Online dating and escort services are growing day-by-day and perhaps this is a topic that needs to be debated upon so that online dating advantages and disadvantages are critically analysed. The lack of openness in bringing out discussions and issues related to online dating and escort services has been intertwined in a cultural and societal disapproval and lack of recognition of these services. In certain countries and communities people who engage in escort and dating services are regarded as immoral and unfit for the society yet in other parts of the world, this is an acceptable conduct that has even been perceived as a career. The dividing lines and rules on online dating and escort services bring out advantages and disadvantages of these activities.
In addition, the nature of the activities and the perceptions of the society also contribute to the downfalls or success of people indulging on this otherwise secretive career and pleasure business. It is estimates that over 40 million Americans have taken part or tried online dating and this has seen a collective gross amount of $2 billion in the year 2012. So what are the advantages of dating online?
- It provides a large pool of partners from, which you can choose your partners. The growing number of people seeking for romance, sex, and affections online has grown tri-fold and this means that there are a large number of eligible partners to select from.
- Online dating increases the chances of getting people of same social affiliation, likes and dislikes, preferences, common thinking, and also common dating goal. People date for various reasons and while some may date partners for friendship, others are seeking for long term relationships that may be transformed into marriages. Other people are seeking for sexual pleasure, which they do not get from their partners.
- Dating through the internet can provide an income for some people. People taking up escort services do this for money. Strippers on the other hand can be hired on private arrangement to provide nudity teases to their clients. Single moms better known as single mama are dating young men who are in need of economic support in return of love and affection to the lonely women. Similarly, young girls are dating papa or single dads in exchange for money and love.
- Online dating seems to be more confidential since it does not require you to make frequent visits to familiarize each other because this can be done right from the internet. People feel that they have social privacy or security because they are not seen mingling in dating pubs or joints with people twice as old or as young their age.
- Another online dating advantage is that it is cost effective and you do not have to spend a lot of money before you get the right match of your dating.
- Online dating can help you get a long term partner for marriage or satisfy your sexual needs and this lead to psychological wellbeing. It can create pleasure and enjoyment leading to a better mental wellness and life fulfilment. People can relieve stress and other ill feelings by pairing through an online dating site where they discuss issues, make love or simply hang out together for social enjoyment. It does not necessarily have to be a sexual or love affair.
- Online dating can bring together social assimilation where different people from different social backgrounds get to share their values and try to assimilate them.
Having discussed the online dating advantages, there are also the dark side of these activities. Although there are legitimate online dating sites, many of them are out to exploit the desperately looking people who are seeking for companionship. There are many online dating disadvantages ranging from insecurity, exploitation, abuse, sexual molestations, sexual addictions, failed marriages, lack of desire for long term relationship commitment, to social denial. If you are not careful, you may end up is very difficult situation. Below are some of the online dating disadvantages;
- It can lead to harvesting of your confidential information by dating scammers especially if you register with illegitimate website. There are so many websites that offer adult online dating services and some of them are out to steal clients’ information and use it otherwise. Because in some sites you will be required to pay some upfront fees to be matched quickly with a ready partner, it means that you may end up giving your details to the wrong people including your credit card.
- People dating online are likely to give the wrong information or cheat about their age and look. This means that you are likely to find yourself relating with a partner not of the matching type you were looking for.
- You may fall prey of criminals, predators, stalkers, felons and other personalities who are out for ill intentions such as rape, assault, or even murder. You must be very careful if you are dating a person you do not know online. The sweet talks and chats may turn out to be tears of pain and anguish as you are subjected to sexual molestations and even physical aggression with no apparent reason.
- You may be exposed to use of drugs when you meet partners you have interacted online because you do not know their backgrounds. You need to ensure that you screen your partner and avoid first-time give-ins and visits to undisclosed locations. If you are meeting a partner you met online, you should tell your family where and when you will be meeting for security reasons.
- When married couples turn to online dating, this can contribute to the deterioration of a marriage relationship as partners seek for fresh, new, adoring, and pleasurable joys from new partners. This ultimately leads to lack of affection and love within a marriage, something that may culminate to divorce and separation.
- In addition, you may become addicted to online dating, which may be costly for you as you spend money meeting partners either for sexual desire or companionship. Because there is abundance of partners to meet, you are likely to denounce any current relationship and seek for another. The thinking that there is infinite possibility in getting a better partner compels you to keep on searching one after the other.
- It encourages distance relations, which at times do not work because the partners never have the chance or opportunity to meet each other due to geographical barriers that are coupled with financial setbacks. If you cannot physically travel to meet each other and you only date online, it means that there is no physical connection something that may not make the relationship complete.
- Online dating can lead to defamation and damage on your reputation when things turn haywire and you are caught in cameras and exposed to the public domain. Many professionals like lawyers, politicians, company CEOs and others have tainted their reputation after their acts of sexual intimidations are revealed to the public. These behaviours originate from online dating that turns sour.
In essence, the aspect of online dating should be re-examined by individuals and advocacy groups and evaluate how it can affect the quality of life of people and their future relationships. The online dating advantages and disadvantages needs to be plotted out and discussed openly to create awareness on people who intent to engage in this activity. Otherwise, may partners have met online and created very strong relationships while others have been lured to antisocial behaviours such as prostitution.
The Federal is put at task to counter the abusive role of payday lending operators who are running payday lending shops purported to be owned or operated by native American tribes. Stepping into the lending environment where state regulators have failed may not be easy and the federal needs to do more to protect the consumer. Through the consumer Financial Protection Bureau- CFPB, the federal has been lobbying for investigations into the operations of payday lending in tribal lands of America.
Both the CFPB and the Federal Trade Commission believe that some of the increasing payday lending operations are controlled and or owned by non-native American lenders who are abusing their business operations rights to trade under the auspice of native American tribes’ rights of sovereignty. This is a move aimed at shielding themselves from the consumer protection legislation.
The payday loans that carry interest rates as high as 750 percent are available online to native Americans who live on reservations and anyone else in the U.S. Payday loans have been described as predatory lending practices that exploit the already financially crippled consumer. According to State and Federal investors, some of these lending operations swindle customers of their money.
Most of these consumers are already struggling with their bad credit reports and they have been underserved by traditional lending institutions like banks. The payday lenders deceive customers about the costs of the credit facilities and engage in scrupulous and unlawful collection activities.
These lenders have however remained largely out of reach and the federal is pounding on how it could apply the law to trap them. The problem is exacerbated by the fact that tracing these peddlers online is such as daunting tasks. The native American tribal leaders have come up to defend the operations of these lenders saying that the tribes benefit from the positive economic gains realized from the revenues collected through these lending practices.
Some of the economic benefits cited are such as education, medical care, and other basic necessities. The severity immunity of the native American tribes puts legal challenges to the application of consumer laws. The legal concept of severity immunity of native American tribes is complex but when it comes to commercial activities like casino gambling, cigarette sales and payday lending operations, that immunity hinders the legal applications of consumer protection regulation bodies.
Many of the cases put forward against tribal payday loan practices are thrown out of the court on grounds of severity immunity. The issue of payday loan practices in native American lands is quite sensitive. According to the prevailing legal conditions and application of law within the native American tribal lands or reservations, there is a likelihood of protracted litigation over the role and authority of CFPB.
It is unlikely that CFPB will assert any authority in the near future. Until then, it is expected that these lending practices will continue to thrive amidst an ailing consumer group that does not have the privileges to access loans from traditional or other lenders due to their bad credit reports. These are consumers who are in desperate need of cash and they cannot get it from other lenders and the only option they have is to rush for the easily available but highly-charged payday or next paycheck loans. Surprising, the consumer is willing to pay the high interest rates charged on these loans.
Despite the booming payday lending business, the complexities of this market seem to make it impenetrable by lending institutions like banks and credit unions. Payday loans also referred to as predatory loans are designed for a very particular group of consumers. These are consumers ailing with demise of failing to meet their financial obligations. The consumers have categorically been underserved by traditional financial institutions because of bad credit history.
Banks and traditional lending institutions feel that they risk their business by dealing with this group of consumers. However, there are payday lenders who are willing to take the risks and offer financial help to the consumers with bad credit reports and who cannot access loans from credit unions and banking institutions.
In recent years, banks and credit unions seem to be offering some type of short term loans similar to payday loans. A presentation by the National Credit Union Foundation entitled “Real Solutions to Members’ Payday Loan Needs” shows that consumers are saving millions of dollars in fees through credit unions. This breakthrough is achieved by offering payday loans at break even prices.
This is certainly a positive move by the credit unions to offer such a high stake loaning facilities. The big question is; what kind of consumers are benefiting from these loans? Traditional payday lenders deal with a very peculiar consumer who has tainted score and cannot access loans from other institutions. Although credit unions can offer payday loans at cheaper rates, it is most unlikely that they will serve the market.
The number of people with bad credit and who cannot access loans from banks has increased following the aftermath of recession. This means that there is high demand for fast cash that does not require credit check. Credit unions may not be willing to risks their operations by immensity venturing into the payday business.
Operating at breakeven point is purposely meant to help the consumer but unfortunately the demand is too high. Those consumers with very deep financial crisis and need fast cash will end up seeking for payday loans. There is also an argument that encouraging credit unions to provide payday loans means that they are engaging in a manner that is likely to spar disagreements among the financial regulators and consumer protection bodies.
The credit unions are competing directly with traditional payday lending operators by selling short term loan at high prices than they are actually allowed to charge on any other credit products. However, the consumers being served by the credit unions may not necessarily have poor credit score and they may be able to negotiate for other low priced loans.
Credit unions may further limit their payday loan offers to consumer who have verified income, have no delinquent loans, and are not in the course of filing for bankruptcy. This means that there is still a marginalized population that may not be able to access the credit unions payday loans. In essence, the complex nature of the payday loans consumers may not allow credit unions and other institutions to venture extensively in this business. The risks involved are just too high to bear and the regulations cannot allow the credit unions to raise the interest rates beyond certain margins. This means that payday lenders will have less competition and thus the rates may not subside any soon.
Interesting research findings on bad credit payday loans are being witnessed as more studies are being done and one conclusion is that these loans are technically long term credit facilities. The payday loan market has previously lacked any credential research but today we are seeing more studies about this lucrative financial market. The truth is that you may not believe the reality on these payday loans. Critical information points out that these loans are technically long term and therefore, they are not serving the purpose they are intended to serve. Therefore, the big question is; are payday lenders sitting in their cocoons hoping that the market takes its own course? Well! Here is the reality about payday loans;
- Close to one-third of borrowers are taking loans totaling between 11 and 19 in just one year.
- The loans are serving the underprivileged consumer.
- Many of the consumers are already struggling with debt or bad credit.
- The lenders are grooming consumers to become repeat customers.
- Only about 13 percent take one or two payday loans per year; the rest take more than that.
- About 14 percent of payday loan borrowers are taking more than 20 payday loans in 12 months.
- People are using payday loans to meet their regular expenses.
- Many of the consumers have been trapped in a vicious circle.
What the aforementioned information tries to explain is that bad credit payday loans have transformed from short term one-time credit facilities to the order of the day borrowing. People no longer perceive payday loans as emergency credit facilities for the cash strapped consumers. The first borrowing turns out to a series of never-ending loan applications, which put the consumer into a vicious circle.
Payday loans are presented as short term loans were you get the cash now and pay in your next paycheck. But this is not the reality on the ground as what is happening is that many consumers are either rolling over the loans or repaying the current loan and taking a new one. According to a report released by the Consumer Financial Protection bureau- CFPB, it was found that as many as a-third of the borrowers were taking more than 11 loans and not more than 19 loans in one year.
This means that in a period of 12 months, consumers were borrowing between 11 and 19 payday loans. In the same report, it was also revealed that about 14 percent of borrowers were taking about 20 or more payday credit facilities within 12 months. This clearly demonstrates that these loans are not short term but they have been transformed to long-term credit facilities.
Since the lenders are on business mission, they encourage their clients to roll over or take new loans after repaying their present ones. This makes the whole structure of payday loans like wonga loans ideally unrealistic. Another surprising finding is that the average borrower is a consumer who is already struggling with finances. For one, the consumers who seek for payday loans are those who are turned back by banks because of their bad credit.
Therefore, the bad credit payday loans are helping the cash-strapped consumers and therefore, the borrowers are willing to pay the price. According to the CFPB report on payday lending, it was established that only about 4 percent of borrowers had an income of more than $60,000 in one year. A vast majority of the borrowers were surviving with annual incomes of less than $30,000.
If such a consumer who is financially tied is subjected to high interest rates and rollover of payday loans, the repercussions are daunting. Consumers are actually suffering in silence and something needs to be done. Apparently these consumers do not realize that there are other options they can take to prevent relying on these loans.
First, they can use bad credit credit cards, which could allow them take small loans against the cards to solve their emergency cash needs. There are also other options like peer to peer lending and bank cash advances. The problem with peer to peer lending and bank cash advances is that they may not be available to consumers with bad credit. There has been a debate on whether banks and credit unions can bridge the gap within the payday lending practice.
The payday lending market is just too risky for these depository institutions or entities and the regulations governing them do not allow them to impose very high interest rates. In the same CFPB report, it was established that the largest group of borrowers were making less than $ 20,000 in a year. This is a financially crippled borrower who is been subjected to risky loans in the name of bad credit payday loans, which attract very high interest rates, loan rollovers, and a vicious circle of borrowing.
Wonga payday loans can smoothly cross you over a financial bottleneck you are experiencing especially if you are bad credit consumer and cannot get financial assistance from the depository institutions or banks. From reality, it seems that consumers are getting the helping hand they need when they are faced with a troubling emergency for money. These bad credit payday loans have become the crossing bridge for many borrowers who are turned away by banks whenever they desperately need money.
This is certainly one reason why borrowers keep on using these credit facilities despite the fact that they attract very high interest rates. And as wonga sets it straight, “We will always tell you what the full cost of repayment will be upfront” and as though this payday loans lender is not afraid, goes ahead and point out that “Our service has a Representative APR of 4214%” The big question is; how can this such high interest rates be justified?
Consumers need to prepare themselves and learn how to maneuver the hard times. Although wonga tries to defend itself and justify that this is an annual measure of APRs and that their payday loans are not intended for a 12 month period but only one month, the rates are surely high. In addition, wonga claims that this percentage they have given out assumes a theoretical compounding, which means that a borrower rolls over the balance and therefore the interest rate is charged on the accumulated balance and not the principal amount that was initially loaned.
A wonga loan is structured to be due between one day and a month; period. However, like other next paycheck credit facilities, they are no longer serving the intended purpose. A payday loan that is only meant for two weeks could be rolled over for up to one year. And the repercussions are huge. Even those who pay their loans within the two-week period, they head back to the same lender to take some more.
According to a research done by the Consumer Financial Protection bureau, it showed that about 13 percent of borrowers were taking out a maximum of two payday loans in a year. Similarly, about one-third of borrowers were taking an estimated 11-19 different payday credit facilities in just 12 months. This clearly demonstrates that payday loans are no more short term or one-time borrowing credit facilities.
There is the danger of being trapped in a vicious circle where you have to keep on borrowing in order to make ends meet. The problem is that the high interest rates eat up the little income you earn every month and you are left with a deficit and you cannot meet your regular bills and expenses like food stuffs, rent, gas, electricity, telephone, and other monthly bills.
Therefore, the chances of going back to obtain wonga payday loans is very high. It seems that payday lenders are grooming their customers for a repeat business not knowing how they are destroying their lives. There are many options that consumers need to take in order to steer clear of these cash advance loans because they are not sustainable.
First, you need to set up an emergency cash account and make it a strict saving behavior. In addition, today there are bad credit cards, which can allow you get some credit against the cards. Although missing credit card payment can attract high interest rates penalties that may hike your APR to as high as 35 percent, this is annualized APR and therefore, if you break it down to two weeks or one month period, you find that it is something negligible.
Wonga loans can only serve their purpose if you take only one or two of these loans in one year but this is practically not happening to most of the consumers. They are trapped in a vicious circle of borrowing again and again with many taking as many as 20 or more loans per year.
As the popularity of payday loans online lenders increases, the effects are being felt among the consumers as these non depository credit facilities are both helping and at the same time hurting the very consumer. Like a power saw, payday loans are a very excellent credit facilities for cutting through a financial emergency but again like a power saw, they will hurt serious if you do not use them correctly. These next paycheck credit facilities are aimed at serving specifically very short term pressing financial needs.
There is need to emphasize that they are only intended for very pressing and urgent need for cash and where a borrowers cannot obtain the money from other sources. While the payday loans online credit can be very attractive for the consumer in a financial crisis, it can be a trap to a vicious circle of borrowing. Although the loan is designed to be repaid within two weeks or one month, this is not the case because studies show that payday loan borrowers are taking numerous loans in a year.
From a study conducted by the Consumer Financial Protection bureau (CFPB) it has been established that more than one-third of people who borrow payday loans take about 11 to 19 different next paycheck loans in a period of 12 months. And that does this means?
These credit facilities are designed for one time or occasional borrowing in order to take you through a financial crisis you are facing. The loans typically range from $300 to $500 and can help solve a very urgent small ticket expense that you MUST resolve. In the CFPB report, it was also revealed that about 14 percent of borrowers were taking out 20 or more payday loans in the same period of 12 months.
These loans are very beneficial to the right consumer because they are obtained quickly and easily. The payday loan process has typically the shortest application process that you can find in the market today. If you need money to pay a bill today so that you do not damage your credit report, these loans are there just for that one time urgent need. Similarly if you are faced with an urgent need such loss of a loved family member and you need bus fare to go home and you are cash-strapped and do not have any cash in your account or pocket, then again these loans can rescue.
You may need these loans if you want to buy a life-saving drug or medication or pay your house rent. So, you can see the kind of emergencies these loans can handle. This means that they are not good for every other financial need because they carry a big risk. In a few hours or less than 24 hours, you can have money in your account and resolve your emergency.
In addition, the loans are easy to qualify because they are no credit check loans. All you need in order to obtain this loan is an active checking account, a monthly income from a job or business and the proof of your resident. These payday loans online credit facilities eliminate the cumbersome and frustrating bank application process, which entails filling out lengthy forms and worst of it all, checking your credit report.
Just the mere requesting for a credit report check by a bank lowers your score even if you have not been granted a loan. In addition, these loans are useful when you have been turned back by banks and other depository institutions.
However, the trap is that most of these loans will take a better part or large chunk of your next paycheck. This means that you will not have enough money for your regular expenses and therefore, the likelihood of going back to the same payday loan shark lender is high. This way, you may end up borrowing a 2nd, 3rd, 4th ... and even the 10th payday loan before the end of the year. This is how these loans are transformed from the intended short-lived debt solution to a long term borrowing.
Reward credit cards are designed to help consumers save money through a number of perks offered by the card issuers. However, for you to enjoy the top reward cashback credit card perks, you have to qualify for the card issuance. Although you may still qualify for a cashrebate reward credit card with low income, you may not benefit from the top rewards as they are offered to high spenders.
If you earn less than $60,000 annually, you will not qualify for those top reward cashbacks cards. In 2010, the Federal put in place a voluntary ethical code of conduct that was meant to protect small business entities from the rising processing fees charged on credit card. This is the reason why modest income earners cannot enjoy best reward credit cards and therefore, they are virtually locked out.
Initially, before this code of conduct was issued, small entities complained that they were compelled by credit card issuers to pay more in processing premium card. Therefore, Ottawa concluded that premium cards should not be marketed to consumers if they do not meet certain income level. In recent times, there has been proliferation of reward credit cards which are aimed at saving consumers money whenever they spend in purchasing goods and services with their cards.
High spenders can benefit from premium cards like Visa’s Infinite brands as well as MasterCard’s World brands. For you to benefit optimally from these premium cards, you need to spend more than $2000 per month, and this for the low income earner, is pretty large amount to spend. Considering that credit card debt still hurts many consumers, it would not be easy for them to spend such amount and these cards will remain to benefit the wealthy class and high spenders.
In order to qualify for reward cards like Capital One and Scotia, the card users need to have at least a personal annual income of $60,000 and a household income of at least $100,000. However, despite low income earners being locked out of the premium reward cards, they can still enjoy reward card perks that are designed for the modest income.
One of these cards is the RBC Cash Back MasterCard. You are only required to have an annual income of $15,000 for you to be issued with the RBC Cash Back MasterCard. Another low income reward card is MBNA’s Smart Cash card, which requires you to have at least an annual income of $35,000. The MBNA’s Smart Cash card offers a cashrebate of up to 5 percent on gas and groceries in the first 6 months of use. After that grace period, you are offered a 2 percent cashrebate in purchases.
Other cards that have been designed for the low income earners are Scotia Momentum No-Fee Visa, which requires a low amount of $12,000 annual income to qualify. Capital One Aspire Cash Platinum requires an annual income of $30,000 while CIBC Dividend Card is designed for consumers with an annual income of at least $15,000.
However, the perks are far much less compared to the premium cards. In addition, since the more you spend, the higher the perks you enjoy, for low income earners, definitely, they will benefit from less perks compared to the wealthy class.
Nonetheless, using these no-fee reward credit cards can help the users save about $10 to 20 dollars in every month and this can go towards meeting the card fees. The MBNA’s Smart Cash card gives card users the most cashrebate considering that you can get 5 percent on gas and groceries in the first six months spending.
