Payday Loans Vs Bank Loans: Who’s the Real Villain?

Payday loans have been getting a bad rap lately for what some argue are outrageously high interest rates and predatory lending practices, however when payday loans and their costs are stacked up against the fees of traditional banks, a different villain begins to appear.The majority of payday lenders offer short-term personal loans that carry an average cost of between $12 and $22 per $100 borrowed. (a simple interest rate of 12% – 22%) The payback term is typically two to four weeks and the payments are automatically debited from the same consumer bank account that the funds were deposited into at the time of the loan. Opponents of payday loans argue that if the percentage rate on one of these loans is amortized over a full one year period, the annual percentage rate (APR) can reach or exceed 200%. Certainly an APR of 200% does seem outrageous, but that also begs the question of, “Why would opponents of payday loans- or anyone for that matter, attach an annual percentage rate to a loan that only covers a two to four week period?” We begin to see the self-serving purposes of the real villain when this question is answered.Most groups that are vehemently opposed to short term personal loans and the payday lenders who offer them are made up of large banks and other traditional lenders. They claim that they oppose payday loans in the interest of protecting American consumers. In reality, if we look at a typical scenario involving these so called “protectors” a different story takes shape.Let’s say for example that a consumer who has the average bank checking account runs short on cash and needs an extra $200 until the next payday in order to pay a couple of small bills or buy groceries for their family.The odds of getting a loan from the bank in less than 24 hours for even a small amount are slim to none, especially if the consumer in need has anything less than perfect credit. Without the option of getting a fast payday loan, the consumer may be forced to go ahead and write checks for those bills knowing that there won’t be enough money in the bank to cover them. Overdraft fees at most banks come in at around $35 per bad check and are automatically debited from the consumers account as soon as the next deposit is made. If that deposit is made after the end of the billing month, additional late fees may be added – further increasing the amount owed to the bank!Now let’s say the consumer had to write 3 small overdraft checks that total $100 to pay those bills, the $35 fee is a per check fee so if the consumer writes three overdraft checks that total $100, the fees the bank charges to the consumer would be $105 or $35 for each bad check written. (a simple interest rate of 105%) If we amortize that amount into an annual percentage rate – as the banks do – when they argue against payday lenders, the bank interest rate on overdrafts exceeds 1,000% annually before late fees are added.To make matters worse in this hypothetical bank account overdraft situation, the consumer will most likely be charged between $20 – $45 by the three vendors to whom the bad checks were written, therefore the cost for NOT having access to a payday loan climbs even higher. Additionally, knowingly writing a bad check is against the law and punishable by jail time in most states. Despite what the big corporate banks and their lobbyists might wish for you to believe, when we take an objective look at the real world it starts to become very clear that payday lenders actually offer a valuable service to middle and low-income consumers who otherwise have limited options with a standard bank account.American consumers need payday lenders. If there wasn’t a need for payday loans and it wasn’t a viable solution to an existing problem, the business would not be flourishing throughout the country. “Traditional banking institutions just don’t offer the flexibility and distribution of short-term cash loans the way payday lenders do… so it is an industry that has actually filled a void for many Americans – most of whom use the service wisely and effectively.” says William Janus, owner of three payday loan stores in Missouri.The argument for and against payday loans promises to continue and grow throughout the coming year and at the head of the pack opposing payday loans will most likely be those villains disguised as bank presidents who view the payday loan industry as encroaching upon their gluttonous profit margins that are conveniently hidden in overdraft and late fees. All the while they charge these outrageous fees in the name of “protecting” the American consumer.To protect yourself, make sure you are aware of any and all bank fees that you may be subjected to and if those fees are subject to being compounded or augmented by late fees and added interest. You can find payday lenders who are clear of any complaints with the Better Business Bureau or Federal Trade Commission by performing an Internet search for “best online payday loan reviews”.

Steps to Designing a Perfect Garden

Garden design is not just the ability to create a beautifully illustrated plan, although this is one of the many outputs of the garden design process and arguably the most exciting. A garden designer’s role is to find creative, practical solutions to the many technical challenges presented by an outdoor space. A good garden designer can make a garden that is useable and suitable for a specific set of requirements as well as being beautiful and a pleasure to spend time in.It would not be possible to describe fully how to design a garden in a single article. A great deal of training and experience is required to understand how to obtain the correct ratio of mass to void in a garden design scheme, or how to create rhythm in a garden design, or working with shapes to ensure the garden flows and feels comfortable to use. So, the following paragraphs outline major steps in the garden design process and I will go into more detail about each phase in separate articles.1. Decide on the requirements for the gardenBefore considering aesthetics it is necessary to understand the practical requirements for the garden such as how it will be used, by whom and who will look after it. Answering a series of questions is the best way to arrive at the requirements. These are the kind of questions that need to be answered to arrive at the requirements:-• How much time is available to look after the garden?• Will a professional maintenance company/garden be looking after the garden?• Will the garden be used by pets or children?• Does the garden need to cater for elderly or disabled visitors?• Will the garden need to cater for users with mobility problems?• Will the garden be used for eating and entertaining?• How many people will want to use the garden at one time?• Is the garden owned by a keen, knowledgeable gardener?The aim is to arrive at a list of requirements which forms the basis of the design process.2. Get inspiredExperienced garden designers know the value of regularly looking at all forms of art and architecture in order to keep their ‘visual vocabulary’ up to date and get inspiration for their designs. Inspiration can come from a shape in nature like an old, gnarled tree, an architectural detail on a building, a combination of shapes and colours in a painting, almost anywhere if you are looking with a creative eye.Look at materials, interior and exterior. Textures and patterns in wall and floor tiles, stone cladding, marble mosaics, etc are a great source of inspiration and can result in a piece of detailing that lifts the garden design scheme out of the mundane. Visit landscaping supply yards, reclamation yards and interior design suppliers like the Design Centre in Chelsea Harbour in London.Visit some gardens, look in gardening books and magazines, go to some garden shows like the RHS (Royal Horticultural Society) Chelsea Flower Show and Hampton Court Flower Show and look at the show gardens.3. Take the site surveyTake a thorough site survey and analysis. Measure the house including the position and height of all doors and windows. The survey should show steps, drains, manhole covers, chimney breasts, and anything else that will affect the final garden design.A garden is rarely square or flat. Use triangulation and offsetting to plot in the garden boundaries, and the location of all plants, garden features and buildings. Make a note of things outside the garden like overhanging trees or a fabulous view as they will affect the eventual design of the garden. Survey any level changes in the garden and mark these clearly on the survey.Take a soil sample for analysis. It’s important when planting to know what the ph level (acidity or alkalinity) of the soil in order to choose the correct plants. Some plants prefer a soil that is more acidic and others will only grow in a more alkaline soil. It is also necessary to identify boggy places, shaded areas and other potentially troublesome parts of the garden.A note must be made of what lies beyond the garden boundaries. If the garden overlooks a great view this can be used as part of the new design – this is called ‘borrowing’ the view. However, if there is something ugly outside the garden like a derelict building, or the garden is overlooked by neighbouring properties these will need to be screened out as part of the garden design.The site survey must be drawn up to scale, in ink on a piece of tracing paper large enough to show clearly the new design and put in labels – most gardens will fit onto an A1 sheet.4. Create the new designUsing the requirements and site survey the new design is created using a series of interconnected geometric shapes. The final design should create a pleasing picture on paper and each element that comprises the design should be the correct size for its intended purpose. For example, if the terrace needs to seat 6 people for dinner it must be large enough to hold a table of the correct size with room to pull out chairs so that people can sit down and stand up comfortably.The design must addresses any sloping parts of the garden. If flat spaces are required for lawns, seating areas, etc and the site is sloping retaining walls will be required -these should be shown clearly on the plan.The new design should be drawn to scale in ink on a piece of tracing paper. Everything must be labelled clearly including wall heights, paved areas, lawn, edgings, pergolas, planted areas, walls with their heights, water features.5. Choose construction materialsSelect materials for constructing each area and make sure these are labelled on the plan. There are many different construction materials available and these vary greatly in price and quality. Research DIY stores, garden centres, and landscape and building suppliers to find materials that suit the intended purpose, and fit the budget.6. Create the planting planA planting plan is required that shows the location, type and numbers of plants clearly labelled with their Latin names for each planted area of the garden. Planting should comprise a mixture of evergreen and deciduous shrubs, herbaceous plants and bulbs that will give a year-round display of colour and scent. The plants give the garden structure and that important quality of seasonal change.7. Create the construction planThe construction plan helps remove margin for error and ensure the garden is constructed correctly to a high standard. The construction plan is a technical drawing that shows contractors how to construct specific features in the garden such as steps, pergolas, fences and retaining walls. It should contain details of required paving patterns and sections showing how paving is to be laid, how footings for walls are to be constructed, how edgings are to be laid.8. Create the setting out planThe setting out plan is another technical drawing that enables landscape contractors to construct the garden accurately. This plan shows the dimensions and location of all features in the garden. The central point of any circular features such as seating areas and lawns will be shown as a measurement from a fixed, measureable point such as the corner of the house. This plan will also show angular dimensions, wall heights relative to finished paving height, and the finished ground level of any terraced areas.The setting out plan enables landscape contractors to quickly mark out the garden before they start building the garden. This allows them to check there are no errors in the design or survey and that the design will fit correctly into the space. It enables adjustments to the plan, if necessary, before construction work starts, thereby avoiding expensive mistakes further down the line.

Crypto Currency Vs Fiat Currency

Crypto currency vs. Fiat currency

Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.

In cashless society- crypto money play a huge role

If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.

Crypto currency and fiat currency are always at loggerheads

Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.

Differentiating in what the currencies stand for

Before going for the difference between the two, you must understand what do they stand for and how are they are defined.

The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:

• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.

• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.

• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.

• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.

• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.

• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.

The different types of crypto and fiat currencies

In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.

The differences in the anonymity between the two currencies

When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.

Fiat currency vs crypto currency: transparency level

• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.

• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.

A comparative historical roots

If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.

On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.

A comparative history of the two currencies:

• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.

• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.

• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.

• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.

• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.

The traits of both the currencies

The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.

Let us compare their traits with respect to certain factors.

• Both the crypto coins and fiat type currencies are interchangeable in nature.

• As per the portability is concerned both the currencies secure more or less the same position.

• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.

• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.

• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.

• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.

• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.

• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.

• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.

• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.

• The fiat currencies are sovereign in nature, while the crypto currencies are not.

The process of the functioning of the currencies

You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.

On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.

Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.

Is Bitcoin, a crypto currency better than the fiat-currency?

The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.

Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.

Why is Bitcoins considered to be a better aspect than the fiat type currencies?

• Bitcoin gives you the opportunity to re-create a free market capitalism.

• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.

• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.

• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.

• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.

Crypto currencies seem to be a favorable option among the people

The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.

Send money anywhere directly without waiting for the bank’s approval

You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.

The blockchain technology has a very big role to play

Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.