Finance Tips

Savvy- tips for OFW’s

Some people consider debt as evil especially when it puts them in nightmarish situations.  However, debt can be a helpful tool to grow your money and finance your goals. Debt is good when it is utilized for the right purpose. For many Overseas Filipino Workers (OFWs), fulfilling their wish to go abroad requires getting a loan in any possible form. Money loan Philippines is one of them. This kind of loan assists OFWs to pay…

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Finance Tips

Payday Loan Checklist: 5 Things You Have to Do

Whenever you’ve encountered a financial mishap, the most important solution that you can do is to get a payday loan. Not all financial experts will agree with this method, but they’re not aware of what you’re going through. In the event of financial emergencies, you could even careless with what experts may think. If you need a payday loan within a short time, some basic strategies can make your search productive. These tactics have worked effectively…

Finance Tips

Top 3 Business Ventures recommended to OFWs

Overseas Filipino Workers (OFWs) are considered modern-day heroes due to the fact that their remittances contribute 10% of Philippines’ Gross Domestic Product (GDP). Aside from the immediate purpose of bringing a better life for their families, OFWs ultimate goal is to save to put up their own business that will provide a steady income once they decide to come back home. Aside from saving, another option to get capital is getting a loan from a…

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Whenever you’ve encountered a financial mishap, the most important solution that you can do is to get a payday loan. Not all financial experts will agree with this method, but they’re not aware of what you’re going through. In the event of financial emergencies, you could even careless with what experts may think.

If you need a payday loan within a short time, some basic strategies can make your search productive. These tactics have worked effectively in the past years, and they’ll certainly work for 2017 and beyond.

Determine the Total Amount You Need

Oftentimes, borrowers get too excited about a payday loan option that they forget the exact amount they need. This causes them to overestimate and disregard the rising costs attributed to the loan. If you want to borrow from a payday lender, make sure that you’re aware of the total amount you need. Note: determine the amount that you truly need, not the amount that you want. In the first place, payday loans are meant for emergencies – not for the purchase of luxuries. To assess your loan better, you need a quick finance check. Will you be able to pay large interests over a fixed term? Can you deal with the penalties if ever you failed to repay the monthly dues? These questions can help you figure out if you need a payday loan or not.

Browse Online Payday Loan Directories

Payday loan directories are websites or blogs that feature the best online lenders, globally or locally. These directories are valuable because they usually have detailed information about the lenders. In a directory, you’ll see representative APR examples, along with current interest rates. Since there are multiple lenders in one directory, you can make a direct comparison in just minutes. If you want to apply, you can simply click the featured lender and you’ll be taken to the lender’s website.

Check Out Newspapers and Magazines

If you’re not online often or you can’t handle many details in one sitting, you can settle for newspapers and magazines. These daily digests will sometimes feature payday lenders and you can get the contact numbers right away. Just be vigilant because the payday lenders probably won’t give detailed information about their loans.

View Popular Lenders in Facebook

Have you ever thought about the usefulness of Facebook? For many people, Facebook is just a social media network used for frequent communication, gathering rumors, and sharing interests. Now, Facebook is also a useful channel for your payday loan needs. Payday lenders, especially the popular ones, have Facebook pages to deal with their growing clientele. In this way, lenders can post real-time updates and information about their loans and rates. Keep in mind that a lender that doesn’t have any Facebook presence cannot be tracked easily – so be careful.

Ask Around

Word of mouth is important in payday loan hunting. It’s very likely that your friends and colleagues have applied for any payday loans in the past. Don’t hesitate to ask the people you know because you’ll be guided towards the right sources. Still, you need to be objective before asking your friends. Compare all of the results so that you’ll have a useful, narrowed-down data that can be analyzed.

Nowadays, anyone with a sizable capital can start a lending business. Since the number of borrowers has greatly increased, lenders will have greater opportunities for reaching more people.

However, with many lenders in global markets, this simply means that competition is tougher than before. If you’re planning to build a lending business, you need to be ready – there are tons of hurdles that can stop you. Therefore, it’s wise to know some important things before jumping to the lending industry.

What are the Loans You’re Going to Offer?

As a moneylender, you must carefully think about the loans that you’re going to offer. Are you planning to focus on personal loans or would you like to incorporate other aspects as well? Obviously, it’s easier to start with one or two loan items in your repertoire. With many items, you have to deal with different processes early on. This may be confusing, especially if you only have a small team (or if you’re working alone). Also, different loans have variable demands and client reactions. A personal loan, for example, has greater demand than a holiday loan. In due time, you can add more loan items gradually.

Your Target Location

Location is important in your lending business even if you’re operating online. If you have a target location, you are ‘niched down’ and your business will have a greater chance of making profits. Don’t listen to those who will tell you that you must expand to multiple locations at once. It’s advisable to start in your home location because you’ll have the liberty of word-of-mouth marketing and the referral of your friends. Once your business is established, you can now move on to other nearby areas.

Psychographics and Demographics

Every business owner must think about the psychographics and demographic aspects of the market. The psychographics is all about the way your target customers think. This can be useful in determining how your customers will respond to trends, product changes, and market cycles. It’s like knowing your customer on a deeper level. The demographics are about the identity of your customers. Who are your customers? What triggers will cause them to avail your loans? What is your customer’s emotional framework? These are some of the questions that must be answered in figuring out demographics.

Website and Marketing

Having a beautiful lending website is just the first phase. The next step is to make it responsive and prepare it for marketing. You also need to learn a bit of SEO or Search Engine Optimization. This can help in marketing your website and reaching more borrowers within a predetermined time frame. Website creation and marketing can also eat a large chunk of your resources – so you must be ready!

Once you’re settled with the important things, you can now move on to the actual creation of your business. This is the more challenging part because you need to incorporate all the things that you’ve learned, along with real statistical data. You also need to properly allocate your resources. But even though the road is rough, you’ll be able to drive a wedge in the lending market with the right set of strategies!

A mortgage loan is a very specific type of loan for the purchase of a property. The property may either be a house, a lot or both. Mortgage loan has been specifically created for acquisition and ensure that terms address the matters concerning the purchase of a property such as valuation, property appreciation and property ownership. There are specific advantages and disadvantages of getting a mortgage loan and knowing what they are will assist in planning activities.

Advantages:

  • Liquidity – an individual or entity who wants to purchase the property but is not liquid enough can still do so by getting a mortgage loan. This loan allows the buyer to be funded by the lender on the purchase of the property. Despite an individual not having enough cash, mortgage loans grant the individual the chance to make a purchase. Payment by the individual buying the property can now be done by paying installments rather than one go.
  • Credit Score – paying a mortgage loan consistently and without defaults build a good credit standing, like with any other loan. The advantage of having a good credit score from a mortgage loan allows you to get lower interest rates as granted by the lender.
  • Interest Rates – the property purchased serves as a collateral to the loan which allows the lender to foreclose the property and recover the default payments. In this case, the loan itself can be granted a lower interest rate compared to other types of loan. The lien on the property gives the lender security which does not require them to recover the fees as soon as possible via charging high-interest rates.

Disadvantages:

  • Higher Purchase Price – all loans require an interest to form part of the borrowed money for the lender to recover the value of money that may have been earned and protect from the inflation of the economy. Because of this, a higher price is being paid by the buyer upon paying the full loan amount where the principal is equivalent to the property value.
  • Charges – other fees are incorporated in the principal loan and interest rates. Because of the purchase of a property, there are other fees like legal fees and insurance fees which are charged to the buyer and incorporated in the amortization to be paid. These charges are not present in other types of loans.

Business Credit Cards and their Advantage

Posted by Billy Na on January 16, 2018
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Category: Finance Tips

Credit cards nowadays are becoming more and more of a necessity including business operations. It allows business convenience in paying services fees and purchasing goods from suppliers. Credit cards help greatly in a business operation in the form of rolling credit that can be used to finance small company payments. Here are a few of the features a business credit card has that can be used as an advantage.

  1. Business credit cards often come with accounting features. We all know that proper books maintenance is very important for a business to properly operate. Most business credit cards come with a software tool that tracks the charges and payments and maintains the books regarding the credit card usage. It is an aspect that businesses may use to their advantage especially in making decisions to increase credit and/or maintaining the credit card.
  2. As businesses keep on using the credit card, the high usage brings in accumulated reward points that may be used by the business. It can be used for rebates, discounts and other financial benefits the credit card can offer. A business always accumulates these points at a fast pace because of the high usage that business has on credit cards. Business credit cards offer special reward programs that are different from personal credit cards.
  3. Credit cards that are extended to its employees also bring benefits. All credit cards that are issued to its employees earn reward points on their purchases and are applied to the main account holder which is a business entity itself. These points accumulate much faster as the spending is multiplied through employee usage.
  4. Business credit cards use is required to be reported to a business credit bureau to keep track of the credit score of the business. It allows the separation of credit scoring between a personal and a business credit card. If you are an owner, partner or director who owns both a personal credit card and a business credit card, the report for your business credit card is separate from your personal credit score.

Ensuring proper use of a business credit card can bring many benefits to owning an account for the business.

Do you feel that you are in a deep trouble in handling all your debts and nothing can help you in getting out of the big mess? You are in luck because debt consolidation can be the answer to all your debt problems. Debt consolidation can help you to reduce your monthly expenses by offering you a monthly repayment plan for all your debts.

Most people who have very large debts feel embarrassed about their situation. But because more and more people are in debt nowadays it’s actually much easier to get help and find a service that offers the right debt loan consolidation. If you are also fed up of juggling your credit cards then debt loan consolidation will definitely help, you will be able to take out a loan that will help consolidate all your debts into one manageable monthly payment that will not only stop the stress but will also provide fewer worries about your money problems.

You can easily find licensed money lender in Singapore or companies that offer the best services to help you get rid of your debts. Good debt companies will help you to find the best debt loan consolidation and also help you to manage your monthly budget and create a short, long-term plan that will help get your debts back on track. And if you are planning on using it to wipe your credit cards then debt loan consolidation can help you to improve your finances by offering you a loan that has lower rates and gives you a number of loan repayments so that once the months are up then your debts have also gone. The lender or creditors will often accept 3-5 years for paying off the loans after that your loans will be paid off.

Imagine in a span of 3-5 years, you will finally eliminate all your debts by using a debt loan consolidation. No more stress or loans after that and no more payment for them. Just follow your agreements plan which the lender approved and you will surely get rid all of your debts with just a few years’ time.