

The broker sites tell customers they need their bank account details to search for a loan, but then pass them on to as many as 200 other brokers and lenders, which then seek to extract fees, even if they have not supplied a loan. The small print allowing the site to pass on the details and demand payments can be hidden in the site’s ‘privacy policy’ or in small print at the bottom of the page.

The sites use sophisticated methods to take money from personal bank accounts. They typically push their charges through bank payment processing systems between midnight and 3am, knowing that state benefit payments are added to accounts just after midnight. When the person living on unemployment or disability benefit wakes in the morning, they find their money has already vanished.

RBS Natwest, whose parent is majority-owned by the taxpayer, said it has terminated payment arrangements with 20 payday loan brokers already, but is battling against sites which reappear under various .net or .uk domains.

Terry Lawson, head of fraud and chargeback operations for RBS and NatWest, said: “We’ve seen large numbers of customers incurring charges they don’t expect when using a payday loan broker since July this year. Customers’ account or debit card details are gathered and sent on to up to 200 other brokers and lenders who charge them fees for a loan application.

“At its height we were seeing up to 640 calls a day on unexpected fees, but we’re pleased to say we’re seeing this decrease on account of the actions we’re taking to help stop these sharp practices.”

Wendy Scurr from Middlesborough, who lives on disability benefits, looked for a loan online to buy a new settee. “I put in my bank details as they said I had got the loan. But as soon as I submitted the final bit of information, it popped up that I had been declined. I felt that I had been conned out of my bank details, but I thought not much more about it.

“But on the Friday when I went to take some money out I found there had been two payments made of £67.88 to My Loan Now and £59.99 [to another lender].

“I went into the bank and they told me that six minutes after My Loan Now had taken the £67.88, it attempted to take the money again but as I had nothing left it was rejected.” She has since had to change her bank account to stop repeated attempts to take money, while on her phone she receives as many as 20 or 30 calls and texts a day from payday loan brokers.

My Loan Now’s website displays a warning that it will charge a “one-off loan matching fee” of £67.88.

NatWest said that during August it saw 1m attempts by payday loan brokers to take money from its customer accounts, although the majority were rejected as the customers were already seriously overdrawn. It added that it is working with the “merchant acquirers” – such as WorldPay and Barclaycard – to blacklist the brokers where possible, and from next month will entirely block payments to two of the major players.

“We are reaching out to customers to warn them of these fees and taking steps to block the transactions altogether.

We are also actively working with the industry to raise awareness of these practices and in many cases halt some of the brokers’ operations, but, these are sophisticated organisations, they are resourceful and more needs to be done at an industry and regulator level to protect customers who may already be in vulnerable situations. If one of our customers finds they have paid these charges, they should get in touch , so that we can stop payment of further charges and help them recoup any funds already paid, if possible”.

What shocks many of the victims of payday loan brokers is that the companies are usually authorised by the Financial Conduct Authority. The FCA said it has only recently taken on the job of authorising credit brokers, which was previously handled by the Office of Fair Trading. What is called “interim authorisation” was granted to 5,247 brokers, and only since 1 October has the authority begun assessing applications in detail.

My Loan Now is the trading name of Katsea Financial Solutions, which gives its address in Ipswich and runs ten other loan brands.Peter Tuvey, a director of Katsea, told the Guardian he did not charge fees and that My Loan Now was an Isle of Man-registered company that had no connection to him. But a check on the Isle of Man registry showed Tuvey was also registered there as a director of My Loan Now.

Tuvey said: “I resigned as a director of Katsea (Isle Of Man) in June 2014. My resignation was due to the company changing its principal business practices from a free comparison site to other practices.” He did not respond to further requests for information.

Loans Direct is run by Syed Rizvi from an address in Manchester. Neither Loans Direct nor Rizvi could be reached for comment.

[…]

Local woman has warning about payday loan scam

Las Vegas, NV (KTNV) — Most of us need a little extra cash in our pocket from time to time. When funds are low, some turn to a payday loan company.

But as one Las Vegas woman recently learned, you’ve got to be careful about who you do business with.

“So it’s just been really, you know, I’m having a hard time,” said Sandra Pickens.

She said money is tight. She’s been out of work for the last nine months. To cover her expenses, Sandra said she applied for a payday loan.

“Just did a Google search you know, put in a general application,” said Sandra.

Sandra said she applied through an unknown service, that sent her application to a number of loan providers. Shortly after, she got a call from someone claiming to be a lender.

“I couldn’t understand what he was saying. I’m like, excuse me. What do I need to do? Who are you calling from?” said Sandra.

The person told Sandra she was approved for a $2,000 loan. But before getting the money, Sandra was told she’d have to pay an up front fee of $200.

“He’s like, well we need you to go purchase a prepaid card, like Green Dot, and put $200 on the card and then call us back,” said Sandra.

She said the request raised a red flag. Not only did she feel uncomfortable sending money, but she explained, she didn’t have $200.

“He was like can’t you go borrow it from your friends and family? And I’m like if I could, I wouldn’t be borrowing it from you,” said Sandra.

That’s when Sandra hung up and decided to reach out to Contact 13. She wants to make sure others know who they’re applying with, when looking for a payday loan.

“He had all my personal information. My date of birth, my social, where I live. I’m just glad I got the sense, to, I’m not sending them any money,” said Sandra.

Here’s the contact 13 bottom line: The Federal Trade Commission says if you’re told to pay a fee in advance for a loan, then it’s a scam. Never send money to someone you don’t know with a prepaid credit card or through a wire service.

Once that money is sent, it’s gone for good.

[…]

Payday Loan Advice For The Everyday Person | Shipping Wesley …

Image dmca_copyright_protected150b.png

Payday Loan Advice For The Everyday Person

Everyone seems to have financial pitfalls before them today. You may be considering the option of taking out what is know as a payday loan. Continue reading to learn some helpful information on payday loans so that you can determine if this option is right for you.

A variety of firms provide payday loans. If you are considering a payday loan, do some research first, and look for a company with a good reputation. Check to see if there are reports available about customer satisfaction. This will give you a better idea of the company you are dealing with.

Some payday loan outfits will find creative ways of working around different consumer protection laws. They’ll charge fees that amount to the loan’s interest. This could add up to over ten times the amount of a typical loan that you would receive.

It is extremely important that you fill out your payday loan application truthfully. It is a crime to supply false information on a document of this type.

Get a loan straight from the lender if you want the best deal. Indirect loans may have extra fees assessed to the them.

Sometimes, an extension can be provided if you cannot pay back in time. Many companies will let you have an extra day or two to pay if you need it. However, understand that you’ll probably pay more money for an extension.

Prior to committing to a payday loan lender, compare companies. A lot of payday loan companies have lower rates than other ones and some might not charge fees for getting the loan. Certain companies may give you the money right away, while others may have you waiting. The more you’re willing to explore, the better your odds are of finding a better loan.

It is hoped that this article has given you some pros and cons about payday loans, so you can now make an educated decision. As stated earlier, being strapped for cash is not uncommon. By figuring out what your options are, a loan can be a great way to get yourself out of hot water.

Copyright 2014 , All rights Reserved. Written For:

Shipping Wesley Chapel

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[…]

Facts You Need To Know ABout Payday Advances

If your situation requires fast money, applying for a payday loan might be your best option. You might need to hold some quick cash to get you through to your next paycheck.Read this article for information about cash advances.

Do everything you can to pay back the loan by the due date.If you extend your loan, you will simply compound the interest and make it even more difficult to pay off the loan down the road.

Cash advance loans can provide a solution to people who are in desperate need cash and have no other options. People need to understand what is involved in a payday loan before signing up and getting the cash.Interest charges are astronomical and with the fees may make such loans difficult to repay.

Take the best rates. There are many lenders who offer services online too. They want to get your business and should be competitive prices. Some lending services will offer a considerable discount if it is your first time borrowing. Check all of your options before settling on a lender.

Checking Account

Many payday lenders require a checking account that they can take automatic deductions from. The reason for this is that lenders often insist that you authorize a one-time direct payment from the checking account to pay off your loan. The withdrawal will take place on the scheduled date of your paycheck is expected to be deposited.

Keep your eye out for businesses that tack on their charges automatically to the next pay period. This will cost you because you will be paying off the actual loan.It is not uncommon to pay upwards of five times the loan’s starting value in this way.

If the person that receives the money goes bankrupt, the payday loan debt won’t be discharged. They may also make the borrower sign an agreement to not to sue the lender in the event of any dispute.

Only apply for a loan directly from the lenders themselves.There are many sites out there that will take your information and try to match you with a lender, but some of them are unsafe and will use your sensitive information to steal your identity.

Don’t be too relieved when you secure a payday loan is the final answer. You must keep all paperwork from the loan so that you do not neglect to make timely payments. Failure to meet the deadline could result in being billed a lot of money.

Be careful with your personal information when you are looking for a payday loans. Make sure you are applying with a legitimate and reputable company.

If you are thinking of getting a payday loan, try to borrow as little as possible. A lot of people experience emergencies in which they need extra money, but you need to understand that a cash advance loan is very expensive compared to a credit card even! Keep your costs down by borrowing as little as you can.

You could end up saving quite a lot of money.

Ensure you are using a safe and secure one. Many people think cash advances are the safest loans since they have the best terms, so it is a win-win if you do your research and seek out a reputable and safe payday loan lender.

Keep an eye out for people who link you to various lenders.They might show they are in one state, while representing lenders that operate in other countries. You might find yourself stuck in a loan agreement that could cost you can’t get out of.

Payday Loan

Think about the decision to take a payday loan and if you can swing it before going forward. Know that most loans charge an average APR on a payday loan is between 378-780%. Consider that it costs about $125 just to borrow $500 for a mere two weeks could cost you an additional $125. If it’s your only way out of a jam, the loan might be worth the cost.

Take a solid ten-minute break to think about what you are doing before signing an agreement for a payday loan.Payday cash advances are normally taken out when an unexpected expense arises that can not be put off.

You should find a payday loan company. Some lenders use debt collectors designed to intimidate and even threaten you if you are late in repaying your life miserable.

You do not want to make the process last longer because you forgot a key piece of information. You may lose a couple of days if that happens.

You have to pay the loan when its due.

Paycheck Amount

Some companies will allow you to borrow closer to your paycheck amount, while other businesses may only lend you a fraction of your paycheck amount. Doing your homework can save you eliminate the ones who cannot help you.

Before finalizing the amount you want for your payday loan, you need to make sure you can afford it. Know the amount of money you need in order to cover your necessary expenses. You do not consider this money under any circumstances. You should base your loan figures off of the amount you borrow on money you have left after budget expenses are met. To be on the safe side, don’t borrow more than a quarter of your paycheck.

Solving a financial emergency can be tough, particularly in this economic climate. If you’ve found this article’s advice really helpful, you may have all of the information you need to make responsible choices about payday loans. A consumer who is armed with knowledge is in the position to get the best deal, after all.

[…]

Latin American Minerals Secures Bank Loan; Pilot Heap-Leach Expansion Underway

TORONTO, ONTARIO–(Marketwired – Jun 19, 2014) – Latin American Minerals Inc. (TSX VENTURE:LAT)(LATNF) (the “Company”) announces the receipt of a USD 700,000 bank loan to proceed with the heap-leach plant expansion at Independencia Mine, part of the Company’s Paso Yobai gold project located in Paraguay.

Miles Rideout, President and CEO stated, “Our Independencia Mine received its heap-leach permit in February 2014 and is fully funded for construction, now underway. Heap-leach processing, in addition to our ongoing high-grade pilot plant production, will provide significant positive cash flow for continued exploration activities at this landmark gold discovery.”

The bank loan consists of a secured 6 year loan of USD 600,000 and revolving line of credit of USD 100,000, provided by the Banco Bilbao Vizcaya Argentaria (BBVA) in Paraguay. The Company is allowed to prepay the loan, and expects to do so from operating cash flow earlier than the 6 year term. The loan is secured by the pilot plant machinery and certain real estate (land and building) in Paraguay, but the security does not affect the heap leach operations, any surface rights of the X-Mile Trend or Discovery Trend or any other of the Company’s mineral properties.

Construction of four re-usable heap-leach pads with 28,000 tonnes total capacity is underway. Full implementation is expected over five months, during which the existing high-grade plant will continue with regular gold sales and stockpiling of low-grade mineralization.

A series of heap-leach tests has been completed in 2014 on existing mineral stockpiles and has confirmed recoveries up to 95%, averaging 70% within approximately a 30 day heap leach period. The Company already has over 12 months of heap leach stockpiles (140,000 tonnes at 0.6 – 0.8 g/t gold) on site and expects to replenish these stocks with the ongoing open pit bulk-sampling operations.

The Company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability and is required to advise the reader that there is no certainty the proposed operations will be economically viable.

About the Company:

Latin American Minerals Inc. is a mineral exploration company with its flagship Paso Yobai property located in eastern Paraguay, an emerging gold region. Paso Yobai hosts a large epithermal gold footprint on two parallel gold trends, namely the 10 km Discovery Trend and 14.8 km X-Mile Trend.

The Company holds a 100% interest in an on-site concentrator plant (mill) at the fully permitted Independencia Mine at Paso Yobai. In operation since 2012, the plant continues to provide vital information on the grade, mineralogy and metallurgical characteristics of the Paso Yobai mineralization through self-funded operation.

The Company holds 100% of the adjacent Paso Yobai X-Mile Trend exploration concessions, the present exploration focus. The Company also holds 100% interests in highly prospective diamond, REE, niobium and green-fields gold projects in Paraguay and base metals projects in Argentina.

Dr. Waldo Perez is the Company’s internal “Qualified Person” under the requirements of National Instrument 43-101, and has reviewed and approved this news release.

The Company’s public documents may be accessed at www.sedar.com.

For further information, please visit our website at www.latinamericanminerals.com or email us at information@latinamericanminerals.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements unless required by securities law.

Commodity MarketsFinancePaso YobaiParaguay Contact:

Miles Rideout, President and CEO

Toronto: (1-416) 902-8558

information@latinamericanminerals.com […]

Emerging Ideas In Identifying Central Factors Of Uk Payday Loan …

Facebook has made a slew of acquisitions to date, but nothing of this scale. Instagram is a 2-year-old startup that comes with some 33 million users and a growth rate that’s the envy of Silicon Valley. The key win for Facebook here is mobile engagement. The social network has had a mobile app for years, but it doesn’t have the user love that Instagram does. By acquiring the best-of-breed mobile app — at least in terms of audience development — Facebook both takes out a future competitor and grows its mobile presence. Step aside, AT&T and Verizon.
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This entry was posted in General and tagged . […]

Payday Loans Types – The Fax Payday Loan | Mvsg

A fax payday loan is a short term, low rate loan. When unexpected bills or emergencies come up and you just don’t have the money at the moment, a fax payday loan is an option. It is called a payday because the loan is usually only held until the borrower’s next payday. Because it is such a short term loan, the amount on the loan is usually low. The typical amounts offered in a fax payday loan are between $100 and $1,000.When applying for a fax payday loan there are a few ways to do it. The most popular and convenient method of applying is online. There are many sites online which offer fax payday loans. It is also possible to apply over the telephone or in person. Some fax loan companies have offices in certain cities.There are a few things necessary when applying for this loan. The most important requirement is an income which you can show proof of. In order to be eligible for a fax payday loan the borrower must prove that he can repay it. Most types of income are accepted, such as wages from a job, unemployment, temporary disability, Social Security, and workers compensation. There are also a few types which are not accepted. Social Security in another person’s name and state welfare checks names a couple which are unacceptable.Another requirement for a fax payday loan is a bank account. When the borrower receives the loan money it is direct deposited right into the borrower’s account. When the loan becomes due, the loan is taken directly out of the borrower’s account. Without a bank account the exchange of funds would be more difficult.It is necessary to have access to a fax machine when applying for the loan. This is because before the loan company approves your loan, they must see proof of your income. The borrower is required to fax a pay stub or any other proof of income that they may have. Most loan companies also require that the borrower fax their bank information. This way the lender has all of the banking information necessary to deposit and withdraw the funds. Most lenders also fax a loan agreement to the borrower which the borrower must sign. The loan agreement is very standard and just states the terms of the loan. The borrower is required to sign stating that they agree to the terms and also to give the lender permission to withdraw the funds from the borrower’s account when the loan becomes due.Like anything in life a fax payday loan is not free. There is an interest charge on the loan. The interest charge depends on how much the loan is for. The more the loan, the more the interest charges will be.If the borrower does not have the money when the loan is due, he will be able to take out an extension on the loan. The extension usually gives the borrower another week to pay off the loan. The extension however, does come with a price. Each week the loan is extended, the borrower will be required to pay an additional interest charge. For example if the borrower takes an extension for two weeks, he will be responsible for repayment of the loan as well as three finance charges. If the loan is held too long, the borrower can end up owing an awful lot of money.A fax payday loan is a good idea for someone who needs money fast.

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