Nocomo: Blog Nocomo: Blog Copyright by Nocomo en Nocomo Thu, 29 Oct 2020 21:39:53 -0400 5 Reasons Why You Should Invest In Bitcoin Digital currencies have recently taken the world by a huge storm. It is a sudden change that is only focusing on the advantages of decentralization. Once you have understood how the technology behind the digital currency is working, you can then invest and lead people in believing that the future in finance is in bitcoins.

Bitcoin is rated as an asset that leaves no one indifferent. This means that any person has an opinion on bitcoin be it a politician or the public. The politicians view bitcoin as a danger since it challenges the system that gives people the power to create money at full capacity. However, make sure you consider these things before investing in bitcoin.

1. You can use it to buy goods and services.

Recently, the bitcoin’s price has risen from less than $ 2000 from the past six months to $ 16,000 today. However, a lot of people have made more than a billion from their involvement in bitcoins. Their success story comprises people who have invested money from four-figure to five-figure sums.

These people are using such opportunities to venture into other businesses and get themselves a side hustle that will set them for life.

2. Avoid missing the next big thing.

As at december last year, bitcoin is around $7,500. At the beginning of the year 2019, it had started at $3,200 after a long bear cycle. During 2017, this is when it was at its peak when its price was at $20,000. The current bitcoin’s price remains attractive whereas the next halving was done in may 2020.

Halving simply is decreasing the reward that is given to the minors of bitcoin. Since the halving occured in may 2020, the price of bitcoin was reduced by half from 12.5 to 6.25 BTC. The miners' costs were doubled whereas the creation of new bitcoins reduced. In contrast, the price of bitcoin will increase by the end of year 2020.

3. Take advantage of the high volatility of the bitcoin market.

The idea of investing in bitcoin might not be much to you. However, being at the heart of the next major thing which is likely to give an option to the current monetary system will definitely tempt you to be involved. Such a case will get you interested since it can bring you a profit opportunity that can change your life.

In 2019, bitcoin was the highest performing asset. This is likely to continue in 2020 since the market is a little bit young and very volatile. An opportunity to make a lot of profit from it is present provided you employ a strategy that a lot of HOLDERS do.

4. Diversify your investments

Since the market is young and very volatile, investing in it will only help you benefit from it. Such volatility will increase your profit opportunities. Once you have already invested in life insurance, startups or even rental properties, it is essential for you to start investing in bitcoins. Cryptocurrency industry could have a bright future and that is why you need to give it a chance and invest in it.

Diversifying your investments with bitcoins is a less risky investment that any investor will want to have a look at.

5. Free yourself from the power of the countries.

Countries and their bankers have the privilege of creating monetary policies. Following the previous financial and economic crisis, it is evident that a lot of countries are still using the privilege. As a result, the world is about to face an economic crisis in 2020. This will lead to countries lacking a monetary tool at their disposal.

Such crises have made a lot of people lose their trust in the current monetary system which have also led to people not trusting bitcoins investments. However, bitcoins provide a new monetary system that will give back power to its people and hence bring back full confidence in a better system.


No one really knows what the future in bitcoins really holds. However, if a single individual assures you otherwise, then they are lying to you. On the other hand, you can be certain of some things such as missing the bitcoin revolution is similar to missing the facebook and google revolution. Secondly,  if bitcoin reaches its full potential and becomes a potential alternative  people who invested in it will see their standard of living increase.

Lastly, make sure you buy bitcoins with an amount of money that you are willing to lose.

Uncategorized Editor Thu, 22 Oct 2020 04:30:17 -0400
How Are Hard Money Loans Different From Traditional Loans? Traditional loans don't always meet the needs of either the lender or the borrower, and this is where hard money loans come handy. Also known as private money loans, hard money loans get estimated by the collateral of the estate in question. With these loans, the credit profile of the borrower is not a deciding factor which can be very helpful for people with bad credit who require a loan. 

On the other hand, hard money loans come with conveniences for lenders and investors, too. They are issued by an investor whose loans are secured by real estate. Even though the rates of hard money loans are usually higher than those of traditional loans, the advantages are still numerous. 

Hard Money Loans Vs Traditional Loans 

Even developers and investors with full access to bank credit often favor hard money loans for many reasons, so let's quickly compare the two types of loans to see their pros and cons. 

Hard Money Loans 

Also known as a private loan or an asset-based loan, a hard money loan is based on the value of the real estate in question. The HARD in hard money loans comes from the hard asset it relies on for approval. 

The decision to either give a loan or not is entirely made based on the equity of the property. In a majority of cases, hard money loans come from private investors. They are mostly for business purposes, meaning the lender makes the loan on an investment property such as commercial buildings or houses and apartments that are up for rent. 

Hard money loans are specifically designed for investors who purchase distressed real estate at a significant discount. The main goal of these loans is to enable an investor to acquire a piece of real estate or any hard property. If the investor wants to hold the property, they can get a refinance from the bank at significantly lower interest rates after the borrower completes the rehab.  If the investor wants to keep the property, the main goal is to buy it at a discount, upgrade it and finish necessary fixtures, then sell it quickly. 

Hard money loans require less documentation, and it takes little time to close them – about a week. Fewer regulations for getting the loan allow borrowers with bad credit score to get the funds they need. 

Traditional Loans 

Often called Conventional or Conforming loans, traditional loans conform to guidelines by Fannie Mae and Freddie Mac. Freddie and Fannie will go on and buy real estate notes from a lender, and the lender then has to adhere to their guidelines if they want to sell the note to them. Banks have adopted the same standard, even in cases where they don't want or need to sell the note. Because of the guideline conformation, the procedure also protects all institutions who may buy the note along the way. This principle allows the institutions to sell and transfer mortgages and trade mortgage notes with investment houses or other banks. Although traditional loans are the lowest cost option for borrowers, the regulations require a lot of documentation, a perfect credit score, and around two months to get approved.  

Uncategorized Editor Thu, 22 Oct 2020 00:06:42 -0400
Motor Trade Insurance 101: What It Is For and Who Can Avail It Do you know if you need motor trade insurance? Do you even know what a motor trade insurance is?

Responsible drivers and vehicle owners should be aware of different insurance packages available for them. To clarify everything that there is to know about motor trade insurance, we’ve prepared this pocket comprehensive guide to help readers understand what it is, its purpose, and its importance. Upon reading, you will become a more aware and responsible driver and citizen. You will also be easily able to answer if a person needs a motor trade insurance or not.

What is a Motor Trade Insurance Policy?

Motor trade insurance is different from private car insurance. It is a special kind of insurance that is dedicated and meticulously prepared for individuals who work in the car industry. People like mechanics, traders, car jockeys, valeters, and vehicle recovery agents should be covered by one as they work in the car industry.

Do You Need One?

If you are solely a private driver who uses a car for private or business use, you don’t need motor trade insurance. A regular car insurance policy will be sufficient for you.

But, if you sell cars or are in the car trade industry or you work with cars of customers in your place of work or business, then you definitely need motor trade insurance.

What is the purpose of a Motor Trade Insurance? Why will you need it?

Motor trade insurance is needed to protect individuals in the motor trade industry. Individuals that buy, sell, clean, or handle cars owned by customers need protection for themselves and for their customers in case unwanted issues take place.

Any individual can be covered by motor trade insurance as long as such person is working with vehicles in any way, form, or capacity. Car jockeys, mechanics, valeters, vehicle recovery agents, employees at body shops, mechanics, sellers, and even tyre fitters can and should be duly covered and protected by a motor trade insurance policy.

Available Levels of Cover

There are two levels of cover in motor trade insurance policies, road risk only, and combined cover.

Road Risk Only

Road Risk Only policies are for people with a home-based business or a small business. Individuals that fix cars or sell cars like mechanics or car sales agents with mobile shops or ones that operate on their own drive are also duly covered.

Combined Cover

A combined cover policy involves the protection of equipment, tools, machineries, money, buildings, and shop contents.

Additional Cover

With a motor trade insurance, individuals can also be protected from liability by opting for additional covers like Employer’s Liability, Public Liability, and Product Liability.

Kinds of Cover

Similar to standard car insurance policies, motor trade insurance offers different levels of protection to different parties.

Third-Party Only (TPO)

This is basic coverage that is similar to ones offered to private car owners. This covers third-party individuals should a motor trader be at fault in case of accidents. A Road Risk Third Party Only Policy is the minimum policy that motor traders are required to obtain by law.

Third-Party, Fire, and Theft (TPFT)

In this kind of policy, protection is offered should a vehicle be stolen or fire damage is incurred as a result of an accident. This policy becomes invalid if the policy owner is at fault for the theft.


This policy covers motor traders whether they are at fault or not. This policy covers fire damage, theft, and accidents.

Factors to Consider When Availing a Cover

When opting for motor trade insurance, please consider the following tips:

1. Research the law.

Know the minimum required insurance policies required by law for your kind of business. Take note that the more cover you opt for, the more fees and premiums you will incur.

2. Honesty is the best policy.

Be extra careful when providing information to your insurance provider. You are required to be fully transparent and 100% honest at all times. Any act of deception, hiding, or falsification of any data or information will result in the invalidation of your policy. What is the point of opting to be covered and protected from unwanted accidents and circumstances when your policy can be easily canceled anyway? Avoid any slight chance for your insurance policy to be canceled or rendered invalid. It is very simple because you just have to be honest at all times.

3. Additional Products

Don’t be quick in rejecting additional covers. Always take your time to study offered additional policies as good ones can truly save you and keep your business afloat in case unforeseen events, accidents, and circumstances take place.

4. Know the required liability insurance by law.

Be clear with what kind of liability you want to be protected from. There are three kinds: Employers’ Liability, Product Liability, and Public Liability. If you have enough financial means, it is better to opt for all of the above as it will offer protection across all endpoints.

5. Study different policies.

Before opting for a policy, it will be best if you’d first fully know the nature, extent, and special needs of your business. Never be tricked by agents that offer affordable policies. They may end up damaging you in the end as they may not sufficiently cover the needs of your business. Study your business and look for a policy that will provide you and your employee the most protection.

6. Ask experts.

It’s always best to ask experts when looking for the best motor trade policy. Feel free to consult specialists that can dedicate their full time, effort, and expertise in looking for the best motor trade insurance policies for your business.

7. Update your database record.

Motor traders need to be extra meticulous and careful in updating the Motor Insurance Database (MID). Take note of the 14-day rule: if a customer’s car will be in your possession for more than 14 days, or you temporarily keep courtesy vehicle or cars, the MID must be duly updated.

Uncategorized Editor Sun, 18 Oct 2020 23:49:05 -0400
A quick guide to knowing about business Loan Some businesses need no or fewer business loan from the start. But in contrast, these exist some other which will be requiring huge capital. The revenue for both of the cases might vary and the increased rate will from the taxes. There are business factors whose growth depends on the type of lenders and the owners will be searching the online resources if the physical one is not allowed. There are hundreds of capital serving companies. The first step is to ask for the first term conditions. There are business loans which play the biggest role. The best may not run for the companies and there are low networks that provide the scrutiny. Many loans cover the basics of law taxation.  This article guides you about what can happen when you embark on a journey of getting business loans.

Understanding how commercial banks work

The reason why the business players don’t understand the working of the solution was on the loan markets. The passing of scrutiny remarks will be beneficial for the accessibility players. The role of the scrutiny would make less impact on your decision if the reasons don’t have the rejection letter in control. If the business is small, then getting lenders to pass the bills is not justified in any case. The biggest roles will call for the personalized possession of assets and this may vary from service to service. There are little chances for the loans and hence the financing sector will have time that given enough flexibility.

Getting it for small businesses

There are thousands of economies that comes under the world of small business. The increased rate will have the shortcoming of the business. The techy related economies know no bound to have their business settled in any way.

Loans on company size

The creation of jobs needs the categorical signature and that will need the job creation facility to continue. The current size of the employment will reflect how much is the loan liable.

The creation of jobs and revenues is prone to business categories and there will be little or no compensation for the same purpose.


Focusing on equipment financing

There should be little or no deals that lead to the covering of powerful servers. Usually, there is no payment offers on the basis of your own pocket. There are also offices which make the payments easier hence they have less life of the equipment. There will be little or less to cover on this issue. There are many bad finance companies that can pose a threat to the business image of your brand.

Researching your market will help

This rule applies and goes around for approximately many years to come. The market trend will never be misleading in any way and the cash flow will not be limited to the finances. The successful companies will be taking precautionary measures. The customers spending the market will be in need of the insurance and market fluctuation will be employed free.

Uncategorized Editor Wed, 09 Sep 2020 11:05:03 -0400
How Long Do Late Payments Stay on Your Credit Report Many people often ignore paying their bills on time, especially when the amount due does not seem like a big deal. But unknown to them, that behavior can cause an impact on your creditworthiness as a whole.

What is Considered a Late Payment?

A late payment is a payment on your credit bill that is paid on the day after it was due. Some lenders allow a grace period, typically 15 to 30 days, where you can make up for payments without charging you late fees. When your bills remain unpaid, the lender starts to report this information to the credit bureaus. In most cases, even if you have made payments within the grace period, but with an amount below your outstanding bill, it would also be considered a late payment.

How Long Do Late Payments Stay on a Credit Report?

When you make up paying your credit balances within the grace period, your lender will not report that late payment to the credit bureaus. However, once the late payment has been reported, that information stays on your credit report for seven years, and later falls off automatically.

Late payments are likewise categorized on your credit report by the number of days late – 30 days, 60 days, 90 days, 120 days, and 150 days. Charged offs also fall within this category. A charge off is when your creditor has finally considered your account as a loss or bad debt, and have written it off in their receivables. In this case, your account will be closed, although you still owe the debt.

How Do Late Payments Affect Your Credit?

Your credit account will remain active as you make up for your late payments and even when your late payments have already been reported to the credit bureau. But other negative consequences will start to affect your credit account as a result of that mishap.

Late Fees

Late fees are added to your account. For a credit card account, those fees could be within the range of $25 to $39.

Score Drop

Payment history is the top-most factor involved in the calculation of your credit score. With that said, late payments can cause your score to drop by 90 to 110 points. Typically, those with credit scores within the high range experience a higher score drop than those within the lower range.

High-Interest Rate

When you are delinquent in your account for more than 60 days, your lender may apply the penalty interest rate. This is considered to be the highest interest rate, going as high as 29.99%. Likewise, your lender will not revert to your regular interest rate until you have made on-time payments for at least 6 to 12 months.

Termination of Account

The added fees and higher interest rates will eventually make repayment of your account a struggle. When that happens, you are more likely to default on your account, causing that account to get charged-off or terminated.

How Can You Remove Late Payments on a Credit Report?

You cannot remove an accurately-reported late payment of an account by your lenders. That information will remain on your credit report as part of your credit history, even if you make up for your late payments, and the account remains active.

You can, however, dispute with the credit bureau a reported late payment when you have actually paid on time. According to Important Credit News, you are entitled to request your credit report from the credit bureaus for free every twelve months. You can make your request by phone, mail, or online. You may also file your dispute using the same methods. Provide all the necessary supporting documents that show when you have paid your lender.

Disputes take at least 10 to 14 business days upon receipt of your letter, depending on the nature of the dispute.

How Can You Avoid Late Payments?

Paying your credit accounts on time must always be your top priority. Here are some tips on how you can avoid late payments:

  • Stick to a Spending Budget. Don’t make unnecessary purchases beyond your budget that would tap into your repayment funds.
  • Sign-Up For Reminders and Alerts from Creditors. Your reminder for upcoming due dates may be in the form of emails, texts, or app notifications.
  • Sign-up for Automatic Payments. You may authorize your creditor to pull payments from your bank accounts when they come due.

Be informed to know about the grace period on your account as they vary from lender to lender. Take proactive steps and write to your lender if the chances of being late on your payments are high. They may be able to give you an additional grace period to make up for payments, especially if the situation happened only once.

You should avoid making late payments on any of your credit accounts at all costs. If you do, it will create a domino effect, making it harder to keep up with your payments as well as recover from the damage it will have on your credit.

Uncategorized Editor Wed, 19 Aug 2020 11:03:41 -0400
No-Nonsense Advice About Debt First Time Borrowers Need To Know

Borrowing money is a safety net for anyone who experiences financial shortfall. It can become an instant resolution to unforeseen events and emergencies. However, there are still some borrowers who forget that every time they take out a loan, it requires them to be responsible when repaying it.

To break that cycle and practice, we have laid out the best advice every first-time borrower should know to protect them from being caught in a debt cycle and most importantly, damaging their credibility as borrowers.

All Types of Loan Are Available But...

All types of loan are available, but there's a catch. One of the most important things a first-time borrower should hear is that not everyone is eligible to be granted with a loan. This is where the credit score plays its role. If you haven't established a credit score yet, you should probably start now.

The problem with not having a credit score is that the credit bureaus don't have any reference to check to see if you are capable of paying out your loans. No credit is better than having bad credit, though, as rebuilding credit score is more complicated than starting one.

For all first-time borrowers, it is crucial to make sure you meet your repayment schedules to avoid having bad credit. Sometimes, mishaps are inevitable, making you miss a scheduled payment. To rebuild your credit score, the next time you file for a loan, make sure to ask your lender to get your credit report if you have bad credit.

The Difference Between Good Debt VS Bad Debt

This is also a prevalent mistake that every first-time borrower makes: differentiating between a good and bad debt. Borrowing money is for everyone as long as you can repay it. But sometimes, it is worth considering what your reason for borrowing is.

The best advice is to learn to define what, where, and why you need to take out a loan. By answering these questions, you can weigh your decision about whether or not borrowing money will be beneficial for you.

To help you with that endeavor, we classified both good and bad debt below.

Good Debt

Good debt is where you spend your money that will ultimately generate income or help you with your daily life. This includes business expansions, a house loan, or a student loan. All of these are considered good debts.

Student Loans

Student loans helped many aspiring students to finish their studies, even though perceived to be expensive.

In England alone, undergraduate studies for the academic year of 2020-2021 has an annual cost of £9,250. There is an increase of £11,100 in tuition fees for accelerated degree courses. For an individual from an average family, taking up a student loan can significantly aid them in getting through the burden of paying for their education.


A mortgage loan is the top-most good debt. Even though houses are considered property with depreciating value, having a roof above your head is more important and valuable. Getting a mortgage loan, as long as you are capable of repaying it in due time, is a good investment.

However, if you are residing in England and considering applying for a mortgage loan now amidst the ongoing pandemic, you might take time to reconsider that idea. Even though the housing market in England had reopened, buyers struggled to secure a mortgage loan even with a 10% deposit.

Business Expansion

Another good reason to use your borrowed money is to expand your business. It will help you generate more income, which you can use for the repayments. Especially now, if you are building a business in England, it is the best time to borrow money since the Bank of England is slashing its interest rate due to the economic shock brought by the coronavirus.

Bad Debt

Unnecessary expenses such as clothing and gadgets are considered as bad debt. Any purchase from a credit card that you can live without, already have but want an extra, or something you don't necessarily need is considered a bad debt. Hence, you must know what you want and what you need the most.

Debt Consolidation Is Possible

One last thing a first-time borrower should know is that when everything seems to be falling apart, and you are struggling to pay all your debt, debt consolidation is possible. This is the best alternative for you not to be caught in a debt cycle while still maintaining a good credit score. However, the best thing you can do is to catch up with all your payment schedule and make sure to clean up your new loan for it not to stack up once again.


Borrowing money nowadays is a bit easier for everyone who needs it. It is why many first-time borrowers indulge in taking out a loan even for unnecessary purchases and forgetting that they have the responsibility to repay it.  Anyone planning to take out a loan should seek financial advice from experts before making their decision. This will help stop getting into a debt cycle and getting caught in a difficult situation which can be avoided in the first place.

Uncategorized Editor Fri, 14 Aug 2020 09:03:26 -0400
Is Debt Settlement the One for You? There are various reasons why people have debts, especially this time of the pandemic, wherein the unemployment rate is growing. However, there are times when the idea for accumulated debts is just terrible spending habits. If your income cannot keep up with your spending, then it becomes a problem.

One of the solutions to this kind of problem is debt settlement. In this setup, the creditor will allow you to pay less than the full amount you owe. It may seem like it’s the best deal, but there will always be a catch. Read on to know how debt settlement can help you resolve your loan problems.

What is Debt Settlement?

If you have many delayed payments, debt settlement can come into play. If you can pay in full, creditors will not allow you to pay less than you owe them. There are debt settlement companies that can help you make negotiations with creditors to lessen your obligation. However, debt settlement cannot be used for some types of debt. It includes car loans, wherein the vehicle can be reclaimed by a bank or a house that can be foreclosed.

Always remember that a settlement can only be reached if you cannot pay that you had to stop remitting payments at all. The settlement company will negotiate with the creditor on your behalf for a lower amount knowing that you have just enough to pay for a lump-sum.

All You Need to Know About Debt Settlement

Some companies claim that they can reduce a particular debt by 50%, although the procedure is not a walk in the park. Hence, it is wise that debt settlement should always be your last resort. Below are some of the risks that come along with the debt payment agreement.

  • It can destroy your credit.
  • It takes a long time to settle, typically years.
  • There’s no guarantee of success unless you have the best debt solutions Melbourne company to back you up.
  • It can also be costly. It includes settlement fees and possible taxes on forgiven debts.

Even the government cautions the public about settlements explaining that there are risks you have to face. There are hundreds of complaints against companies on the matter. Therefore, it will be wise to explore other options first. You don’t want to end up filing claims for fraud and excessive fees against a particular settlement company.

Do You Have a Choice?

You will always have a choice. There are options available you can choose before going into debt settlement, as follows:

  • If you can, file for bankruptcy and start all over again. If you have unsecured credit card debts, filing for bankruptcy can inevitably tarnish your credit history for a long time. However, in this situation, you will be able to rebuild your financial situation immediately. Further, bankruptcy consultations with an attorney are usually free, although there are legal and filing fees you need to pay.
  • If bankruptcy is not in your choices, then you can opt for a debt management plan through nonprofit credit counsellors. Although this process does not reduce the total amount you have to settle, it can significantly lessen the monthly instalments you have to pay. It is done by extending the period of repayment or lowering the interest rate of your obligation. Nevertheless, this method has less impact on a person’s credit than if you file for bankruptcy or opt for debt settlement.

Helpful Tips in Debt Settlement

If in the end, you have no other option but to undergo debt settlement, then go for it instead of letting your debts accumulate interests making the situation worse. As your best choice, you might want to take note of the following tips when you pursue a debt settlement to solve your financial burden.

  • Do a background check about the settlement organization before making a deal with them. Ensure that it has no history of complaints or unsettled negotiations and claims. You can check with your local bureau for the history of the various companies in your area.
  • If a company asks for money as advance payment, stay away from it. They should understand that you are already in a financial crisis; hence advance payments may not be feasible at the moment.
  • If a company promises that your debt will be settled, then it is a cause for alarm. Debt settlement is not always 100% successful.
  • Go for companies that offer structured fees that follow the percentage of the debt eliminated instead of basing it on the obligation balance. This way, you can ensure that the company will get incentives if they can lower your debt more.
  • Do not deal with a company that promises to help you challenge debts and have them declared “invalid.” This strategy may backfire to you and may result in worse problems in the future.

You might decide not to get a debt settlement company in the end. If this is the case, you can consider getting the services of a lawyer. Lawyers may bill you by the hour or have a flat fee per creditor. Some lawyers may also charge a percentage of debt or debt eliminated. So you better be aware of these things before settling for an attorney.

You also have the option of reaching out to your creditors and do the settlement yourself. However, it would be best if you educated yourself about settlement negotiations. Knowing that is likely to happen and be ready with a lump-sum amount you can offer. It is more likely that creditors will take the lump-sum money that gives them immediate cash rather than risking their company on instalment payments that they cannot guarantee will come their way.

Uncategorized Editor Wed, 22 Jul 2020 22:25:30 -0400
How Hard Inquiries Affect Credit Score A hard inquiry is a check on your credit when you apply for some form of credit. They remain on your credit report for about two years. Despite the length of time the inquiry stays on your report, it negatively affects your credit score for about a year.

Stated by a Chicago credit repair expert, In some instances, the hard inquiry will not affect your credit score at all. The trouble arises when you apply for a lot of credit in a short amount of time. For example, if you are applying for a mortgage, your credit score might be affected if you have several banks and lenders looking at your credit. Applying for student loans or auto loans at several organizations could negatively affect your credit score, too.

How Much Does the Inquiry Affect Your FICO Score?

The answer to the question is based on your credit score before the hard inquiries begin. For example, if you have good credit and you are applying for a new car loan, it is unlikely that the inquiry will even knock a point or two off of your score. However, if your credit score is already low, hard inquiries might hurt.

People who are building their credit need to be aware of the number of hard inquiries they make. When credit scores are figured, new credit inquiries only account for 10% of FICO scores. So, if you have minimal credit, your score could be changed more significantly than those who have well-established credit.

A good way to keep your credit good is to wait at least three months between the inquiries. Because every point matters, you should pay attention to the number of hard inquiries you have. Your credit report can affect the interest rate you receive from your lender. Therefore, when you are applying for big-ticket items like a home or a new car, be sure that you haven’t applied for credit in the last three months to a year.

Avoid Multiple Hard Inquiries

A credit check might happen at unexpected times. While you have to give approval before someone checks your credit, it is checked in time when you aren’t getting a credit card or a new car. For example, when you rent an apartment, the leasing agency will look into your credit. If you open a bank account, the bank might check your credit. These types of credit checks can add up quickly.

Lenders are reluctant to lend to people with too many credit inquiries. The statistics show that people with numerous inquiries in a short amount of time are more likely to file for bankruptcy than those who don’t.

Stay Aware Of Your Credit Score and History

Fortunately, you can check your credit report at any time and dispute inquiries that appear to be done in error. It isn’t easy to fix credit, but it is possible over time. While you follow your credit score and history to watch for unexpected hard inquiries, you should also take care to pay attention to the other factors that go into your credit report. So make your payments on time, and keep your credit card balances below 30% of your total credit limit.

Uncategorized Editor Tue, 23 Jun 2020 23:05:18 -0400
How Much to Spend on Diamond Engagement Rings? When you are planning to take your love to the next level, you will always want to make sure everything is perfect. However what makes the occasion special is the ring and a heartfelt proposal. After all this one occasion would be cherished by you and your better half as one of the best moments in your life

Points to Ponder

Buying this piece of jewelry does not seem difficult but when you visit the store and start staring at the rows of rings which are available in different shapes, sizes and prices you would find it very confusing and would not be able to make the correct decision. Hence doing some research before buying the engagement ring will help you choosing and deciding on how much you should be spending for an engagement ring.

You can also find more info at

  • Cost of Wedding Bands: The wedding rings are the most important and the most expensive jewelry so we should surely put a budget on it. The average female band cost is around $1,100 while band for men costs around $510. The wedding bands are generally made of white gold which is a popular choice for most women while tungsten is favored by men.
  • Checking where people buy wedding rings: Most people buy most of the necessities online. However when it comes to buying the wedding bands couples prefer gong to jewelry shops. Some of them opt for local retailer while others go to national/regional jewelry chain.
  • Spending on an engagement ring: A person who is thinking of buying an engagement ring should first think of the budget. This would make all the decision going forward easier. You can then think if you are looking for a better quality of a diamond or would you like to sacrifice on the quality and get a bigger diamond. Some couple even goes for simple bands with a smaller diamond to minimize the expenses. Not everyone can save three months of their salary to buy a huge diamond of good quality to impress their better half. You should always make sure that you would be comfortable with paying off for the ring and it may not be a burden to you after your marriage.  Make sure you calculate your current income and bills and determine if the purchase of an expensive ring affect your peaceful married life.
  • Partners Expectation: Discuss with your partner on what type of engagement ring do they want or dream about. Your main motive should be a ring which your partner will love regardless of the price. You can look around different jewelry shops before deciding on purchasing the wedding bands. Involve your partner’s friend who can help you in finding the right ring.
  • Buying jewelry online: Best way to save money on an engagement ring is to buy it online. You can select a reputed online retailer and select the rings from the wide range they offer you in your budget. You also get the option to customize the ring according to your needs.
Uncategorized Editor Wed, 03 Jun 2020 23:14:14 -0400
The Five Most Important Digital Marketing Skills for 2020

Digital marketing in Singapore continues changing rapidly, and as a marketer, you have to keep up with the pace. With so many innovations emerging every day, it is imperative to acquire new skills to remain relevant in the industry. From artificial intelligence (AI), programmatic advertising, chatbots, personalization, video marketing, influencer marketing to visual search, there’s always a trend emerging in digital marketing.

In this fast-paced world, your skills can easily become obsolete. More software, such as financial software, office software, or even VPN tools are created every day. For this reason, you shouldn’t let the speed of the industry outpace your skills or ability to adapt. If you are a digital marketing agency, you should also learn the skills to start recruiting to boost your services.

Singapore boasts one of the highest internet penetration rates in the world at 85%. It has spawned a digital-driven business landscape. Most people also shop online, which has inspired new digital technologies to offer better customer experiences.  As 2019 comes to a close, you have to stay on the lookout for important digital marketing skills for 2020.

This guide explores a few of these critical skills to prepare you for digital marketing in 2020.

1. Conversion Optimization Skills

Many businesses invest heavily in diverse marketing techniques with an eye on boosting conversion. However, these efforts don’t always pay and this frustrates marketers.  It is not enough to employ techniques such as content marketing, link building, and social media marketing without optimizing the same for conversion.

Conversion optimization skills enable the marketer to achieve the desired results in their marketing campaigns. As businesses seek to boost their marketing, content optimization skills will be in high demand.

2.   Social Media Marketing Skills

Social media is integral in any successful marketing campaign. In Singapore, you have over 79% of the population on social media, which makes this a crucial marketing platform. Social media marketing is more than posting stuff on social media. Brands now hire social media managers to run their campaigns.

There’s a lot of analytics, use of artificial intelligence (AI) and machine learning, and other cutting-edge technologies that demand new skills. A good digital agency will have these skills in its ranks for the best service delivery. As competition for social media users goes into high gear, marketers need to refine their social media skills in preparation for 2020.

3.    Data Analysis

Big data is no longer a buzzword but a reality.  Businesses today generate large volumes of data from a large number of contact points. As a marketer, you have to adopt the role of a data scientist in the analysis of marketing campaigns. Different metrics can boost your marketing campaign hence the need for intense knowledge of data. 

Data analysis is now an integral part of the marketers’ job. Digital marketers wear different hats in their roles, and one of these is telling data stories. Their role also includes measuring, managing, analyzing data emerging from marketing campaigns. The idea is to boost the success of these campaigns and optimize return on investment (ROI). These skills are necessary for digital marketing in 2002.

4. Video Marketing

Video content is the king of marketing today and this is a trend that is set to continue. If you are a marketer or business owner in Singapore, you should start investing in video production and marketing. According to recent reports, 53% of internet users engage with a brand after watching its video content.

If you want to boost your marketing campaigns, you have to incorporate visual content. A video on a landing page can boost conversion by 82%. This is only possible if you understand the

basics of video production and new technologies to support this technique. You should also learn new video marketing trends, including personalized videos, long-form videos, video in social media, interactive video, virtual reality (VR), and augmented reality (AR) among others. By learning these video trends, you will prepare for the digital marketing landscape.

5.  Content Marketing Skills

Content is at the core of any marketing campaign, and it has been around for some time. However, content marketing has changed tremendously over the years.  As a marketer, you

have to embrace new ideas, including result-oriented content, video, user-generated content, snippets, voice-centered content, data-driven content, personalized content and much more.

The face of content marketing will keep changing and as a marketer, you have to update your skillset to remain relevant. It is no longer viable to produce content with the sole intent of promoting your brand. Search engine algorithms now require more subtle marketing, with the focus being the user experience.

Wrapping Up

Keeping up with the changes in the digital marketing landscape is crucial for every marketer. It is the only way to survive the cutthroat competition from global brands eyeing the local market. By acquiring new skills needed in the future, marketers will offer relevant services in line with emerging digital marketing innovations. If you are a marketer, these are only a few of the skills you need to prepare for 2020.  They will equip you to serve in a rapidly changing business landscape.

Uncategorized Editor Wed, 06 May 2020 08:52:00 -0400
Five Tips for Negotiating for Better Car Title Loan Deals Negotiation doesn’t come easy for many people. Even if it could be the key to better deals on loans and products, the fear within can be quite overwhelming. When you think of the sky-high interest loans on car title loans, it makes sense to look for the best deals in the market.

The good news is that you can get yourself good deals that will not throw your financial life upside down. The trick is finding these deals. We have outlined five negotiation tactics that can inspire your lender to come down for you. If you are looking to get a car title loan, these tips will help you a great deal.

1. Do your homework

To know the rate you are willing to settle for, do your homework prior to meeting your preferred lender. Look up different companies and compare their interest rates. This will give you an overview of the market rates and what a discount looks like. While you are at it, you may want to research the most competitive rates available in the market currently. This will serve as a bargaining chip during the negotiation talks. If the lender still insists on giving you high-interest rates, simply show them an unbeatable offer by one of their customers. You stand a better chance if you have a good understanding of the competitor’s offering.

2. Educate yourself

Negotiation is a game of confidence and power. One way to feel confident is to be knowledgeable about what you are negotiating about. You need to speak the same language as the lender. Let them know that you are familiar with the loan acquisition process and your responsibilities. Apart from helping you negotiate better, this tip will help you sniff out red flags on the lender’s part and save yourself from looming trouble. Familiarize yourself with terms such as default, vehicle insurance, pay stubs, car resale value, single-payment, lump sum, etc. It will prove quite difficult to haggle if you don’t understand these things.

3. Don’t be afraid to walk away

Walking away is a huge part of the negotiation process. If your lender doesn’t seem to buckle and give you a better deal, take a walk. Remember timing is everything here. If you walk away too soon, you risk burning a bridge that you might need later. Not all lenders you walk away from will run after you. Approach this decision with calmness and tranquility. Slap them with a “great win-win” agreement. If they are till unreasonable and don’t want a win-win situation, it might be time to leave.

4. Loyalty is a powerful weapon

If you’ve worked with the lender a few times in the past, this might be a good time to remind them of this fact. Obviously, you must have a good track record with them before unleashing this card. If you are famous for being late on your payments, defaulting, and refusing to cooperate, you will not get too far with this tip. Arm yourself with all the proof of loyalty and don’t be afraid to show the lender every last one of them.

5. Set yourself as the ideal borrower

Are you the kind of borrower lenders love to do business with? If yes, this could be the key to nabbing low rates during a car title loan. Lenders love borrowers with steady sources of income, zero defaults, and no missed payments. A good credit score may help you through the door as well. If your car was manufactured after 2000, use that to get good rates. Some lenders don’t accept cars that were manufactured before 2000. In addition, mileage restrictions can play a huge part in the selection process. If your vehicle is within the limit, it makes you a good customer to work with. Mention this as well during the negotiation phase.

Emergencies are inevitable. When they strike, we have to get access to cash in a short period of time. Car title loans were designed for this very reason. Although they bear high-interest rates, you can haggle your way to better deals. Even if you weren’t born with the rare talent for negotiating, you can put the above tips into practice. The next time you apply for a car title loan, don’t be in a hurry to sign the paper yet. Take some time to talk to your ender and find out if they can get a favorable deal for you.

Uncategorized Editor Wed, 15 Apr 2020 23:02:33 -0400
How to Formulate an Investment Strategy As an avid investor, the first step to staying on top of your financial goals is to create a quantifiable, realistic and actionable investment strategy.  If done right, this strategy will help inform your investment decisions and encourage consistent performance.

Here are 5 tried-and-true tips that will help you formulate a killer investment strategy.

  1. Set clear, well-defined and realistic goals

You must be able to pin-point what your financial goals are. Before you go down this route, you must understand where you are heading to. As such, you need to define and document both your long-term and short-term goals, a step that will help you figure out your investment personality, you can read more about it at Savings Report.

For instance, do you intend to invest in purely real estate or are you a hybrid investor who gets his feet wet in multiple investment vehicles? Your goals should be crystal-clear and achievable. Don’t say you want to make money in flipping fixer-uppers, instead, state that you want to make at least $100,000 in a year.

  1. Set your investment timeframe

In addition to setting investment goals, you also need to think about the timeframe you need to achieve those objectives. For example, you have a 10-year or 20-year investment timeframe; you have more time to withstand market upsets, and so would be able to consider investment options with more risk but better returns in the long haul. On the other hand, if your investment timeframe is 1 or 2 years, you might want to be too careful with your options.

  1. Calculate your monthly savings

Talking of savings, you should determine how much you need to save every month. If you want to save $1million by the time you’re 60, how much do you want to at the end of each month? Be realistic with this amount so you don’t affect your overall quality of life.

  1. Consider long-term investments

Rather than wait until the end of the year and check how much is there to save, put your long-term savings and investments top of mind. That means that you should set aside some money in your savings account to start investing in your retirement fund, 401(k) or any other worthy investment vehicles.

  1. Put a risk management plan in place

Perhaps the most important thing to do is create a risk management strategy. First of all, you need to figure out what your risks are, and devise ways to mitigating those risks.

Uncategorized Editor Mon, 16 Dec 2019 04:49:30 -0500
How Invoice Factoring Can Help Your Business Invoice Factoring is perhaps the most popular form of business financing. Companies in Australia use factoring to eliminate the need for traditional loans and increase efficiency. Many industries rely heavily on factoring, and, as has been proven many times, it should be. Any industry, from medical to transportation, can benefit from billing. If you are not sure, read below and find out the main reasons for receiving billing services.

No new debt, no loans

When you receive Invoice Factoring, you are not creating new debt, but selling it for cash. Do not apply for a loan, so getting factoring is much easier than any traditional bank loan. No other form of business financing allows you to easily and quickly finance without creating the additional debt or taking a business loan. With this financing tool, interest is not payable or the principal monthly amount payable. Factoring is not a commitment to your balance sheet; it helps solve cash flow problems without excessive debt. Remember that factoring companies do not borrow money that they buy bills.

Get paid within 24 hours

Average bill financing is usually approved within 24 hours. It depends on the company, but no matter when it is approved, factoring offers to finance much faster than any other form of business financing. Many companies offer a 24-hour return after approval. Unlike bank credit lines, factoring finance does not limit the limit of capital that can be obtained and used. The great thing about this form of financing is that with an increase in sales and subsequent growth, the number of accounts that can be included is increasing. You can sell as many accounts as you want. Business owners often spend more than half their time on unproductive tasks, such as collecting, managing, accounting, releasing lenders and finding additional capital. Factoring helps eliminate this wasted time.

Eliminate collections

Factors manage collections professionally. Factors are not debt collection agencies. you should understand the importance of business relationships and treat every debtor as my best customer. FAST billing companies collect bills and reduce the cost of receiving them. You can eliminate the overhead associated with the person involved in the internal collection. When you sell claims to another company, you also eliminate the need to collect these claims. Then the responsibility of the financial company lies in collecting these debts. If you have a close relationship with your debtors, make sure you trust your financial company to handle them properly, or you won’t receive an invoice. In rare cases when your finances are not able to raise, they usually send them back to the debt collection agency.

No contracts

Unlike a bank loan, you do not need to set up your home or physical assets to access capital. The accounts themselves provide security. Since factoring differs from traditional forms of business financing, fewer obligations are attached. Contracts are never included when they are usually simple, with a few warnings. Many companies do not offer contract factoring, which can be very useful in some situations.

Cash flow and credit improvement

Having received this type of financing, you will receive a lot of money all of a sudden. This additional cash flow is the main reason why companies are interested in factoring. Additional cash flow allows you to track various options, from accounts to salaries. It will also help you evaluate the creditworthiness of your company, eliminating the creation of additional debt.

Invoice Factoring billing has so many advantages and benefits that every company that uses accounts in their companies should use this alternative form of business financing. This is a fantastic and cost-effective tool that you can use at any time to increase the cash flow and working capital necessary for doing business. Before concluding an agreement with a factoring company, several types of risks must be taken into account. Keep in mind that factoring financing should be a short-term solution. For larger Cash Flow Finance Australia needs that require long periods of payment, check out other options. You also need to know if your contract includes factoring with or without recourse. In the case of factoring, the business owner is responsible if the client has not paid the bill. One-time factoring means that the factoring company has a risk of default.

Uncategorized Editor Wed, 27 Nov 2019 01:06:46 -0500
Getting Approved for a Car Lease with Bad Credit

If you have a bad credit rating, the chances of you getting approved for a loan to buy yourself your very own car are slim. So, if you have a bad credit rating, unless you really save up for it in cash, it seems like a buying a car of your own would be a questionable option. But what if you really need a car that you could use on your daily commute to work and to run your children to school with? The answer is car leasing. With Wheels4Sure, you have the option for bad credit car leasing with an easy application and approval process, so you do not have to miss out on the opportunity of having the convenience of driving around town even with your bad credit rating.

Reliable Car Provider

Wheels4Sure would be able to help you with your car leasing needs even with your bad credit circumstances. Even if you have an extremely low credit score or if you have been refused credit before, you would be able to apply easily. The same goes from people who are self-employed and have trouble maintaining a good credit rating because their income does not come in fixed amounts each month. With their 95% approval rate for lease applications, they even say yes to those people who have a Country Court Judgment (CCJ) or even those who have been previously declared as bankrupt. However, it would already be beyond their car leasing providing services for people who are currently in IVA’s (Individual Voluntary Arrangement) or Debt Management Plans and those who are currently declared as bankrupt.

Wide Selection of Cars

Just because you have a bad credit rating does not mean that you have to buy the cheapest car around. In fact, at Wheels4Sure, you have a wide variety of car manufacturers and models which you could choose from, depending on your budget and preferences. You have manufacturers ranging from Fiat, Hyundai, Mazda, Mini, Peugeot, Renault, and Vauxhall. You can choose car models depending on your needs, such as if you only need a car for city driving, or if you need a larger one such as an SUV or a family car. You could even choose to drive an automatic. You have a lot of options from a small Fiat 500, a Hyundai i20 sedan that comes in manual or automatic transmission, a sleek Mazda 2 SE-L automatic, a classic Mini Cooper, a Vauxhall Corsa, or larger models like a Renault Captur Iconic or Peugeot 2008 – the option is in your hands. The best part about leasing with Wheels4Sure is that you will always get a brand new car at the start of the lease. 

Flexible Affordability

You could choose a car entirely up to the budget that you could afford each month. You could get a convenient Fiat 500 at only £199 per month for a three-year lease period with an annual mileage of 8,000. Initially, in the first month, you would have to pay more at £299, but for the next 35 months, it would only have to be £199. For a larger annual mileage of 12,000 or 16,000, you would only have to pay a bit more with an initial payment of £399 and monthly payments of £219 or £239 for the higher mileage. If you want a car that is more on the higher end of the spectrum, their most expensive offer is the Peugeot 308 Active on a manual transmission, which you could get for only £399 monthly payments and an initial payment of £899 for the first month, this payment scheme would get you a three-year lease period with an 8,000 annual mileage. If you need higher mileage, you can choose the 12,000 or 16,000 annual mileage option, but you would have to pay for £459 or £499 in the next months. Wheels4Sure also have special pricing offers on certain car makes and models, so be sure to look out for them

Uncategorized Editor Tue, 26 Nov 2019 22:22:59 -0500
3 Simple, Secret Ways to Live Well on Little Money Does it seem that costs are increasing and wages are remaining stagnant each year? You’re not alone if you feel this way, as wages have been stagnant for over 20 years. This means that while the actual wage numbers have increased; the purchasing power has decreased. For example, the minimum wage in 1968 was $1.60, which would be worth $12 in 2019 dollars. This figure is much greater than the current federal minimum wage of $7.25.

Luckily, there are some ways to live well on little money like developing a location independent source of income, living in a country with a lower cost of living like Thailand, and being aware of fundamental US expat tax laws.

1. Develop your source of income

Due to the internet, more workers are choosing to work remotely. This means that they will be able to work from anywhere like the beaches of Bali, to a cafe in Colombia and everything in between. There are many online job opportunities, but the best ones revolve around specific skills sets like writing, graphic design, web development, web design, business development and teaching english. Some of these jobs can be done on a full time basis, while most are considered contract or freelance opportunities.

You could use the following resources to find remote work

  1. Problogger (mainly for freelance writers)
  2. We Work Remotely (various job types)
  3. FlexJobs (various job types)

Besides working a full time remote or freelance job, many people have pensions and/or Social Security, which gives them a fixed, dependable  monthly income. This is more common among retirees and some countries cater to expats with pensions. For example, Panama has a Pensionado Visa which grants retirees permanent residency if they have a guaranteed stream of income of a least $1,000 USD per month. Thailand offers similar benefits, but applicants must have a monthly income of at least 65,000 baht or approximately $2,000 USD. 

2. Choose the right country

Many first world countries like the USA, Canada and Europe have high housing, food and transportation costs. Therefore, it makes sense to find a country that is safe, has a good visa policy and a low cost of living. It’s interesting to see how far your income can stretch in a developing country. For example, you can rent a furnished one bedroom apartment in Medellin, Colombia for $300/mo. or even a have a filling local meal for just $2 in many Southeast Asian countries. 

These lower costs will allow you to live a good life on just $1,000-2,000 per month, which would only cover rent in major cities like Los Angeles. While costs are important, you should look into visa requirements and safety issues. For instance, some countries like Mexico allow tourists to stay in the country up to 6 months with just a tourist visa. Others like Thailand are much stricter and only give tourists a 30 day period to stay in the country. Many expats based in Southeast Asia have to do “visa runs”, meaning that they go to neighboring countries briefly to avoid being fined for overstaying their tourist visas.

Safety is another large concern and you can use sites like the US State Department’s Travel Website to see if your destination is safe. Be sure to take these reviews with a grain of salt as the danger levels of some places like many Mexican cities, are over exaggerated. Practicing common sense safety tactics like not dressing fancy in public, avoiding dark alleys at night, staying in tourist areas, and not flashing high ticket items like phones will keep you out of trouble.

Don’t travel to a country with a level 4 travel advisory, and some of these countries include Venezuela, North Korea and Syria. Lastly, you can use Nomadlist to learn about the cost of living, safety and other vital information about most worldwide cities.

3. Be aware of basic expat tax laws

Taxes can become very complex if you’re from the USA and decide to become an expat. For example, the USA is one of the few countries that taxes its citizens on income that is earned outside of the country. It also has very strict requirements like having expats report foreign assets or bank accounts on form 8938 and the FBAR. If you have foreign bank accounts that are worth at least $10,000, you must report these on the FBAR annually to avoid steep penalties. US expats that have foreign assets like real estate must report values, gains and losses every year on form 8938.

Luckily, the US government does offer expat taxpayers relief through the Foreign Earned Income Exclusion Act (FEIE). The FEIE allows expats to not pay federal or state taxes on up to $105,500 for 2019. This amount is indexed for inflation, but expats must always pay Social Security and Medicare Taxes regardless of their income.

Your personal situation can vary, but it’s still prudent to know the fundamentals of US expat tax law. If you have more complex situations like a foreign spouse and/or substantial foreign assets, consult a tax adviser who specializes in these issues.

Bottom Line

It might seem tough to live well on little money. Most workers haven’t seen their salaries keep up with inflation, which has led to higher debt and lower quality of life. However, geo arbitrage or earning a strong currency like US dollars and spending in a weaker currency like Colombian Pesos or Thai Baht could be a great way to live on less. 

Before making this lifestyle choice, be sure to develop a mobile source of income, choose the right country based on cost, safety, visa situations along with other factors, and know basic US expat tax rules.

Have you ever considered geo arbitrage or made the leap? Please tell us below!

About the Author

Dalton is the lead financial copywriter of Sensible Financial Marketing. He enjoys breaking down complex financial concepts, so anyone can understand them. He also helps businesses gain more leads and increase revenue via converting sales copy, blog posts, white papers, email funnels and more!

When he's not writing about finance, you can find him surfing, playing pool or traveling the world!

Uncategorized Editor Sun, 24 Nov 2019 23:17:09 -0500
Steps To Take When Getting a Business Loan From a Bank Traditionally, banks are associated with catering to larger and established business ventures.

However, banks are gradually warming up to the SMEs and now offering them funding options.

Nonetheless, getting a bank to approve your business loan requires preparation as well as research.

 And in this article, we shall show you the steps you need to take to get your business loan approved by the bank.

Calculate How Much Big of a Loan You Need

The first step of getting a business loan from the bank is calculating how much you need.

Perform a thorough research of the loan amount that you need using a loan calculator, to avoid under-quoting or over-estimating.

While at it, you would also want to state how you want to spend your finances. Often, banks want to assess how the funds will be spent.

If you're looking to purchase and equipment, for instance, it would be suitable if you applied for an equipment loan. And if you are looking to pay debtors, a short term loan would be ideal.

Choose Items for Collateral

Most of the banks usually require borrowers to put up collateral.

Therefore, you need to identify something that will guarantee your loan.

The larger the loan, the more collateral is needed.

Putting up personal assets, or investment further goes to show how committed a business owner is at borrowing the loan.

Write a Business Plan

To increase the chances of securing a loan from the bank, you need to have a solid business plan.

A business plan brings out what your business entails; shows who you are, what your business is all about, and the future plans of your business.

Ideally, a business plan should state the business’s goals, mission, and how it will run to achieve the mentioned objectives.

Clean your Credit Score

All financial institutions, whether banks or online lenders, verify whether you’re eligible their loans and whether you can repay in full and on time.

 One way to do that is through examining your credit scores.

Therefore, when applying for a business loan, ensure that you check on your credit scores and reports.

Ideally, a credit score of 700 and above should improve your chances of securing a loan.

If your score is lower than 600, the odds might be against you, but might as well consider alternative revenue-based loans.

While at it, check for the errors that might appear on your credit report.

Assessing your Lending Options

After verifying your credit report, you now need to research on the available lending options.

If you don’t know how to choose your small business loan company we recommend that you start by asking other business owners within your industry where they attained financing.

In most cases, you’ll realize that banks that have a history of funding businesses comparable to that of yours are the best ones to approach for funding.

Additional, if you get many referrals to a particular lender, it shows they are reliable and might offer you a loan.

However, whatever options you choose to go with, ensure they meet the demands of your business.

Keep the Financial Records in Order

Before approaching the chosen bank, ensure that you've all the proper financial statements.

Having proper financial records in place will make it easier to sail through the screening process. This is because many banks will always want to check on your financial records such as balance sheets, and income statement to determine whether you're capable of repaying the loan.

Therefore, before approaching your bank, ensure that you’re keen on keeping and compiling the financial records in order.


  • Your quoted amount should be justified by your business plan’ financial statements
  • Contact a professional when working on your business plan
  • Be patient. Banks are slow at processing loans, especially the long-term business loans
Uncategorized Editor Wed, 16 Oct 2019 22:54:06 -0400
8 Factors To Bear In Mind Before Taking A Short Term Loan

Over the years, business owners have become aware of the fact that they cannot survive without short term loans. They need instant cash from time to time and it is practically impossible to arrange it internally. Short term loans serve as the ideal solution to bring in quick cash without much hassle. Additionally, the fact that these do not lead to a long term liability makes them ideal for a business. However, things are not as simple as they sound because loans are still liabilities irrespective of their time period. Therefore, you should know their nitty-gritty before you apply for them. Let us share a list of factors that you must bear in mind before taking a short term loan for your business.

Source of short term loan

The most vital factor to consider is the source you are going to get the loan from. You can either approach a traditional lender or borrow online. Traditional lenders include banks, credit unions, and private lenders. Borrowing from them involves a long list of formalities because you need to submit several documents as proofs for getting approval. Things are simpler with online lenders. You need not do much to get a short term loan here because the short term loan application process is as easy as filling a form online. The requirement of documentation is minimal as well and you can even get a bad credit loan.

Type of short term loan

Besides knowing the lender, you need to understand the type of loan you are planning to apply for. This will have a direct impact on the formalities of the application process. For example, personal short term loans require the submission of collateral deposits, business proofs, and income statements. With business loans, you need to mention the purpose of the loan, whether you require one as working capital or for business financing. Short-term loans for students have another set of formalities. Obviously, you would be more concerned about the second category of short term loans.

Interest rate

The next factor that would really matter while applying for a short term loan is the rate of interest you will have to pay. You would surely want to know the rate that the lender is charging and compare it with the prevailing rates in the market. Also, it would be smart to shortlist some reputed lenders and choose the one that offers the most competitive rate. After all, you would not want to pay an exorbitant rate of interest because it is a business expense.

Credit score

Your credit score is an indication of your ability to repay the loan at the end of the term. Anyone who gives you a loan will be most interested in knowing whether you are capable of giving it back. Unless you have a great credit history to show, they will not be keen to help. It is to be noted that your credit score has a direct impact on the interest rate. A poor credit score obviously translates into a higher rate because the risk for the lender is greater. Since there is not much that goes in favor of your repayment capacity, you will have to pay a higher interest for bad credit loans.

Bad credit short term loans

Though bad credit lowers your chances of getting a loan, it does not mean that you will not get one at all. In fact, there are several online lenders who may be willing to provide you the funds you need. However, you have to convince them that you will pay back on time despite your bad credit history. This may be a tough challenge but you can show them proof like a healthy income and stable business for assuring them about your repayment capacity. Bad credit loans may be hard to get but there is nothing that makes them impossible to procure.

Term of the loan

As the name implies, short term loans are the ones that are taken for a short span of time. Business owners prefer this form of borrowing because it gives them instant cash for their needs without tying them with a long term liability and interest burden. They simply apply for the loan and use the funds in the present and quickly repay the loan, often within a few months. However, you must clarify the implications of not being able to repay the loan within the agreed loan term. The lender may give you the option of a rollover to carry the loan ahead for another term. But you may also have to repay by taking another loan if the lender is not willing to extend the loan.

Repayment process

Typically, short term loans are to be cleared over a short span of time by making regular payments to the lender. These payments are calculated by including the interest as well. Before you take a loan, you should know the entire repayment plan so that you can handle it comfortably enough. Discuss this aspect with the lender and have a clear idea about how repayment would work and whether you require any changes in the plan.

Hidden fees

Besides the interest that you need to pay on a short term loan, the lender may also ask you to pay some charges and fees. These may be in the form of origination fees, administrating fees, underwriting fees, and processing charges. You may be taken by surprise because of these charges and fees. It is better to ask the lender to list the hidden charges upfront so that you can calculate the overall cost of the loan and decide whether it is feasible for you. It is better to look for a lender that does not burden you with such hidden charges.

Knowing these factors about short term loans is essential so that you know where you stand in terms of interest burden and repayment. Not having clear and proper understanding can cause problems and you may even be tied down by a loan that you may not be able to clear out within the agreed timelines.

Author Bio:  A graduate in banking and finance, Marcus Ryan has worked for top financial institutes before he decided to make a switch to writing. Currently working as Content Strategist with Outreach Monks, he has an eye for what’s best and the rest.

Uncategorized Editor Wed, 09 Oct 2019 08:44:36 -0400
When to Refinance Your Mortgage: Before or After Bankruptcy When credit card debt, personal loan debt, and other debts become unwieldy and completely overwhelming, sometimes the best solution is to declare bankruptcy. Though this is often a less-than-ideal situation, sometimes it can help a person completely wipe their financial slate clean and have a fresh start in a matter of years.

Belongings with a lot of emotions attached to them are often involved in a bankruptcy, one of which may be your home. If you want to keep your home throughout a bankruptcy, you may be wondering if you should refinance your mortgage for a lower rate before or after bankruptcy. The answer to this question really depends on when your chances of being approved will be better, and what type of bankruptcy you’ll be filing. 

Types of Bankruptcy

To quickly recap, there are two types of bankruptcy, Chapter 7 and Chapter 13. Your ability to refinance will be determined, likely, by which one you file. Chapter 13 will require three to five years, and though it may be easier to refinance with this type of bankruptcy, your request to refinance will need to go through the court system. A Chapter 7 only takes a few months to clean up, but it will make it much harder to refinance.

If You Want to Refinance Before Bankruptcy

Understand that refinancing before you file bankruptcy may or may not be possible. If you have a low credit score or a lot of unsecured debt, refinancing may not be an option. The application process can be extensive, and some lenders are more strict than others with it comes to whether or not they’ll allow you to refinance when you’re on the brink of bankruptcy.

Keep in mind that even if you do refinance, you’ll have to provide proof of what you did with any money you take out of your home’s equity. You may be able to get around this if your state has a bankruptcy exemption, but not all do. That said, it’s a good idea to leave your home equity where it is if you’re about to declare bankruptcy. 

If You Want to Refinance After Bankruptcy

Even if you do want to refinance after declaring bankruptcy, know that this may not be possible for a few years. Some lenders won’t allow a refinancing application until a few years after your bankruptcy was filed. Even then, your application may not be strong enough to get a refinance approval. Even though bankruptcy gets rid of unsecured debt (except student loans) it still makes you look like a risk to a lender and can therefore hurt your refinancing application.

However, keep in mind that all lenders are different and if you’re set on refinancing before or after bankruptcy, it won’t hurt to check with your lender and apply to see what may be possible. But it’s important to remember that if you’ve filed a Chapter 13 bankruptcy, you can’t do so without asking the courts first.

To Refinance or Not Refinance?

At the end of the day, consider where you’re at in the process of filing for bankruptcy and consider whether you’ll be able to refinance later, and whether your application has a chance beforehand. Contact your lender to determine what your options look like and be sure to make the decision that will best benefit your financial situation in the long term. 

Written by John J Scura III, Esq.                                                                                                         
Partner, Scura, Wigfield, Heyer, Stevens & Cammarota, LLP

John has been Certified by The Supreme Court of New Jersey as a Civil Trial Attorney.  Whether it is a personal injury case, bankruptcy case, litigation case or other type of matter, John wants his clients to participate in the decision making process toward solving their problem in the best way possible.

Uncategorized Editor Tue, 27 Aug 2019 16:30:37 -0400
Top Benefits of Outsourced Payroll Services in Aruba

Top Benefits of Outsourced Payroll Services in Aruba


Payroll is how you reward and maintain staff, compensating them for the work they have accomplished. If there are mistakes due to miscalculation, you will end up with unhappy, unmotivated staff. Payroll management is one of the most important aspects of a company and has a direct impact on company growth. The main reason businesses outsource their payroll functions are for specialized skills. Payroll outsourcing services in Aruba offer a variety of advantages to the corporate sectors, particularly to small and medium-sized businesses in Aruba. Some notable benefits are:

Outsourced Payroll Reduces Costs

Accurate reporting needs full and correct records of employees. Without the right technical resources, it can be difficult for companies to complete this task. Outsourcing payroll can assist companies reduce their operating costs by providing the necessary software to streamline the process.

As per small and medium-sized business trends, outsourcing your payroll management helps business owners and their employees focus more on core organization practices, saving up to 80% of the payroll management cost for your business.

Saves Your Time and Let's You Focus on Core Business

Creating payroll takes a lot of time because it involves a lot of data and is a time-consuming process. Outsource your payroll management to focus on business growth rather than playing with the numbers. Outsourcing payroll can help employees free up their time to focus on more important and more job-specific responsibilities.

Enhance Security & Reduce Risks

Payroll processing is a complicated, possibly risky business operation. There is always a risk of identity theft or embezzlement of money for private gain, even with trusted staff.

There is also the usual risk when using in-house payroll software: How secure and secure is payroll information on a company's server or network?

This issue can also consume the energy and attention of a business owner. Outsourcing your payroll management eliminates all these risks as you deal with a professional company having good reputation in the market.With professional payroll outsourcing companies, security of the confidential data like pay packages can be ensured.

Tax Saving

High penalties can be avoided by identifying inaccurate filings and tax payments, and surveys say that almost 40 percent of companies around the globe sometimes get impacted in a lifetime due to incorrect filing and tax payment. And that's why payroll outsourcing businesses are the best option for your company.

Financials4rent offers outsourced payroll services for small businesses in Aruba. We take care of all your salary-related affairs, so you can free up time to concentrate on your core organization. We also provide best customer service, ensuring the offering is cost-efficient and easy to implement.

Uncategorized Editor Mon, 19 Aug 2019 08:20:40 -0400
Financial Accounting Basics Startups Must Know If you are thinking of launching a business or you recently started on the journey of one, then kudos to you because it isn't an easy task. However, many entrepreneurs make some financial accounting mistakes that prevent their businesses from excelling. Read on to know some essential tips that will help keep your finances in check and enhance the growth of your startup.

  1. Manage cash flow

Most startups do not succeed for several reasons. One of these reasons is quite more common than the rest - getting short of money. As a new business owner, you should know where every single penny comes from and where it goes. Managing your cash flow is very important because your inability to do this may put your business in a dangerous position. It matters little if yours is such a brilliant business idea. You will hit a brick wall the moment you run out of money. The way out of getting financially incapacitated is by establishing a budget and ensuring that you stick to it.

  1. Spend time wisely

Every business person should know that every minute has some monetary value. There's a famous saying that "Time is money." When you make a plan of your day-to-day activities and schedule, take into consideration the timing of each duty. This action is necessary because every second you spend on something that isn't related to your business is a waste of time and money. Sometimes, you may never be able to recover.

  1. Track and monitor expenses

It is certain that with a startup, there are so many expenses coming at you from every angle. Hiring a full-time accountant to handle your financial activities, in the beginning, may cost you a chunk of your budget. It would be better for you to use reliable accounting software such as Sunshine Coast for the better finance organization. Monitoring all that you spend will not only help with your cash flow, but it also makes accounting easier when it's time to pay an annual tax. As your business develops and the accounting gets more complicated, you may need to consider hiring an expert.

  1. Prepare for the worst

You will never envisage what can occur when you start a business. So, you should prepare yourself for a possible bad situation. Anyway, continue to remain optimistic. Try to save up in both your personal and business accounts, for cases of emergency. One can never be too prepared for adverse occurrences. Unfortunately, they do happen when one does not expect them.

As an entrepreneur, your retirement is your responsibility. Hence, you should work towards it by making investments, even small ones. If you do not save for rainy days, you might find yourself back in square one. Hence, always foresee a future where your business may not run smoothly and make adequate plans to rescue it from collapse.

  1. Focus on acquiring customers

Your business is non-existent without customers. The sooner you find a way to acquire customers, the higher the chances your business has to succeed. Identify different acquisition channels available to your company and work on optimizing them to lower your costs. Focus on the opportunities that are most lucrative first so that you can have the finances to explore other channels.

  1. Limit fixed expenses

At the beginning stage, it is expedient that you set limits to your fixed costs and keep them low to prolong the lifespan of your business. For instance, you do not need a large, elaborately furnished office located in the best parts of the city. Neither do you need fully catered dishes three times daily? As much as you would like to make yourself comfortable and your establishment conducive enough, unnecessary spending may run your startup down.

Operate thin so that you can distribute the significant part of your capital to grow. This will consequently enable you to achieve whatever perk you may want. Many startups focus on the wrong things, such as over-the-top amenities and fancy offices. They forget that their top priority should be about generating revenue.

  1. Establish financial goals

When you have a vision of what you want your organization to become or how much you'd like it to expand in specific years, the next step is for you to implement that vision. Start by breaking your financial goals down into measurable and reachable ones. Your business will achieve more constant growth when you remain on track with your revenue goals.

In conclusion

You might think that you didn't get into business to become an accountant, so why do you need to learn these accounting tips? Well, understanding these basic concepts will keep you better informed. And, help you make better predictions of your company's future. Apart from guiding you to make smarter financial decisions, the concepts emphasize on your two most valuable resources as an entrepreneur - time and money.

Uncategorized Editor Sat, 17 Aug 2019 06:20:02 -0400