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A period of recession is gearing up or moving down frequently. Along with it, monetization of the market is making the ventures optimistic. The statistics say that this year is crucial for the small businesses and they look up for positive result. We have to wait and see the dramatic changes. Business and finance are two such generic terms on which people searches the maximum contents. Therefore, I am also sharing a cup of hot finance knowledge through my blog.

In the financial year of 2013, stay with me to move ahead.

Sunday, 3 March 2013

5 Things That You Must Know Before Applying For A Payday Loan

You will come across numerous people in the daily life who have financial problems. This is the time when they take help from their loved ones or any kind banking institutions for loans.

Now they have also another option particularly called payday loans, where the people are free to borrow from the outside. However, before people apply for the payday loans they must understand their financial responsibility while they think to borrow from the payday companies.

The payday loans are easily available but you have to analyze a little and think about it properly. Logbook lenders are there who suggests that people should remember these 5 essential things before opting a payday loan.

1.    Try To Pay Off Quickly
If you have applied for the payday loan, then try to clear it off and its interest as soon as possible. Get to know the amount of interest that the financial institution charges for the loan. You will come across companies, which will charge high rate of interest, and you will end up paying more than the principal amount. More delay you make in the repayment, the more interest adds up to the principal.

2.    Time Tracking Is Necessary

Keep yourself updated with the repayment dates, which you might require while paying back the loan. If you forget the dates, you will end up paying more loan than required. It is obvious at times that you might forget the dates and have to pay the late fines.

3.    Check And Recheck The Financial Institution

The company where you apply for the payday loan needs to be reliable and of good repute. Try to choose a company that will offer the loan within a possible date that too with a reasonable rate. Since the payday loans, opt by people only during the emergencies. Try to deal with the lender directly without the use of any third person. Check out whether the loan is of short-term or long-term, the shorter-terms charges higher interest rates.

4.    Provide Accurate Information
The lenders require the correct information from you, the credit history and the contacts. Give the correct contact number so that they can call you in times of need and you get the loan approved easily. The payday loan comes associated with high amount risk factor, since the credit history of the people is not checked before, and hence incomplete information may delay the loan status.

5.    Keep Yourself Aware Of The Amount To Pay

If you are aware of the amount that you need to pay, then the calculation becomes easier. After applying for the loan, keep all the information recorded in one place, to avoid confusion. Keep the relationship between you and your lender transparent to make the deal easier.

Therefore, if you are applying for a payday loan then you should follow these 5 prominent steps to avoid the errors.

Author BioMoumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various finaical topics. A clear view on market, business, forex, funds, personal finances etc. are the subjects she perfectly underlines thorugh her articles.

Friday, 1 March 2013

5 Tips To Get Your Small Business Loan Request Approved

To start a small business is finance and it’s very critical to find the proper source of finance for your business operation. At first all business need capital for their business, because as starting of business we need inventory, marketing and incorporating expenses. That is why you need finance which is a steady source of funding before you can start.

However, small business loan are not easy to get, that’s why many shut their ventures soon, and the bank has strict policies for business loan, which is similar like a hurdle. For approval your small business loan here are 5 useful tips.

Personal Credit History

For the small business owner, the first thing to acknowledge is that, it is not too easy to get loan from bank. There many things they notice and personal credit history is one of them, because creditors observe the history of the borrower of a loan, to check out their details of payment. If you have years of business, there are maximum chances to cross check your business history. That is why it's important to clear your credit history, which impress the creditors. If your credit history is not correct then it will hurt your chance of getting a loan.

Personal Asset or Collateral

Well, the security of the lender is generally the collateral or personal asset to ensure that he will pay back the loan in time. Moreover, the collateral can be in the form of equipment, machinery, real estate, inventory and accounts receivable. Anyhow, if the borrower does not pay the loan then his property will be seized. It is some kind of insurance or guarantee that, if the borrower does not pay their loan than they can capture his property and get their amount. Sometimes a lender asks a third party to sign agreement to pay back the loan in case you are unable to pay back.

Capital for Business

For your business, capital is the most important thing, because when you request a loan from the bank for your new business project. It is important for the lenders know how much are you investing in your business plan, it shows that how much are you interested in it and has the chance of being a defaulter.

Your Ability

The bank or creditors always check the capacity to repay the loan and they saw you have enough potential to generate cash from your business. It allows to measure the borrower’s credit history, which reflects the future payment potential. Moreover, the debt to equity ratio is also used for measuring the potential for future payment of the loan.

Personality and character

When you think to borrow a loan then it is obvious that the lender will look into your personality and character traits such as determination and motivation towards the business idea, eagerness to achieve, risk taking potential, realism, past experience and learning. All this quality will help to evaluate your potential to run a business and repay the loan at the same time.

Author’s Bio

Moumita Dasgupta is a freelance financial blogger who collects all the latest fiscal information and puts them in her blog bizandfiz.blogspot.in, Here she advises the small business owners to adopt the best ways to get their loans sanctioned easily.

Author BioMoumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various finaical topics. A clear view on market, business, forex, funds, personal finances etc. are the subjects she perfectly underlines thorugh her articles.

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