Why Collateral Loans Are Utilized to Cover Emergency Expenses?

Negative credit rating can spell problems for those who live with very limited funding. There are times when certain individuals encounter emergency expenses that may arise because of unexpected medical procedures, car repairs, home maintenance, and natural disasters among others.
When these unexpected circumstances arise, those who have negative credit rating may find it difficult to avail loans from banks and conventional lenders. Because some circumstances are unavoidable, it makes it challenging for people to exercise loan options elsewhere, making their financial management procedures a tad difficult.
Collateral Loans
Collateral loans, with very minimal prerequisites and requirements, are tailored for the aid of debt-ridden people and others who have a poor credit rating in the market. One usually needs a high credit score to be able to avail of beneficial loan schemes and programs.
Those who are not familiar with the said loans are encouraged to read the succeeding paragraphs. The following piece of information will surely help you understand the ins and outs of collateral loans in the US better and give you a greater clarity on why and how you can use it.

#1 No credit score requirement

This is the main advantage of collateral loans. In general, the loans that are out on the market require good credit scores. Luckily, lenders of the said loans do not check credit scores. While most loan options and schemes require a standard or decent credit score from applicants, collateral loans have got nothing to do with your poor or high credit score. Therefore, even individuals with negative credit scores can apply and become approved.

#2 Quick cash

Another notable benefit of collateral loans is cash can be released in no time at all. This is not the case with other loans since many of them require countless hours in the application and the documentation stages. Releasing funding is easy in collateral loans because borrowers need to submit very few requirements. Collateral loans are easy to apply for and even easier to manage and track. This makes it easier for borrowers to cash in their funds without having to submit a large list of forms or fulfill never-needing legal requirements. Yes, everything is legal, yet easy for you to apply for such loans and even get the returns in the shortest span of time.

#3 Lifestyle change is unnecessary

Car pawn loan lenders also release instant cash but borrowers need to surrender their vehicle to the lending company. On the other hand, collateral loan lenders allow their borrowers to use their car even if the loan is not yet paid. You can choose your preferred lifestyle and continue to live it without having to give up on anything. There is no concept of either putting up your assets as a mortgage in case you are unable to repay the loan, or having to give up your car in the same case. There will be a stipulated time allotted to you, within which you will have to repay, although such periods are pretty flexible and for long-term use.

#4 Flexible repayment programs

In support of the point above, the repayment scheme of collateral loans is quite longer than conventional loans. For instance, some lending institutions give repayment periods of up to three years. When it comes to bank loans and pawn loans, the repayment schemes are very strict and the probability of losing one’s car is quite high. Compared to collateral loans, it is extremely easy for individuals to manage their finances due to minimal restrictions and elongated repayment periods. You actually have quite a lot of time to repay such loans. Also, collateral loans have a number of flexible repayment options that you can choose from, depending on what fits your financial situation and capabilities the best.

Conclusion:

As mentioned earlier, collateral loans are ideal for those who have a negative credit rating and need of instant cash. On the other hand, it should be remembered that borrowers should make sure that they will repay their loans because not doing so may cause serious financial problems.
Borrowers need to have a concrete repayment strategy and send payments religiously so as to avoid high-interest rates and additional fees. Showing maturity when it comes to repaying loans can help settle emergency expenses and improve credit ratings. Always make sure that you repay all your loans, irrespective of the repayment scheme you have availed and the repayment time-period allotted to you. With timely payments and strict adherence to guidelines, while applying for and repaying collateral or third-party loans, you can maintain the stability of your financial situation and eventually get into a better position to manage your personal finances in the long run.

6 Steps to Follow To Get Your Personal Loan

Are you looking for ways to cover a few expenses such as credit card debts, chase an adoption or move across borders without breaking your savings nest then a personal loan can be the best thing to look for. Although, getting a personal loan approved can be a hassle-free experience for some and a nerve-wracking for others.
personal loans

What is a Personal Loan?

A personal loan is a loan borrowed from a credit union, online lender or a bank that can be paid in fixed instalments over two to five years. In general, the personal loans are unsecured (which simply means loan can be obtained without a collateral unlike for a home or car loan). Also, the loan amount, rates and terms may vary depending on your credit score. Here are the 6 steps to getting your unsecured personal loan:

What’s your credit score?

A credit score is a very important number that shouldn’t be ignored,as it plays a vital role in the entire loan process. Having a strong credit score can get you all the best deals from an easy loan approval to lowest interest rates. The credit score is calculated based on a lot of factors such as credit history, number of credits, timely payments etc.
So, when was the last time you checked your credit score? Here is the free ways to check your credit score.

Do your homework on available loans

It is recommended that you do some homework on the loan options available and look what’s on store for you. You can pick from small local lenders to big financial institutions such as Discover,Citibank etc. You may go for credit union if you’re looking for a small loan amount with a lower interest rate. You can do a pre-check to understand more on the factors influencing your loan process.

How about getting pre-qualified for a loan?

Pre-qualifying for a loan can give you the insight and understanding of your current situation.
The info you need to provide for the pre-qualification process:

  • Salary
  • Date of Birth
  • Social security number
  • Debts
  • Employer details
  • Education
  • Address, phone number, email etc.

But there are chances that you may not pre-qualify for a loan and the reasons may be bad credit score, less salary, little or no work history, debts etc.

Do a comparative study on the various credit options available

Never be satisfied with just the one that crops up first especially when it comes to personal loan options available. Analyse the credit options that are available such as:

  • Are you eligible for a 0% credit card?

Having a good credit score can fetch you a credit card with 0% interest. It can be the best option if you can repay the loan amount on time.

  • Which one should you pick: secured loan or unsecured loan?

If your credit is bad, then secured loan may be a great choice to get better interest rates. All you need is a property as a collateral.

Read the terms and conditions properly

Before you say yes, you need to read every line of the terms and conditions mentioned. You can narrow down your gaze to the following:

  • Automatic Withdrawals: If the lender requires you to set up automatic withdrawals from your account then keep monitoring your account to avoid overdraft fee.
  • Exit fee: See if there’s any fee charged for early closure of loan.
  • Annual Percentage Rate: See if it clearly indicates the total loan amount, origination fees etc.
  • Flexible payment options: waiver on late payments
  • Direct payment to creditors:Can be beneficial for debt consolidation
  • Are the payments reported to credit bureaus? Can be an added advantage to your credit score if on-time payments are reported to credit bureaus.

The final approval processes

After doing your study on the personal loan options, you need to understand the documentation involved. If you’ve found the right lender to match your requirements, then the final loan approval process would require you to produce the following documents:

  • Identification document such as passport, driving license, social security or state ID.
  • Proof of Income such as payslips, bank statements, tax forms.
  • Address proof such as copy of lease, property documents, utility bills.

Once you’ve submitted the above-mentioned documents, the lender would do a credit analysis for credit score, history etc. The final approval would mean getting your funds within a week.

Summing up:

You can get approved for a personal loan easily by following the above-mentioned steps that involves doing a study on the available options to understanding your credit score. Apart from choosing the right sources to get the loan, it is equally important to understand the terms and conditions as well.

Financial Advice You Can Trust: Choosing a Financial Professional

Countless Americans turn to financial advisors to help them plan for their financial future. If you don’t know a lot about financial matters, it makes sense to seek the help of a professional. However, many folks don’t trust their financial advisors. In fact, a 2016 poll conducted by the American Association of Individual Investors showed that 65% of participants mistrusted their financial professionals to some degree.
The general mistrust of financial professionals can lead to the potentially dangerous decision of making financial decisions on your own. While it’s a good idea to educate yourself about short-term and long-term financial strategies, trying to “wing it” on your own could lead to serious financial trouble. Most of us are not financial experts. Working with the right financial professional could mean the difference between a comfortable retirement or one that just barely covers the basics.
Choosing a Financial Professional
Choosing the right financial professional for the job can be intimidating. How do you find an advisor you can trust? How do you know your financial advisor has your best interests at heart? Here are some steps you can take to help you find a trustworthy financial professional. 

Choose a Fee-Only Advisor

A fee-only advisor is one who does not accept commissions. An advisor who accepts commissions could have a conflict of interest, meaning he may be more interested in lining his own pockets than choosing what’s best for your financial future. A fee-only advisor is generally paid by the hour, or they may charge a percentage of your assets.  The National Association of Personal Financial Advisors is a great resource for finding a fee-only advisor. Note that a “fee-based” advisor receives a blend of fees and commissions-definitely not the same thing. 

Know What Type of Financial Professional You Need

There are a lot of different types of financial professionals, and each one specializes in a certain area. In fact, there are actually more than 200 designations for financial advisors.  It’s important to know what you’re shopping for before you start asking questions. Here are some of the most common designations:

  •         A Certified Financial Planner (CFP) is one who specializes in a little bit of everything. They will help you with your entire financial picture. A CFP has passed a series of exams that include topics like retirement and estate planning.
  •         A Chartered Financial Analyst (CFA) specializes in investing and portfolio management. They have passed a series of rigorous exams that show commitment to their profession and higher ethical standards.
  •         A Certified Public Accountant (CPA) is a tax expert. A CPA, like the ones at tempCFO, specializes in all aspects of personal, business, and executive tax planning. Your CPA will ensure that you adhere to all necessary tax regulations
  •         A Chartered Financial Consultant (ChFC) has specialized training in the areas of insurance and estate planning. 

Get a Recommendation

No matter what type of service you’re looking for, getting a good recommendation from a long-term client is a great place to start. Talk to friends, family, and co-workers to see who they’re using and if they would recommend them to others. 

Interview Prospective Advisors Carefully

Now is the time to be picky! You should interview several different prospects before settling on one. If you are uncomfortable talking to a certain prospect, then move on to a different one. Take advantage of any complementary introductory sessions offered to ask lots of questions. Ask about his or her background and core values, specific areas of expertise, their investment policy, and how they get paid. Be sure that you have a complete understanding of the services that will be covered before you sign any sort of agreement.
The prospective advisor should be asking you questions, too. For example, they should be interested in your goals, your income needs, your tax status, and even your age and health -especially before they start recommending any specific investments. If a prospective advisor is pushing you toward some hot investment in the first five minutes of your meeting, run the other way. 

Only Work with Investment Advisors That Use a Third-Party Custodian

A third-party custodian, such as Charles Schwab or Scottrade, will hold on to your money, instead of allowing the advisor to do it. Your account statements will come from their office instead of your advisors, too. If a crooked investment advisor is allowed to hold your money in his own custody, he could fudge your account statements and drain your savings, Bernard Madoff style. 

Do a Thorough Background Check Before Making Your Final Selection

When it comes to your financial future, there’s no such thing as being too cautious. Run a background check to look for criminal history. If your potential advisor is a registered broker, use the website www.finra.org/brokercheck to check him out. You can also check with your state securities regulator to see if he or she has had any disciplinary actions taken against them. Also, go here to view the prospective advisors Form ADV and check into their background and employment history. It’s better to find out about any skeletons in their closet now, before you are left with an empty bank account. 

Look for a Fiduciary

A fiduciary means that the advisor has pledged to act in their clients’ best interest at all times. Financial advisors who aren’t fiduciaries are held to a lesser standard. They can sell you anything they deem to be suitable for you, even if it’s not ideal or in your best interest. This point is critical. In fact, as of June 2017, financial advisors who work with retirement accounts are required to adhere to the fiduciary rule. 

Watch for these Red Flags

If something just doesn’t feel right, move on! Here are some red flags to watch out for:

  •         They make promises they can’t possibly guarantee, like beating the market.
  •         They don’t listen to you.
  •         They pressure you into taking risks you’re not ready for.
  •         Their fee schedule is confusing or they receive commissions or referral fees.
  •         They aren’t able to answer your questions and they seem inexperienced.

Following these steps will help you find an experienced financial professional that you can trust. Remember, it’s okay to be picky… it’s your hard earned money!
 

How to Finance Buying a Used Car?

When looking to buy a used car there are many things to think about such as which model to choose, what size engine, what colour etc. however, before all of these can be considered it’s important to work out how the purchase will be financed.
When working out how much to spend on a new car, it’s vital to examine all the aspects including paying for petrol, repairs, MOT and servicing, insurance and tax as you need to be able to keep the car on the road as well as buy it in the first place.

We caught up with Darren at Big Motoring World for the following advice. They have a huge selection of used cars for sale so check them out.

Buying a Used Car
There are many different ways to finance buying a used car so here are a few options:

  1. Cash

By far the cheapest and easiest way to buy a car is using your own cash. That way you don’t have to pay any interest and you will own the car immediately. If you are using savings to pay for the car then make sure you have enough to cover the full cost.

  1. Personal Loan

If you don’t have enough cash to buy a car outright, then the second cheapest option would be to take out a personal loan from the bank or other financial provider. This way you can spread the cost over several years, making it more affordable. Make sure to get the best interest rate and shop around for the best deal.

  1. Hire purchase

Hire purchase is different to a loan in that you don’t own the car until you have paid the very last payment. You need to pay a deposit and then a monthly payment until the end of the term agreed. It is usually agreed directly with the dealer and can be a competitive way to pay for new cars.

  1. Personal contract purchase

This is similar to Hire Purchase but normally involves making lower monthly payments followed by the choice to own the car with a large end payment, or to hand it back, or to roll the finance over and trade the car in for a new one.

  1. Leasing

This is a way to have a car without ever owning it. You simply pay the dealer a monthly fee for the use of the car, within an agreed mileage limit. Servicing and maintenance is included so you don’t incur all the usual costs of owning a car. At the end of the agreement you give the car back.

  1. Credit card

Depending on the price of the car, using your credit card to pay for the car in full might be a good option as it will give you protection if anything goes wrong. You will have to pay back the card payments monthly and will most likely incur interest charges during the time it takes to pay it back. Some dealers don’t accept credit cards so it’s worth checking first.

  1. Peer-to-peer loans

Peer-to-peer loans are also known as social lending and enable people to borrow from each other negating the need for banks to be involved – there are specialist peer-to-peer websites available but you will normally still require a good credit rating.

  1. Part exchange

If you are part exchanging your current car then it’s worth getting a price assessment first before going to the dealership, so that you can make sure you are getting the best price possible. The more you can earn from your current car, the less you need to raise for the new one.
If you are borrowing money from anywhere, to pay for a used car, make sure you are aware of what happens if you can’t make a monthly payment for any reason, and what options you have if there is a time when you can’t afford to pay.
It’s also a good idea to look at the bigger picture and work out how much you will pay in total, including charges and interest, if you take out a finance option compared with paying in cash. It might be that a loan is better value than using your credit card or vice versa.
You also need to make sure you can afford all of the car’s running costs, potential repairs and other issues, on top of the car payments every month as an important factor in planning your finances. It’s also important to take your credit rating into account as if you have a low rating some of the credit options might not be available to you; however there are specialist credit services available for people with a low credit score so just be careful and look into all of your available options.
Whether you are buying your used car cash, via lease, or using a loan or credit card, there are many ways to finance the purchase, leaving you free to sit back and enjoy your new car.

Retirement Planning: Where are the Entrepreneurs Going Wrong?

Besides everything else, what sets a job holder apart from an entrepreneur is the way the former plans his retirement. While as a job holder you might as well have started planning for your retirement from the first day of your job itself, an entrepreneur doesn’t really do so. While job holders are perhaps planning their retirement savings even before the day they are stepping into office, entrepreneurs are perhaps mulling quick loans online from Lendgreen to fund an immediate addition to their inventory.
Retirement Planning

Entrepreneurs are Not as Serious as Job Holders about their Savings: Why?

Owning a business is an integral part of the American Dream. Baby boomers, especially are more driven than millennials when it comes to concretizing this dream. A Kaufman Foundation report reveals that baby boomers are more likely to mull business ventures than what the millennials are likely to do. Notably, the number of 55+-year old Americans starting a commercial venture of their own is increasing with each passing day. The bad news – however – is the fact that they are not as serious about retirement planning as the job holders are. There are not one but several reasons behind the same. Here’s a look at the same.

Retirement Plans for Entrepreneurs: What Should they Know?

Entrepreneurs are actually more focused on putting back every scent on their business. They are reluctant to invest in a retirement plan because they fear that they will actually lose access to quick funds for their business. Experts have opined that each and every business out there is probably plowing every dollar back in their business. That is tantamount to a major mistake. Diversification of assets is important since it helps businesses deal with future emergencies more efficiently. Plus, there are no savings as well!

Separating your Personal and Business Finances

The very first sagacious step towards planning your retirement is to separate your business accounts from your personal ones. Your business checking and savings account should only be used to meet your business expenses. Having separate business and personal accounts will also help you with better tax planning. Entrepreneurs often end up complaining that the retirement plans are too complicated. However, speaking to credentialed financial advisors in Canada can actually go on to help you substantially in this regard. There already are pretty straightforward and simple retirement plans made available for businesses. However, even if you do come across complicated plans your financial advisor can always help you understand the same by simplifying it for you!
Another very identifiable reason as to why entrepreneurs are averse to tax planning is the lack of time. It should not really be forgotten that it actually takes a lot of time to actually get a business running. Unlike an average Canadian job holder, who dedicates around seven to eight hours every day in office, an entrepreneur ends up spending almost double that time (if not more) for his business. Needless to say, retirement planning ends up taking a backseat in the midst of such hectic schedule.

You Retirement Planning Needs you to Invest Time!

To beat the time constraint as an entrepreneur you can easily plan to eke out an hour or two each week to plan and then set up a retirement account. Sure you wouldn’t really be getting as much time to plan your account as the job holders out there but you can still make the most of the available time you have by prioritizing the most significant aspects of retirement planning including tax breaks, compound interests and wealth-building opportunities. If your business makes for a significant part of your net worth then you should ideally choose low-risk investments for money, which is in no way connected to your business. Your business should never be the sole part of your retirement plan. Contribute your own personal savings to your retirement plan as well.
The lack of proper business structure can actually put your retirement at risk as well. As per the experts, most of the businesses that start out as sole proprietors choose to stay as sole proprietors. Your choice not to structure your business into an LLC puts your personal assets at risk. This, in turn, puts your retirement at risk as well.

Negotiate Your Credit Card Debt in Five Easy Ways

Credit card debt is one of the top reasons consumers seek debt relief. American consumers have $102 trillion in credit card debt, according to the Federal Reserve Bank. As much we all want to pay our debts on time, hardships like divorce, medical bills and job loss happen. But that doesn’t mean the banks and credit card companies are going to forgive the debt. If you have trouble paying your credit card debt, you will have to reach out to them. Here are five easy ways you can negotiate your credit card debt.
Steps to Get Rid of Credit Card Debt

Talk to your credit card company.

This is both the easiest and hardest step to take. It is easier to avoid the debt—that’s why debt collectors have such a hard job. But you will have a better chance at negotiating your credit card debt if you call them before they or a third-party debt collector calls you. You may not get a friendly voice on the other end so don’t be afraid to haggle if you are not getting what you want.  The next steps involve how to reduce or erase your credit card debt.

Negotiate a lump sum payoff.

If you are having financial trouble, you may not have access to a lump sum of money. But if you can erase a lot of money off of your credit card debt, think about asking a friend or relative to borrow the money. But don’t pay the full amount with interest. The point of paying it off with a lump sum is to pay a lower amount. Negotiate until you get a good deal from the company.

Ask for a hardship or structured payment plan.

With this plan, your credit card company will freeze the debt while it negotiates a plan with you. You may get the interest rates lowered, too. Be sure to ask the credit card company if any annual fee can be waived, too.  Many credit card companies have a hardship plan and will work with customers with a positive payment history. This is a good option if you think you will get back on your feet in the near future. This plan may not work for you if your financial problems are long-term.

Workout another payment arrangement long-term.

Ask the credit card company if they will reduce the monthly payments and interest so that you can afford the bill. The downside is you will no longer be able to use the card’s credit limit (if it is not maxed out already). This is often called a “workout” arrangement because it will allow you to work your way out of the payment. You will have to stick to the arrangement you make or in many cases, the credit card company will be able to revert back to the original terms of the card. Make sure you read the fine print.

Talk to a debt relief specialist.

Sometimes the credit card companies won’t negotiate with you. But you still have options. Debt relief specialists can negotiate on your behalf to have your credit card debt erased or reduced. Be prepared to present all of your financial records and not just the credit card debt so that the debt relief specialist can have a complete picture of your ability to pay. Using a debt relief company takes the stress away from you and helps you get your credit card debt reduced.
Finally, no matter what you do make sure you have the agreements in writing. You don’t want the company to try to obtain the full credit card debt when you have agreed to a reduction.

Effective Ways to Increase Your Chances of Securing A Small Business Loan

A small business loan is one of the easiest and convenient way to finance your business. May it be financing for expanding, procuring equipment or purchasing inventory. This can give you the means to achieve your business goal, at once.
Securing that loan may seem a daunting task to accomplish, but in reality, all it takes is the right knowledge and strategy. Making the adequate planning and preparation before taking action can make all the difference.
Small Business Loan

Where To Apply For Small Business Loan?

For smaller loan amounts, borrowing from money lenders can be a great option. It is easier and faster to secure than going through the bank.
Moneylenders in Singapore are licensed by the Registry of Moneylenders, on which they are required to abide by the Moneylenders Act and Rules. This ensures that the Registry regulates fees, lending amounts limit, and interest rates.
They are in some ways very similar to banks, in granting loans to select small businesses that have substantial financial needs. Legal or licensed money lender does not harass borrowers when their payments are late. They use the similar legal methods banks used with these issues, like sending notifications or reminders.
The only difference in borrowing from moneylenders instead of banks:

  • Loan Amount

Unlike in banks, moneylenders are providing their services for small business owners who are in need of a considerable small amount to finance their business.

  • Faster Processing

They take less time to process. Loan applications are at times prepared and approved within the same day if you have complete proper documents on hand. This is due entirely because they conduct fewer background checks and complications.

  • Easier Approval

Even with a poor credit rating, moneylenders can still grant you with a loan, only with lesser amount compared to other circumstances. They can give a chance to anyone, as long as you prove that you are capable of repaying the amount.

  • Rates

Money lenders mostly offer higher prices compared to banks. This is the only drawback it seems. But depending on your needs, the small business loan from moneylender can still be an excellent option for you. 

Planning and Preparation

Sufficient planning and preparation can give you the much-needed boost on your chances of securing a small business loan. Staying ahead of your business is as essential as staying ahead of your finances.
Anticipate some delays in the processing of your small business loan. If you have an urgent need of the fund, you are not in good condition to make an intelligent decision. There is no good in rushing into a commitment that you are not ready for.

  1. Take Stock Of Your Business

Look into your business plan. What does your business might need regarding resources and finances in the future? You need to establish your goals and strategies on how are you going to utilize the new fund for your business.
Examine the state of your business. Create a strategy based on financial projections that are well thought-out and logical. Work to demonstrate your credibility to your lender. Show them how sincere you are with your application.
Analyze your cash flow and determine how many loans do you need and how are you going to pay for it. List all the issues and problems with your business.
Include preparations for emergency or worst-case scenarios with your budget. Establish a backup plan on how you are going to sustain your payments when your primary source is diminishing.

  1. Update Your Finances

Prepare to present your balance sheets and income statements for the last couple of months, up to the year. This will show that you have enough resource and capability to pay for new loans in addition to existing ones if you have any.
Make sure that the payments on your existing loans and other expenses are up-to-date. It will help a lot if you have a good credit score. Most of the time, both business and personal credit records are scrutinized.
Money lenders need to ascertain if you are trustworthy and reliable. You need to be in your best shape to secure a new loan for your small business. It is true that you are in need of cash assistance, but you also need to be highly-capable of paying it back.

  1. Prepare All Documents And Requirements

Planning and completing all, if not some of the requirements can help ease and speed up your loan application process.
Some of these documents listed might come in handy for your loan application:

  1. ACRA Business Profile
  2. Profit and Loss Statement
  3. Business Bank Statements
  4. ACRA Income Tax Reporting Summary
  5. Proof of Income Funds
  6. Tenancy Agreement for Place of Business
  7. Title Deeds or other Proof of Assets

Taking Action

Now that you are fully prepared, it is time to start your loan application. There are ways you can increase your chances of securing your small business loan during the application process.
You should learn how to make the calculated moves you can make to tip the scales in your favor.

  1. Start Your Application In Advance

Take the proactive path and start your application ahead of time and not right when you need it. This will give you enough time to make sure that you find the best deal.
The loan application can take some time, depending on your preparation. You need to prepare your requirements and use before the need for the fund arises. You also need to spend more time in shopping for offers that will suit your needs.
Having a deadline hanging over your head will only push you in the wrong direction. Your impulsiveness can just do more harm than good for your business.

  1. Choose A Moneylender

The most important thing is you conduct your business with a licensed money lender. This will ensure that all your transactions are legal and that the law will protect your rights.
You can always check online if they have a license and also read some of the reviews from their customers. It is your responsibility to get to know them as well as they did for you. Trust goes both ways, especially when conducting business.

  1. Get Acquainted

Setup an appointment with your potential creditor. Facilitate a tour of your business to show how well you’re doing. This is also the chance to demonstrate how you can be transparent with your procedures.
Cover all the bases, both good and bad. Tell them about your business issues and problems and how you plan to take care of them. They might appreciate your honesty more than you realize.

  1. Prepare A Backup Plan

You need to have a backup plan. When all else fails, you have to be prepared to have a backup source to pay for your loan. This will help show money lenders how confident you are in repaying them.
This way you can guarantee them that you have the capacity and intent to meet your payments, no matter what happens. This would be a better time to have some savings put away, just in case.

conclusion

In conclusion, devoting enough time to plan and prepare before proceeding to your loan application can significantly increase your chances of securing a small business loan.
If in case you get denied with your application, many other licensed moneylenders in Singapore can help you. Just stick with your plan and give it enough time.

Are You A Freelancer? Here Is How You Can Save Up For Your Future

So, you have decided to take that big step of quitting your job and doing what you have always wanted to – freelance. Congrats! The feeling can be liberating – you no longer have your boss breathing down your neck andyou don’t need to fight peak hour traffic or plead with your employer each time you want to take a few days off. Ultimately, you are the boss of your own time and place.
However, freelancing also comes with its own set of drawbacks, the biggest one being that you no longer have a monthly pay check to rely on. You also would be leaving behind paid vacations, insurances, reimbursements for expenses and future pensions schemes, along with your full-time paid job.
When you do start off, you most often end up taking low paying gigs to shore up your experience and to pay for your day-to-day expenses. This, however, means that you are really not saving up for the future, or even for any immediate emergency situation. And, even after you are steady, there may be months where your inflow peaks and others where it hits rock bottom.
Are You A Freelancer
Hence, to make things easier, and to help you get better control over your finances, take a look at these tips and ensure that you always have money stashed away for a rainy day:

Create an emergency fund:

Once you have decided that freelancing is what you want to do, ensure that you have an emergency account where you have saved up at least six months’ worth of funds for expenses and emergencies. You should be able to fall back on the cash at any point, in case you need to. However, this is an emergency account which has to be used prudently. In case you do need to tap into this fund, remember to replenish it the next time you earn money.

Clear major financial burden:

As much as possible, try to pay off all the major loans and debts you have before you quit your full time career and get into freelancing. Avoid using your credit cards unnecessarily as the last thing you would want is to be stuck with is a huge bill and no money to pay it off.

Budget your monthly expenses:

Even before you start your freelancing career, keep a track of how much you spend each month, and do that for around three-four months. Apart from your fixed expenses (house rent/mortgage, school/college fees, taxes, insurances, utilities) also keep an eye on your variable expenses (petrol, eating out, shopping, commuting, etc). Once you get an idea of how much you are spending, you would be able to figure out what income you need to cover those expenses.

Cut costs on fixed expenses:

As a salaried employee you know that you can afford a particular internet/telephone/cable plan since your monthly cash inflow is already fixed. But, with flexible income, there is no guarantee that you may be able to continue paying for the same plans. Hence, it is better to search around and opt for operators who provide you with more cost-effective plans. Save up on telephone bills by using Skype/WhatsApp calling features and on electricity bills by opting for energy saving equipment.

Reduce variable costs:

Now that you don’t have a guaranteed monthly income to fall back on, it’s time to cut down on all your other expenses as well, atleast until you have settled down a bit. This means cutting down on alcohol and tobacco if you are a drinker, opting for home cooked food instead of eating out regularly, finding out deals and coupons to save up on grocery shopping and subscribing to Netflix/Amazon, thereby reducing your theatre trips. You should also be more prudent when it comes to shopping – switch over to lesser known brands which may offer the same quality at much less rates.

Manage your taxes:

As a freelancer, you are liable to pay your taxes yourself, as opposed to salaried employees whose employers handle their tax payments. Hence, you need to be aware of how much your earnings are and where all you can claim tax benefits. Ensure that you claim for deductions on business related items such as travelling on business purposes, equipment and software that you may have purchased for business purposes. Self-employed tax calculators like this one can help you keep track of how much you owe in taxes. If you find it difficult to calculate your taxes on your own, using the services of a tax professional will help as they will figure out ways by which you can save, reduce your tax burden and claim for tax deductions.

Invest in insurance:

A major mistake that most freelancers do is avoid taking insurance. However, in the absence of employer-provided insurance plans, it is important that you buy atleast a good health insurance. Shop around for the best health plans – by choosing government health plans you can qualify for subsidies, but the coverage may be low, you can also opt for private ones which best suit you and your family’s needs.

Keep personal and business accounts separately:

As a freelancer you may invest your earnings into buying technology, domain names or diversifying into other businesses. Here a separate account for your personal and business needs help in keeping your expenses separate and is also useful when you file your taxes.

Keep track of your invoices:

Create an excel sheet where you list down all the clients you work for, the payment you have received from them and any pending invoices. This will help you understand how much you can expect to earn on a monthly basis, and also keep track of your invoices. You will also be able to figure out how much you can afford to spend, based in the cash inflow.

Invoice promptly:

Ensure that you send your invoice across as soon as you have submitted your work. If the project requires more time, have payment milestone – the first 25 percent upfront, 50 percent on the first draft and 25 percent on completion.

Save up for retirement:

Even if retirement is years away, there is no better time than today to start saving up for it. There are a number of retirement option plans such as the IRAs or Individual Retirement Accounts, which is a type of savings account which helps you save for your retirement and offers tax benefits, Simplified Solo Pension and Solo 401(k) if you are in the US.  Aim to contribute atleast 15-20 percent of your net income into this account. In case you have kids, you should also think about saving for their college and scout around for good college savings plans.

Know what you are worth:

Finally, as a freelancer, you should know what your time and work is worth. Way too many freelancers commit the mistake of undercharging as they don’t do know what they are worth or they believe that they will get more clients by charging less. That is not true. Clients have funds at their disposal and can match up to your demand – what most of them need is the surety that they will get back their money’s worth. Also, ensure that you factor in costs such as online payment fees, exchange rate fluctuations (if you have international clients) transfer fees apart from your actual cost for getting the project done, while figuring out your charges. Remember, some freelance sites and payment systems charge and you would really not want to end up paying them more than what you have earned. As you grow in experience and broaden your portfolio, you can also consider increasing your rates.
Here is to a happy and successful freelancing career!
Author Bio: I am Emily Connor, 26 year old psychology student, and a content contributor at Dissertation Help and assignment editor with Assignment Help company. My interests range from productivity, inspiration to reading anything motivational over the internet.

Key Tips on Selecting an Investment Firm

Building an investment can help you determine your long-term financial goals. It can be beneficial for your retirement, payment of mortgage and even paying school fees for your children. Although having a savings account is also be financially important, the returns can be uncertain, which is why having an investment is beneficial for providing you with good returns.
Choosing an investment firm you can rely on for your finances can be a bit tricky, though. Without weighing out your options correctly, you’ll end up getting a sub-par company. If you’re concerned about your financial health, here’s what you need to consider in investing.
Investments

Knowing the Advantages of Investments

Making investments can be a simple process of purchasing a stock, real estate or other type of investments in the expectation that you’ll earn a stronger financial return over time. To know how investing can help you financially, here are some of the advantages:

  • Investments can provide you with a regular income. Your investment can go a long way, especially when you’re close to your retirement. As you need to have a steady income for your daily expenses after you retire, a variety of investments is usually a stable source for income.
  • Investments can provide you with long-term returns. Although investing can be a bit risky, it can potentially give you long-term financial gains. While cash can be safer than spending your money on investments, it’s less likely to generate profits.
  • They can surpass inflation. With today’s low-interest environment, investing has the most likely ability to outperform inflation and be well worth the time, money and effort.
  • Investments can allow you to spend your money based on your financial circumstances. As your economic conditions change over time, you can make investments that suit your situation. For example, you can go on investing a lump sum or begin to invest a smaller amount in order to establish a savings plan. Depending on your financial needs, an investment can give you the flexibility to plan out your finances well.

Things to Look for an Investment Firm

Selecting an experienced investment firm that can be trusted with your money might be the most challenging decision you’ll make as you enter the realm of finances. If you choose poorly, you’ll waste your energy, money, and the bad experience might leave a poor taste in your mouth. If you want to go through the process of properly choosing the most qualified investment firm for your financial needs, here are the things to look for:

  1. Valuable transaction experience

Make sure that your prospective investment firm has the credentials and experience to get the work done for you. You can validate their knowledge by asking about prior projects they’ve worked on successfully. That way, you’ll know how trustworthy and professional they can be for your future investments.

  1. License

Having a license can be essential when dealing with investments. When getting an investment company, check whether they hold a license or authority to operate. That way, you’ll be able to determine if they are legitimate or not. Also, you can inquire whether they’re working with licensed investment professionals who are registered with a state.

  1. Special areas of expertise

As investments can be various types, it’s best to ask your potential firm about their particular areas of expertise. By doing so, you’ll be able to narrow down your options based on what you need and what the company is working on.

  1. Manner of communication

Going through the whole investment process isn’t easy. As you get your money invested, you want to be sure about them. That’s why you need to be particular about how an investment company will communicate your performance. Before picking one, don’t forget to make inquiries about the manner of communication and the timeframe you expect them to speak with you regarding your portfolio and the progress you’re making.

  1. Person who will handle your account

It’s vital to ask who all in the company will be handling your account. Check whether the person assigned to cater to your financial needs is knowledgeable and well-experienced in the field. You can also ask if they are licensed professionals who have been in the business for quite some time. By doing this, you’ll have an idea whether your investments are in safe hands or not.

  1. Violations of federal or state regulations

There’s nothing wrong if you are searching for an investment firm who has never been disciplined by a federal or state regulator. It’s only your way of protecting your interests in the first place. In these types of situations, it’s worth keeping in mind that getting to know the investment company better may have something to do with how they work with their clients. Any violation of federal or state regulations on their part may be something that you should think through carefully.

  1. Fee structure

Dealing with an investment company may also mean paying for its services. Most of the time, payment of a retainer and a success fee are the most common ways that a firm will charge their clients. That’s why you should take the time to verify their fee structure so you’ll be able to consider their fees as one of one of the factors in making your decision.

Steps to Remember for Choosing Investments

Looking for an investment firm will be much easier when you know what kind of investment you’re taking. As you move forward with your financial goals, here are the steps to remember in finding the right investment for you:

  1. Check your goals and needs

You can only make the most out of your investments if you know what you really want from it. Reviewing your goals and needs can be a good start for something bigger waiting ahead of you and your investments in the future.

  1. Think about how long you can invest

Financial health is also crucial to our well-being. You can guarantee it by considering how soon you can get your money back. While timeframes differ depending on your goals, it’s best to be aware how long you can invest. Take note of your financial circumstances so you’ll not end up having some problems in the future.

  1. Consider making an investment plan

Once you’ve made an investment plan, you’ll be able to maximize your options which can help you identify the best product that suits you. Also by having a plan, you’ll be able to determine some risk factors that may affect your investments.

  1. Be mindful of the investments to avoid

It’s a good idea to avoid taking high-risk investments, especially if you don’t understand it how it works. Only consider those medium-risk investments which can potentially give you long-term returns.

  1. Review your performance regularly

You can keep track of how your investments are progressing by doing regular performance reviews. That way, you’ll be able to make necessary adjustments to your savings to attain your goal.
Keep in mind, the value of investments can go up or down depending on the situation. If you want to take advantage of your investments, make sure to choose a trustworthy, honest, and professional company that can take care of your investments over time.

Money Saving Tips To A Successful Car Wash To Help Improve Car Care and Safety

Your vehicle is an expensive investment, and you spend a lot just to maintain it. You get its oil changed, your tires rotated, and regularly replace your brake pads. But have you stopped and thought that an action as simple as washing your vehicle is an investment, too? Do you really need to do it? The answer to that is yes; you need to clean your car. Most of the time, it’s apparent that you need to wash your car. However, have you thought about it as part of your vehicle’s general maintenance? If you haven’t, then maybe you should start doing so, especially if you’re living in Toronto.

Consequence Of Not Cleaning Your Car

So, you haven’t cleaned up your vehicle since God knows when. However, you still get your oil changed, replace the old parts of your car, and maintain it well to keep it running like a new one. So, why are you not cleaning your car?
Well, you should know that a filthy car does not only make your transportation smelly, but it can also damage your wallet and safety. If you don’t wash your car in Toronto:

  • Dirt can build up, which will weaken your paint job in the long run
  • Dirt mixes with pollutants and rain which may etch your paint off
  • Bird droppings and sap may ruin your paint faster
  • Too much dust on your windshield and mirrors makes them blurry

 How To Successfully Wash Your Car

  • Prepare what you need 
  • Park your vehicle out of direct sunlight

If you park your car in direct sunlight, it may leave splotches on your paint. Also, your vehicle may become hot while you’re washing it, which will make your cleaning process harder. 

Set out everything that you need to wash the car 

You should prepare your cleaning materials such as:

  • Car wash detergent
  • Supply of water
  • Hose
  • Towels or microfiber cloths

You should also prepare scrubbing materials such as:

  • Wash mitts
  • Sponge
  • Separate brush for your tires
  • Stiff scrubbing brush

You should also remember to wear the proper clothes when you’re cleaning. 

Prepare your water

You should prepare water that you’ll mix with the soap and plain water for rinsing your vehicle.

Wash your car

  • Hose off your car 

Before you start putting soapy water on your car, hose it off with plain water. Doing this will help you soften the dust and dirt. 

  • Wash your wheels first 

Wheels are usually the dirtiest part of your car. This is why it’s essential that you clean them first so that any dirt rinsed off them won’t land on the cleaned parts. 

  • Clean your car using a wash mitt. 

Before you start scrubbing your vehicle’s surface, apply soap to your car using a large wash mitt. You should never use a brush on your vehicle’s body, as this may leave streaks. 

  • Clean your car section by section 

You should wash your vehicle by section. After cleaning your wheels, clean from top to bottom. Circle your car several times, washing lower each time. 

  • Scrub off dead bugs or bird droppings 

You need extra care when removing bugs and bird droppings. Use a soft sponge loaded with warm water when removing them or use “tar and bug remover.” 

  • Keep your mitt clean 

Using dirty mitts will only result in a dirty car and may increase the risk of scraping your paint. When washing, if you can, use several gloves. 

  • After washing each section, rinse 

After you’ve washed one section, make sure that you rinse it before moving to the next part. You should also make sure that you keep your whole vehicle wet while washing. 

  • Spray water over the bottom of your vehicle

If you can, spray water to rinse the bottom part of your car from different angles. Salts and dirt might be hiding under them, which will corrode your undercarriage.

Dry and wax your car 

  • Dry your car using soft fresh towels 

Make sure that when you dry your car, use soft towels to avoid scratching them. Drying your vehicle will also help prevent rust from being created. 

  • Once you’re done the washing, wax your car 

Wax can help protect your paint from deteriorating or fading, which is why it’s advisable that you apply one layer to your car after washing.
Make sure that you only apply wax after washing your car. If the wax is not available, you can use similar polish such as a polymer. 

  • If you see any rust or paint damage, treat it immediately 

As soon as you can, treat rust and damages on your paint before they turn into significant damage.
You can:

    • Remove rust
    • Retouch your paint
    • Wash off corrosive chemicals
  • Apply water repellent treatment on your windows

Applying water repellent treatment to your windows will help them stay clean, improve your visibility and repel water. Make sure to do this every few months. 

Know your laws

  • In Toronto, you might be breaking the law 

If you’re living in Toronto, Canada, since 2000 it’s illegal for people to wash their car and let their runoff enter storm sewers. 

  • Use an absorbent mat 

If you wash your car, utilize an absorbent mat which will help you collect wastewater. This prevents your runoff from entering the storm sewer. 

  • Use a self-service car wash 

Using a self-service car wash when you’re cleaning your car will ensure that all of your wastewater will get treated. 

  • Visit your friendly car wash providers

If having a self-service car wash, an absorbent mat, or simply cleaning your car is too much of a bother for you, you can always go to the nearest car wash providers to do it for you. 

The Bottom Line

Take your vehicle to the local car wash like and get it completely washed. If you can, have it waxed too. If you don’t want others to clean it for you, get dressed in a laundry-day outfit and clean it yourself.