Tag: money

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Business Finance

Generating Funds Fast when Bad Credit is Holding You Back

How to Generate Funds Fast when Bad Credit is Holding You Back

 

Are you suffering from a bad credit problem?

Don’t know how to generate fast cash. If that’s what you are going through, then it’s time to know about all those options that you can avail even with your bad credit situation. You will waste your time when you apply for a loan in the bank because this institute always runs a credit check. No matter how amazing your income proof is, when your credit score is low, you can’t easily enjoy a loan approval from a credit union or bank. Here are three standard options that you can make the most of as other people are going for.

Best Title Loans 

When you have significant cash needs and are looking to get funds fast, then only title loans are something that you can capitalize on quickly. The primary reason for its name and fame among people is the speed with which one can have the fund. In most cases, you can get cash into your bank account within 24 hours. When it comes to the requirements, you only need a car title, car insurance proof, and your government-issued ID card. A good thing about best title loans is that the lender doesn’t run a credit check. Lenders provide funds to people with bad credit because they keep the car title as the collateral. If you don’t pay them back the loan, they will sell your car and handle their bad debt situation.

Payday Loans 

Everyone is well-aware of the payday loan. However, people have stopped going for this option as it doesn’t provide much cash. You can raise a few hundred dollars with it. The massive problem with this loan is its limited timeline. You need to pay off the loan very quickly, and if you don’t, you enter into a never stopping debt cycle. A payday loan seems like an excellent financial choice only when you can pay it back on time; you will have to face some serious consequences with it. Payday loan providers don’t perform a credit check. However, income and residency proof is required. There are some dangers of payday loans about which you should have a clear idea.

 

Pawn Shop 

It is common for people to take their valuable items to a pawn shop and get money against it. Just like a payday loan, a lender has a specific limit of the loan amount. On average, you can get $75-$100 from it. No matter how expensive your item is, you can only get a percentage of it as a loan. A pawnbroker will hold your item until you pay off the loan. However, it’s not the case with the best title loans as lenders won’t only hold your title while driving your car freely. Before you opt for a pawnshop loan, try to get its complete understanding.

In simple words, when you need a significant amount of cash with bad credit, then indeed, the best title loans work as an excellent option. However, when you are looking for a low amount of short-term money with bad credit, you should opt for either a pawn shop or payday loan.

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Business Finance

Borrowers Discover that Loans Are Available After Bankruptcy

Borrowers Discover that Loans Are Available After Bankruptcy
Karolina Grabowska

 

What is Bankruptcy?  

Bankruptcy is a legal judgment whereby individuals and businesses are deemed unable to make good on their payments. As a result, the courts will assess their assets & liabilities, and make a judgment about discharging those debts, thereby relinquishing the individual or business from making good on payments.’

 

Many individuals and businesses face the prospect of bankruptcy, often through no fault of their own. It may occur that an unforeseen event such as COVID-19 shuts down economic activity on a global scale, igniting widespread business closures. Of the 488,506 Chapter 7 bankruptcy cases filed (October 2018 – September 2019), 460,661 cases were discharged (94.3%). Stats were less favorable for Chapter 13 bankruptcy cases (44.60%), indicating that the courts deemed the individuals capable of managing their debts. 

 

In the unfortunate situation that bankruptcy proceedings take place, many individuals and businesses wonder about the impact this has on their ability to obtain credit facilities. First things first, bankruptcy is especially damaging on your credit score. It can knock anywhere from 100 – 200 points off your score instantly, and those points stay off for a long time. In practical terms, your bankruptcy, judgment will cause your credit rating to crater – from Fair to Poor, or Excellent to Fair in double-quick time. 

 

What Happens to Your Credit Score in Bankruptcy Cases?

 

Bankruptcy proceedings should only be filed as a last resort when all other options have been thoroughly exhausted. For a comprehensive understanding of the implications of bankruptcy, read what the bad credit loan experts say at https://bestloansforbadcredit.com/.

Once a business has filed for bankruptcy, it is possible and even necessary to apply for a bankruptcy loan to salvage operations. As the experts point out, it is vital to accurately document all aspects of bankruptcy proceedings, including accurate reporting thereof. The precise line of credit that is used depends upon the range of options currently available. These can encompass secured credit cards, credit builder loans, and secured loans, et al. Further details are provided henceforward. 

The literature on the subject of bankruptcy suggests that credit cards will be negatively impacted. Possible outcomes include elevated APRs (higher interest rates on credit), increased collateral requirements, rejections of credit applications, and lender refusals to increase credit card limits. 

While these negative effects can certainly put a damper on things, users can take meaningful steps to repair poor credit. Much of what you decide to do depends upon the type of bankruptcy proceedings you have filed. 

Chapter 7 bankruptcy filings stay on your credit report for 10 years, while Chapter 13 bankruptcy filings stay on your credit report for 7 years. Recall that bankruptcy should only be used as a last option. It can be the most effective way to discharge your debt provided you answer all applications honestly. Forthrightness is essential with bankruptcy filings, particularly with lenders and potential employers. 

Borrowers Discover that Loans Are Available After Bankruptcy
Pixabay

 

How to Gradually Rebuild Credit Scores 

Credit facilities can be provided to people who have filed for bankruptcy in the form of secured credit cards (cash deposits equal to the value of credit extended). Provided the balance is paid off in full monthly, and balances are kept low, credit scores can gradually improve. While you get to keep all of your ‘exempted’ items in bankruptcy filings, many personal effects may be liquidated to pay off debts. If you’re looking to raise your FICO score, then one way to do that is by applying for a credit builder loan. These are readily available through local credit unions. If you have valuable exempted assets, you could try using them to apply for a lower APR. 

Initially, you may find that you only get approved for low-limit loans, but these amounts will gradually increase as you manage your credit history better and your credit score rises. Fortunately, a stable work history can offset the effects of bad credit to a degree. People with full-time employment are generally viewed more favorably by lenders. This multi-pronged approach to successfully applying for a loan post-bankruptcy will serve all of your financial interests well. 

Categories
Business Finance

HAVING TROUBLE APPLYING TO THE PAYCHECK PROTECTION PROGRAM? LAW STUDENTS ARE HERE TO HELP

HAVING TROUBLE APPLYING TO THE PAYCHECK PROTECTION PROGRAM? LAW STUDENTS ARE HERE TO HELP.

Since April 3, small-business owners have had the opportunity to apply for funds allocated through the Paycheck Protection Program (PPP) — the legislative initiative that provides 100% federally guaranteed loans to companies with less than 500 employees. But for those of you who might be struggling to connect with your local lender or finding time to apply, there’s help available. Reach out to Columbia Law School’s Tim Wu. The professor has banded together a team of law students to help small-business owners apply for funds.

You can reach Wu’s staff by emailing Manhattan Borough President Gale Brewer’s office.

This program is important because it can potentially help both businesses and employees stay afloat in the coronavirus-hit economy. One of the key measures within the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP loans may be forgiven if borrowers maintain their payrolls during the COVID-19 pandemic or restore their payrolls afterward.

The U.S. Chamber of Commerce issued a Small Business Guide and Checklist which outlines what’s eligible for PPP loans, including:

—Any small business concern that meets the Small Business Administration (SBA) size standards (either the industry-based sized standard or the alternative size standard)

—Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or That meets the SBA industry size standard if more than 500

—Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs fewer than 500 per location

—Sole proprietors, independent contractors and self-employed persons

Independent contractors and self-employed individuals can apply- starting April 10.

By – Downtown Alliance 

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Uncategorized

What to Do When Your Debt Exceeds Your Income

What to Do When Your Debt Exceeds Your Income
Photo by Andrea Piacquadio from Pexels

Debt can mount so gradually you’ll hardly notice it doing so — until you realize you’re struggling to keep it serviced. When that happens, things get pretty gnarly. Stress mounts, your relationships suffer and you’re left wondering what to do when your debt exceeds your income.

 

Well, here’s where you start.

 

Stop Charging Immediately

While you might have thought “Well duh!” when you read that, you’d be surprised how many people keep using their credit cards until they hit their limits and issuers cut them off. 

 

Doing this is troublesome for a couple of reasons. 

 

First, it digs your hole deeper in a way that isn’t conducive to resolving your problem. Second, every dollar closer you get to the limit of a credit card is just that much your lower credit rating goes — and you’ll want to keep it as high as possible for one very important reason we’ll go into below. 

Photo by Andrea Piacquadio from Pexels

Take Stock of Your Situation

If you have yet to do so — which is likely, given the circumstances — it’s time to list all of your debts on paper or in a spreadsheet. Include the amounts you owe as well as the monthly payment and interest rate attached to each obligation. Additionally, track all of your spending for an entire month, so you can see where else your money is going.

 

Next, do the same with all of your income sources. Include every penny you earn. The idea here is to find out exactly what your situation is so you can make decisions based upon facts rather than speculation. 

 

In so doing, you might find the gap isn’t as wide as it seemed. It could be you just need to reprioritize a few things to get the situation back under control.  

 

Find Ways to Cut Back

That five-dollar Starbucks stop on the way to work every morning is $100 a month you could be putting toward eradicating your debt. Make your coffee at home if you have to have it — or better yet, wait until you get to the office and drink the coffee the company buys. 

 

In a similar fashion, look for other ways you can reduce your expenses. Dining out, entertainment and clothing expenditures are easily trimmed with no significant detriment to the quality of your life. 

 

Earn More Cash

You might be surprised to discover how many of your seemingly prosperous acquaintances have side hustles. It’s past time for you to go out and get one — if you have yet to do so — when your debt is exceeding your income.

 

Wondering what you can do? 

 

Look for ways to get paid to do what you’re already doing anyway. For example, if you walk your dog, let other people pay you to walk theirs at the same time. 

 

Odds are you also have money in your closet, garage, attic, basement or storage space.  Sell the idle items you’ve stashed in those places and use the cash to reduce the amount you owe. Sites like Craigslist and eBay can liquidate items and put additional cash in your hands within a few days’ time. 

 

Consider a Consolidation Loan

If your credit score is still strong, you can qualify for a consolidation loan from your bank or credit union. This will allow you to bundle your debts into one pot, which could reduce your interest payments as well as your monthly payment, making your obligations easier to shoulder. 

 

Yes, that means you’ll borrow to pay debt. 

 

However, if you do it strategically, paying close attention to the numbers, you can come out ahead. Just be careful to avoid using the consolidated accounts — lest you push yourself farther into the hole. 

 

Get a Credit Counselor

Many non-profit organizations exist to help people in your situation. A credit counselor will look over your finances with the goal of helping you establish a budget within which you can live and service your debts. A credit counselor can also help you figure out how you got into this situation in the first place, so you can avoid making it worse and/or doing so again. 

 

Debt Relief

If things have progressed to the point at which none of the above will turn the tide, it might be time to consider debt settlement. Companies specializing in this area can help you work out terms with your creditors to make your obligations easier to repay. Information such as these Freedom Debt Relief reviews can help you learn more about what to expect from such programs.

 

Knowing what to do when your debt exceeds your income will prevent making the problem worse than it already is. Taking these steps will also help you see where your problem originated and — more importantly — give you the knowledge you need to avoid repeating the mistakes that got you here in the first place. 

 

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Uncategorized

How to Be a Savvy Online Christmas Shopper

How to Be a Savvy Online Christmas Shopper

 

Christmas in Nigeria is a family event – a time to come together and celebrate the special people in our lives. Between the bowls of joloff and the banging of fireworks, one of the ways we show how much we care is by exchanging presents, and there’s nothing worse than worrying that your gifts will seem inadequate once given. 

While it’s not all about the presents, it does give us a warm and fuzzy feeling to know we’ve chosen well, but even this cannot offset the worry that comes from going over budget and being concerned about how you’ll cover your costs once Christmas is done. 

The trick is to shop savvy; to tread the fine line between giving great presents and not breaking the bank. Here are our three top tips to help you.    

Shop around 

When it comes to picking out presents, it’s important not to make your purchases without first shopping around, especially at Christmas time when money is tight. This means that you shouldn’t buy gifts from the first place you find them, but should compare a number of different retailers to see who’s offering what you want at the lowest price. You’ll likely be surprised by the variation you discover once you dig a little deeper and begin to search out the superior offers. Even if prices are similar, hold off on buying for a bit and keep an eye out for sales and promotions, as shops often use these as a way of getting ahead of their competitors over the Christmas period.    

 

Review before you buy  

Last but not least, be sure to do your research before you buy. The best way to get your hands on presents their recipients will appreciate is to review them prior to purchase, and websites like Trustpilot have been set up for this specific purpose. Not only this but make sure you read the products’ descriptions in detail too. The same rule applies to anything you spend your money on during the holiday season; whether it’s a present for your mother-in-law or indulging in a spot of online shopping or gaming for yourself. This detailed review of the Book of Dead slot at KittyBingo.com, for example, is a great tool for consumers, as it allows you to gain an in-depth understanding of what you’re spending your money on before committing. 

 

Take advantage of the Black Friday sales 

While the best sales tend to happen once Christmas is over, there is a particular retail event that could help you to save some serious cash. We’re talking about Black Friday, which has fast become the biggest shopping occasion in the Nigerian calendar. With dozens of different businesses getting on board and slashing their prices, you’ll find there are some truly amazing offers out there, which can help you to get your hands on the presents you want without breaking the bank. The trick is to be clever, so sign up to the mailing lists of your favorite websites in advance to make sure you’re the first to hear about any discounts or promos they’re hosting.   

When it comes to buying the perfect Christmas presents without breaking the bank, there are three primary rules to follow: shop around, take advantage of sales, and do your research to gain a better idea of what you’re purchasing. Follow these, and you should find your holiday shopping is a lot less stressful and significantly cheaper too!  

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Education Entertainment

3 Ways to Learn Poker 

3 Ways to Learn Poker 

Even though poker is a popular hobby in American culture nowadays, many people dismiss it mainly as a game of luck. The truth is actually the exact opposite. While it’s possible to win during a given night just by pure luck, being in the game for several months or years, just as in business, those who are most skilled, focused and well-informed will always come out on the top. 

Team BeastsOfPoker has created a brief guide for you explaining the benefits of learning poker – their team consists of poker professionals who are running a poker lifestyle media as entrepreneurs who are utilizing these benefits. 

  1. Calculating risk-reward ratios 

Especially in today’s digital business environment, you have to make quick assessments and adjust based on the data available. You might even consider entering a new market, where your assets, energy and time would be better utilized elsewhere. The same holds true in poker, where you must quickly do the math to assess whether the risk-reward ratio is favorable for continuing in a hand (or entering a specific game). 

Great poker players and entrepreneurs understand they should be betting heavily when the odds are deeply in their favor. While you learn to go all-in at a poker table risking losing every chip when the odds are in your favor, in business you might need to pull the trigger in taking advantage of a profitable opportunity. 

In conclusion, through poker, you can learn how one should play to win in the long-term. 

  1. Patience and strategic planning 

Poker has been described as hours of boredom followed by brief moments of sheer terror. It’s all about grinding the small edges over and over and keeping your head calm to properly navigate the big all-in pots that inevitably occur at some point. Poker requires extreme patience and planning your strategy according to current game conditions – sometimes the best long-term move is folding a dozen bad & mediocre hands in a row while waiting for profitable opportunities. 

These are very useful traits also in business: Developing great products doesn’t happen overnight, and you should engage regularly in strategic planning to figure how to make the most of the current market conditions and different opportunities that arise. You should be consistent in your approach and maintain winning business practices whether the market is in a state of expansion or recession. 

  1. Reading people 

You will meet many different personalities if you play live poker, with different motivations for playing: some are there purely for the money, some to pass time and socialize, and some to escape from their everyday lives. Playing poker will teach you to track behavior and patterns of other people to figure out where they’re at in a hand. 

How does this skill translate into a business environment? The office setting might be very different from that of a poker table, but the common element is human behavior. In business, people work together towards a common vision. You can utilize your people reading skills learned at the poker tables to figure which team members need recognition for a job well done, have a feeling of autonomy in performing their job and who perform their best when they have clear goals to run after. 

Wrap-up 

Poker and business share a lot of similarities, which is why many successful entrepreneurs and business people are fascinated with the game of poker. There is a certain level of unpredictability involved in both, and you have to make your decisions based on the limited information currently available to you. Learning poker might teach you whole new ways of thinking about your business, which is why we strongly recommend trying it out!