Jennifer Lopez once sang “Love Don’t Cost A Thing.” Then again, Jenny from the block has been married three times and divorced twice (her legal separation from Marc Anthony is still pending), so clearly the Latina diva could learn a thing or two about the dating game when love and money are involved.

For those singles willing to spend some cold, hard cash at a chance for a hot romance comes WhatsYourPrice.com, a new dating Web site that poses one simple question: What’s your price? Free to join, the site breaks down everyone into two categories: “Generous People (let’s give it up for the BOYS!)” and “Attractive People (Let’s hear it for the GIRLS!).” Once you figure out whether you are pretty or pretty rich, you can buy or sell a first date. Prices can range from $50, $100 or up to $1,000. Once both parties agree on a price, a date is set up. The person footing the bill is encouraged to pay half the agreed fee at the beginning of the date and the other half at the end of the date.  Other rules of etiquette according to the site:

* DO NOT pay or ask anyone for payment prior to meeting for a date
* If someone asks you to send money by Western Union, report them immediately
* Generous members are expected to pay for the date (there’s no going dutch here)
* DO NOT accept personal checks or cashier’s checks—there’s just too much fraud
* CASH is king, and pay only when you meet your date in person

Created by Brandon Wade, the founder and CEO of the Web sites SeekingArrangement.com and SeekingMillionaire.com, believes men and women are willing to pay to date attractive people and it’s a win-win situation: If there’s no chemistry involved, at least someone leaves a little bit wealthier.

“I’ve come to realize men seem to put more value on and have more respect for the things they have to pay a lot of money for…nice cars, the latest golf clubs, expensive watches,” says one anonymous female user. “Perhaps now they will put more value on the opportunity to get to know me.”

When WhatsYourPrice.com launched back in March it immediately hit 10,000 users but it also gained a lot of attention for being a form of digitized prostitution. After a quick perusal of the “attractive people” section, it was hard for me to ignore the scores of women taking snapshots of themselves scantily clad in bikinis and oftentimes naked, which leads me to believe the site is a glorified escort service. Yes, on a first date a man is often expected to pay for drinks or even dinner but to pay for the date itself makes me feel bad for both parties involved. The guy comes off desperate and the women seems like little more than a gold digger. The whole process sounds more like a transaction than a date but according to the creators, WhatsYourPrice.com is a raging success with 5,000 dates successfully planned within the first month.

Listen to Brandon Wade try to convince us why dating for money makes cents below. So would you pay for a first date?

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