In South America, the online payday loan business is just as popular as it is in the United States, hampered only by the relative dearth of household Internet connections. But in all developed countries, one commonality among individuals and families is a need for extra cash from time to time. Payday loans, also called direct deposit cash advances, are a ready source of emergency cash and they are easy to obtain for anyone, bank of america personal, who has a job and a bank account.
Go online for cash that’s only a few clicks away
The Internet has integrated and streamlined consumer, bank of america personal, lending practices throughout the world. Doing business on another continent thousands of miles away is often the same and just as easy as doing business in your own hometown. When it comes to obtaining a quick loan, the online payday loan business in Argentina, Brazil,, bank of america personal, Columbia, or any other South American country is no different.
A potential borrower goes online to search for an online payday loan services provider.
Although there may not be as high a percentage of household Internet connections, Internet cafes are ubiquitous in the urban areas of the more industrialized of the South American countries. A person can find a lender that they are comfortable working with by searching for and then reviewing the web sites to investigate and compare how each one handles payday loan applications and transactions. When the person is ready to apply, they click on the Apply link to key enter the information needed by the lender such as name, address, email address, place of employment, pay dates, bank, bank of america personal, details, and amount to be borrowed.
When finished, the data is submitted to the loan company where they validate the data that has been input.
After the validation process, most applications can be approved within about half an hour. Funds are transferred into the applicant’s bank account on the next business day, at which time, the deposit is available to the borrower to be used as they see fit. When it comes time to repay the payday loan and the service fees, the total amount due is debited from the bank account of the borrower and the loan is retired.
Same procedures and rules
The online payday loan business in South America works as it does here and, similarly, it’s equally important South American borrowers to enter into payday loans only after careful consideration of affordability and cost. Although the proceeds of the loan can be used in any way the applicant wants, their use should be limited to situations that are emergency in nature.
The urban populations of the great cities of South America is younger on average than that of cities in the U.
S., so there are many people who are employed but lacking in experience, bank of america personal, in managing finances. Inexperience increases the chance of unwittingly becoming over-extended financially. As in the U.S., people should create a budget and use the budget as a tool to help make financial decision. But it is comforting to know that when an emergency causes the budget to need a fast cash infusion, an online payday lender is there to help.
Banks don’t value successful businesses treating all borrowers the same, assigning high risk labels to everyone, and look for reasons not to lend and thereby penalize the successful in order to balance out their bad loans. Successful small businesses that depend on borrowed money to grow their inventories, their companies, and ultimately the economy, are unable access credit because banks are unable to see the difference between profitable companies, bank of america personal, and damaged industries.
I recently paid a real estate loan down from $16m to $2m on an income property that has a positive cash flow. The loan had a one-year extension, at which time I asked the bank to increase the loan amount from 2.0m to 2.2m for some repairs. The bank denied the $200k increase claiming this loan was now classified “high risk.” Hello! I paid the loan down by $14m in one of the toughest real estate environments in 15 years and I couldn’t get an advance of 200,000 for capital improvements, bank of america personal, .
The bank assigned no positive value for successfully paying down the loan.
Auto dealers depend on lending in acquiring their inventories, but are having trouble acquiring loans today, even if they are profitable because lenders assume all auto dealers are risky loans due to the contraction in the auto industry. Another example of the lender being unable to differentiate between a business and an industry. I know auto dealers that have been in business for 50 years that are still profitable in the current economy and are being treated like they have the plague.
The Small Business Administration doesn’t even cover floor plan loans for car dealers, bank of america personal, but recognizing that dealers need help, the SBA began rolling out new programs tailored to them. but has so far approved just one loan. And this problem is not limited to auto dealers or real estate but extends to every small business owner in America.
Mr. Banker just because a carton of milk spoils in the refrigerator you would not trash all of the contents in the refrigerator. Just because one of your kids is late coming home you wouldn’t punish all your children.
Banks should be assigning an added value to the small business entrepreneur that proves profitable while his industry and the economy shrink. Maintaining a profit today requires much more skills as a business person than it did a year ago yet no bank in the land places any measurable value on it.
Short Test for Bankers:
Situation (1): A real estate developer we will call, ‘Flipper’, borrows 120% of the project’s cost to develop a condo project and then later finds out he can’t sell it out and defaults on the loan.
Do you give him another loan?
Situation (2) A real estate investor we will call,, bank of america personal, ‘Mr. Conservative’, purchases an income property, puts 25% of his own cash down that still has a positive cash flow, never missed a payment and now needs to extend his loan. Do you give him a loan?
The reality today is that there is a greater chance that the bank will actually re-work the loan with ‘Flipper’ the defaulter to reduce the amount of the bad loan (reward) and push on ‘Mr. Conservative’ to reduce his loan amount claiming his loan is now a high risk (penalty).
For banks to lend money again they must distinguish differences between borrowers and the industries they are in and assign a positive value for those of us who can stay profitable despite a contracting economy. We aren’t talking about credit card consumption here we are talking about proven small business entrepreneurs that already, bank of america personal, made it through the worst of the economy’s contraction and will be the one’s to grow the economy going forward.
Grant Cardone Author and CEO
According to the New York Times “many national banks are encouraging clients with low balances to overdraw their checking accounts, allowing the banks to avoid credit laws and collect billions of dollars in new fees.” You might, bank of america personal, now realize that pay day loans are actually much more economical than overdraft fees from your bank.
The banks say that the overdraft programs, which cover bounced checks and allow people, bank of america personal, to overdraw their accounts, are a service to their clients.
But these overdraft programs are certainly a bad deal for consumers.
Unlike typical lines of credit, which charge annual interest of up to 20 percent, the new overdraft plans charge flat fees for every processed overdraft, translating into an annual interest rate of over 1,000 percent. Unlike lines of revolving credit, which allow customers to repay the loans at their convenience, these plans require clients to bring accounts back into positive balance in only a few days. While most traditional lines of credit have limits of thousands of dollars, the new overdraft plans have limits of $100 to $300.
After the overdraft is expended the banks again start bouncing checks.
The New York Times also states that “the rapid spread of the programs has turned overdrafts, and, bank of america personal, the fees that come with them, into one of the largest sources of profit for banks, according to consultants and statistics compiled by government bank regulators. Washington Mutual, the nation’s seventh-largest financial institution and the largest to promote overdraft protection, charged customers more than an estimated $1 billion in overdraft fees last year.
Industry analysts claim the overdraft plans, which contain fees as high as $35 per overdraft, are really high-interest loans targeted at working-class customers. Unlike pay day loans, which charge only a regulated flat fee for providing direct cash, bank overdraft programs work automatically with checks and debit cards. Customers often don’t even realize they have overdrawn their checking and savings accounts until they are notified by from the bank.
“Some banks are looking at the fact that some consumers barely make it from pay day to pay day and have a very low balance, and instead of offering them a beneficial service, they are charging their customers bounced-check fees to take advantage of the situation,”, bank of america personal, said Jean Ann Fox, director of consumer protection for the Consumer Federation of America.
A recent study by the Federal Reserve last year found that banks have increased raised their overdraft fees 24 percent from 1997 to 2001, to an average of $20.42. That’s an average of $20.42 for each individual overdraft item! And it gets worse. Banks have sophisticated software programs that ensure that your largest checks, bank of america personal, and debits are processed first. This means that, if your account if going to go negative and overdraft is required, that a higher number of smaller transactions will each incur the overdraft fees.
Add in the average merchant penalty of $15 per returned check, and five overdraft items for $200 could add up to almost $375 including charges! By contrast, pay day loans for $200 would incur fees of only $45-$60.
When you’re caught short between your paychecks, take a closer look before using your bank’s overdraft protection programs. It’s very likely that you’ll find pay day loans from Personal Cash Advance: payday loan will save you quite a bit of your hard earned cash over just a 10-day period.
Most people think they are safe from ID Theft because they shred their documents, don’t do on line banking or shopping and pay cash for most things they buy. Despite these and other ways you might try and protect yourself, the ID Thieves have numerous means of getting the information they want. The following, although not an exhaustive list, gives you some insights into how they operate.
First there is the mail box theft, whereby ID thieves will watch a certain street to see which houses have no one home during the day and which houses have external mail boxes.
They then wait for the mail to be delivered and once the coast is clear go through the mail pulling out such things as bank statements, credit card statements or applications for credit cards. The people being rob may not realize for several days, if at all. Meanwhile their information is being sold via the internet to the highest bidder. There were some men in Toronto who went one step further and took the green boxes that the letter carriers go to to pick up the mail they have to deliver next.
Each of these boxes would contain 1000’s of pieces of mail and they managed to steal 6 of them before they were caught.
Second there is the dumpster divers. These individuals will go into the dumpsters, bank of america personal, of not only homes but banks, hospitals, hotels, stores, restaurants, etc. looking for any information that is usable. One hospital dumpster was found to have, bank of america personal, thrown out unshreded documents which gave such information as the patients’ names, address and social security number.
Third there is the shoulder surfer, who tries to watch you punch in your pin number on the ATM at the bank or store. They next will seek to steal your card and quickly go and spend as much of your money as they can before you discover the theft. At one of the local banks some thieves had put a false front on one of the bank ATMs that had a card reader in it and had a small camera hidden in a brochure rack position so that it could capture the person’s pin number as it was punched in. These both transmitted information back to the thief who was in a car out in the parking lot.
He had a small machine which could make duplicates of the cards right on the front seat of his car. As soon as the person had left the thieve went in, took as much money out of the account as he could and then waited for the next victim. His numerous visits to the ATM’s were caught on the bank’s security cameras. This is the ultimate in shoulder surfing.
Fourth there is the office snooper. He or she will wait until you are away from your desk for a period of time and then go in to your computer and steal as much information about you as they can.
In, bank of america personal, many cases once a person turns their computer on at work they leave on until they go home. This makes it very easy for ID thieves to get into your computer and in a matter of a few minutes they can compile quite a bit of useful information for their particular purposes.
Fifth there is the records robber. These are people who have access to your records, from school, the bank, the insurance companies, your, bank of america personal, places of employment, the real estate office where you bought your house, various levels of government offices from federal right down to municipal, etc.
Offices like these contain the personal information of literally thousands of people. This information can be stolen by an employee or thieves can brake into the office and steal the information. Either way your personal information can be obtained and then sold or used by the thieves themselves.
Sixth and last there is the internet hacker. These are the individuals who are extremely clever with computers and can figure out how to get inside a company’s fire wall and get access to all their accounts.
This has happened to banks, major store chains, even eBay have all be “hacked” and thousands of peoples’ personal data stolen.
The big thing to notice here, bank of america personal, is that the victims really had no control over the outcome. They could be doing all the right things to protect their identity and still have it stolen. This is why it is very important to have the very best protection possible so if it does happen to you, you will not suffer the terrible problems that having your identity stolen can cause.
In North America alone, over 27,000 people have their identity stolen every day, so it is likely that it has happened to you or you know someone who has been a victim of id thieves. My wife and I were victimized almost 10 years ago to the tune of over $2,200 and we still don’t know for certain how they obtained our information.
Rosemary Hossenlopp 2007 All Rights Reserved
Are you business owners unsure of how to turn your business idea into a brilliant and powerful business?
You need a personal business plan. A personal business plan clarifies what you want the future to be and how you are going to get there.
Powerful Tips for Creating a Personal Business Plan
Step one. Create your business vision–This is your desired future. Write down what you want the business, bank of america personal, to be.
The vision must identify the customer, the geographic scope and your product or service. For example you might be starting a consulting business to provide network security assessment services to fortune 500 banks in North America. That vision statement clearly states your desired future. The business vision can also be intensively personal and not necessarily shared with customers. You may want to have 50% growth a year to allow you to create a business that can be sold. Or you may want to create a business that allows you to have a platform for your personal mission in life.
Your personal vision may be spending time with your family, climbing Mt. Everest or providing money and visibility to your favorite charity cause. Your personal business vision is your motivator to get you out of bed and to continue through the rough spots of business.
Step two. Clarify your business mission–This is the purpose of the business. It has three key parts; your product or service, the benefits you provide to your customer and your specific niche. It sounds very similar to your vision but you need to add the benefit you provide to your customer.
You share in your business mission on your website, and in your sales and marketing literature. For example, you may provide thought leadership that your market niche can not get from anyone else. You may provide a unique consulting process that will produce results that no one else can match. You can provide better service or lower costs than your competitors. Write your business mission by stating your product or service, the benefits you provide and your market niche. Continue writing it until the offer is so compelling that it jumps off the page.
Step three. Construct critical success factors– These are your business priorities. All business owners are sales people. You need to create a list of how to grow your business, be the expert in your industry and provide outstanding value for your services. Now that, bank of america personal, doesn’t mean cheap, it means outstanding value that your customers can’t get anywhere else.
Step four. Create business results needed for profitability–These are your measurable outcomes. Business results are your goals and objectives.
Create a business result, bank of america personal, for each critical success factor by adding time or numbers to it. For example, every business owner needs to be an expert in their field. For example, if you are a speaker, you need expert status. Write down how often you will have a speaking engagements, when you will write your best seller book, when you will launch a new seminar series or newsletter. All these activities are measurable and let the world know, bank of america personal, you are an expert.
Step five. Complete project plans for critical activities–These are your plans to get the results you want. You need to create a plan for how you make progress on your critical success factors. If your critical success factor is number of sales calls, your business results that will be measured is 10 new customer, bank of america personal, calls a week, determine how you will create a system to get leads, call the leads, follow up with the leads and close deals with the leads. If you are in internet marketing, your key project is too create a website that converts visitors into buyers.
Create a plan to drive internet traffic to the site, compel visitors to buy and then support them with a product.
Create a personal business plan by writing down your personal business vision, clarifying your business mission, constructing your success factors, composing the business results needed for a profitable business and completing plans for critical activities. Your personal business plan clarifies what you want the future to be and how you are going to get there.