Just Say No to Payday Loans

There is a monster lurking out in the credit world. You may think that I am talking about the big credit card companies, but sadly, no. Since I am in a dinosaur mood, I'm going to see if I can completely mess-up this analogy: The big credit card companies are represented by the T-Rex and the part of the Velociraptor is played by the Payday loan. They hunt in packs (you see them on almost every street corner), they are relentless in their attack (the lure of easy money, fast), and they totally devour their prey (high interest rates).

I realize that there may come a time when there is no choice but to get a loan from one of these places, but please be aware that you may be opening a door to a certain lady's box. For example, let's say that you need to borrow $200. You go down to your local Loan store and get your money, what could be easier? Well, depending on the company you choose, you will be paying anywhere from $41.00 to $50.00 for the privilege of borrowing that money for 14 days. Now, on first glance that may not seem like a great deal of money, but just take a minute and have a look at the interest rate you are paying: anywhere from 430.18% to 573.57% APR (roughly 21-25% for the 14-day loan).¹I don't know about you, but I find that a trifle high. With those type of rates, I am half expecting someone to drop by and break my legs if my payment is late.

I took a look at three of these companies and the only one that offered the lower rate, $41.00, was MoneyTree. All the others used a rate of 25% for the 14 day loan period. At the end of the term, you pay the company $250 and you are done. But, let's say that you just can't pay them at the end of the 14 days, what can you do? Well, you pay them $50 (your interest) and they will extend the term of your loan for an additional 14 days. At the end of that period, you pay them $250. So, for the $200 you borrowed, you have paid $100, or 50% of the original loan. If you are already on a tight budget, how will you be able to come up with the extra $50-$100? Does this seem worth it to you? Can you see where this can become a vicious cycle?

This cycle has become so dangerous, that the Federal government has even joined the party. "On October 1, 2007, a new federal law became effective that severely limits the terms under which we can loan to active duty members of the military and their spouses and dependents. As a result, after this date we will no longer be able to offer payday loans to our military customers."² Now, if they get involved, you know that there is something to be concerned about.

I realize that in this age of tight budgets and little disposable income, there is a real temptation to get cash, fast; It's easy and convenient, but at a price. I know from experience (I fell into this money pit about 7 years ago) the type of trouble you can get into by using these services, so PLEASE think it through and be very careful.


¹moneytreeinc.com (dead link removed)

²moneytreeinc.com (dead link removed)

Profit Lance, is it for Real?

I have been looking into the Profit Lance (PL) program for several months now and I have to say that I am impressed with what I have seen, or should I say, not seen. I have surfed the web looking for any negative comments about the system, yet I have not come across any so far. Is this because the system really works, or is it because the founders of this program are so powerful that they can smoother any negative comments.

I tend to shy away from most conspiracy theories, so I elect to believe that this system really works. If this were just a "get rich quick" system, I would not have looked into it any further. However, it markets itself in a very different way: by saying you WON'T make money right away. The system actually tells its potential customers that they will have to READ, STUDY, and WORK for the system to do any good. It seems to me, that this is a tutorial program rather then a step-by-step to riches program.

I have been looking for a finance system that will actually TEACH me what I need to know. A system that will show me how to work the "nuts and bolts" of the Internet. From the comments I have read, the PL system takes you under their wing, so to speak, through theory and practical exercises. Once you become proficient, they encourage you to strike out on your own, yet they are always there to give you advice and support.

If this is for real, I think I may "take the plunge" and try the system. If there is anyone out there that has heard of this system, please let me know in the comments section.

***After further research, I have come across additional information about the Profit Lance system. Please take a look at another article I wrote and if you have any additional questions, please comment back to me and I will try and answer any questions you may have.

More Profit Lance Info

Next time: The Six Week Exercise Program

Learn To Earn

Profit Lance....has anybody heard of it??

I have been searching for something that will allow me to make some money and still be able to stay at home and care for our children. While looking at the vast array of business programs out there, I came across one called Profit Lance.

This seems to be the only one that does not promise that you will earn tons of money in only 10 days or something like that. It states that it will take time, study, and work in order to be successful at the system.

From the information that I have gathered from various web sites, it seems more like an instructional course in finance and technology, with practical exercises. I've read a great many reviews on the system and it seems to be legitimate.....but how can I be sure?

Has anyone heard of this system? Has anyone tried it? I am willing to take the time and study. I am willing to put in the hard work required. But is this the system it claims to be?
I have learned quite a bit from my research over the previous several weeks, so please check my other articles on Profit Lance:

Profit Lance:Is It for Real?

Learn to Earn

If you have any additional questions, please comment back to me and I will try and answer any of you questions.