Instant Cash Payday Loans – Why They Make Sense

Most of us at one time or another will encounter a short-term financial situation that needs the injection of some cash to resolve. Maybe you need such a small amount of money that it does not make sense borrowing it over a long period, but the lenders will not allow you to borrow money for such a small amount of time. So what are you to do now, if your car is in need of repair and you have not got the money to repair it? This is where payday loans come in.A payday loan is designed to help people overcome short-term problems; as such they are only available for small amounts up to £750. However some lenders will actually restrict the amount that you can borrow the first time that you apply. Once the loan is repaid in its entirety on your next payday, they will then allow you to borrow more the next time you need any money. The lenders fees are simple and straight forward with a simple percentage added to the amount that you borrow. This means that you know exactly what the loan will cost you to repay, even before you apply, because there are no other hidden costs or admin fees.On successful completion of your loan the money is normally paid into your bank account on the same day that you apply, quite often without the need of any faxes or post. However in some cases where the lender is unable to confirm your details automatically they will request that you fax in some simple documentation to prove you are who you say you are.The lenders do what they can to make sure that they will only lend money to people who they think are able to repay them on their next payday. They do this because if you repay the loan on full at the end of the month then a payday loan is a viable option. However if you roll the loan over to another month or more, then you may as well have taken out a more long-term loan in the first place as that would then become a more cost effective alternative.So why do payday loans get so much bad publicity?The main reason that payday loans get as much bad publicity is because most people only look as far as the advertised APR (Annual Percentage Rate). What they should be doing is looking at what the loan is going to cost them in real terms, by looking at the total interest that is charged.So what is APR?The APR is the interest rate and any other charges expressed as an annual interest rate charge. The use of an APR is a useful way of comparing loans that are alike i.e. paid back over a longer period of time. But when you are comparing products which are miles apart such like payday loans with only one repayment or any other loan type that is repaid over numerous monthly repayments.See the details below which should make it easier for you to understand this;With a personal loan for £500 which has an APR of 19.9% taken out for 36 months will cost a total of £653 to repay; this equates to 31% being added to the cost of the loan in interest charges.If you were to take out the exact same loan but this time for 60 months it would cost a total £766 to repay the loan; this equates to an interest charge or 53% of the loan amount.Yet if you were to take out a payday loan for the same amount it would only cost you £625 to repay at an APR of 1737%; this equates to 25% being added in the way of interest.As you can see from the examples detailed above the APR for the two multiple repayment loans are exactly the same, yet the amount repaid and the actual interest charged expressed as a percentage of the amount borrowed is significantly different. They both also cost much more than a payday loan yet the APR indicates a totally different story.So if you need a small amount of cash to overcome a short-term financial issue ignore the APR and look at what the loan will actually cost you. You will then see that a payday loan is in fact a very competitive option indeed.

Travel and Tourism, a Hot Topic in Sierra Leone

Until a few days ago, if you had asked me to tell you about Sierra Leone, I would have had to think long and hard to tell you much about this West African country. I could probably have explained roughly where the country is located. I may have mentioned something about the slave trade being connected to Sierra Leone. I could certainly have told you that they had experienced a brutal civil war. I might even have admitted that I wasn’t entirely sure whether the war was 100% over. And that’s about it.Slavery and war. A pretty negative view of what is in fact an exceptionally positive country. Today, I see Sierra Leone from an entirely different perspective.It is difficult to ignore Sierra Leone’s history and focus purely on the present. Once a fertile area inhabited by dozens of tribes, it was settled by the Portuguese in the 1400′s who built a fort as a trading post for gold, spices, ivory and slaves. A British protectorate in later years, Sierra Leone had the dubious honour of becoming home to more than 40,000 freed slaves who gave Freetown its name. As a protectorate, Sierra Leone was exploited for its mineral and diamond wealth in the 1900′s and Sierra Leonean’s fought against the Germans in Cameroon in the First World War, and alongside the British in the Second World War. In 1961, Sierra Leone achieved independence from Britain and governed itself peacefully for 30 years. The peace was not to last and was followed by a decade of brutal civil war that destroyed the economy, brutalised the people and left a country that is rich in resources as one of the poorest in the world.The conflict was officially declared over in January 2002, and President Kabbah reelected in May 2002. Since then, the people of Sierra Leone have been pulling together to repair, renew and regenerate.Whilst doing research for a new website looking at travel and tourism in Sierra Leone, I came into contact with Sierra Leoneans from all manner of backgrounds living in both Sierra Leone and elsewhere. Their passion for the country was infectious: they clearly wanted to get the message across that Sierra Leone has far more to offer than a sad recent history and that reconstruction is moving ahead at a rapid pace. And indeed, proof of reconstruction is everywhere – new roads are being built, mines are being re-opened, dam projects started before the war are once again underway, markets are once again thriving and humming with life. There is also a great deal of confidence in Sierra Leone’s potential as a tourist destination: a Chinese company has recently invested a reputed US$270 million in the hotel infrastructure; enterprising companies like Kevin McPhillips Travel (based in the UK, USA and the Netherlands) offer exclusive twice weekly flights to Sierra Leone; African Tour specialists are researching viable package holidays in the region. The exciting thing about investment in Sierra Leone is that more is set to follow!They have a right to be confident. The beaches along Sierra Leone’s golden peninsula are said to be one of the world’s best kept secrets. Secluded, clean and stretching for miles on end, beach tourism is one of the top items on the government’s tourism promotion agenda. Beaches with very British names like Kent, Lumley, Sussex and York mix with more African names like Bureh Town, Tokey and Mammah beach, andAlthough many of the forests and much of the wildlife has been disturbed and in some cases, destroyed, by the war, eco-tourism is an important focus of Sierra Leoneans and natural treasures like Outamba-Kilimi National Park, populated by game animals such as elephants, chimpanzees and pigmy hippos, and Mount Bintimani, the highest point in West Africa, are just two of the worthwhile wildlife attractions on offer. Tacugama Chimpanzee Sanctuary rescues orphaned and captured chimps and has been described as one of the most successful Sierra Leonean wildlife endeavours, whilst Tiwai Island is home to over 3000 chimps as well as other game.Lakes, rivers and dams are perfect for picnics and relaxing. The marshlands hide a myriad of colourful birds – indeed, the bird life has been less affected by the war than the animals, and everywhere you go, the air is filled with birdsong. Sierra Leone is a bird-watchers dream! Tiwai Island for one boasts over 135 different bird species!For culture vultures and those with historical interests, the remnants of the slave trade make interesting and though-provoking expeditions. Bunce Island, a slave trading fortress, is a brief boat trip up the river; Freetown is itself a monument to freed slaves and its Cotton Tree, which stands in the heart of what is thought to be an old slave market, is now an impressive national symbol. Graves, monuments and forts are all that remain of British and Portuguese power in Sierra Leone: each has a tale to tell. There are over 16 different ethnic groups in the country, including the Krio, descendents of freed slaves who speak an English-based Creole called Krio, and visiting villages and chatting to people in markets and in the streets is rewarding for all parties!Freetown is probably the most developed of the cities, offering a level of safety that is difficult to match even in Western countries. Hotels, restaurants and nightspots are sprouting like mushrooms, and eating out in Sierra Leone promises a range of traditional and international treats, and seafood that is beyond belief!One has to wonder what attraction will tip the scales in making Sierra Leone the popular destination that it once was before the civil war. Based on my experiences with Sierra Leoneans in recent weeks, I feel that it will be the people who make the difference. Without exception, every Sierra Leonean that I have met or worked with has been proud of their country, proud of its progress and excited about the future. They are unfailingly welcoming, greeting aid-workers and travellers alike with smiles that you can only find in Africa, with an optimism – no, positivity – that other countries would do well to emulate.For travellers in search of a “diamond in the rough”, Sierra Leone offers a holiday like no other – my only advice to you is to visit sooner rather than later, to avoid what is sure to be a stampede once holiday-makes and tour operators latch on to this gem of a destination.

Ethics in the Consulting Industry: Reality or Illusion?

In the years following the 2008 recession, businesses are regaining their momentum, and the economy has begun flourishing again. In the wake of the most ferocious financial earthquake of the last 80 years, society continues to feel its tremors. Is this a sign of evolvement and growth? Or is it a warning of a more catastrophic phenomenon on the horizon? Unemployment is down and a majority of economists are optimistic about the future. Organizations are expanding globally, and leaders are striving to attach their names to their companies’ successes. But is this enough? Is success and welfare the only measures of success? Do leaders of organizations decide in favor of the well-being of their enterprises, or do they follow their own narrow ambitions? The pursuit of personal interests is the initiator of a capitalist economy, but that does not justify actions that harm organizations, the people they serve, or society as a whole. So the “do no harm” business ethics debate rages on, expanding and infecting the “trusted advisers” of the consulting industry.Consultants Should Do No HarmIn management consulting, executives and consultants are primarily responsible for creating value and safeguarding the interests of their clients, however they should also protect society by pursuing their goals in an ethical manner. Of course, they focus on their clients’ businesses making sound profit, shareholder equity and continuous growth, but it is also their responsibility to align the interests of their clients with the general good.They have an obligation to recognize that there are multiple stakeholders, customers, employees, society and the environment, not just shareholders and management. They should act with the utmost integrity, and serve the greater good, with an enhanced sense of joint accountability. It is vital to realize that their actions have profound consequences for everyone, inside and outside the organization, now and in the long run. Consulting companies, should focus more on ethical guidance, as they hold significant influence over many companies’ strategy and plans.Consulting companies (strategy, management, accounting, etc.) have an obligation to advise their clients on how to build their successful enterprises on a solid foundations, and to help them achieve sustainable economic, social, and environmental prosperity. It is their responsibility to not distort or hide the truth behind facts, but to explain the truth and promote transparency. They must also demonstrate to their client’s ethical ways to achieve their goals. But is this what is happening today?Double-dealing, Fraud, Corruption, Insider trading and that’s just the tip of the icebergIf we take a close look at incidents that have occurred in the recent past, we find a rotten record of behaviors in the management consulting industry. Numerous examples exist of partners and employees of major management consulting firms being involved in illegal and unethical scandals, in efforts to retain clients and to harvest personal gains. This is a common among people who put their profits before customers.An example of the crisis we face in consulting is that of a former partner of a global consulting firm, who was sentenced to prison for 21 months because of his involvement in insider trading. This executive was a liaison between the consulting firm’s auditors and the audit team of the clients. He had access to non- public information, such as planned or potential acquisitions, quarterly earnings, etc. From 2006-2008 he illegally used inside information for personal and family market gains. Finally, after the scandal was revealed, the SEC brought charges and the firm sued him. He ended up paying significant penalties and being sentenced to prison time. Shouldn’t the consulting firm have been aware of its employees’ actions, and made an effort to instill ethics in them?Going forward, we highlight another significant scandal that shook the consulting world in 2008. A former executive of a huge consulting firm, also a director at another global operating company, was found guilty of insider trading, sentenced to two years prison time, and ordered to pay a fine of $5 million, for trading on information obtained at a company board meeting. This information concerned the approval of a $5 billion investment during the economic session of 2008. The person that received the information purchased stock in the company and recognized immediate gains. The company was already being investigated by the FBI, and when the culprit was discovered discussing non-public information with the executive, the scheme was revealed. This was a significant hit for the consulting firm, which to that point had publicly promoted the ethics that we espouse. The firm took another hit when it was involved in an accounting scandal for a different client. The client, a large and international company, hired and paid the consulting firm $10 million per year for advisory fees concerning strategy and operations. The consulting company provided consultancy during the client’s transformation, from an emphasis on natural gas to a wide range of interests in water, timber, and high speed internet. During this period of consulting, the client company experienced several cases of accounting fraud, and a multitude of financial irregularities involving their balance sheet and income statements. It also led to massive layoffs and a ruthless HR policy. Ultimately, the company filed for bankruptcy, and the consulting firm still bears the negative mark of the scandals. The consulting firm cannot be accused directly, but how can it claim innocence when it was the strategy adviser of the company? Is it possible that they knew the truth and did not speak up, for fear of losing the client?The last example of corruption is the case of a managing director of a global beer company, who hired a consulting firm to develop a strategic plan for the company. However, he also had an ulterior motive to unseat his deputy chairman. During the two years that the consulting firm advised the company, it sold off 150 companies, and its profits increased by six times. This increase was primarily due their strategic diversification into the hard liquor industry and their purchase of several other firms. However, the beer firm was thought to have purchased its own stock to falsely inflate its stock price, and using fraudulent and deceitful means of beating competitors’ bids for a company that it purchased. The consulting firm denied involvement in the illegal actions, but its vice president was the main advisor of the director of the beer company.These examples represent a small part of the dishonest and unethical situation that has plagued the consulting industry. Who would expect large consulting companies, known for their ethics and transparent operations, to be involved in significant fraud or unethical actions and decisions? Is this the business world in which we want to live? Consulting firms have great responsibility, because they are responsible for building and delivering the strategies of their clients, influencing them, and working closely with their leaders. They are supposed to enhance the value of organizations and society in general, using all available resources.Consulting Industry Ethics RevolutionThe dishonest and illegal actions of consulting firms must stop. Leaders from all consulting organizations have to set an example and establish and promote new business ethics that will entail honesty, trust, and hard work, and that will be followed by everyone within their organizations. This ethical environment must be fostered by management, and become an integral part of the strategies and operations of consulting firms. The time has come for consulting firms to become leaders in promoting ethics and good business practices. The public must regain its trust in businesses, both consulting firms and their clients. This trust has been shaken by the high number of business scandals in the recent past. While it seems clear that some government regulation is needed to enforce honesty and adherence to the law, this regulation will fail to solve the problem if the leaders of the consulting industry are not willing to lead this change.Ethics are particularly important in the consulting industry, due to the influence that these firms hold over a large number and wide variety of global companies. Consulting firms are hired to assist clients in a variety of important endeavors, and to develop strategies that promote growth and success. Because they specialize in helping businesses to succeed, their advice hold great sway over company’s decisions. It is therefore logical to assume that an ethical consulting firm, that promotes legal and honest business practices, will promote these ethical practices in the firms that it consults. Conversely, a firm that promotes the ethos of success at any cost, with a lack of regard for ethical practices, will promote this type of behavior in its clients. It must be the obligation of consulting firms to demonstrate to clients that ethical behavior can lead to success for the company, its employees, its clients, and society as a whole. The leadership and behavior of the leaders of consulting firms not only affect the behavior of their own employees, but also the management and employees of all of the companies for which they consult.The large number of high-publicity business scandals that have occurred in the near past have caused significant harm to the public’s perception of and trust in the business community. The financial crisis of 2008 was also a significant contributor to this decreasing level of trust, as the irresponsible, and sometimes illegal, strategies and practices of many businesses were revealed. This demonstrates the effect that unethical business practices can have on society as a whole. The financial crisis was partially caused by unethical behavior in the financial industry. This caused businesses to collapse, unemployment to skyrocket, and a general decrease in the trust that people had for business culture. For this trust to be regained, a dedication to ethical behavior must be espoused.Ethics drive action and decision-making, and also define how companies are perceived by their employees, their customers, and the public. A successful and sustainable business must have a culture that promotes good behavior and ethical practices. As we have seen in several real life examples, there are numerous cases of businesses losing clients and money, and employees losing their jobs and facing criminal consequences, because of unethical behavior. Acting unethically does not lead to success in the long run. Companies that succeed long term are those that act with honesty, integrity and solid morale.Consultants OathConsulting firms influence their clients and help to develop strategies that lead to business success. Ethical behavior is an imperative part of success. It is therefore necessary for consulting companies to have an ethical code, like the medical profession has The Hippocratic Oath. Ethical behavior must be encouraged in the consulting industry, so that it can be passed on to the other industries that it influences. Managers and employees must believe in this positive behavior, and understand its importance.Consultants have the opportunity to be leaders in encouraging ethical business practices. This opportunity can help to bring success to their clients while at the same time benefiting society as a whole. Enough examples of negative behavior have occurred in the consulting industry and in business in general. It is time to lead by example, and to promote success with ethical behavior. This is an important opportunity for our industry, and it is important that it is not wasted. Time is of essence, so let’s create today a future as we envision it.