Options Education: Put Options and the Bear Put Spread

Put options give the buyer the write to sell a stock at a stated price by a stated date, but not the obligation to exercise their option.  At its basic principal, taking a long position in a put option, the buyer believes the underlying stock will drop in value.  Since put options are one type of derivative, this means the value of the option is based on the value of the underlying asset (the actual stock).  As the price of a stock drops, the value of the put option would increase in price.  So in way (ignoring time premiums) options pricing will fluctuate up and down just like the price of a stock.   1 put option contract is equivalent to control in 100 shares of a stock, this is significant leverage.  Think of buying a house and imagine a world where you could only pay cash for a home.  There would be significantly fewer home owners.  With financing (leverage), you can put a small down payment of say 10%, finance the other 90%, to get control of the house.

When looking at options pricing, multiply the price you see quoted by 100 to get your cash outlay for the trade.  If purchasing multiple contracts, you will also multiply by the number of contracts you are taking a position on.  For example. you see a put option for XYZ with an asking price of $1.50 and you want to buy 3 contracts.  Your cash outlay would be $450 ($1.50 x 100 x 3).

(There are other concepts that you should know about options, such as intrinsic value and speculative/time premium, but for this particular article, we will assume the readers have this understanding.)

There are several put option strategies that a trader can execute.  Today we will look at 2 particular put strategies speculating on the drop in value of a stock and compare the advantages/disadvantages of both.

Put Option Buying

The outright buying (without actual ownership of the actual stock) of a put option is a simple enough trade to execute.  You establish your position by buying to open the position.  The purchase of a put option is essentially looking for the drop in the price of a stock.  Maybe a company has had an unbelievable run in share price and you think the price is getting ahead of itself, and should be due for a correction.  Maybe you think the company will miss its earnings estimates and drop after reporting.  Instead of taking a short position of a stock, which would require a much larger initial cash outlay, you can simply purchase a put option and benefit from the leverage provided by options.  Another benefit of purchasing a put option over shorting a stock is the cap on how much you can lose.  With shorting a stock, your losses are theoretically unlimited if a stock was to continuously increase in value and you didn’t close your trade.  With just buying a put option, your losses are limited to your cost to establish the position.

Another thing readers should know, you can sell your position in the put option when you feel it is necessary.  So you purchase a put option and it increases in value 20%, you can simply sell the put on the market and book your profit.

With any option trade, it is important to understand the maximum profit/loss potential of the trade, along with your break even point as well.

First is a key for my abbreviations below:

P=profit

L=loss

E=Exercise Price or Strike Price

p=put option premium or cost of the put

S*=stock price

First lets look at the maximum profit of a put option purchase.  Since buying a put means you are looking for the price of the stock to go down, the maximum profit for a put option occurs when the stock hits $0.  Mathematically this looks like: Maximum Profit=Put Exercise Price-Underlying Stock Price-Put Option Premium Paid.  Since maximum profit occurs when the stock price hits $0, the formula can be further reduced to:

Max Profit= Exercise Price-Put Premium or Max P=E-p

Maximum loss on a put option purchase occurs when the price of the stock trades higher than the exercise price.  In other words, the maximum loss is what you paid for the put option.  Or mathematically, when Stock Price>or= Exercise Price, max loss is put option premium.

Max L=-p

Break even point occurs when you are able to cover the cost of the put option.  This is represented by: Break Even=Exercise-Put Option Premium or Break Even=E-p

Don’t worry, I’ve created the below Excel Spreadsheet to make the above calculations easier for you.  Just download the file and enter in your variables.

Looking at the above spreadsheet, you can easily calculated the max profit, max loss, and break even for your long put position.  Only modify the variables at the top.  Once you plug in the strike price, put price and increments you would like to see the profit and loss calculated, the calculations will update.  Any highlighted numbers should not be modified as the formulas will be messed up.

Below is the profit and loss chart for any outright put option purchase.

Notice, as you follow along the X axis and the stock price goes down, your profit starts to rise and maxes out as the stock price hits $0.

Now lets look at TSLA stock.  They have had a crazy run up.  Lets say you wanted to speculated the price could drop in value and you wanted to try to capitalize on a decrease in the price.  You narrow down your option choices to a few contracts in the 800 or 750 strike price range.  You also look at May 15th contracts as that will capture an earnings report that will take place on April 22, to try and give a chance of a negative event occurring to lower the price.

Enter the Strike price of 800, Put Premium of 103.50, and Current Stock Price of $950 to get your calculations.

Keep in mind you have purchased an out of the money put option, so the intrinsic value of the option is $0, you are simply paying $103.50 for the time from now until the May 15th expiration.  But as the price of TSLA drops and approaches (or goes below) the $800 strike price, your option starts to add an intrinsic value.

Fast forward to the current price of TSLA at $748.07.  When you look at the May 800 Put, the current price is at $148.73.  The stock has fallen below the $800 strike price.  Since your put option is now in the money, the intrinsic value has increased by $50, a couple days has passed meaning the option has lost a little of its time premium.

To exit the trade, you now can sell your put option and pocket a $45.23 profit.  Don’t forget to multiply the value of the contract. So profit of $45.23 times the number of contracts (1 in this case) times 100 shares, resulting in a profit of $4523.  Your initial cost would have been $10,350 (103.50x1x100).  The return on this trade is 43.70% (45.23/103.50).

The result of the trade and the time frame being under 1 year is a short term capital gain, taxed at your ordinary income tax rate.

Bear Spread Using Puts

Say you were anticipating a drop in the price of a stock, but you were not quite sure about placing an outright put option trade described above.  The above trade would have cost you just of $10k to establish, which is also your maximum loss.  You still want to position yourself for a drop in the price of a stock, but maybe you want to reduce the capital outlay.  A bear spread using put options would be something to consider.  A bear put spread is established by buying 1 put option at a higher strike price, and also shorting 1 put option at a lower strike price.  By shorting the lower strike put option, you are receiving a credit to the transaction, thereby lowering the cost of the trade.

There are no free trade offs however.  With the lower outlay to establish the trade, a bear put spread will also limit the potential return you can make on the overall trade.

As the price of the stock drops, you make money on the higher strike Put contract, but you begin to lose money on the lower priced put option that you have shorted.

As with options trades, you always want to know the Max Profit, Max Loss, and Break Even points.

The maximum loss is calculated as: Long Put Option Premium-Credit from Short Option Premium

The maximum profit is calculated: (Long Put Strike-Short Put Strike)-(Long Put Premium-Short Put Credit)

Breakeven is calculated: Higher Put Strike Price-(long put premium-Short Put Credit)

Below is a simple excel spreadsheet, so you can plug in your variables:

And now the typical profit and loss profile for a bear put spread:

In the above example, we buy a put option with a strike price of $60 which cost us $7 per contract.  To make this a bear spread, we also have to short a put with a $50 strike price and collect the $2 premium.  Short selling is basically, selling something you don’t own.  Plugging in the variables into the spreadsheet, we see our maximum gain is $5, maximum loss is $5, and the breakeven price for this trade is $55.

Now lets use TSLA shares to compare our Bear Spread vs an outright Put Purchase.

Tesla stock is trading at a price of $950.  We have determined to create a bear spread using the May 800 and 750 puts. The May 800 put will cost us $103.50 per contract, the May 750 will provide us a credit $81.90 (remember, this is the short put contract of the trade).

Lets plug in our variables into the excel calculator.

Long Put Price 800, Long Put Premium $103.50, Short Put Strike Price 750, Short Put Premium 81.90.

The max gain on this trade is $28.40, maximum loss is $21.60, and the breakeven price is $778.

Out cash outlay for this trade is also the maximum loss potential of $21.60.

With the drop in price of TSLA to $748.07, our trade would reach the maximum profit potential and the trade should be closed out.  The current price out the May 800 PUT is $148.70 and the May 750 PUT is $119.15.  Netting out the Gain of $45.20 on the 800 Put and the loss of $37.25 from the 750 put, this trade provided a return of $7.95.  In the real world, the bid ask spread on options can at times be substantial and this cuts into profits.  Our total return on this trade is a return of  36.80% (7.95 profit/the initial cost of the trade $21.60)

Comparing the 2 Trades

Both the outright Put purchase or going with a Bear Put Spread are counting on drops in the price of the underlying asset.  The outright purchase of a PUT does offer the ability to make a higher overall dollar return and percentage return, however the trade off is an actual higher amount of capital involved in the trade and higher loss potential.

For someone not looking to risk as much capital, a bear put spread offers a way to benefit from the drop in a stocks price, while limiting cash outlay and lowering your loss exposure.  Again, not without trade offs as your overall maximum return are limited by the second leg of the trade, the short put.  I would encourage readers to play around with the options used in their bear spreads.  Here we used a long 800 and a short 750 put to create the spread, but you can use any combination of a higher put strike and shorting a lower put strike to figure out your tolerance level.

With options trading, I find it very beneficial to write out my trades and also draw out the profit and loss chart.  Visually seeing the info on paper makes it easier to conceptualize the trade.  I always like to calculate my max profit, max loss, and breakeven.  Most of my options trades are short term in nature, so while I am mostly hands off with my individual stock positions, with options it’s different.  I normally like to watch the trades play out.  If you get a trade that nets a big profit, you have to decide whether to close the trade out, or do you want to see if there are further gains to be made.  Also, in the case of spread trades, if you hit the max gain figures, I like just closing out the trade and taking my profit.

For more information on options and trades, here is something I wrote a few years ago on covered call writing using an EBAY trade, and how to hedge your portfolio or position using a protected put (this one got featured on some options site).

Follow me on the social medias:

Readers Comments (88)

  1. best online pharmacy http://onedpll.com/ herbal ed treatment Hvvqfl ijsqmb

  2. buy cialis online canadian abpkposf http://tadedmedz.online/ daily use cialis cost

  3. canada pharmacy http://cicilisp.com/ best drug for ed Scwwjw tkcuij

  4. super viagra online brand viagra cheap 50 viagra chep [url=http://genqpviag.com/]need viagra today[/url] ’

  5. allergia http://allergicxl.com/ buy my essay Quldrk nctchg

  6. names of antibiotics http://antibioticxp.com/ help writing paper Betwpg eqtqet

  7. buy cialis generic online http://edsilap.com/ help me write a thesis Gbjkiy zevxbv

  8. tadalafil no prescription http://edsilap.com/ how to write a hiring letter Ohrhbc bbqpta

  9. canada drugs reviews http://strongpha.com/ essays online to buy Ksfoaw mrejxa

  10. over the counter viagra over the counter viagra cvs
    generic viagra online for sale

  11. help with assignments australia http://writexessays.com/ academia writing Hflnsn ogkwix

  12. order ketoconazole online http://abiotab.com/ best college paper writing service Vwwqpe eklswf

  13. terramycin generic buy ketoconazole
    generic fucidin

  14. taking l-citrulline and cialis together average price cialis
    cialis coupon code

  15. how does cialis work cialis headaches afterwards
    liquid cialis source reviews

  16. buy cialis online canadian how often to take 10mg cialis
    cialis without a doctor prescription

  17. cialis without a doctor’s prescription cheapest cialis web prices
    cialis prices

  18. how to write an essay about my family http://boessay.com/ writing dissertation service Vnrump whkzag

  19. provigil weight loss http://modafinipls.com/ modafinil and alcohol Fxewvn wzllsb

  20. provigil schedule http://provipls.com/ provigil online Fwwqbx kkyxko

  21. buy stromectol – http://stromectopl.com/ ivermectin tablet price

  22. {loans|loan|loans|payday loans|personal loans|payday loan|loans online|payday lending|loans for bad credit|personal loan|cash advance|loans no credit|loans no credit check|credit loans|payday loans online|bad credit loans|installment loans|payday loans no credit|payday loans no credit check|online loans|online payday|loan application|loans guaranteed approval|money fast|loan payday|cash loans|web loan|bad credit loans guaranteed approval|online payday loans|payday advance|personal loans for bad credit|loan online|loans instant approval|credit loans guaranteed approval|advance cash|simple loan|loans with bad credit|quick loans|pay day|loans bad credit|loan interest rates|cash payday|loans with no credit|personal loans online|payday loans near me|loans for poor credit|no credit check loans|loans personal|advance loans|loans with no credit check|loan with bad credit|short term loans|loans direct|payday loans instant|direct loans|pay day loans|payday loans instant approval|online loans no credit check|online loans no credit|loans online instant approval|loans direct lenders|cash advance loans|small loans|unsecured personal loans|best personal loans|cash now|online loans instant approval|personal loans for debt consolidation|loans for people with bad credit|money lenders|credit personal loans|payday loans direct|payday cash|unsecured loans|consolidation loans for bad credit|bad credit personal loans|installment loans for bad credit|debt consolidation loan|get a loan|payday lenders|payday loans direct lenders|cash payday loans|fast loans|advance payday|no credit check payday loans|cash advance online|best debt consolidation loans|fast payday|online payday loan|a loan with bad credit|paydayloans|direct loan|bad credit loan|online loan|same day payday loans|no credit check payday loans instant approval|need a loan|advance loan|installment loan|loan for bad credit|debt consolidation loans for bad credit|personal loans bad credit|fast loan|personal loans with bad credit|loans for women|loan lenders|instant payday|personal lending|poor credit loans|same day loans|payday cash advance|need money now|payday loans no credit check same day|bad credit payday|loan no credit|loan bad credit|same day payday loans no credit check|installment loans no credit|a payday loan|online payday loans instant approval|payday loan online|cash payday loans online|personal loans for people with bad credit|no fax payday loan|loan no credit check|quick money|easy payday|pay day loan|quick cash loans|direct lending|emergency loans|lenders for bad credit|advance payday loan|fast cash loans|easy loans|loan money|best personal loan|secured loans|payday loan lenders|low interest personal loans|cash advance payday loan|loans with low interest|cash loans online|loans with low interest rates|installment loans online|online installment loans|bad credit installment loans|installment loans no credit check|cash loan payday|cash payday loan|loans online no credit check|small personal loans|fast cash advance|payday advances|low interest loans|advance cash loan|i need a loan|cash loans no credit check|cash loans no credit|faxless payday loans|bad credit payday loans|online loans for bad credit|quick loans online|loan application online|payday advance loan|quick loans no credit|quick loans no credit check|payday loans online no credit check|secured loan|payday loans for bad credit|borrow money|short term loans no credit check|direct lender installment loans|no fax payday loans|personal loans for poor credit|personal loans with low interest rates|personal loans with low interest|personal loan bad credit|online cash advance|loans payday|private lenders|best loan|faxless payday loan|best loans|fast payday loans|best payday loans|online personal loans|cash advances|instant payday loans|quick loans for bad credit|express loans|unsecured loan|online payday loans no credit check|money loan|payday loans bad credit|easy payday loan|payday lender|i need money now|fast payday loan|quick loan|cash loans for bad credit|money loans no credit check|get loan|private loans|payday loans no faxing|need cash now|cheap personal loans|guaranteed loans|small loans for bad credit|express loan|money payday loans|easy loans no credit check|short term loans for bad credit|short term loan|direct lender payday|payday advance loans|loan cash|online loans bad credit|private money lenders|apply for a loan|cash advance usa|easy loan|direct payday lenders|loans unsecured|no faxing payday loan|get cash now|loan fast|personal loans no credit|loans for fair credit|payday loan direct|get a personal loan|direct lenders for bad credit|loans with poor credit|payday loan no fax|fast cash advance payday loan|best online loans|personal loans no credit check|direct lender payday loans|guaranteed loan|easy payday loans|advance payday loans|guaranteed payday loans|personal loan for bad credit|personal loans low interest|personal loan no credit check|need money fast|bad credit personal loans guaranteed approval|best online loans instant approval|personal loans guaranteed approval|cash fast loan|installment loans direct lenders|personal loans unsecured|personal loans low interest rates|500 fast cash|need a loan with bad credit|no credit loans|5000 personal loan|unsecured loans for bad credit|pay day loans near me|cash lenders|easy money payday loans|online payday loans direct lenders|quick payday loans|loan service|loan site|online loan application|payday loan no faxing|small personal loans with bad credit|get a loan with bad credit|payday loan cash advance|emergency loans no credit check|emergency loan|instant payday loan|personal loan interest rates|payday advance online|payday loan direct lender|private loan|money fast online|guaranteed payday loan|payday loan fast|fast cash payday loan|quick cash loans no credit check|money quick|loans fast|bad credit installment loans guaranteed|installment loans guaranteed|loan today|unsecured personal loan|best loans for bad credit|1000 loan|online loans bad credit instant approval|fast loans no credit|fast loans no credit check|small loan|money lender|loans online direct|payday loans no fax|poor credit loans guaranteed approval|best payday loans online|direct payday loan|bad credit payday loan|bad credit quick loans|apply for loan|loans without credit|cash advance loan|instant loans online|payday loans direct lender|specialized loan services|express cash advance|online payday advance|payday express|best payday loan|direct payday loan lenders|payday loans direct lenders only|bad credit loans direct lenders|internet payday loans|loan express|hassle free payday loans|loan|loans|payday loans|personal loans|payday loan|loans online|payday lending|loans for bad credit|personal loan|cash advance|loans no credit|loans no credit check|credit loans|payday loans online|bad credit loans|installment loans|payday loans no credit|payday loans no credit check|online loans|online payday|loan application|loans guaranteed approval|money fast|loan payday|cash loans|web loan|bad credit loans guaranteed approval|online payday loans|payday advance|personal loans for bad credit|loan online|loans instant approval|credit loans guaranteed approval|advance cash|simple loan|loans with bad credit|quick loans|pay day|loans bad credit|loan interest rates|cash payday|loans with no credit|personal loans online|payday loans near me|loans for poor credit|no credit check loans|loans personal|advance loans|loans with no credit check|loan with bad credit|short term loans|loans direct|payday loans instant|direct loans|pay day loans|payday loans instant approval|online loans no credit check|online loans no credit|loans online instant approval|loans direct lenders|cash advance loans|small loans|unsecured personal loans|best personal loans|cash now|online loans instant approval|personal loans for debt consolidation|loans for people with bad credit|money lenders|credit personal loans|payday loans direct|payday cash|unsecured loans|consolidation loans for bad credit|bad credit personal loans|installment loans for bad credit|debt consolidation loan|get a loan|payday lenders|payday loans direct lenders|cash payday loans|fast loans|advance payday|no credit check payday loans|cash advance online|best debt consolidation loans|fast payday|online payday loan|a loan with bad credit|paydayloans|direct loan|bad credit loan|online loan|same day payday loans|no credit check payday loans instant approval|need a loan|advance loan|installment loan|loan for bad credit|debt consolidation loans for bad credit|personal loans bad credit|fast loan|personal loans with bad credit|loans for women|loan lenders|instant payday|personal lending|poor credit loans|same day loans|payday cash advance|need money now|payday loans no credit check same day|bad credit payday|loan no credit|loan bad credit|same day payday loans no credit check|installment loans no credit|a payday loan|online payday loans instant approval|payday loan online|cash payday loans online|personal loans for people with bad credit|no fax payday loan|loan no credit check|quick money|easy payday|pay day loan|quick cash loans|direct lending|emergency loans|lenders for bad credit|advance payday loan|fast cash loans|easy loans|loan money|best personal loan|secured loans|payday loan lenders|low interest personal loans|cash advance payday loan|loans with low interest|cash loans online|loans with low interest rates|installment loans online|online installment loans|bad credit installment loans|installment loans no credit check|cash loan payday|cash payday loan|loans online no credit check|small personal loans|fast cash advance|payday advances|low interest loans|advance cash loan|i need a loan|cash loans no credit check|cash loans no credit|faxless payday loans|bad credit payday loans|online loans for bad credit|quick loans online|loan application online|payday advance loan|quick loans no credit|quick loans no credit check|payday loans online no credit check|secured loan|payday loans for bad credit|borrow money|short term loans no credit check|direct lender installment loans|no fax payday loans|personal loans for poor credit|personal loans with low interest rates|personal loans with low interest|personal loan bad credit|online cash advance|loans payday|private lenders|best loan|faxless payday loan|best loans|fast payday loans|best payday loans|online personal loans|cash advances|instant payday loans|quick loans for bad credit|express loans|unsecured loan|online payday loans no credit check|money loan|payday loans bad credit|easy payday loan|payday lender|i need money now|fast payday loan|quick loan|cash loans for bad credit|money loans no credit check|get loan|private loans|payday loans no faxing|need cash now|cheap personal loans|guaranteed loans|small loans for bad credit|express loan|money payday loans|easy loans no credit check|short term loans for bad credit|short term loan|direct lender payday|payday advance loans|loan cash|online loans bad credit|private money lenders|apply for a loan|cash advance usa|easy loan|direct payday lenders|loans unsecured|no faxing payday loan|get cash now|loan fast|personal loans no credit|loans for fair credit|payday loan direct|get a personal loan|direct lenders for bad credit|loans with poor credit|payday loan no fax|fast cash advance payday loan|best online loans|personal loans no credit check|direct lender payday loans|guaranteed loan|easy payday loans|advance payday loans|guaranteed payday loans|personal loan for bad credit|personal loans low interest|personal loan no credit check|need money fast|bad credit personal loans guaranteed approval|best online loans instant approval|personal loans guaranteed approval|cash fast loan|installment loans direct lenders|personal loans unsecured|personal loans low interest rates|500 fast cash|need a loan with bad credit|no credit loans|5000 personal loan|unsecured loans for bad credit|pay day loans near me|cash lenders|easy money payday loans|online payday loans direct lenders|quick payday loans|loan service|loan site|online loan application|payday loan no faxing|small personal loans with bad credit|get a loan with bad credit|payday loan cash advance|emergency loans no credit check|emergency loan|instant payday loan|personal loan interest rates|payday advance online|payday loan direct lender|private loan|money fast online|guaranteed payday loan|payday loan fast|fast cash payday loan|quick cash loans no credit check|money quick|loans fast|bad credit installment loans guaranteed|installment loans guaranteed|loan today|unsecured personal loan|best loans for bad credit|1000 loan|online loans bad credit instant approval|fast loans no credit|fast loans no credit check|small loan|money lender|loans online direct|payday loans no fax|poor credit loans guaranteed approval|best payday loans online|direct payday loan|bad credit payday loan|bad credit quick loans|apply for loan|loans without credit|cash advance loan|instant loans online|payday loans direct lender|specialized loan services|express cash advance|online payday advance|payday express|best payday loan|direct payday loan lenders|payday loans direct lenders only|bad credit loans direct lenders|internet payday loans|loan express|hassle free payday loans|loan|loans|payday loans|personal loans|payday loan|loans online|payday lending|loans for bad credit|personal loan|cash advance|loans no credit|loans no credit check|credit loans|payday loans online|bad credit loans|installment loans|payday loans no credit|payday loans no credit check|online loans|online payday|loan application|loans guaranteed approval|money fast|loan payday|cash loans|web loan|bad credit loans guaranteed approval|online payday loans|payday advance|personal loans for bad credit|loan online|loans instant approval|credit loans guaranteed approval|advance cash|simple loan|loans with bad credit|quick loans|pay day|loans bad credit|loan interest rates|cash payday|loans with no credit|personal loans online|payday loans near me|loans for poor credit|no credit check loans|loans personal|advance loans|loans with no credit check|loan with bad credit|short term loans|loans direct|payday loans instant|direct loans|pay day loans|payday loans instant approval|online loans no credit check|online loans no credit|loans online instant approval|loans direct lenders|cash advance loans|small loans|unsecured personal loans|best personal loans|cash now|online loans instant approval|personal loans for debt consolidation|loans for people with bad credit|money lenders|credit personal loans|payday loans direct|payday cash|unsecured loans|consolidation loans for bad credit|bad credit personal loans|installment loans for bad credit|debt consolidation loan|get a loan|payday lenders|payday loans direct lenders|cash payday loans|fast loans|advance payday|no credit check payday loans|cash advance online|best debt consolidation loans|fast payday|online payday loan|a loan with bad credit|paydayloans|direct loan|bad credit loan|online loan|same day payday loans|no credit check payday loans instant approval|need a loan|advance loan|installment loan|loan for bad credit|debt consolidation loans for bad credit|personal loans bad credit|fast loan|personal loans with bad credit|loans for women|loan lenders|instant payday|personal lending|poor credit loans|same day loans|payday cash advance|need money now|payday loans no credit check same day|bad credit payday|loan no credit|loan bad credit|same day payday loans no credit check|installment loans no credit|a payday loan|online payday loans instant approval|payday loan online|cash payday loans online|personal loans for people with bad credit|no fax payday loan|loan no credit check|quick money|easy payday|pay day loan|quick cash loans|direct lending|emergency loans|lenders for bad credit|advance payday loan|fast cash loans|easy loans|loan money|best personal loan|secured loans|payday loan lenders|low interest personal loans|cash advance payday loan|loans with low interest|cash loans online|loans with low interest rates|installment loans online|online installment loans|bad credit installment loans|installment loans no credit check|cash loan payday|cash payday loan|loans online no credit check|small personal loans|fast cash advance|payday advances|low interest loans|advance cash loan|i need a loan|cash loans no credit check|cash loans no credit|faxless payday loans|bad credit payday loans|online loans for bad credit|quick loans online|loan application online|payday advance loan|quick loans no credit|quick loans no credit check|payday loans online no credit check|secured loan|payday loans for bad credit|borrow money|short term loans no credit check|direct lender installment loans|no fax payday loans|personal loans for poor credit|personal loans with low interest rates|personal loans with low interest|personal loan bad credit|online cash advance|loans payday|private lenders|best loan|faxless payday loan|best loans|fast payday loans|best payday loans|online personal loans|cash advances|instant payday loans|quick loans for bad credit|express loans|unsecured loan|online payday loans no credit check|money loan|payday loans bad credit|easy payday loan|payday lender|i need money now|fast payday loan|quick loan|cash loans for bad credit|money loans no credit check|get loan|private loans|payday loans no faxing|need cash now|cheap personal loans|guaranteed loans|small loans for bad credit|express loan|money payday loans|easy loans no credit check|short term loans for bad credit|short term loan|direct lender payday|payday advance loans|loan cash|online loans bad credit|private money lenders|apply for a loan|cash advance usa|easy loan|direct payday lenders|loans unsecured|no faxing payday loan|get cash now|loan fast|personal loans no credit|loans for fair credit|payday loan direct|get a personal loan|direct lenders for bad credit|loans with poor credit|payday loan no fax|fast cash advance payday loan|best online loans|personal loans no credit check|direct lender payday loans|guaranteed loan|easy payday loans|advance payday loans|guaranteed payday loans|personal loan for bad credit|personal loans low interest|personal loan no credit check|need money fast|bad credit personal loans guaranteed approval|best online loans instant approval|personal loans guaranteed approval|cash fast loan|installment loans direct lenders|personal loans unsecured|personal loans low interest rates|500 fast cash|need a loan with bad credit|no credit loans|5000 personal loan|unsecured loans for bad credit|pay day loans near me|cash lenders|easy money payday loans|online payday loans direct lenders|quick payday loans|loan service|loan site|online loan application|payday loan no faxing|small personal loans with bad credit|get a loan with bad credit|payday loan cash advance|emergency loans no credit check|emergency loan|instant payday loan|personal loan interest rates|payday advance online|payday loan direct lender|private loan|money fast online|guaranteed payday loan|payday loan fast|fast cash payday loan|quick cash loans no credit check|money quick|loans fast|bad credit installment loans guaranteed|installment loans guaranteed|loan today|unsecured personal loan|best loans for bad credit|1000 loan|online loans bad credit instant approval|fast loans no credit|fast loans no credit check|small loan|money lender|loans online direct|payday loans no fax|poor credit loans guaranteed approval|best payday loans online|direct payday loan|bad credit payday loan|bad credit quick loans|apply for loan|loans without credit|cash advance loan|instant loans online|payday loans direct lender|specialized loan services|express cash advance|online payday advance|payday express|best payday loan|direct payday loan lenders|payday loans direct lenders only|bad credit loans direct lenders|internet payday loans|loan express|hassle free payday loans|near me|finance|mortgage|loan|loans|advance|cash|personal|fast|the best|lending|apply for|payday|bad credit|payday loans|home loans|car loan|personal loans|consolidation|speedy|loans login|refinance|long term|credit check|best credit|no credit|debt consolidation|debt relief|money online|no credit check|apply online|checking account|payday loan|lendingtree|short term|loans online|payday lending|loans for bad credit|loan rates|home loan|loan payment|speedy cash|personal loan|cash advance|installment|consolidation loans|online cash|lending tree|loans no credit|loans no credit check|quicken loans login|same day|home equity loan|ace cash|cash express|quick easy|credit loans|lenders|payday loans online|ace cash express|auto loans|debt consolidation loans|fair credit|bad credit loans|payday loans no|check into cash|loan requirements|car loans|installment loans|unsecured|va loan|payday loans no credit|poor credit|guaranteed approval|payday loans no credit check|title loans|online loans|lender|online payday|home equity loans|loan application|loans guaranteed approval|discover personal loans|money fast|loan payday|cash loans|loan interest|quicken loans arena|bayview loan servicing|prosper loans|fha loans|spotloan|loans guaranteed|small business loans|loan services|web loan|debt consolidation programs|american web loan|loans near me|bad credit loans guaranteed approval|avant loans|loan payoff|online payday loans|loan repayment|va home loan|payday advance|va loans|loan consolidation|business loan|bad credit loans guaranteed|personal loans for bad credit|green loans|plain green loans|loan online|sba loans|loans instant|people with bad credit|loans instant approval|credit loans guaranteed approval|advance cash|discover loans|loans with monthly payments|simple loan|fast cash|loans for people|loans with bad credit|direct lenders|unsubsidized loan|usda loans|apply for credit|rise loans|military loans|usda loan|wells fargo loan|great lakes loans|loan companies|quick loans|elastic loans|money now|loan center|quickenloans|pay day|sba loan|credit online|america cash advance|advance america cash advance|perkins loan|loans bad credit|loan interest rates|advance online|cash payday|term loans|va home loans|debt relief programs|quick cash|loans with no credit|debt relief reviews|fast money|personal loans online|payday loans near me|loans for poor credit|check loans|bank loans|car title loans|credit check loans|cash loan|no credit check loans|loans personal|need money|easy money|advance loans|money mutual|loans with no credit check|loans for debt consolidation|loan with bad credit|title loans near me|loan refinance|short term loans|loanme|money loans|unsecured credit|how to get money|online money|consolidation loan|loans direct|payday loans instant|direct loans|loans without cosigner|check payday|pay day loans|payday loans instant approval|spot loan|online loans no credit check|online loans no credit|credit loan|speedycash|direct lender|loans rates|loans online instant approval|loans direct lenders|loan debt|cash advance loans|small loans|bad credit car loans|unsecured personal loans|best personal loans|cash online|cash now|online loans instant|online loans instant approval|best debt consolidation|personal loans for debt consolidation|loan rates today|bank loan|loans for people with bad credit|conforming loan|no credit check payday|money lenders|loan company|dollar loan|best student loans|loans gov|student loan debt|credit check payday|credit personal loans|payday loans direct|ez money|payday cash|lending tree loan|lendingtree personal loans|unsecured loans|consolidation loans for bad credit|bad credit personal loans|rapid cash|loan source|installment payment|loan payments|credit check payday loans|installment loans for bad credit|personal loan rates|debt consolidation loan|get a loan|commercial loan|debt consolidation companies|title loan|payday lenders|payday loans direct lenders|cash payday loans|fast loans|advance payday|loan interest rate|no credit check payday loans|i need money|cash advance online|lion loans|marcus loans|wells fargo student loan|inbox loan|best debt consolidation loans|same day payday|loan me|cash advance america|fast payday|online payday loan|a loan with bad credit|teacher loan|paydayloans|hard money lenders|interest on a loan|signature loans|direct loan|bad credit loan|online loan|loan refinancing|sun loan|same day payday loans|no credit check payday loans instant approval|loans online instant|cornerstone loans|greenline loans|need a loan|bad credit auto loans|interest loan|stafford loans|advance loan|installment loan|school loans|loan for bad credit|debt consolidation loans for bad credit|lendingtree loans|personal loans bad credit|car loans for bad credit|mobile loans|land loans|student loan refinancing|fast loan|personal loans with bad credit|loans for women|loan lenders|instant payday|personal lending|loans for bad credit guaranteed|poor credit loans|pioneer loans|awl loans|same day loans|payday cash advance|americash loans|need money now|simple interest loan|quicken loans careers|payday loans no credit check same day|fax payday loan|title loans online|cash advance payday|online loans no credit check instant deposit|get money fast|bad credit payday|loan no credit|cash fast|consolidate student loans|loans for startups|business loans for startups|loan bad credit|same day payday loans no credit check|eagle loan|installment loans no credit|a payday loan|online payday loans instant approval|payday loan online|cash payday loans online|personal loans for people with bad credit|no fax payday loan|loan no credit check|hard money loans|quick money|easy payday|online payday loans instant|pay day loan|loans for students|home loans for bad credit|loans for bad credit with monthly payments|quick cash loans|direct lending|emergency loans|personal loans apply|lenders for bad credit|advance payday loan|wells fargo loans|how to get money fast|fast cash loans|bad credit home loans|easy loans|credit card debt relief|loans apply|personal lending group|online loans with monthly payments|loan repayment program|direct payday|loan money|loans personal loans|loan agent|how to get a loan|best personal loan|secured loans|payday loan lenders|low interest personal loans|cash advance payday loan|loans with low interest|instant loan|speedy cash payday loans online|cash loans online|loans with low interest rates|installment loans online|tribal loans|online installment loans|bad credit installment loans|installment loans no credit check|cash loan payday|cash payday loan|small loans with monthly payments|loan estimate|quick payday|cashusa|loans online no credit check|small personal loans|get cash|loans online no credit|loan places|accredited debt relief|fast cash advance|free loan|paydayloan|compare personal loans|rehab loan|need cash|credit card consolidation loans|payday advances|low interest loans|advance cash loan|i need a loan|cash loans no credit check|cash loans no credit|loans offer|faxless payday loans|no credit check loans with monthly payments|bad credit payday loans|online loans for bad credit|quick loans online|loan application online|payday advance loan|quick loans no credit|quick loans no credit check|payday loans online no credit check|secured loan|loans for homes|payday loans for bad credit|payday loan companies|borrow money|short term loans no credit check|direct lender installment loans|loan direct|bad credit loans with monthly payments|no fax payday loans|personal loans for poor credit|loan store|personal loans with low interest rates|personal loans with low interest|personal loan bad credit|online cash advance|loans payday|installment loans with monthly payments|private lenders|bill consolidation loans|best loan|faxless payday loan|best loans|fast payday loans|best payday loans|online personal loans|cash advances|instant payday loans|quick loans for bad credit|express loans|unsecured loan|online payday loans no credit check|parent loan|money loan|payday loans bad credit|easy payday loan|best debt consolidation companies|payday lender|i need money now|loan companies for bad credit|loan consolidation companies|fast payday loan|instant loans|quick loan|cash loans for bad credit|money loans no credit check|money loans no credit|get loan|signature loan|how to get a loan with bad credit|debt consolidation help|residential loan application|private loans|payday loans no faxing|need cash now|payment installment agreement|commercial loans|best personal loan rates|loan place|cheap personal loans|loan places near me|guaranteed loans|small loans for bad credit|credit card debt consolidation|express loan|commercial loan rates|money payday loans|easy loans no credit check|short term loans for bad credit|short term loan|direct lender payday|small business loans for women|payday advance loans|loan cash|online loans bad credit|private money lenders|apply for a loan|best debt consolidation loans approved by bbb|bad credit no money down|cash advance usa|america loan|easy loan|direct payday lenders|cash express loans|debt relief companies|loans unsecured|christmas loans|no faxing payday loan|get cash now|loan fast|5000 loan|personal loans no credit|simple loan payment|loans for fair credit|short term loans no credit|payday loan direct|get a personal loan|loan estimator|direct lenders for bad credit|loans with poor credit|payday loan no fax|fast cash advance payday loan|holiday loans|direct loan program|payday loans online no credit|best online loans|check advance|personal loan companies|personal loans no credit check|direct lender payday loans|first cash advance|guaranteed loan|cash store loans|easy payday loans|advance payday loans|loans student|guaranteed payday loans|bank personal loans|personal loan for bad credit|personal loan interest|signature loans no credit check|personal loans low interest|debt consolidation advice|installment loans no turndowns|best loan companies|free payday loans|personal loans reviews|installment loan calculator|personal loan no credit check|personal loan no credit|need money fast|bad credit personal loans guaran

  23. Cialis no perscription what is cialis super active coupons for cialis daily use

  24. I don’t even know how I ended up here, but I thought this post
    was good. I don’t know who you are but certainly you’re going to a famous blogger if you
    aren’t already 😉 Cheers! http://herreramedical.org/azithromycin

  25. Can you cut cialis in half cialis withouth prescriptiong overnight delivery generic cialis

  26. Free samples of cialis online cialis black buy in australia cialis onset of action

  27. Canadian pharmacy hcg injections rx on line pharmacy canadian drug pharmacy reviews

  28. Prescription drugs that dilate pupils cvs pharmacy app store
    most dangerous prescription drugs

Leave a comment

Your email address will not be published.


*


Follow me on the social medias: