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Minimum wage

Two proposals met death in the Senate recently. One proposal was a Democrat plan, and one initiated by several Republicans. Though it made little difference which letter was at the end of their name, since they both wanted to accomplish the same thing: raising the minimum wage.

The Democrats wanted to raise it all at once and to a higher level; the Republicans wanted to raise it in two increments and to a lower level than the Democratic plan called for. Thankfully, due to partisan politics (yes, it’s not so bad after all), socialism’s stride was halted in this area. Both proposals were forms of a socialist, false philanthropic government intervention plan that is not only restrictive of the market, but entirely fruitless in its purpose. We usually call it a minimum wage law.

When first discussing the minimum wage, we must look at the underlying reasons of such a program. According to minimum wage proponents, minimum wage is designed to help low-income workers by requiring that all employers pay their employees no less than a certain amount. The current minimum wage is $5.15, which means that all employers cannot pay their workers less than $5.15 per hour. The proponents say that this will prevent employer exploitation of workers and raise the income all around. Sounds good…on paper.

Economist Henry Hazlitt, in his usual manner, destroys this argument in a few sentences:

”…for example, when a law is passed that no one shall be paid less than $106 for a forty-hour [work] week is that no one who is not worth $106 a week to an employer will be employed at all. You cannot make a man worth a given amount by making it illegal for anyone to offer him anything less. You merely deprive him of the right to earn the amount that his abilities and situation would permit him to earn, while you deprive the community even of the moderate services that he is capable of rendering. In brief, for a low wage you substitute unemployment. You do harm all around, with no comparable compensation.”

The only exception to this harmful rule is a group of workers that gets a wage that is actually worth less than its market worth. A very rare case, and, as Hazlitt points out a few sentences later, could be fixed easily and more effectively by unionization (not in the sense we usually think of, but that’s another story).

In other words, a minimum wage law causes unemployment. The worker can no longer work for his market worth, and the employee cannot afford to hire as many workers, so the worker is fired. Now he has to go out and use his resources to find another job. Whoop de doo: instead of a low wage, we got NO wage! Government at its absolute finest, ladies and gentlemen.

Needless to say, the worker is not the only person who is harmed by minimum wage. The employer suffers just as much. An argument for the minimum wage, however, is presented: “If it’s so tough on the employer to higher workers because of the minimum wage, why doesn’t he just raise his prices? That’ll move the burden to the consumers. Problem solved!” Hazlitt notes it’s far from that simple:

“It may be thought that if the law forces the payment of a higher wage in a given industry, that industry can then charge higher prices for its product, so that the burden of paying the higher wage is merely shifted to consumers. Such shifts, however, are not easily made, nor are the consequences of artificial wage-raising so easily escaped. A higher price for the product maybe not be possible: it may merely drive consumers to the equivalent imported products or to some substitute. Or, if consumers continue to buy the product…the higher price will cause them to buy less of it…on the other hand, if the price of the product is not raised, marginal producers in the industry will be driven out of business…”

What’s happens when businesses shut down? That’s right, unemployment. Whether you like it or not, increased unemployment results from the minimum wage in one form or another. Then the opposition says: “Well, they’re practicing wage slavery, so it’s just as good for them to be out of business.” Well, that’s a little presumptuous: the consumers no longer get the products of the market; the workers now have absolutely no wage, instead of a little; and finally that if the wages were SO bad in these industries, they were the best in the industry, since if they weren’t, the workers would’ve worked somewhere else. Complete negative effects.

To illustrate my point to those who hate economics with a passion, I’ll present it to you visually as a graph. In this graph, we have a very basic economic graph: on the y-axis is the price (or wage in this case), on the x-axis is quantity (or number of workers in this case), and the two curves are supply and demand, which slope upward and downward respectively. This graph shows the amount of workers at a given wage rate in the market. Very simple. At the place where the supply curve and demand curve cross is called the market equilibrium, or the place where we can get the most workers at the largest wage rate. The market automatically adjusts to this point without government interference. And everybody’s happy…except liberals.

Along comes Mr. Minimum wage: it creates a boundary on the market graph ABOVE the market equilibrium. That means that the employers have to pay no less than at that point, forcing the market to that point. And look what it causes: the firm loses workers, profit, and resources; the workers lose wages and profit; and the market gets a deadweight loss, that is, the loss of the firms that happens in cutting back workers and production, and a loss of resources that are now tied up in looking for new jobs. No one benefits…except those few who manage to stay in their jobs. Getting the idea? We’re benefiting one group of people at the expense of another.

Very basic economics, and hopefully it will dispel the myth that economics is some heavenly science only able to be grasped by the highest human minds. What’s more is that it is virtually impossible for a person to provide the basics of human life for himself at the minimum wage level. Work up some calculations in your head with your own finances and you’ll see what I mean.

Economically, the minimum wage is a crock. It benefits no one except a select few workers in a certain industry, and can drive whole industries out of business if let loose. A very basic economic argument destroys the whole premise. And it only took five minutes to think that out!


Payday loans FAQ

What is a cash advance?

When you have short-term money problems, a cash advance is an excellent way to help you out. You pay this type of loan back on your next payday, which assists you in avoiding any late fees. Our cash advance loan application is online, and our application process is a breeze, ensuring that you receive the money you need quickly.

What is a cash advance loan for?

You can use the cash advance for anything you want. You can use the cash to help you with a financial emergency or to fund an opportunity, or anything else that you need quick money for!

How much money can I borrow?

The amount of your initial cash advance is based on your individual application. Generally, you can receive a cash advance of up to $1500, but if you take out a loan and repay it successfully, you may be able to take a bigger loan out next time.

How are the fees that I pay determined?

We asses fees in accordance with federal and state laws and base them around similar services. Generally, the added fees are somewhere between $25 and $30 for every $100 that you are loaned. The actual fees are assessed based on the specific lender that you are working with, as well as the particular amount borrowed.

How do I qualify to take out a cash advance loan?

Our application process has been designed to help you get cash fast. You do not need good credit to qualify for one of our loans. We only require that you have a source of income or a job that gives you at least $1000 per month. You must also prove that you are a citizen of the United States and that you are at least 18 years old. You need a bank account that has direct deposit included as well, because this is the quickest way for you to get your cash!

How do I apply for one of your loans?

The application process on our site is practically effortless and can be filled out completely online from our website. We will review your application immediately upon receipt and will work quickly to let you know whether you have been approved as soon as possible.

What do you need to know in order for me to get a cash advance?

All of the information that we need from you can be given to us on our secure website. You will need to simply give us your name and address, in addition to the details of your job and your direct deposit account information. Other than these basic details, we will only need some kind of picture identification and you are all set!

Is my information secure?

We understand the very real threats of identity theft and fraud, which is why we focus heavily on safety and security. We utilize the highest quality and most advanced encryption technology, so that your confidential information is always secure and protected.

Is there a fee to submit an application?

We are committed to helping our customers as best we can. Due to this policy, we do not charge a fee for filling out one of our simple applications.

Do I have to take out a loan if I submit an application?

You are in no way required to take out a loan even if you fill out an application. This form just makes our team aware that you are possibly interested in a loan and want to discuss your options. Please feel free to ask us any questions or fill us in on any concerns that you may have before you formally agree to the requirements of the loan you are offered.

Will I be able to get cash even if my credit is bad?

Our loans are not dependent on your credit. We understand that credit scores are not necessarily indicative of your ability to pay back your loan and we make no assumptions about your financial history. Regardless of your past financial circumstances, you are eligible for one of our loans!

Do I need to be a home owner to get a cash advance loan?

Eligibility for one of our cash advance loans is not dependent on whether you own your own home or not.

Will I need to fax any information?

All of the information that we need to process your application can be transmitted online. We wanted to make the process as simple as possible, so that you never have to deal with the annoyance of having to use a fax machine.

Can I get two advances at one time?

You may not get more than one loan at a time. Once you have repaid your first loan, you are welcome to apply for another.

Do you check references or speak with my employer?

Because we value your privacy, we do not contact anyone about your financial situation. We firmly believe in keeping your information private, so we would never do anything to compromise your secure information.

Do I need to have direct deposit?

You must have direct deposit to use our service. This is the fastest and most secure way for us to give you the money you need.

When will I be able to access my loan?

It usually takes about 30 minutes for us to get back to you with an answer. Then, we will go over the details of the loans available to you and you will be able to understand all of the conditions of the loan. After your approval and our discussion, you will find the cash in your account within one business day. We will also make sure to work with you to make certain that you will be able to meet your repayment deadline to avoid any future financial issues.

How will I know when my loan is approved?

You will receive an email from one of our lenders when your loan is approved. Your approval rating can change up until the moment that you receive money in your account. Changes can occur if we find out new details about your application.

When do I need to repay my loan?

Generally, the loan amount will be due in full on your following payday. This can be anywhere from a week to three weeks after you take out the loan. This also depends on state mandated due dates, so your location can affect when the loan is due as well.

Can I pay back my loan before the due date?

Contact us if you are able to repay your loan prior to the day it is due. We may be able to partially refund some of your fees!

What if I am unable to pay my loan back by the due date?

If you realize that you will not be able to repay the full amount of your loan by the date due, you have a few options. You may be able to receive an extension, or you can pay just the finance fee, or the fee and some of the principle amount by your due date. We highly recommend that you try to pay the entire amount off by the date that the loan is due.

Do you have a limit to the number of loans that I can take out?

We are always available to offer you financial assistance for emergencies that come up between paychecks. Please bear in mind, however, that these loans are meant for sudden expenses and not to handle everyday financial needs.


How To Repair Bad Credit

Learn How to Repair Bad Credit

How to repair bad credit is not an easy finance related question or concept. A person who is in need of credit repair need not turn to a company that specializes in improving credit ratings. These companies often offer services that cost a great deal of money and could be performed by the individual with identical or even better results. It is possible for whoever studies how to repair their bad credit.

The first step in how to repair a bad credit situatin is to obtain a copy of your credit report. Equifax, Experian, and TransUnion, the three nationwide consumer reporting companies, are required to give you a free of charge credit report each year, upon your request. Note that usually if you are looking to get a payday loan, no credit check is required. That’s a big advantage of this type of short term loans.

Once you have received these reports, you must go through each claim and request, in writing, that the consumer reporting agency conduct an investigation into any entries with which you disagree or that fall outside of the seven year timeframe for reporting negative information.

Even if the consumer reporting agency does not conclude in your favor, you can ask that a note be made in your file that an entry was disputed, this is an important step in how to repair your bad credit.

If the negative information included in your credit report is accurate, the only way to improve your credit rating is to wait seven years from the time the event took place. Bankruptcy information can be included in credit reports for ten years. Other items, such as criminal convictions, can be reported indefinitely.

If you are frustrated learning how to repair bad credit or if you feel you must utilize the aid of a credit repair company, it is wise to first consider the legitimacy of that company. A legitimate credit repair agency will not ask to be paid prior to rendering their services.

According to the Credit Repair Organizations Act, they are legally bound to not accept payment before all business dealings with you have been completed. Companies that suggest the creation of a new identity or an Employer Identification Number for use in evading a previous credit history should be avoided completely, as this type of enterprise is illegal and can lead the consumer to prosecution. This is obviously not a step on how to repair bad credit!


How it works

Payday loans are the easiest loans you will ever find and the only thing you need is to have a stable job. As no credit check is performed, you will have to prove such recurring income reaching your bank account on a regular date.

You need to use a bank account which is at least two months old with your details such as name and address visible on the checks. We require a way to contact you after working hours, preferably a phone number. You must be at least 18 years old, but normally we require borrowers to be twenty-two years or older.

Your gross income need to be $1,500 or more per month, or at least $1,000 per month in benefits like social security or pension from government bureaus or military duties.

Finally if you are bankrupt, in a bankruptcy case or plan to voluntarily file for bankruptcy, then you are not allowed to apply for one of our loans.


Getting Approved On The Same Day For Emergency Loans

Same day payday loans are a very attractive financial option for those who are going through rough financial times and have to been urgent financial deadlines. Individuals can obtain cash almost instantly using these simple lending programs.

It is important however to remember is you are borrowing money through a cash advance you must read the fine print thoroughly and be sure to understand all of the terms and conditions. Reading all of the paperwork will ensure that you understand if you can afford to commit to those terms or if you should pursue another option.

Lenders of same day payday loans generally do not have to check the applicants credit score in order to determine their eligibility. This is excellent for those who do not have a perfect credit score, as this will not be a disqualifying factor. In addition, the application process for a same day payday loan is extremely easy and simple.

The applicant is asked to fill out a simple application form where they will be asked to provide basic information such as their personal information as well as employment and banking details. Generally, there is no need to check the credit of the applicant or fax off any paperwork; these loans are extremely fast and simple which is why they are so popular.

Remember it is important to read all of the paperwork given to you thoroughly. These loans are very attractive to those who need cash fast. However, there may be a few disadvantages that can cause damage within your financial life if you are not aware of them. To start short-term payday loans generally come with extremely high interest rates because of the ease and convenience provided.

If you fail to repay the loan in the required deadline lenders will usually extend your loan for another month however, you will have to pay interest on the extended time period in addition to the previous month. Your balance can easily double or triple what you had initially borrowed initially if you do not consider these factors.

Pros and cons aside, if you need money quickly then a same day payday loan may be the answer. This kind of financial loan takes very little effort on your side to get and both you and the lender get what you desire in a relatively uncomplicated process.


How to protect your credit score

Your credit score is based on a statistical analysis of what is in your credit history and is a numerical expression, or “score” which represents your credit worthiness.

It is typically based on information derived from your personal credit report which is sourced from the major credit reporting agencies. Banks and lenders, as well as credit card companies refer to your credit score any time you apply for credit or a loan in order to ascertain the amount of risk that could be involved when extending you the privilege.

What can hurt your credit score?

Here are 15 different things that can hurt your credit score which we have listed below, and of course there are many more. Consider the following as a basic list of “not-to-do’s” in order to maintain a healthy credit score:

1. A home foreclosure
2. Account charge-offs
3. Applying for numerous credit cards and/or loans
4. Closing credit accounts where a balance remains
5. Closing old credit card accounts
6. Closing out credit card accounts with credit still available
7. Credit card limits that are maxed out
8. Defaulting on loans
9. Filing for bankruptcy
10. Having a judgment against you
11. Having accounts sent to a collection agency
12. Having only credit card accounts or personal loans
13. High balances on credit cards
14. Not paying your bills at all
15. Paying your bills late

Any one of the above or a combination thereof will damage your credit score and make it difficult, if not impossible, to obtain credit or get approved for a loan.

Many consumers fail to realize what an important number their credit score really is. Remember that this is how creditors and lenders determine your credit worthiness.

What can you do to protect your credit score from identity theft?

With the advent of the internet, more and more individuals are shopping online and exposing their personal information to reputable as well people of bad repute. As the threat of identity theft grows every day, consider the following 5 actions in order to protect yourself from this growing internet crime:

• Be careful when giving out your Social Security number
• Compile a list of all your account numbers
• Get a shredder and destroy old paperwork
• Review your credit card statements carefully and thoroughly
• Subscribe to a service that monitors your credit regularly

Following the advice above could save you a lot of financial grief in the long run and preserve a good credit score.