• 26Feb
    financial clean

    When it comes to starting a small business and to aim for its success, you only need a unique idea. After the idea comes the financial affair. You must have some kind of capital to start with. If you don’t have the cash up front, you can acquire it from various financial sources. Your business can become a reality, if you have a plan and if you kept your financial house in order before the business idea came. Yes, before you open shop, it is time to review and assess your personal finances because if you don’t know how to manage your personal finances, how are you going to manage your business finances? Let’s take a look at the next step.

    Startup Money

    Once your personal finances are in order, you can try to get a business startup loan because your credit should be in good shape. Lenders will now look at you as being financially safe. Remember, no lender wants to embrace any type of business risk. So, lenders will take a look first at your personal credit history. This provides the lender with information about your repayment history, debt balance and shows the lender how financially responsible you are. With a solid credit rating, you will be able to show the lender that you take your finances seriously and you will repay the loan, whether your business goes through a rough time or not.

    Vendor Trust

    Having a good personal finance record will also impress vendors and build a trustworthy relationship between your business and the vendors. With no track record when starting a business, you have to rely on your reputation and good name in order to reassure vendors of your sincerity, reliability and trust. With a not-so-good personal financial history, vendors will be more cautious in doing business with you.

    Initial Survival State

    For a new business startup, it may be a several months to years before you see a profit. If you can survive the initial stage of starting a business by living conservatively on a budget, you could do well in the future. Create a realistic business and financial plan to get you through the initial stage. Try to reduce your personal debt as much as possible so you won’t be overwhelmed by expenses and debt.

    Family Relationships

    Be sure to handle any tension in the family as it relates to finances. You and your spouse have to come to an agreement about your standard of living. Once you are on the same page financially, it will make it easier because you will now have the support needed to progress. Tensions caused by financial trouble can impede your business.

    The Immediate Solution

    Create a finance checklist of things that you will do to clean your financial house. These include pulling your credit report to view your credit history. In so doing, you can fix any mistakes that you might see. You should also have an emergency fund for paying living expenses up to three months. Create a budget in your household and stick to it. However, be sure to discuss this with your entire family first.


  • 22Feb
    business advicee

    As a new entrepreneur in this era there are a lot of resources out there that can be taken advantage of and you do not have to do it alone. Some of the most successful businessmen and women can attribute their success to solid advice they got from mentors, friends, and family. The ability to take advice and know when it is either good or warranted is a crucial skill to have.

    It allows them to be objective and to learn what advice that should be taken and other things that should be ignored. It is a way to think on your own and come to the hard decisions through logic and feeling out any situation.

    A problem business owners face is that they know what they are doing in their business because it is probably something that the individual is talented in. Experienced people take their talents and then apply that to the business that they want to run. The problem is that the business aspect gets put to the wayside when it is one of the most important things to focus on.

    There are precautions and things to keep in mind when starting a business and here is some advice on what to do and what to avoid.


    Helpful Tips

    The first thing is to be humble and realize that you are not going to know everything when starting a business and it’s best to consult other experts in your field. There are many ways to do something and it’s not about finding what works best for others but what works best for you.

    A major facet of running a business is managing cash flow. If there is no money in the bank then the operations will cease to exist. It is imperative that there is a steady flow of money coming in with at least some reserves so that as a business owner you will not be constantly under the gun. It seems basic but it is a fundamental that many newcomers completely forget, thinking that the money will come to them from a slew of product ideas. It is better to focus all of the company’s energy on one product that is going to sell then ten other ones that are cool and will make money in the future, but it’s about the now.

    Also something to keep in mind is dealing with employees. This is a business and should be treated as such. Bad employees cannot be ridden of fast enough. It is not a charity case. As a new entrepreneur you want to surround yourself with people who are going to get the job done and do it right.

    As a business leader you are at the top of the chain commanding others below you but also listening to their input as well. This can then be transferred to customers who are the whole reason the company exists in the first place. Listen to your customers early on and the repeat business will propel your new venture forward.


  • 10Feb
    Personal Loan

    A financial emergency is one such part of our life that can arise anytime, anywhere. While credit cards turn out to be of utmost help during such emergencies, yet most of us feel ashamed and even avoid using our credit cards.


    Read “To Buy or Not to Buy: Why We Overshop and How to Stop.”


    One of the most common barriers between you and your dreams is the lack of financial supports that help you overcome and deal with the financial crunch you may have to face during an emergency.


    However, thanks to a new form of debt (personal loan), which has within the past few years grounded itself as the best solution for those who need emergency financial backing. This new form of funding has not only helped the startups and the needy, but has also turned out to be a boon for those who may have to feel the need of instant cash when trapped in any emergency.


    Today, 27.34 million consumers in America are opting for personal loans more than any other type of funding options. And within the last several years, a total of 18% 27.34 % rise has been noticed.


    Now let’s find  out why this increasing trend is gaining momentum each passing day:


    1) Most of the people who are opting for personal loans often don’t hold any personal savings of their own. In times of emergency, they have no funds backing them as such.

    “As soon as one of those life events comes up, whether it’s a medical emergency, fixing a car, getting a new car, or fixing up your house, all of a sudden that can be a trigger that puts somebody over the edge,” said Todd Albery, the chief executive of Quizzle, a Bankrate company that offers services, including free credit reports.

    2)  Earlier, personal loans were considered to be something that involved too much effort and time. However, ever since the process of  getting personal loan has been made hassle-free and online, increasing number of borrowers are now getting increasingly inclined toward getting it.

    3) Another behavioral aspect that was discovered is the fact that most consumers choose to make one payment each month. They are also further tempted by the idea of not causing damage to their credit scores just in case they miss any payments. A personal loan caters to this need of the consumers.

    4)  Besides, the personal loans also allow consumers to use less of their borrowing limits as compared to the offers provided by the credit card loan service providers. For instance, using more than a certain amount of your credit – card utilization ratio will automatically impact your overall credit score, while under personal loan, it isn’t so.


    However, apart from the above mentioned  positive points, there are a few risks involved in opting for a personal loan, as well.


    For instance, in order to qualify as a rightful borrower of such type of loan, one should have a high credit score. They also need to establish a budget to ensure that their monthly payments fit perfectly along with the loan repayment.


    Ultimately, as the wealth management expert of Northwestern Mutual, Chantel Bonneau rightly said, “Most of those things would be prevented if people took the time to do financial planning.”


    At the end, you must consider all the risks as well as possibilities before taking any significant decision with regard to this.


  • 03Feb
    Business growth

    So you are just about to start your very own business. Being your own boss. Couldn’t get any better than this. Well have you made any money, have plenty of clients, and are you getting the word out about your business? Sure you may have made some money and slowing are getting the word out but, what if you were able to know wholeheartedly that you are taking all the correct steps to set your business up for success. Many people have started business and only last so long before throwing in the towel. It’s not easy and not for everyone. You may not know where to start and could just be winging it. If so, good luck to you is all I have to say. You may want to read this little bit of information to give your business and extra leg to stand on. This information may even help you avoid failure. The five things listed below will help guide to the path of financial success.


    What’s Your Business Idea?

    Is your business unique? Will it attract a wide variety of people? Do you know who your customers are? Can I afford this? Will I make money? These are questions you should ask yourself before doing anything. You need to sell something that people want and, that would make their lives easier. You want to be able to also expand and grow as a business. Hopefully you answered yes to the question above because if so then you have something to offer people and a good idea. Now that you have decided what you are selling then it’s time to create a business plan. Organize and plan out what you need to do to get started. There are even online platforms that can be used as a guide to help you plan.


    How To Keep Your Savings and Get Your Business Started

    Tapping into your savings account just to start your business is a big no no. That is the worst thing you can do. Either you have money to start or you need to figure out a way to get some money. Think about how you are going to market your business. Use Social Media to get what is called crowdfunding. Another thing to remember is that profits are what keep your business going. Profits are not something that should be in your personal bank account. Make another account just for your business. That way you will never take advantage of those earnings and know what is yours personally and what is the business’s.


    Know You Might Fail

    Accepting the fact that many people are going to tell you no. Time and time again. You must believe in your business and have full faith in the fact you are going to be a success. No matter how many times you hear the word no. Someone will say yes. Investors want to work will someone that is fully invested into their company with confidence. Learn from each time someone says no. Move on and improve your tactics.


    Fake It Till You Make It

    What I mean by this doesn’t actually have to do with lying at all. That will get you nowhere and lead to a bad rep. You never want a bad rep. Think about words you can use when marketing your business. Think innovatively and make people understand why your product is the best.


    You Will Need Help

    Being a business owner completely on your own can run you down. You may get confused and overwhelmed. Think about like minded people you know that could potentially help you with success. Keep the jobs you want and are good at. Give the rest of the other jobs out to the people you have so carefully picked.


    So use these tips, get out there. Be a successful business owner and live up to your full potentional.


  • 01Feb
    Categories: Lending Comments: 0
    payday loans

    When you need a quick loan, the easiest way to get it if you have less than perfect credit, is to take out a payday or car title loan. In order to obtain a payday loan, you show the lender your most recent pay stub. Based on how much you make per week or per month and how much you need to borrow, is calculated to give you a loan amount with interest. Similarly, car title loans allow you to receive a loan, by giving the lender the title to your vehicle, assuming you own the car. Because these types of lenders do not tend to look at credit and focus more on current income and property, it is a popular choice for those who might need some quick cash. Many believe it is a trap for low income individuals and  for this reason, the Arlington City Council in Texas has voted to restrict where payday and car title lenders can do business.


    Vote in Arlington

    Arlington City Council officials will have to take a second vote to finalize the new restriction. The measure would create a land-use designation, in which new lender businesses would have to stay a certain distance from residents, highways, and other lenders. In doing this, lenders who are involved in shady business practices and offer clients high-cost refinancing options will not be as widely available to the lower income populations. These new zoning requirements would completely separate payday and car title loan lenders from more reputable loan sources, such as banks, credit unions, and other financial institutions. New restrictions would also only apply to new businesses being opened in the Arlington area. Existing lenders would be considered grandfathered in, except in certain situations. For example, if a fire were to cause more than 50% damage to a lender’s location, they would be unable to rebuild in that exact location if it does not meet the specific zoning requirements.


    Recent changes to how lenders do business

    Arlington City Council members met on November 18th of last year to develop new ways in which payday lenders can do business. These new laws went into effect on January 1st, and are very similar to how car title loans work in San Antonio, Texas. Now in both Arlington and San Antonio, payday loans are limited to 20% of a borrower’s gross monthly income, loans are limited to no more than four equal installments during the payback of the loans, and it is forbidden to either renew or refinance installment loans. Auto title loans are limited to whichever is lesser, 3 percent of the borrower’s gross annual income or 70 percent of the vehicle value. Payday lenders are also required to keep loan records saved for three years minimum, and provide any customer who receives a loan a list of nonprofit, credit counseling providers.


    How new zoning helps borrowers

    Council member Jimmy Bennett said that he believes payday and car title lenders were dealt with fairly. People in the area would take out a loan without thinking about the amount they would need to pay back, including interest, and fail to pay back their loans on time. This helps regulate loan amounts and locations, which can be a benefit for poorer communities.