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Choosing a Commercial Financial Service Provider

January 19, 2021 by Mandy

Taking charge of your finances is one of the biggest steps you can make towards achieving stability and independence. However, the task is much easier said than done as making any financial decision requires much time, consideration, and planning. No investment can be considered risk-free as there will always be a certain degree of risk attached to each one. Nonetheless, some can be more profitable than others depending on the circumstances.

Working with commercial finance providers can give you insight on how investments work and what types of investments you should take based on your needs and goals. Commercial finance refers to a range of products and services that can help you hit your financial targets or generate cash to get proper funding for your business. Whether you plan to take out a short-term loan or get funds from a venture capital, these decisions can vary on a case-to-case basis.

Check out the tips below to help you select a financial service provider, so you can ensure that you make the best investment decisions.

Understand Your Business

Before you do anything else, the first thing to do is to understand your business to know what exactly you need. Get to know the industry you are operating in to know about the type of financing you need and how much you will need. Another question to ask yourself is what you need the funds for in the first place. Do you need capital to set up a business, or do you need additional cash to help your company grow?

Ask About Investments

While working with commercial finance providers, you can get recommendations for your investments. Thus, it is important to ask questions about this while consulting with different providers. Communicate your objective or purpose, risk tolerance, and time horizon, so you can hear about how a provider can assist you. It will also help to ask about the costs related to purchasing, selling, or maintaining the investment, so you can assess which provider you can work with.

Finance providers will often have investment methodologies that they use to help clients make decisions. They are well-versed with market conditions that are crucial to determine the profitability of an investment, so their expertise and resources will be valuable for you and your business.

Shop Around for Loans

Commercial finance companies typically offer loans secured by assets for added security on their part. Similar to other financial institutions, the lending terms will vary for each company, so you can look at various companies to check out the loans they offer. This route is often recommended for businesses that are already highly leveraged and thus cannot get additional debt.

If you need to take out a loan for your business, you will need to check for things like the maximum available funding, loan duration, loan to value ratio, and others. As such, while choosing between different financial providers, it is important to ask about all the important points about their loans to ensure you know what you are getting into.

Commercial finance providers can offer valuable advice and recommendations on investments and financing for your business. Thus, choosing the right professionals to work with is crucial to ensure that you make the right decisions. Take your time getting to know the many providers, so you can find the best possible provider.

Filed Under: Finance Tagged With: finance, financial advisor, money

Top 7 Ways to Manage Your Finances Like An Expert

November 25, 2020 by Mandy

One of the hardest parts of growing up is learning to manage your own finances and making your money work for you. It becomes obvious, in your adult life, that money plays a significant role. It would help if you learned how to be both financially responsible and prudent. You must learn how to save and make sure that you are living within your means and not over or under them.

The question now becomes how can achieve financial freedom in a world where the economy continuously shifts; sometimes the economy shows promise of growth, and sometimes it takes an unexpected plummet, especially during a time like this with the COVID-19 pandemic. People have lost their jobs due to retrenchment and have ended up in difficult financial situations.

What does that tell you? That you need to be smart with your finances in order to stay prepared in case of any sudden changes. The following ways can help you manage and monitor your finances:

Having a savings account

A savings account is sometimes referred to as a ‘rainy day account’ because you want to have some money put aside for emergencies. A contingency fund goes a long way in preventing borrowing money from other people or places and being in debt.

Please make an effort to put some money into a savings account and do not touch it unless it happens to be for a dire situation. It teaches you discipline in terms of having money at your disposal but not rushing to the bank (or whatever firm you have saved in) whenever you need money in your hand. In the event you feel like you might forget to transfer your money, you can set it to automatically transfer a certain amount from your checking account to your savings account.

Avoiding unnecessary monthly bills

Sure, you have great credit and possibly qualify for certain loans at your bank, but that doesn’t mean that you should take out that loan. For example, say you are married and have a family, and both you and your partner drive separate cars, there is no need to take out a loan for a family car.

It is an unnecessary expense that you will need to count every month. In addition to that, it would be just another way to contribute to the pollution of the environment. Exhaust fumes from petrol-fueled cars add to the already building greenhouse effect in the ozone layer.

Taking out insurance policies

It is smart to take out insurance policies for medical cover, homes, and cars. They cover expenses you might not be able to pay for upfront. For example, medical cover and car insurance can cover the expenses incurred during a road accident. The car might be damaged and will need to get repairs done on it. The people in the vehicle might have sustained injuries, and that is where health insurance comes in.

House insurance usually covers theft and damages caused by natural causes such as fire or floods. Putting money into such an account also pays off in the long run.

Limit your credit card use

The number of times you turn to your credit card when you do not have cash in your pocket is ridiculous. There is the urge to swipe your card when you feel like you really need to purchase an item. The reality of the matter is you probably don’t need that item!

Human beings are seemingly covetous in nature; you’ll see something and feel the need to instantly want to own it, though you could do without it. Just like saving, using your credit card also requires you to be disciplined enough not to turn to it. If you want it, you don’t need it.

Keep track of your expenses

A habit that is important to cultivate is monitoring how you are spending your money. Think of yourself as your own personal auditor. You can use applications such as Microsoft Excel to make a spreadsheet showing how you have spent your money and work on updating it maybe twice a week.

That way, you can also learn how much you typically spend within a given amount of time and see what you can cut out.

Budgeting

As you track your expenses, you also learn to budget for your income or any other money you earn on the side. It is one thing to come up with a budget. It is a whole other thing to ensure that you are living by it such as paying for home insurance, bespoke car insurance & likewise. It is already clear that part of managing your expenses requires integrity and discipline; you need to be honest with yourself as you come up with your budget.

Proper financial planning

Learning to manage your money does not happen overnight. Be patient and learn from others, and do what works for you.

Filed Under: Finance Tagged With: finance, money

Understanding the 3 Digits That Dictate Your Financial Future

November 19, 2020 by Mandy

Every major purchase you make as an adult will be affected by your credit score. Those three digits will dictate whether you can rent an apartment, buy a car, or purchase a home. Your credit score is a measure of the likelihood that you will pay back money loaned to you. It is dependent on many factors and changes based on your fiduciary actions. Understanding your score is the first step in trying to improve it for your financial future.

Deciphering the Score

Ninety percent of lenders use FICO scores to judge the financial viability of a loan applicant. FICO stands for Fair Isaac Corporation, which is the original name of the company that created the credit-risk model to assess financial risk in lending. A FICO score is a complex calculation based on a consumer’s credit report provided by the three main credit bureaus: Equifax, Experian, and TransUnion.

Credit scores range from a low of 300 to a high of 850. Anything below 580 is considered a poor score and below the average of most consumers in the country. A person with a score below 580 would pose a high risk of future loan delinquency. A score between 580 and 669 is a fair score, although below the average. Most consumers that fall in the 670 to 739 range are thought of as good credit risks. Anything above 740 shows a consumer is dependable and would be a low risk to lenders.

Establishing Credit

If you’ve never held credit, you won’t have anything in your credit report that can be used to calculate a score. Consumers typically need at least one open account that has been active for at least six months and one account that has been reported to the credit agencies within the last six months. These are the minimum requirements needed to establish a score. Continuing to use credit wisely over time will increase your score and your credit history.

Although many people may think purchasing items with cash and having zero debt is fiscally responsible, this will not help your credit score. There is no history of credit usage and repayment to offer lenders a look into how likely you are to pay back a loan. Lenders need historical data to judge your risk. When you pay cash, there is no paper trail for lenders to follow.

Calculating Credit Worthiness

Many factors go into the calculation of a credit score. These include:

  • The amount you owe
  • Your payment history
  • The types of credit accounts you have
  • The number of new credit inquiries on your report
  • The length of your established credit

The most critical factor in determining a credit score is your payment history, as that makes up 35% of the calculation. The next important component is the amount you owe, which makes up 30% of your score. The length of your credit history accounts for 15% of the calculation. The number of credit inquiries you’ve recently made as well as the types of accounts you have open each account for 10%.

Interpreting Variances

The exact numerical score a lender will accept can vary greatly. For example, if you’re purchasing a car, the minimum credit score at a dealership for luxury vehicles may be higher than the required score at another dealership that specializes in economical cars. The same is true for mortgages. Many mortgage lending companies will relax their requirements for first-time homebuyers but may hold buyers of million-dollar homes to a higher standard.

Variances also exist among credit bureaus, which may each have different information cataloged for you. The inconsistencies may be due to name differences. Perhaps one credit bureau has accounts associated with your maiden name while the others do not. Sometimes the variances are due to errors. Someone else in your family with the same name may appear on your report. Make sure to monitor your credit for these types of issues to ensure any financial responsibilities that are not yours are removed. Establishing a good credit history is the key to reaching your financial goals.

Monitor your credit reports for accuracy and to keep you on track. Understanding what goes into a FICO score will help you govern your financial decisions and help you plan for large purchases.

Filed Under: Finance Tagged With: finance, money

6 Reasons You Might Need a Personal Loan

October 23, 2020 by Mandy

 

Personal loans can be a logical solution to a problem that involves not having enough money to cover a large expense or even to consolidate debt. If you’re in a bind and considering taking out a personal loan but have never applied for one before, then you might be confused and a little wary.

If you have less than stellar credit or are worried about applying for personal loans with no credit, it’s important to make sure that you do your research carefully, and check late fees and interest rate information before you apply. While you never want to apply for a personal loan just for extra money, there are a few times when getting a loan just makes sense.

Home Improvements

Whether you’re going solar, adding an extra bathroom, or just updating the cabinets in your kitchen, it’s going to cost you a tidy sum of money. Money that you might not have easy access to. A personal loan can get you the money you need and help you better your home at the same time.

Trouble Paying Bills

In today’s chaotic and uncertain economic times, many people are finding themselves having a hard time making ends meet. Having trouble paying your bills is nothing to be ashamed of. It’s possible that on top of your normal household bills, you’ll find that the winter is extremely colder than usual, meaning higher heating bills, or the landlord could raise the rent all of a sudden and expect you to pay the extra. A personal loan can help you get back on top of things where you belong.

School Expenses

The cost of going back to school as an adult can boggle the mind. However, if you want to get somewhere in life, that’s often what you have to do. A personal loan could give you the money to purchase books, supplies, and maybe even help on that tuition bill while you’re waiting for your financial aid or student loan to kick in.

Car Repairs

Car repairs seem to always be needed when you least expect it, and when your bank account is dry. A personal loan can help you fix your car, and keep you from missing work or having to beg for a ride with someone. Your car is something that you’ve got to have, so waiting to get it fixed in most cases just isn’t an option.

Debt Consolidation

Often, you get to the point where you’re sinking into debt, you’ve maxed out your credit cards, and you aren’t sure which way to turn for relief. Debt consolidation is an option and a personal loan can make that possible for many people. You do want to do your research well and figure out what the best way to consolidate your debt is. For credit card debt, a personal loan works super well, because you’re getting out of all those interest and late fee payments every month, and just paying one simple bill, instead.

Covering the Holidays

While this might seem to be a bad reason for getting a personal loan, more people than you might think use these loans for the holidays. The last thing you want to do is max out your credit cards or drain your bank account with holiday spending. Instead, take out a small personal loan to get through the holidays and pay it back throughout the year.

These are just a few of the reasons that people get personal loans. It’s nothing to be ashamed of, and in fact, has helped many people through quite a few bad situations in the past and will in the future as well.

Filed Under: Finance Tagged With: finance, loan, money, personal loan

Ways to Live on a Single Income

October 23, 2020 by Mandy

With schools either adopting remote or hybrid instruction due to the continuing pandemic, many parents find themselves at home tending to the needs of younger children. This presents challenges for families where both parents work full time. As a mom, you may consider taking time off from your current employer or leaving the office indefinitely for the foreseeable future. Thankfully, if you made the decision to remain at home, there are ways to cut expenses and live on a single income.

Taking Out a Personal Loan

Taking out a small personal loan to pay off credit card debt will allow you to focus on household expenses and keep your bills current. There are a few other advantages too. First, you won’t accumulate added interest and secondly, you will keep your credit in good standing. Make sure to shop around to make sure that you acquire the lowest interest rates. Credit union loans are among the lowest available, so they make a great place to begin your search.

Commuting Cut in Half

With only one person commuting to work, you can cut the expense in half. You only need to put gas in one car and your second vehicle will last longer. You can also cut costs on clothing, lunch, and the morning coffee purchased on the way to the office.

What You Can Remove

When faced with life-altering situations, compromise is necessary. Reducing expenses for your budget and cutting those things that you can live without, will free up money to cover your essentials. For example, cable television is extra and not essential. You will need the internet for children’s learning lessons. However, when it comes to television, you can reduce the plan to basic, giving you a savings of up to one hundred dollars. If you have memberships such as for the gym and monthly subscriptions, these are items you can cancel and resume once you return to work.

Get the Best Price

Awareness of what you spend is more important than ever. Every dollar you save is money you retain in your pocket. Coupons provide an effective way to save money. Using online coupon sites you can select the ones that apply to items on your weekly shopping list. To save even more, check the fliers printed by local grocery stores and compare prices prior to your outing. Depending on the size of your family, you can save twenty dollars and more each week on food shopping using this method. The same applies to anything you buy. Conduct a thorough search to make sure that you get the lowest price.

Earning Money from Home

You made the decision to stay at home to help with schooling and provide care for your children. Since you’re already at home, taking on a part-time job that you can do while children are working or later in the evening, will supplement your monthly income. Freelance writers and tutors are two part-time jobs in high demand and as such, worth consideration. Or, perhaps, you have a hobby and you’re good at it. Selling these items online can bring in extra cash.

Living Within Your Means

It may prove difficult initially, refraining from spending money on the things you enjoy. After all, up until this very moment, you were financially stable and experiencing a comfortable life. However, for the short-term, living within your means is necessary to sustain a good quality of life. Spending money on frivolous purchases must come to a halt to stay afloat. Avoid dining out, impulse purchases, and putting any debt onto a credit card. These are all steps in the right direction.

The year 2020 has proved to be challenging for many families. If you cut back on your expenses and find ways to save money on the items you need, you’ll be able to live life comfortably on one income until your children return to school full time.

Filed Under: Finance Tagged With: budgeting, finance, home, living alone, save money

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