Go Commercial – How To Cash In On A Growing Market

To add a little oomph to business these days, LO’s are turning away from the residential realm and focusing their efforts on potentially bigger fish – the commercial arena. Find out the differences between the two markets – from documentation to financing – and why you should line up to tap these unchartered waters. As a bonus, a commercial originator in action shares his words of warning before stepping into bigger territory.With the subprime fallout, amped up regulation and a slowing residential market, many originators are feeling the squeeze of increased competition and fewer deals.”Many brokers are making the transition into small commercial lending as a way to serve their existing clients better, and to branch out into a growing market,” said Reed Larsen, vice president of Homeland Mortgage Inc. and Homeland Funding Corp. “Many mortgage brokers have worked hard to build good relationships with their clients over the years, particularly with small business owners and self-employed borrowers who need the kind of expertise and the level of service that good brokers provide. These entrepreneurial clients often ask their brokers about commercial loans, and brokers would rather close those loans than send their hard-earned clients down the road to a competitor.”What’s the difference?While both residential and commercial brokers seek to find loan deals for individuals buying property, the methods to get these loans are very different.FormsAccording to Kristin Williams, of Silver Hill Financial LLC, residential deals all require the same forms.
“It’s very standardized,” she said. “1003, 1008, VOD, VOE, etc. But in commercial, each company has their own separate set of documents they require.” In commercial, the deals are all non-standardized and individualized.Finding valueWhen it comes to finding comparable in the residential realm, Williams said it is usually easy and quick.”Traditionally, residential properties are very cookie cutter so you can get several appraisals done very quickly — because there are so many comparable properties out there,” she said. “In commercial, buildings are extremely unique. Appraisal time takes much longer because it’s harder to find similar property types.”This can lead to more complex, more thorough appraisals — up to 100 pages long — which can take up to four weeks and cost between $1,500 and $4,000.Calculating loan amountsAccording to Williams, residential loans consider extensive loan-to-value (LTV) ratios, sometimes 100 to 115 percent.However, in commercial, “traditionally, LTVs are very limited just because of the riskiness of the transaction,” she said. “They offer lower LTVs to lower their risk. About 75 percent, sometimes 80 percent is the highest LTV for commercial.”Also, residential originators consider a borrower’s debt-to-income (DTI) ratio by assessing the individual’s personal income. In a commercial transaction, however, a debt service coverage ratio (DSCR) is assessed, which considers how much a property or business occupying the space must have to cover its debt.What can be financed?While every financial institution is different, many consider the following to be eligible property types for funding: Multifamily, mixed-use, office, retail, self-storage, light industrial, bed and breakfast, warehouse, mobile home park, industrial, funeral home, flagged hospitality, rooming house, health care, day care, RV park, unflagged hospitality, restaurant, and gas stations.In Silver Hill’s case, the following are considered ineligible properties and it would not provide funding: traditional churches, raw land and farms, construction, development, rehab and adult entertainment facilities.It is best to ask your lender before continuing with the transaction.How does financing work?While traditionally, residential brokers can obtain funding with a local lender, LOs need to do a little investigative work to find the best deals for their client. What financing sources are available to commercial brokers?Banks”Traditional banks and credit unions are great at offering loans at very competitive rates for your higher-credit-score client,” Williams said. “However, they do have some specific guidelines of the types of properties and the loam amounts. Lots of times, the riskier the property type, the less opportunity you have at a traditional bank.”Banks also charge a large good faith fee before the loan is even processed, sometimes upwards of $5,000.SBA loansSBA loans are multi-faceted if someone wants to pay for the building, business or equipment all in one. It is also good as a standard business loan to provide funding for disaster relief. However, SBA loans take a lot of time — up to 3 months — to finish and requires a lot of documentation.Private/hard money lendersPrivate/hard money lenders are the last-stop shop that is great for high-credit-risk clients, Williams said. They are also bankruptcy or foreclosure friendly.”They get the loan done quickly,” Williams said. “However, the loan terms are the least favorable with extremely high interest rates — upwards of 15 percent — and the loan balance will come due at a very short period of time.”There is also a lock-out period that freezes the client from refinancing.Small-balance commercial lenders”The credit requirements are a little more acceptable (with a small-balance commercial lender),” Williams said. “They will provide your clients more options and get your loans done quicker.”Williams did say, however, that all small-balance commercial lenders have their own set of requirements and procedures and it is important to research them and educate the client before going forward.Buddying upFinding a good commercial lender may be easier than originators think, as many are reaching out to brokers — teaching them how to make the residential-to-commercial change and establishing referral relationships.”As small business in America continues to expand, commercial lenders are reaching out to educate and train mortgage brokers on how to originate commercial loans both as a way to build a viable sales channel into the small commercial market, and as a way to leverage the good relationships brokers have already built with their entrepreneurial clients,” Larsen said. “Lenders are making it easier for brokers to make the transition, by simplifying the application requirements, providing classes, distributing marketing materials and program information, and coaching brokers through the commercial loan process from start to finish.”Benefits of going commercial”(Commercial) is the ideal arena for accommodating the skills and experiences of residential mortgage brokers,” said Joe Mardesich, president and CEO of Nationwide Commercial Funding, a national mortgage brokerage. “There are numerous advantages for being in the commercial mortgage business.”Less sensitive to interest ratesThe residential loan business is highly sensitive to interest rates, Mardesich said. The higher the rates, the lower will be the number of homeowners who refinance, take out equity loans or consolidate debt. And though the purchase loan business is still available, it may eventually slow if rates rise to a point where fewer people will be able to qualify as home purchasers.In the commercial mortgage sector, however, rising rates do not have the considerable negative impact that exists in the residential mortgage sector.”First, most commercial mortgages have balloon payments,” Mardesich said. “Most commercial borrowers have no choice but to refinance or to sell, regardless of where rates may be, every 5 to 10 years. Both selling and refinancing result in new loans, which of course. mean income for the commercial broker.”Second, commercial real estate owners and investors make their money by buying, selling, exchanging, developing and refinancing. They don’t stop doing deals as rates move up or down. They find ways to have increased interest costs covered by their tenants or other end-users of their properties. Homeowners, by contrast, want to buy a place in which to live and must factor interest costs into their budgets. If interest rates put homeownership out of their reach, they will remain renters, tenants of those who utilize commercial mortgages.”Third, as indicated above, rising rates can actually increase rental demand and revenue for the owners of apartments, mobile home parks, and certain other types of properties. The beneficiary is not only the owner, the developer of apartments, and the developer/owner of mobile home parks, but also the mortgage brokers who help to finance those properties.”Growing competition in the residential mortgage businessAccording to Mardesich, more and more real estate agents are competing with mortgage brokers.”The numbers increase daily,” he said. “With the Internet, people can shop online and have 5 or 6 lenders or brokers competing for their business with a mouse click. The loan products you and your competitors sell are all the same, because the secondary market is so consolidated in the residential industry. The residential mortgage business has become a frantic ‘commodity’ business, providing revenue to the lowest bidder.”In the commercial mortgage business, however, the lowest bidder is not necessarily king. There is much less competition than in residential real estate. And there are many portfolio lenders who do not sell their loans to a consolidated secondary market, i.e. there are a great variety of available programs from one lender or broker to another. As a result, by specializing and developing a niche, you can develop a meaningful competitive edge, Mardesich said.Less regulation in commercialThe residential industry is chock full of rules and regulations.However, in the commercial mortgage business, you don’t have to worry about the Real Estate Settlement Procedures Act. There are no Good Faith Estimates. No TILAs. You can pay referral fees to anyone, regardless of the service they may perform. Yield spreads are generally not disclosed. Most states do not require any licensing for commercial mortgage brokers, Mardesich said.The rewards of commercialThe rewards of the commercial mortgage business can be substantial, impacting income and lifestyle. Yet, comparatively few residential brokers are reaping the rewards that await them in the field of commercial mortgages.According to Williams, commercial brokers who close with Silver Hill average a commission of $10,400, compared to the $3,000-$8,000 with a residential loan.”Brokers know that the market is strong and growing,” Larsen said. “They see commercial lending as a great way to serve their existing clients better, provide a more complete array of lending products to new customers, and continue to grow despite the recent woes of the residential lending market. It has never been easier for a good residential loan broker to step up to commercial lending.

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Rationale And Design For A Social Service Draft

This article advocates for a national but state-administered social service draft, whereby youth between the ages of 16 and 21 would be participate in a variety of activities designed to develop personal skills and contribute to the social, economic and structural benefit of American society. Some hypothetical pros and cons of such a program are discussed along with rough-draft details on specific activities, rewards, rank hierarchies and placements.PRECEDENTThe idea of a (nationalized) social service draft is not new. One of the more interesting versions was proposed by conservative William F. Buckley, which was addressed and critiqued in an article by Aaron Larson entitled The Draft, National Service and National Unity. (2013). Buckley referred to the “pulsation of consanguinity” inherent in such a program that could “unite the Laramie cowboy and the Greenwich Village Literateur” and… “ever so slightly elevate us from the trough of self-concern and self-devotion.” (1990)Similar sentiments have been expressed by writer Michael Gerson, who envisioned a program, whereby, instead of giving 18 year olds a selective service number(as in military conscription), they’d be given information regarding the five branches of the armed forces along with the option of serving one year in a national service program, not mandated but “expected” (Larison, 2013)The model here differs from both Buckley’s broad, patriotic vision and Gerson’s more detailed model. Here the rationale is more psychological/remunerative and geared more to improving concurrently, the skill levels, self-image, and pro-social mindset of the participants and the economic and social aspects of American life. In line with Larison’s criticism of a national service program, which he reasonably asserts could prove to be at the very least inconvenient and possibly aversive to the young draftees, this program is based on the notion that an effective social draft must be both rewarding to participants and beneficial to the nation. Prior to discussing programmatic details it might be helpful to consider some features of adolescent development.RITES OF PASSAGEThere are several ways in which to view adolescence. One is as a hybrid developmental stage somewhere between a child and an adult, combining and/or confusing the need for independent decision making with the need for parental guidance. This view implies that guidance of an adolescent is an evolutionary process. With fingers crossed, parents, school personnel and society in general hope that just the right proportion of structure and latitude will not only help the teenager develop into a solid citizen but also ameliorate the stresses and strains on society often created by their awkward and at times antisocial behavior.A second view is encapsulated in the famous phrase of sociologist Margaret Mead, to wit… “bury them at 15 and dig them up at 21.” This rather whimsical purveyed notion implies that society must tolerate, support and weather the ups and downs of adolescent behavior, based on the idea that this period of development is fraught with turmoil, and that the teenager’s actions and emotions are fairly similar to those of a psychiatric disturbed individual. This concept of adolescence seems extreme, until one considers that on tests like the Minnesota Multi-Phasic Inventory, even normal adolescents often present with quasi-pathological patterns.There is another view of this quintessentially important time of life – not as a diversion from adulthood or an awkward period of semi-independence, but as a distinct temporal gateway (upon invitation) to society proper. It is typified by rites of passage and often involves a symbolic, watershed moment – fully approved by all members of the community, in which a pot-ceremonial teenager is finally pronounced a “man” or “woman.” From that moment on, he or she is expected to act like an adult, adhere to relevant responsibilities, and be eligible for relevant benefits.It is easier to enact such a process in a small, technologically unsophisticated society because there is greater vigilance by all members and the necessity of having group cohesion (for example in nomadic groups) puts enormous pressure on all members to conform. In a more complex society, with less supervisory vigilance and more inter-group (and generational) diversity that is much more difficult.Still, the idea of an event signaling formally to one and all that the child has become a man or woman would seem to have enormous psychological potential; both for the adolescent and society in general. For one thing it would alleviate some of the “sturm und drang” discussed initially by G. Stanley Hall (1904) by replacing teen confusion with circumscribed developmental timelines and a sense of purpose – irrespective of whether one is a “jock,” a “geek,” a “nerd” or a prom king or queen. One could also surmise that a rite of passage encompassing many and varied groups of adolescents might lead to their developing a more unified view of the world.THE FOURTH WAY – RESOLUTIONDespite the complexities of large, complex, modern societies there might be a way to re-introduce the idea of a rite of passage, while still acknowledging the trials and tribulations of adolescence. It could happen in the context of a social service draft.Such a program would not be symbolic. Rather, the program would solicit youthful energy as a means of administering to the work requirements, support, and other functional needs of the nation. Yet, while the benefits of such a program might be considerable, it would not be an easy undertaking. There are several things to consider.DATAA look at the mathematical/social impact of adolescent behavior in American society is revealing. For example, a recent study by the Urban Institute revealed that the age group with the highest rate for violent crime is between 15 and 25. A study conducted by the National Survey on Drug Use and Health (NSDUH) showed similar patterns and a study on obesity indicated that more than twice as many teens and young adults are overweight than was the case in 1970. All of these trends create substantial behavioral overhead for the nation in the form costly social supports, drug rehabilitation programs and various activities within the criminal and judicial systems.While parental supervision is not only extremely important and arguably the most effective mean of regulating such behavior patterns, the average parent has much less time to supervise their adolescent sons and daughters than in the past. That, combined with the teen culture that sprang up in the 50s and has since magnified in importance has served to reduce the disciplinary influence of parents and other authority figures. Our culture has provided teens with an anti-social option, which completely obviates the powerful influence of parental discipline, work responsibilities and social ostracism – contingencies that once reined in adolescent behaviors.This influence is perhaps more problematic today due to functionally prolonged adolescence. For example marriage was once an ostensible rite of passage, signaling the end of vagabond immaturity and the onset of personal responsibility. Marriage obviously requires that spouses earn income, try to get along, compromise, work cooperatively – all those skills encompassed in Freud’s idea of the ego function. Data compiled by the Office of National Statistics indicates that in 1980 the average marital age was 23 for males and 20 for females. It is now 32.1 for males and 30 for females. That would seem to provide a greater time gap in which society must deal with potential egocentrism, non-productivity, lassitude and increasing levels of malfeasance among young people. All entail cost to society. Given those considerations, it might be possible for a social service draft to not only alleviate cost but to enhance the nation in a variety of ways.PHYSICS AND THE TEEN PSYCHEIt is perhaps awkward but not unreasonable to apply Einstein’s general theory of relativity to adolescent development. According to the former, energy is a constant. It cannot be obliterated, only change form. Consequently the work it is capable of doing depends on how it is channeled. Interestingly, Freud developed a similar idea around the functions of the psyche. He described it as an energy system that could either produce art, science and helpful endeavors via an eros-driven mechanism or turn inward and diffuse via a thanatotic process. In simpler terms, both believed (and in Einstein’s case, proved) that energy can be either helpful or dangerous, used to produce miracles or disasters, and thus to be respected at every turn. Adolescence is not just a developmental stage. It is also a state of enhanced psychic, physiological and emotional energy. That energy has no neutrality. It is extant and can only help or hurt. That notion further supports the argument for implementation of a social service draft.JUXTAPOSITIONWith regard to utilizing adolescent energies, it is important to ask whether or not there are ongoing needs for the work or services they could provide and also whether or not their involvement would end up displacing adult workers. In response to that, it would seem any number of assistive or auxiliary positions in the domain of social services, clerical vocations, even technological and construction positions would make sense. Many of these vocational venues are under-staffed by professionals might enjoy the prospect of a guaranteed work force under the auspices of the program.Obviously the issue of salaries would come into play. In that context, enrollees would be paid a minimum wage. But since the program would include voluntary participation by private companies (supported by liberal tax deductions), salaries could be augmented by any given private company if the latter so chose. Payment could begin at the minimum wage level. The key to this would be finding marginal positions or position shortages where teens could fill in gaps rather than competing with adult workers for jobs. Indeed, despite the social and psychological benefits of such a program, that problem would have to be deftly assessed and handled to avoid a scenario where the son has a job but the father does not.AGENCYUnder ideal circumstances this program would have a quasi-miitary topography in that there would be fitness requirements – thus enhancing the health status of young people, as well as criteria for attaining rank and status. For example an enrollee might begin at a lower rank, then, depending on longevity, sense of responsibility, performance, leadership qualities etc. he or she might rise to a higher rank. Along with that could come wage increases and status that might, upon his or her leaving for personal career aspirations, be used as an endorsement of their value as a person and worker. While the notion of rank for a social service draft might seem awkward, it might over time, give employers and others a means of measuring a particular young man or woman, who could put on their resume… attained first rank status in the service corps. The self-image enhancing byproduct of such an accomplishment might be beneficial for a variety of reasons.IS PATRIOTISM PASSE?A social service draft would arguably create a certain nation-centric mindset on the part of enrollees; perhaps a smaller scale version of what is seen in the military – or perhaps not. Has America become so individualized that patriotism has gone the way of the Dodo?Perhaps that might be true if mere words were used as criteria, for example, daily recitation of the Pledge of Allegiance, or exclaiming to brave soldiers, “Thank you for your service.” On the other hand, when actions are involved for the purpose of “helping the country out,” things might be different, as was espoused by John Kennedy in his inaugural address in January of 1961. If indeed the patriotism of action is more long lasting and meaningful than the patriotism of words and rituals, a greater allegiance to the idea of national unity might arise in young people; perhaps not manifest as rabid pro-Americanism but due to the cooperative interactions among young people from various backgrounds as a distinctly American yet grassroots communal sense that could, in at least some instances douse the fires of social antipathy that otherwise lead to alienation, crime and cost to society.That brings up the question of mandatory service. Despite advocacy by writers such as Buckley and Gerson the idea has never taken hold. There have been several attempts to create volunteer programs in the past, including Eisenhower’s youth fitness program, Kennedy’s Peace Corps and Clinton’s Ameri-corps. At face value those programs probably brought out the best in the young people who were engaged and no doubt bolstered the image of the USA around the world. Yet while volunteerism is a good thing, it solves no social problems and provides no framework for inducing positive, pro-social attitudes among young people.Young people who choose to volunteer are probably good people to begin with and require little in the way of socio-moral redirection. They do not usually feel a sense of alienation, so while their efforts are appreciated, no net social gain can result from their involvement. A mandatory program on the other hand, paints with a broader brush and creates a deeper sense of importance because it enlists the energies of not just good kids but potentially bad kids from both genders and from all racial, ethnic and socioeconomic classes. That alone would have a greater impact on social unification, cooperation, and greater adherence to authority as fundamental learning pieces.PRACTICALITY, NUTS AND BOLTSBeyond fostering social equanimity, many practical skills could be learned through such a program, for example: money management skills, job skills, a work ethic, and a sense of social responsibility. It would also entail fitness-maintaining habits, and the quest for higher achievement and rank – among many others. With regard to the inevitable question of its infringement on freedoms; an argument that could be reasonably proffered by liberals and conservatives, the answer is that the rewards included within the program (which would include not just salaries, but training, social exposure, rank and status attainment) would very likely appeal to America’s youth; particularly those with marginal status and minimal social access. As Jefferson implied in his letters to John Adams and William Short, a meritocratic system is fair, attractive and moral.As to the essentials of the program, this would and should be subject to discussion among various agencies, parents, students themselves and employers. But some possibilities might be as follows;1. Age level – students are drafted at age 16.2. Physical Examinations would be required, including fitness assessments and programs to meet those criteria. (Much like those required by the National Guard). There would be no rejections, other than for medical reasons. Instead the less fit would be given a more gradual level of fitness training as part of the programmatic package, while still ultimately being held to fitness standards (much like standards within the National Guard).3. Time Requirements – minimum and maximum times would be defined – say as little as 5 hours per week and as much as 15. Service tours of duty could range from two years to five years, depending on the person’s preferences, Longer tours would typically lead to higher rank, wages and increased levels of training. Shorter tours would end sooner but probably not lead to the same results.4. As to program selection for location, work or service activity, there would be preferred job and location choices on a first come, first serve basis but no youth will be placed outside his general living area unless by his or her own personal choice or that of a guardian. However outside placements would be an option for any enrollee.5. Payment; would be on a minimum wage scale, subject to increases based on performance, rank and other merit-based factors.6. Rank; each student would be classified by rank, beginning at the lowest level (analogous to “corporal”) but could be promoted based on meritorious performance, including efficiency, leadership, creativity, longevity and other criteria.7. Exemptions would be allowed for; particularly with regard to disability, medical condition or other significant factors – for example enlisting in the military or certain (but not all) post-secondary education pursuits. However this would not preclude disabled adolescents from participating voluntarily (at the same pay scale) if they and were able and inclined to do so. Accommodations would be provided as necessary in such instances8 In addition there would be the possibility of a home-based participation in special cases.9. Codes of conduct; Each participant will be subject to a moral/behavioral code which would preclude substance abuse, worker abuse, aggression, other than in self-defense, and other inappropriate behaviors. In cases where such behavior incidents occur, a multi-tiered disciplinary approach will be used. A first incident will result in fines. A second incident would lead to additional fines beyond the first level, but still remain off the record. A third incident would lead to suspension and/or dismissal without pay and go on “on the record” as a dishonorable discharge. Any criminal behaviors will be reported as per a typical prosecutorial process.10. Participants can remain in the program from age 16 to 21 but no longer than that. They may terminate involvement upon reaching the age of 18 or in cases where college placements and other changes in location necessitate termination.11. With regard to a monitoring/supervising agency: Rather than create a new and costly bureaucracy, the program could be monitored within the public education system or the National Guard. Since the program specifics most closely parallel the operations of the National Guard, it might be best for that agency to monitor the program. Also, since the nature of work tasks and other particulars would depend on the enrollee’s location, it would be best for the state to handle registration, compliance and other facets of the program. However this would not rule out a cooperative venture between public education systems and the National Guard.PROJECTED OUTCOMESAs with all significant social transformations the design and implementation of a social service draft would no doubt incur strong initial resistance. Such resistance would be justified if the ultimate cost in time and sacrifice to draftees outweighed the economic, vocational, experiential and achievement-related aspects of the program. For such a program to catch on would require that it benefit both the enrollees and American society. Its potential to provide earnings, status, concrete achievements, endorsements and references derived from performance to future employers, schools etc. would be among the benefits to the individual. A possible reduction in social alienation (as typically correlates with criminal behavior), and the positive work and economic gains that could result from the participation of masses of young people would be to the benefit of the nation. Perhaps a more subtle benefit of the program; one not necessarily quantifiable, would be to provide a sense of time, place, person and value to the young participants. A signpost signifying maturation, and more than that, something to look forward to for even the most desponded boy or girl – giving them a way to use their energies for pro-social ends.REFERENCESWillam F. Buckley reference. National Debt, National Service. Retrieved from a New York Times Op-Ed article; October 18, 1990Hall. G. S. (1904) Adolescence: Its Psychology and Relations to Physiology, Anthropology, Sociology, Sex, Crime, Religion and Education. Classics in the History of Psychology. 2. Retrieved Nov. 16, 2011Larson, A. The Draft, National Service and National Unity: The Stopped Clock Article published June 26, 2013Larison, D. Commitment and National Service. Article published in The American Conservative, June 24, 2013By Robert DePaolo

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What is a No-Fax Payday Loan and How Do I Get One?

Cash advance loans, otherwise known as payday loans have really become popular in recent times. Although most of the time people that are on a fixed income seem to use this particular type of loan, they are available to everyone. The reason why they are so popular among those that do not have additional money is because they tend to run into financial crunches from time to time and need a helping hand. It’s difficult to turn any quarter without seeing advertisements for companies that offer you this quick cash that is available just by signing your name.In recent years, there has been an inundation of companies that offer this particular service in the United States. The reason that this is the case is because many business people see it as an easy return on the money that they lend out on a short-term loan. Another reason why they may like it is because it really requires no overhead, other than cash on hand, and you can start one of these businesses relatively easily. Something good that has come out of so many people competing in this particular field is that it has gotten to where there is some competition and rates have come down to a certain extent. The Internet has also played a big part in these companies who are trying to get ahead and taking advantage of any avenue of making their company succeed.What makes a no fax payday loan different?In order to enter into a contract, the law requires that you are at least 18 years old unless you have a cosigner that is at least that age. That is the first step in applying for a payday loan, giving proof of your age by showing a legal document of some sort. Another thing that you are going to need to prove is that you have been able to hold onto a job for a minimum of three months and that you meet other minimum requirements, such as the amount of income that you make. Typically, showing proof of your income is as easy as giving them a pay stub. One other thing that you’re going to need to have is a checking account that is active and does not have any bad marks against it, such a bounced checks. You also need to have lived in the same place for a minimum of three months.The reason that a no fax payday loan is different is because you are not required to fax in these various forms in order to prove that you meet the minimum qualifications. This is typically taken care of by the payday loan company by calling the various companies, such as your employer and the bank to confirm that you actually do meet the requirements that they set forth. This can really make it a lot more convenient to use this particular type of service because you do not have to worry about gathering all the paperwork together at one time and taking it into the lending office as proof.How is it possible for me to receive a no fax payday loan? One of the easiest ways to get a no fax payday loan is by using one of the companies that are available on the Internet. It’s not that difficult to find them, they are heavily listed in Google and available just for doing a web search.What is the cost if I were to take a cash advance with one of these companies? Keep in mind, these businesses are in the market to make money and they do a very good job of that. They do give a service to people that need to get some cash in advance but they do expect to collect a heavy toll for doing so. Typically, one of these payday advances last for about two weeks in which time they will want the money back. Not only do they ask for the original money back but they also ask for $25 for every $100 that you borrow. Of course, this is just a round figure but it is pretty common for this type of price to be paid on a payday loan. A typical payday loan is $500 which means that the individual that borrows that amount of money will end up paying $650 back to the company.You are protected to a certain extent by something that is known as the truth in lending act that was put into process in 1968. According to this act, any financial institution that lends you money must disclose how much they are going to charge you in interest on an annual basis. This is typically known as APR or annual percentage rate. This will help you to see how much you are going to be putting out by taking them up on their offer to lend you money in advance.It always pays to be smart whenever you are taking out one of these payday advances. This is particularly the case because if you take out too much money and are unable to pay it back you will end up spending a good chunk out of each of your next paychecks just to get caught up. Be careful of the finance rates that they charge and be smart, only borrow what you need or out you may get caught up in a web that you’re unable to get out of.

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Employment Law – Majrowski And Employers’ Liability For Psychiatric Illness

The Protection from Harassment Act 1997 makes harassment both a criminal and civil offence, it was intended to deal with the problem of stalking.Section 1 – Prohibition of HarassmentA person must not pursue a course of conduct which:-i) Amounts to harassment of another; andii) which he knows or ought to know amounts to harassment of another.For the purposes of this section the person whose course of conduct is in question ought to know that it amounts to harassment of another if a reasonable person in possession of the same information would think the course of conduct amounted to harassment of the other.Majrowski v Guy’s & St Thomas’s NHS Trust [2006] UKHL 34This case was a claim brought by an employee under the 1997 Act against his employer in respect of alleged harassment at work. The employee argued that his manager had breached a duty placed upon her by the Act and that the employer should be held vicariously liable for that breach.This was not a case which the employee could bring under any of the discrimination legislation. The allegations were of general bullying intimidation and harassment.The Act clearly established a statutory tort and the Court of Appeal had to carefully consider whether an employer could be held vicariously liable for a statutory tort committed by one of its employees where the legislation in question does not specifically provide for such liability. On the basis that unless the statute in question directs otherwise or there is a good policy reason why the principle of vicarious liability should not apply, the Court of Appeal believed that there was no reason to reject the argument of the employee.The Court of Appeal was prepared to accept that although it was generally understood that the 1997 Act had been introduced to deal with the problem of stalking, it was nevertheless an Act which dealt with the prohibition of harassment in a range of different situations, not just stalking.The appellant NHS trust appealed against the decision ((2005) EWCA Civ 251, (2005) QB 848) that it was vicariously liable in damages to the respondent (M) under the Protection from Harassment Act 1997 s.3 for harassment committed by one of its employees in breach of s.1 of the Act. M, who had been employed by the trust, had alleged that his manager had harassed, bullied and intimidated him while acting in the course of her employment. An investigation by the trust had resulted in a finding that harassment had occurred. M had claimed against the trust for damages under s.3 of the Act based exclusively on the trust’s vicarious liability for its employee’s alleged breach of the statutory prohibition of harassment. The trust, relying on the phrase “damages may be awarded” in s.3 of the Act, submitted that the award of damages under that section was discretionary, and therefore harassment could not be equated with a common law tort. The trust also submitted that the Act was not aimed at the workplace but was a legislative response to the public order problem of stalking.The House of Lords held that: (1) The principle of vicarious liability was not confined to common law torts, but was also applicable to equitable wrongs and breaches of statutory obligations. Unless statute expressly or impliedly indicated otherwise, vicarious liability was applicable where an employee committed a breach of a statutory obligation sounding in damages while acting in the course of his employment, Dubai Aluminium Co Ltd v Salaam (2002) UKHL 48 , (2003) 2 AC 366, Nicol v National Coal Board (1952) 102 LJ 357 and National Coal Board v England (1954) AC 403 applied, Harrison v National Coal Board (1951) AC 639 considered. An employer could be vicariously liable if the employee’s conduct was closely connected with the acts the employee was authorised to do and the conduct might fairly and properly be regarded as done by the employee in the course of her employment, Lister v Hesley Hall Ltd (2001) UKHL 22 , (2001) 2 WLR 1311 applied.
(2) The effect of s.3(1) was to render a breach of s.1 a wrong giving rise to the ordinary remedies the law provided for civil wrongs. The enabling language “may be awarded” was apt simply to extend or clarify the heads of damage or loss for which damages were recoverable.
(3) Neither the terms nor the practical effect of the Act indicated that Parliament intended to exclude the ordinary principle of vicarious liability. By s.3 Parliament had created a new cause of action, a new civil wrong, and damages were one of the remedies for that wrong. Parliament had added harassment to the list of civil wrongs because it considered the existing law provided insufficient protection for victims of harassment. The prospect of abuse in cases of alleged workplace harassment was not a good reason for excluding vicarious liability.
(4) Section 10 of the Act inserted a new section, s.18B, into the Prescription and Limitation (Scotland) Act 1973, which assumed that in Scotland an employer might be vicariously liable in damages to the victim of a course of conduct amounting to harassment in breach of the relevant provision of the 1997 Act. Parliament could not have intended that the position should be different in England.ProblemsThe Act however presents an employee with hurdles to overcome if a claim is to be brought in this way. Firstly the 1997 Act prohibits only a “course of conduct” amounting to harassment, meaning that a single incident of harassment by an employee will not be sufficient to lead to liability.Secondly, in order to succeed, a claimant must establish that harassment within the meaning of the Act has taken place. This means “alarming” the person or causing the person “distress” amongst other things.Thirdly, vicarious liability will only be established where there is a sufficiently close connection between the harasser’s conduct and the nature of his or her duties, and where it is just and reasonable to hold the employer liable for the harasser’s actions.This is obviously an area of law which is very much in its infancy. However there is possible cause for concern. An employee who brings a claim for damages in the Civil Court has two significant hurdles to clear. The first is that any injury was “foreseeable” and the second is that if the claim is based upon a mental injury that that must be a “recognised psychiatric disorder” requiring significant medical evidence.

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Tips to Make Homemade Spy Gadgets for Your Children

Children always like to pretend they are spies. Secret gadgets and spy gear can spark days of imaginative play. Creating a spy lair is an interesting way for children to kill boring time in rainy afternoons. With a few items which you can easily find around your house, a homemade spy gadget can created. Here we will teach you to create two homemade cool gadgets, hidden camera and fingerprint powder respectively.Hidden camera is one of cool spy camera gadgets that you can easily create for your children in a short time. First find a tissues box around your house, and remove its contents, and set the tissues aside. Then you need to use a knife to cut a 1/2 inch diameter hole in the side of the box. Set a digital camera inside the box with the lens resting against the hole. And place the camera on record video before you place it inside the box. Place two to three sheet of the tissue back into the box. Remove a tissue from the box, and at the same time, start the camera. The camera will begin recording without the knowledge of any other person in the room.The instruction of making a homemade fingerprint powder is as following:First, pour 2 tbsp starch into a small porcelain bowl. Then light a candle, this step should be done by an adult in order to avoid slight damage. You can use any type of candle, but a stick will be better. Hold a second small porcelain bowl upside-down over the candle with tongs. The bowl captures the soot from the candle. By now, you can use a bread knife to scrape the soot away from the porcelain bowl, and then place it into a third porcelain bowl. Follow the same process to gather enough soot. Mix the two tbsp. starch with 2 tbsp. soot porcelain bowl. Place a fingerprint onto a smooth surface, such as a mirror. Dip a small makeup brush into the mixture of starch and soot, and brush it over the fingerprint. Place a piece of clear tape over the print to lift it from the smooth surface. Place the tape onto a white index card and press it down gently to translate the print, and then lift off the tape carefully. In order to make a clear fingerprint, you should be careful enough to take every step. There, isn’t it easy to make cool spy camera gadgets for on your own? Get started now!

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