Let me clear up what might be a common misconception: There’s a difference between online lenders and payday lenders, and America One Unsecured is neither of these.

An online lender is any institution that accepts loan applications online. Technically, if your local bank allows you to submit an online loan application, they’re also online lenders. Generally, online lenders cater to lower income borrowers, or borrowers with bad credit.

Payday lenders offer small, short-term loans that may also be called payday or paycheck advances. Loans are typically made for $100 to $500 and are due within two weeks. The loan includes a fee ranging from $15 to $30 per $100.

Payday lenders—whether they operate from an actually walk-in storefront, or do business only online—are roundly criticized for charging high interest rates. Example: For a $100 loan with a $15 fee and a two-week term, the interest rate amounts to 390% APR (26 x 15% = 390%).

Contributing to the confusion between online lenders and payday lenders is the name of the trade organization that represents payday lenders who operate on the Internet: The Online Lenders Alliance. The association’s name implies that any lender that accepts applications online might be among its members. In fact, the Online Lenders Alliance represents only payday lenders.

America One Unsecured is a loan-consulting firm. They’ve created relationships with a number of banks and lending institutions so that when you—as a prospective borrower—submit an application to America One Unsecured, they can quickly run it by those lenders to see who can offer you the best deal.

In fact, since its inception in 1999, America One Unsecured has consulted with more than 3 million consumers and small business owners and helped them obtain hundreds of millions of dollars in loans.

Okay, allow me to plead guilty right from the start.

When it comes to last minute shoppers, I'm first in line. Christmas, Valentine's Day, family birthdays -- you name it and I'm the one in line the day before - - and often the day of -- the big event.

Turns out that could be a big mistake, money-wise. A new study by three university researchers: Jennifer Aaker, the Xerox Distinguished Professorship in Knowledge at the University of California, Berkeley's Haas School of Business; Cassie Theriault, a marketing Ph.D. candidate at Stanford University's Graduate School of Business; and Ginger Pennington, an assistant professor of marketing at the University of Chicago Graduate School of Business, says that last-minute shoppers pay more and get less than their more time-savvy counterparts.

"Last-minute shoppers on a tight deadline will pay more for a product advertised as a means to prevent a negative outcome (such as disappointing their spouse) than for a product advertised as a means to promote a positive outcome (such as thrilling their spouse with the perfect gift)," Aaker explains.
After conducting a series of experiments with hundreds of college students, Aaker, Theriault, and Pennington found that the time before deciding to make a purchase is a critical factor in a consumers' decision making.

One study involved a group of students facing midterm examinations who either perceived the exams as “soon, only a week away” or “still a full week away.” These students received sales pitches from a fictitious tutoring service that were presented either as a way to avoid failure – highlighted with the marketing slogan, “Don’t do poorly in any class!” – or, more ambitiously as a way to achieve success, with the catchphrase, “Ace every class!”

The research group says that their experiments found that consumers caught in a bind of having to buy something as soon as possible worry about failing their goal. This concern leads them to settle for products advertised as having the bare minimum features needed, as in the case of the tutorial service pitch claiming to help students to “not do poorly in class.”

With more time to make a decision, however, consumers become more confident that they can reach “higher goals” in their purchase, so a product that is “good” will likely appeal more than a product that is merely “not bad," according to Aaker. Moreover, Aaker found through her experiments that consumers are willing to pay more for items that sellers present as having desirable features, or products that are “promotion-framed,” sold under such sales slogans as “You desire the very best!”

For consumers, the research poses important questions on how they make decisions. Should we worry that our standards decline when time is running out? And if we have more time to decide, should we think about setting overambitious goals, and perhaps even ask ourselves: “Would I really buy this if I had to make the decision tomorrow?”
With a little planning - - and a well-placed calendar -- time management doesn't have to be so pressure-packed. Now excuse me while I go off to do some early Christmas shopping.

I was talking with a mortgage banker today about possibly refinancing out of my own mortgage loan if rates go down. After we ran through that, he told me a story about a friend of his who thought he had his estate planning all worked out. Turns out there was a snag, and one worth mentioning.

First, you know I'm big on having a will.  A will is the first step towards creating a plan for the benefit of your heirs. A will can accomplish some important goals:

•     Naming your personal representative – someone to guide your estate through the probate process when you pass
•     Naming a guardian to watch over your minor children
•     Distributing your personal property according to your wishes

With a will, you make these important decisions. Without a will, the state makes these decisions for you.

But you need to plan it right. My mortgage friend told me the following story to prove that point:

Unhappy with his past investment performance - and skeptical of his adviser's intentions -- "John Doe" moved his accounts to a new adviser.

That's all well and good, But did John Doe take the time to also check his will?

In my friend's story, John Doe didn't do that. That led to the realization that, although the guy's investment accounts were reinvested to his satisfaction, the prior (ineffective) adviser would still take over management when John Doe  passed away.

That would have left his heirs with an untrusted adviser who he thinks made unethical, commission-driven investment choices," my friend said. "The lesson to be learned is to review and update your will regularly."

A wise point, and a good one.