Cash Cow Advances Blog

Archive for February, 2012

Ex-Sen. Herrera in hot
water for misuse of TUCP funds

Press Release
By TUCP
February
10, 2012

QUEZON CITY – The
disgraced former Trade Union Congress of the Philippines (TUCP)
Secretary-General Ernesto Herrera will be charged with a string of
criminal charges once the external audit of TUCP projects is
completed.

“Mr. Herrera will have
a day of reckoning where he will be held accountable for serious
allegations of siphoning funds allegedly into his personal bank
account when he was still a leader of TUCP,” said Alan Tanjusay, TUCP
Advocacy Officer adding: “if proven, this is an embarrassing fall and
disgraceful way to end his political career.”

Based on reports by
the external auditors who are conducting the audit of TUCP projects,
Herrera had committed acts which are against accounting rules and
standards by using his position and authority as the former General
Secretary.

Former TUCP Finance
Officer Eve Legion had signed an affidavit stating the former two-time
senator instructed her to prepare vouchers, withdrawal slips, checks
and/or orders of payment payable to him as cash advance.

“These cash advances
sometimes were never liquidated or no reports made as to how these
monies were spent,” explained Legion.

“Worse, while certain
checks were payable to (former) Sen. Ernesto Herrera, he signed the
checks himself as signatory which is not a sound policy on accounting,
auditing and internal control system, considering that he is the
payee,” Legion added.

Legion maintained that
Atty. Democrito T. Mendoza, the TUCP President, was never consulted
and was kept in the dark by Herrera on various expenditures and
transactions. “They were carried without prior clearance and approval
of the President,” emphasize Legion.

In an audit report
prepared by an external auditor, Herrera made unliquidated cash
advances amounting to 2.5 million pesos intended for a TUCP project.

The report showed the
first check with an amount of 300,000 pesos Herrera signed and issued
to himself was made on
February 24, 2010. This check was deposited in his personal bank account
a day later.

The second and third
checks dated March 9, 2010 with an amount of 2 million and on March
26, 2010 with an amount of 250,000 pesos were signed by him and issued
to his name. These were, again, deposited in his personal bank account
hours after he issued the checks.

Brief backgrounder

October 12, 2011 –
TUCP President Democrito Mendoza confronted then TUCP
Secretary-General Ernesto Herrera with the external audited discovery
of siphoning of TUCP funds allegedly into his personal bank account.

October 19, 2011 –
Mendoza tendered his resignation to the TUCP General Council to bring
up major discussions on transparency and accountability issues within
the TUCP. The Council pleaded Mendoza to stay on and made him retract
his resignation.

November 11, 2011 –
Herrera took an oath of office before a municipal mayor in the Visayas
assuming presidency of TUCP.

January 24, 2012 –
Citing Herrera’s illegal and disloyalty inimical to the TUCP, the TUCP
General Council removed Herrera as Secretary-General and replaced him
with Victorino Balais, president of the Philippine Trade and General
Workers Organization (PTGWO), a long-time affiliate of TUCP.

January 25, 2012 –
Herrera and henchmen attempted to takeover TUCP compound and offices
but was prevented by Quezon City police. Reports said he allegedly
attempted to seize the damning financial documents and dossiers which
will prove his complicity.
Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

Have you ever read the small print on your credit card statement? NOW is the time to start.

Sadly, most Canadians have little or no savings and consumer debt is at an all time high. This is where financial literacy comes in. Now, more than ever, Canadians need the 411 on how to be more financially savvy to meet and achieve their short and long term goals.

The idea is to organize your money so that you can get out of debt, save for emergencies and budget for the things you want in life. If your debt is keeping you awake at night and making you ill, you are not alone, this is a very real epidemic and we need to bring our financial affairs to the forefront so that we can be healthy in every way.

This week we will talk about credit cards. Ask yourself the following questions and if you dont know the answers finding them out is the first step.

That interest your paying is probably adding up to bundles of cash without you hardly noticing! How many credit cards do you have? What is the interest rate on your credit cards? How is the interest rate accumulated? The next time you get your credit card statement, read it carefully and start putting your financial muscles to work. Our goal should be to pay off the total amount owing on our credit card every month. If we cannot do this we need to make changes and cut our spending.

After all, that interest thats accumulating usually on a daily basis could go toward towards that vacation, a new vehicle purchase or whatever you are planning for.

Here are some facts for you:

• If you pay off your credit card completely by the due date on your invoice, good for you! You pay no interest! However, did you know when you do not pay off your full balance completely you will be charged interest back to the original purchase you charged to the card? Yes, that adds up to a lot of dough and the majority of people dont know it.
• If you take a cash advance on your credit card or use those little credit card cheques that the credit card companies send you in the mail, your interest starts to accrue immediately!!! Ouch!
• Purchases, Cash Advances and Balance Transfer usually have different interest rate charges, read your credit card agreement. If you dont have one call your bank and ask them to mail one to you.
• Consider transferring the balance on your current high interest card to a lower interest rate card but watch out, the credit card company you are transferring from will usually charge a fee so be aware of the costs. When I was a student I transferred one credit card balance to another card that offered me 1% for up to 12 months and then I came up with a plan to pay that sucker off within the allotted low interest time period!
• Ask and you shall receive, a better interest rate that is! If you receive a lower interest card offer in the mail or find one online, call up your credit card company and demand a lower rate! While youre at it, ask if they can waive your annual fee if one applies. It cant hurt to ask and if they dont step up, consider a balance transfer to a lower interest credit card.
• Last but not least, make sure you make your payments on time and try to keep your balance lower than at least 50% of your high limit if not less. Other potential lenders see maxed out credit as a red flag for potential future loans.

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

 
UK provider of cash advance loans, Payday Express, has held its first graduate recruitment day to attract young analytical talent to its rapidly expanding company.
 
The payday loan company invited 15 university graduates to attend the day and to undergo an intensive assessment process, consisting of a group task, presentation, interview and case study discussion. The objective of the recruitment day was to find promising analysts to join Payday Express’s analytics team, to help support and shape important business decisions.
 
After the gruelling process, one candidate was successful and has been offered the position.
 
Tim Trailer, managing director of risk and analytics, said: “It’s important to put a lot of effort into making sure we recruit the right talent, as the risk and analytics team plays a crucial role in giving management the information it needs to make business decisions, and in ensuring our processes are optimised.”
 
Analytics has been identified as a key focus area for the payday loans lender in 2012, with the aim of optimising operations and business strategy based on in-depth reporting and analysis.
 
The business plans to hold regular recruitment days, to offer high-achieving graduates entry level positions within the analytics team.
 
[ENDS]
 
About Payday Express:
Payday Express is one of the UK’s leading payday advance loans specialists, offering an online service to help employed people across the country get access to emergency payday loans. The company is committed to responsible lending and provides customers with a discreet and reliable service that will cover their short-term credit needs.
 
For further information contact:
Ashleigh Slade
Telephone: 0800 652 4661
Email: enquiries@paydayexpress.co.uk  
Website: http://www.paydayexpress.co.uk
 

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Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

ORLANDO, Fla., Feb. 3, 2012 /PRNewswire via COMTEX/ –
In response to growing consumer interest and demand, PayDayCentral.net has decided to provide information on a state-by-state basis for regulations that are specifically applicable to payday lending. Instant payday loans have become very popular today, due to the economic hardships being faced by many, but this has also opened the door to unethical and illegal lending practices.

PayDayCentral.net, operated by David Turner, features an innovative interactive tool that allows visitors to select the state where they live. The tool then pulls from a backend database to display a quick-to-read yet informative summary of the laws of their state that apply to payday lenders.

“Suppose you were looking for payday loans in Michigan,” says Turner. “You can visit our site and pull up information that you really need to know before you walk into your payday loan office. Things like the maximum amount of finance charges, the limit that you can borrow, the highest interest rate that your lender can charge you, as well as the longest time you can wait before you will be required to repay the loan. Knowing this information is critical — that’s why we are providing it.”

Turner, elaborating on the current state of regulations across the U.S., maintains that the situation is very confusing: “Most people do not even know that every state in the union has its own unique set of regulations that cover all aspects of payday lending and financing. And these laws can vary in significant ways. A person who got a payday loan in one state, and who now resides in another state, may assume that the same laws apply everywhere. That’s a big mistake. Don’t assume that you are covered by the same regulations, because you are not.”

One of the things that makes his payday loan site different, according to Turner, is that the other sites just present general information. “The other sites try to focus on the basics of payday lending. They are also presenting you with a lot of advertising from their sponsors. In my mind, that hardly establishes a reputation as an unbiased and objective source of information for consumers. What they are really doing is trying to persuade you to use the services of their advertised lenders, like those who advertise payday loans in Michigan, because when you do, they receive a commission or affiliate payment.

“But if you are, on the other hand, looking for payday loans in Florida or payday loans in Virginia, what you really need to know is not information about payday loans in general, what you need to know is the specific laws that are applicable to the state where you live. What can the lender change? How much can you borrow? What is the maximum interest rate? How many loan rollovers can you have? This is the information that matters, and most payday loan sites simply don’t provide it. But our site does.”

According to Turner, using this site can actually save the consumer precious time. “It often happens that someone finds a payday loan company that they like. Their terms and conditions are attractive. The consumer spends a lot of time researching but when they try to contact them, they find out that the company is not licensed to do payday lending in their state, forcing them to start over.” Turner elaborates: “Rather than trying to push specific lenders, we provide summary information on the best half-dozen or so payday loan programs and lenders for each and every state. Our approach is to just provide useful information and let each consumer make their own decisions on who to contact. An informed borrower is less likely to become a victim of predatory lending practices.”

PayDayCentral.net was formed with the conviction that the more information a consumer has available to them, in one place, the better educated a borrower they will be. State laws change very frequently, and PayDayCentral.net puts all this information in a single location, so that you, the consumer, will always know what the laws are in your state.

MEDIA CONTACT: David Turner 618 409 7666 mail@paydaycentral.net

http://www.paydaycentral.net/

This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at
http://www.ereleases.com .

SOURCE PayDayCentral.net

Copyright (C) 2012 PR Newswire. All rights reserved

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

President Aquino has challenged Chief Justice Corona to voluntarily open up his (Coronas) alleged dollar accounts. But if you dare the other, why not start with your own self first?

The President can be the first to open up his own accounts, SALNs and ITRs. Then he can order the entire Executive Department to do likewise starting with his cabinet memberssome of whom are already eyeing the 2013 elections. After all, transparency is his crown (corona) mantra of governance.

Here, we can also check on former Naga City Mayor and now DILG Secretary Jesse Robredos accounts vis-agrave;-vis his SALNs and ITRs during his 18 years as mayor as well as his present stint in the DILG. Remember, the Commission on Audit had revealed a lot of irregularities in his administration then like unliquidated cash advances.

For example, for the year ending December 31, 2009, the COA found again that:

Additional cash advances amounting to P3,657,365.61 were granted during the year although previous cash advances were not yet settled or proper accounting thereof were made and cash advances totaling P5,355,418.91 were not liquidated within the prescribed period resulting to the accumulation of unliquidated cash advances totaling to P8,118,457.54 as of December 31, 2009. These are contrary to Sections 4.1.2 and 5.1 of COA Circular No. 97-002 dated February 10, 1997, respectively. (See ttp://www.coa.gov.ph/Audit/AAR.htm)

Let the one among you who is without sin be the first to throw a stone at her. (Jn. 8:7)

It is fair, then, for President Aquino to equally challenge the impeachment prosecutors led by Congressman Tupas and all members of Congress to likewise publicly disclose their respective SALNs and ITRs and all their peso and dollar accounts. For sure, as they have repeatedly pounded against Corona, they must disclose with no hesitation whatsoever if they have nothing to hide.

Significantly, we can verify if Tupas could actually afford his reported P50 million peso mansion being built in Xavierville, Quezon City. As a congressman, his salary is about P25 thousand a month only.

Add to this each congressmans personal wealth vis-agrave;-vis his pork barrel.

President Aquino should equally call on all the senators who will stand in judgment of the Chief Justice to publicly disclose their respective peso and dollar accounts, SALNs and ITRs, including that of their families and dependents. After all, the power to determine public accountability has been vested in them as they sit as the impeachment court; they must be the first models of keeping the public trust.

Verily, this could be a blessing in disguise for us Sovereign Filipino People to at last check on the Marcos ill-gotten wealth given that one of the senators now is Senator Bongbong Marcos. Remember, not one of the Marcoses has ever been convicted and sent to prison despite the plunder of the Nations coffers during the dark days of the Marcos Dictatorship.

The ball is in your hands, Mr. President.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

USA Cash Services Now Offers Debit Cards to Complement Nevada Payday Loans
Customers of USA Cash Services can have easy access to their funds with a new debit card. The provider of Nevada payday loans offers the first debit card free for an existing loan.

February 9, 2012 /24-7PressRelease/ — USA Cash Services announces a new platinum debit card for Nevada payday loans and Utah cash advance services. The first card is free for loan customers. The company has partnered with a national debit card company to offer the debit card, which is accepted at over 1 million merchants worldwide.

Merchants accepting the debit card include STAR and PLUS ATMs, grocery stores, fast food restaurants, gas stations, the post office and more. The debit card partner does charge usage fees but USA Cash Services will give the customer $1.50 with every approved debit card loan. A detailed schedule of fees can be found online, so customers can check information before activating their debit card for purchases.

Obtaining a debit card for a Utah cash advance or Nevada payday loan is hassle-free. USA Cash Services doesnt require customers to undergo a credit check, have a bank account or fill out complicated application forms. USA Cash Services will verify the customers loan identity and mail out a debit card the same day.

Offering our customers a debit card is the perfect way to enhance our business services, said David Raine, representative for USA Cash Services. A debit card gives customers easy and more convenient access to their funds, anytime they need them.

Customers with Nevada payday loans or a Utah cash advance can put money on their debit cards in a variety of ways. Methods of adding funds onto a debit card include bringing funds to any USA Cash Services location or participating bank, completing a wire transfer from the customers bank account, direct deposit, mailing a money order or getting a USA Cash Services advance. Existing customers can receive funds on their debit card within an hour.

The USA Cash Services debit card also comes with many comprehensive benefits that may often differ from traditional banks. Account monitoring occurs 24/7. Customers can transfer funds to others, manage their spending, pay bills and more. Only the funds loaded onto the card can be debited, which helps prevent overspending.

Customers can keep track of and monitor their funds, view card history, make transfers, load money on to the debit card and more by visiting USA Cash Services secure website. Funds on USA Cash Services Platinum Debit Cards are also FDIC insured.

To learn more, visit http://www.usacashservices.com

USA Cash Services is a payday loan company that opened their doors in 2001. The company expanded in 2001 by offering online services. As a direct lender, USA Cash Services now has 37 locations throughout multiple states.

David

Raine

1-877-309-2274

—

Press release service and press release distribution provided by http://www.24-7pressrelease.com

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

- In 2007 he and his wife had 1.8 million rupees in cash and bank accounts, and no stocks and bonds. Their moveable assets totaled 99 million rupees. Most of this, or 96 million rupees, is posted against a category labeled other assets, such as values of claims/interests, and no further details are provided. The couple also has 15 million rupees in insurance policies, which are not included in the total assets, probably because an individual cant encash term insurance during his or her lifetime.

- In 2012, he and his wife had 10.7 million rupees in cash and bank accounts, 10.9 million rupees in insurance policies (this time counted as part of the total assets), as well as 29 million rupees in stocks and bonds. Theyve also loaned out 637 million rupees ($12.7 million) in personal loans. This time, in the other assets category, they have 120 million rupees.

Vehicles

-In 2007, Mr. Gupta and his wife had six cars, including two Tata Safaris, another Tata car, and three Ford Endeavor SUVs, as well as a Yamaha motorcycle, all valued at zero rupees.

- In 2012, Mr. Gupta and his wife have seven cars, including three BMWs and a Volkswagen Passat, and two motorcycles, which they estimate all together at 27 million rupees.

Land

- In 2007, Mr. Gupta had no landholdings or homes, but he did own seven buildings, of which the smallest was around 250 square feet while the largest was nearly 36,000 square feet, all together worth 53 million rupees.

- In 2012, Mr. Gupta showed that he and his wife had purchased more than 50 acres of nonagricultural land in the previous five years, valued at nearly 47 million rupees. And now they have eight buildings worth 65 million rupees.

Debt

- In 2007, Mr. Gupta had 81 million rupees of debt, all bank loans.

- In 2012, Mr. Gupta and his wife owe 811 million rupees ($16 million), of which about 305 million rupees is from 15 different bank loans, while 506 million is listed in the category any other liability, without further details. Dont forget, as noted above, that this is the couple that has loaned out 637 million rupees.

Tax returns

Both Mr. Gupta and his wife filed tax returns for the most recent tax year. He showed income of nearly 2.7 million rupees ($55,000) while she had income of 5 million rupees.

Comment

Mr. Gupta declined to comment for this piece.

Ajay Pal Singh, Round 4 (Sunday, Feb. 19)

Ajay Pal Singh, the Congress party candidate who won in Dalmau constituency in 2007, had 50 million rupees (about $1 million) of assets when he ran then. In 2012, he has 160 million rupees of assets, an increase of 109 million rupees (or about $2.2 million), and is running from Unchahar. Both areas are in Rae Bareli district, which Congress chief Sonia Gandhi, whose party rules at the federal level, represents in Parliament.

Liquid assets

In 2007, he and his wife had 9.1 million rupees (almost $183,000) in cash, in bank accounts, and in stocks and bonds, while 3 million rupees or 2.6 kilos of gold and over 5 kg of silver was in jewelry. He also had 4.2 million rupeesof insurance policies, not counted in his total assets.

- In 2012, he and his wife had 18 million rupees (about $366,000) in cash, bank accounts, and stocks and bonds, and 11 million rupees in jewelry, which included 3.5 kilos of gold and 7 kg of silver. They had 3 million rupees in insurance policies and also gave out 11 million rupees in personal loans to their family businesses.

Vehicles

- In 2007, he had a dozen vehicles, including a tractor and a Tata Safari, valued at zero rupees.

- In 2012, he had 18 vehicles, including what appear to be four fuel tankers, valued at nine million rupees ($180,000).

Land

In 2007, he had 38 million rupees in property. He and his wife owned 35.6 acres of farmland worth 13 million rupees, buildings worth 10 million rupees and a 7,200 square-foot home worth 15 million rupees.

- In 2012, he and his wife had 90 million rupees in property. This included 30.3 acres of farmland worth 21 million rupees, a commercial building worth 30 million rupees and two residential properties worth 38 million rupees, of which one was inherited.

Debt

In 2007, Mr. Singh had 21 million rupees in outstanding bank loans; in 2012 he has 24 million rupees in outstanding bank loans.

Tax returns

He and his wife filed income tax returns for the most recent tax year, showing income of one million rupees ($20,000) and 1.2 million rupees, respectively.

Comment

Mr. Singh said in a phone interview that the income he showed in his tax returns comes from family businesses Arakha Fuels, which is a fuel dealership, and Arakha Farms and Foods Pvt. Ltd., a more than 40-year-old enterprise that owns mango orchards as well as a food processing and cold storage units.

He said his increased wealth was from land and jewelry appreciation, noting that official property valuation rates had been increased several times in the state in recent years, and that he had not acquired any new land while in power.

I have not acquired a single inch of land since 2007, said Mr. Singh. Not even my family has acquired a single inch since 2007.

You can follow India Real Time on Twitter @indiarealtime.

Cash Cow Advances is a leading nationwide service provider of cash advances and payday loans.

WHAT have insolvency practitioners, pawn brokers, payday loan firms, job centre workers and Greggs the baker got in common?

There may be several things but the most obvious is that they are all beneficiaries in some way of the financial turmoil in which we remain mired.

In the case of payday loan firms, their growing success (and notoriety) masks a deeper trend. Some two million people in the UK have taken out payday loans in the past year, according to payday group Ferratum, and experts believe that number could rise to 3.5 million before the end of this year as unemployment rises and the squeeze on household incomes intensifies. Their ominous progress into the mainstream could result in them overtaking credit cards, PwC predicted last week.

The extortionate interest rates that payday lenders charge to borrowers struggling to repay their loans condemn ever more people to a spiral of debt from which few will escape. Two in five debt clients seen by Citizens Advice Scotland are going without food or fuel to repay their debts as creditors, including payday loan firms, become more aggressive in pursuit of them.

But a draconian crackdown would be counterproductive because payday loans are not the uniform rip-off they may seem. As PwC pointed out, they are attracting a wider range of borrowers as more people turn to the flexibility of short-term loans at the expense of high street lenders.

Taking control of the payday loan market is not simple; it needs regulation and the more unscrupulous firms banned as a matter of urgency. Focusing purely on the high annual percentage rates of interest would be unhelpful, much as they help highlight the potentially crippling costs for those unable to repay on time.

The emphasis should be on consumer protection by banning the roll-over of interest (in favour of fairer debt repayment methods); reining in TV advertising; using repayment illustrations to help people understand how the costs can roll up; imposing a cap only at a high rate to prevent lenders from recouping their costs through less transparent charges; raising awareness of alternative forms of finance, such as credit unions; opening up banking for the financially excluded and boosting access to free financial advice and debt guidance services.

Kiss goodbye to romantic notions

It’s Valentine’s Day on Tuesday but if you’re expecting your partner to splash out this year it might be worth reviewing your expectations. Scots have cut back the amount they spend on their partners by more than a sixth, on average, as they feel the financial pinch.

We all know it’s the thought that counts and it’s just as well, with seven in ten Scots now opting for cheaper dating activities, according to research by Santander Credit Cards.

People in Scotland spend just over £953 a year on their other halves on average, when the cost of birthdays, Christmas, Valentine’s Day, anniversaries and other occasions is combined. That may seem generous yet it’s almost £100 less than two years ago.

One in ten Scots say they are buying their partner fewer gifts because they don’t have the money and another 10 per cent are being careful because they’re worried about their financial situation. Around 3 per cent claim to have been deterred from relationships entirely because of the perceived financial costs.

Saving money is common sense right now, but keep an eye on that fine line between frugality and being tight-fisted. In other words, no matter how skint you are, don’t buy your other half the Asda Valentine’s card unless they have a very dry line in humour. With the “Smart Price” logo on the front and the legend “my love for you is priceless!” on the inside, this 7p card could have been dreamt up by divorce solicitors.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

SAN FRANCISCO, CA, Feb 02, 2012 (MARKETWIRE via COMTEX) –
Prosper.com, a peer-to-peer lending marketplace for personal loans
and investments, announced today that it has funded more than $300
million in P2P consumer loans since inception. The company also
announced that it funded a record $10.8 million in loans in January
alone. This latest monthly milestone continues a streak of 12
consecutive months of record growth, a 178% year-over-year increase
in personal loans funded.

“Our record growth is a true testament to our category-best seasoned
returns for lenders,” said Chris Larsen, Prosper’s chief executive
officer and co-founder. “Investors are turning to us for our
high-yield returns and our transparent, trusted marketplace. We look
forward to continued growth in 2012.”

Highlights for January 2012 include:

— Record monthly origination volumes of $10.8 million;
— 14% monthly growth in originations from December 2011;
— 11.4% compound monthly growth rate over the last 12 months;
— Borrower listings increased 30%;
— Growth achieved while maintaining strong risk return metrics: average
credit score of 724(2) and estimated loss of 5.69%(1) while delivering
a 10.46%(1) ROI.

Prosper is the only P2P lender to report seasoned and audited returns.
Seasoned returns are a more conservative and accurate indicator of
returns, reflecting a loan or portfolio of loans that has matured
enough for the performance to have stabilized. This return is thought
to more accurately reflect the true underlying return of the asset.

Prosper contracted Ashland & Partners to conduct a comprehensive
audit of its individual loans and operational infrastructure. The
independent audit represents a first in P2P lending, setting the
stage for full transparency and return on investment (ROI)
verification. Ashland examined a specified Schedule of Performance
for the Prosper All Rated Notes by Vintage Month Performance Record
for the period July 1, 2009 through September 30, 2011.

Debt consolidation, home improvement and small business-related loans
remain the leading loan categories on Prosper.com. To learn more
about Prosper’s lender returns and competitive personal loans, visit

www.prosper.com .

About Prosper
Prosper Marketplace Inc., a peer-to-peer lending
marketplace that brings together creditworthy borrowers with
individual and institutional investors, allows people to invest in
each other in a way that is financially and socially rewarding.
Individual and institutional investors invest in minimum increments
of $25 on loan listings they select. In addition to credit scores,
ratings and histories, investors can consider borrowers’ personal
loan descriptions, endorsements from friends, and community
affiliations. Prosper handles the servicing of the loan on behalf of
the matched borrowers and investors. Prosper was co-founded by Chris
Larsen, co-founder of E-LOAN. Prosper has raised $83.85 million in
venture capital and is backed by financial and technology luminaries
including, Tim Draper of Draper Fisher Jurvetson; David Silverman of
Crosslink Capital, Accel Partners; CompuCredit; Omidyar Network;
Capital One Co-founder Nigel Morris of QED Investors; Court Coursey
of TomorrowVentures; Larry Cheng of Volition Capital.

Notes offered by Prospectus.

(1) Seasoned Return and annual loss rate calculations represent
historical performance data for the Borrower Payment Dependent Notes
(“Notes”) issued and sold by Prosper since July 15, 2009. To be
included in the calculations, Notes must be associated with a
borrower loan originated more than 10 months ago; these calculations
use loans originated through February 28, 2011. Our research shows
that Prosper Note returns historically have shown increased stability
after they’ve reached ten months of age. For that reason, we provide
“Seasoned Returns”, defined as the Return for Notes aged 10 months or
more. To calculate the Return, all payments received on borrower
loans, net of principal repayment, credit losses, and servicing costs
for such loans, are aggregated and then divided by the average daily
amount of aggregate outstanding principal. To annualize this
cumulative return, it is divided by the dollar-weighted average age
of the loans in days and then multiplied by 365. Returns have been
audited by a 3rd party for all data through September 30, 2011.
Seasoned Return is not necessarily indicative of the future
performance on any Notes. The annual loss rate represents the actual
losses on Notes. To calculate the annual loss rate, the net credit
losses corresponding to eligible Notes are aggregated then divided by
the average daily amount of aggregate outstanding principal for such
loans. To annualize this rate, the cumulative number is divided by
the dollar-weighted average age of the loans in days and then
multiplied by 365. The forecast loss rate represents the Estimated
Annual Loss Rates we provided for the borrower listings corresponding
to the Notes included in the calculation of annual loss rate. All
calculations were made as of December 31, 2011.

(2) Average Experian Scorex PLUS credit score of loans originated on
the platform from July 15, 2009 through January 31, 2012. The average
is weighted by the originated dollar amount of the loan.

Press Contact:
Laurie Azzano
415.786.3317
laurie@cosmo-pr.com

SOURCE: Prosper.com

mailto:laurie@cosmo-pr.com

Copyright 2012 Marketwire, Inc., All rights reserved.

Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.

(PRWEB) February 13, 2012

BestPaydayLoans.com announces the rollout of the company’s updated lending website, featuring a new “How It Works” section with extensive information on the payday loan process. With the new content, customers can get the facts on using short-term, unsecured loans to cover immediate expenses, such as rent, medical bills, or auto or household repairs. BestPaydayLoans.com provides users with access to a network of lenders that are sanctioned by state and federal regulations. The loans offered through the new website are small in nature, generally between $100 and $1,500, and usually require repayment within the borrower’s next pay period.

“Our goal is to make visitors’ borrowing experience fast and stress-free,” says company spokesperson Beth Lancaster. “The ‘How It Works’ page will answer any questions that potential borrowers have about the application process, the security of our website, how interest rates are determined and by whom, as well as information about state and federal regulations governing the payday loan industry.”

The site’s new section tells customers how they can apply for the best payday loans without the personal collateral required with traditional bank loans. Other articles explain how to choose a lender and how to negotiate the repayment of a payday loan. The majority of articles describe the application and lending process in detail, the qualifications borrowers need to successfully receive a loan, processing time and how the funds are distributed. The site’s educational materials also provide customers with information about interest rates, loan fees and a comparison of lenders in the borrower’s local area.

At BestPaydayLoans.com, borrowers apply for a loan with a one-page online application. After pre-approval, lenders that match the borrower’s criteria contact them directly. Lenders approve most loans within minutes, and borrowers can receive their loan funds within one business day. Generally, borrowers are approved for a loan if they earn at least $1,000/mo. after taxes and are employed for 90 days or more. All applicants must have a checking account in their own name, home and work phone numbers, as well as a valid email address. Borrowers can receive their money via direct deposit.

The site’s new content serves to improve customer service and offer visitors information that increases their confidence about applying for payday loans.

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Cash Cow Advances is a leading nationwide service provider of online cash advances and payday loans.