The statement that a payday loan will be your sheet anchor when you desperately require cash is rather sketchy. They, without any doubt, have got their very own positive factors. Nonetheless there are actually many disadvantages to this type of financial loans. I personally try to step back from this form of lending services. Nonetheless let us evaluate pretty much all advantages and drawbacks of these loans to create an objective view on this credit service.In actual fact, payday loans are money advances. When you get caught up in between your pay days with no money in your purse, you desperately require some funds from an outside source. Moreover if you are faced with various unpredicted expenses, you have got very poor credit rating, and credit cards aren’t any option for you, a payday loan is what exactly will be able to assist you to make it through until you obtain your next paycheck.Dealing with such kind of financing is merely like dealing with pretty much any other loan. You simply borrow a certain amount of cash with a commitment to return it back at the pre-agreed fee and rate.Payday Loans CostsDifferent creditors sanction loans at various fees and rates. And this particular problem actually is a drawback of these loans. You will often shell out from $ 15 – $ 30 for receiving $ 100. In terms of interest you would require to pay, it’s really drop-dead enormous. The interest rates range in between 390% and 780%. And this is really the worst part with regard to these loans. Let’s now proceed to the more pleasant aspects.Applying for a Payday LoanThe procedure for payday loans application is very simple. You can execute it on the Web, or go to a loan office. You complete a loan application and give a few personal details for a loan provider to make a loan decision. The requirements are usually pretty much the same: you have to be at least 18 or above, need to have a stable employment with a minimum monthly income of $ 1,000, and also a checking bank account. You will, quite possibly, be asked to give your social security number, copies of bank accounts and pay stubs. In case you fulfill all the specifications, you can be positive that you would be approved for a loan. Thereafter you normally have got to hang around for 24 hours (or less in some instances) and you will have the access to your cash.Payday Loans Positives and NegativesPayday loans really are a solution for cash-strapped individuals. In the event that you desperately want to get hold of some cash and you need the same fast, using a payday loan is certainly much better than stealing a bank. Another nice thing with regard to such sort of loans is that by getting one you do not expose yourself to a long term obligation, such as whenever managing a typical bank (when you get a mortgage, a car loan, or a reward charge card). You’ve got to pay back the money borrowed soon after you receive your next paycheck. Usually, the ceiling on the highest possible sum of money you can borrow is $ 2,500. Therefore, this is one more advantage of such loans. You just won’t bury yourself in big debts. And payday loans end up being significantly less expensive as compared to bounced checks.So, when you have a heap of bills to pay one day and no credit line or cash available for doing it, consider getting a payday loan. It is usually a good backup strategy for you. However be responsible with respect to paying it off on time, otherwise, you will encounter big charges and might get the sticky end of the stick. Recollect payday loans primarily in some cases of unexpected emergency, not whenever you feel like purchasing a new designer’s suit or jewelry.
4 Ways To Do Christmas Frugally
It can be a very difficult time of year for many people. But does Christmas necessarily need to destroy your bank balance? Or can you take steps to have a more frugal festive holiday?
I have been celebrating the Christmas season for over 30 years now, and one thing I’ve learned over that time is Christmas is about one thing. And that is being surrounded by the people you love (and eating way too much food).
So you really don’t need to spend a fortune to have a fantastic Christmas, and these 4 ways will demonstrate how you can do frugally and for less cash.
Recommended article: 12 Days Of Spectacular Frugal Christmas Tips
Plan Ahead of Time
You should consider running your Christmas like a business. I don’t mean you need to fire Grandpa for falling asleep after dinner, but instead, keep a tight watch on the spending.
And the best way to manage the Christmas finances is to plan, and in order to do this successfully, you need to start early.
The more planning you do the more money you can save. Much like a business would, you should ensure you have everything planned with military precision. That way you are left without costly last-minute surprises.
And the more time you have to plan, the more creative with your spending you can be. You could even start thinking about making some gifts yourself, experimenting in the kitchen, or even getting your gift wrap and crackers the year before.
Did you know gift wrap and crackers are usually 75% less than retail price just a few days after Christmas day?
Save the Year Before
If you really want to have a positive impact on your finances start setting aside money for Christmas the day after. And yes I mean the day after Christmas for the following year. A little saved often is far less impactful both on a physiological and practical level.
It also means that you can afford some treats over the festive period. It is all well and good living frugally, but everyone needs to let their hair down with a drink and something nice to nibble on once in awhile.
Set aside a few dollars each week over the course of 50 weeks building up to Christmas. Even saving just $10 a week will give you a nice $500 package for the holidays.
Shop Smart
When you’re thinking about Christmas gift ideas you should make sure what you are buying is not too expensive. Don’t get carried away and try to think outside the box.
Practical gifts are often way more affordable.
And let’s be honest, far more useful in the long term.
You don’t necessarily need to buy socks and pencils, but something that is useful will be much better and definitely worth the money you do have to spend.
Recommended article: 13 Wonderfully Awesome Christmas Gift Ideas For Men
Cashback
You can’t escape the fact that Christmas is a time of year when you need to spend money. But if you really want to be frugal, then make sure you are getting some of that money back.
Cashback is a great way to get back 2-10% of the total purchase price – and there are countless providers offering this service.
TopCashback has been one of my favourites for many years now.
And if you need to spend the money anyway, you may as well get something in return. If you are spending a total of $1000 on gifts over Christmas, and you are able to get an average of 5% back for all purchases, then that’s $50 for your wallet.
And you can always double down on the savings by searching for discount codes and promotional offers as well.
It truly is a lot easier to have a frugal Christmas than you may think.
Business Capital Solutions In Canada: Accessing Proper Cash Flow & Commercial Financing
Business capital requirements in Canada often boil down to some basic truths the business owner/financial mgr/entrepreneur needs to address when it comes to financing for businesses.
One of those truths? Knowing the true state of their financial condition and what financing they do and don’t qualify for when it comes to meeting commercial lending requirements in Canadian business.
Business Loans In Canada
Whether you are smaller or start-up firm looking for information on how to get a business loan or a larger established firm looking for growth financing or acquisition opportunities we’re highlighting 3 mistakes that commercial loan seekers like your company need to avoid making when addressing, sourcing and negotiating your cash flow / working capital and commercial financing needs.
1. Understand the true condition of your company finances – These are almost always successful addressed when you spend time on your financials and understand how your financial statements reflect your access to commercial loans & business credit in general
2. Ensure you have a plan in place for sales growth and financial needs as it relates to commercial financing
3. Understand that actual hard facts about cash flow which is, of course, the lifeblood of your company
Can you honestly answer or feel positive about all those 3 points. If so, pass Go and collect $ 100.00!
A good way to address your company’s finance plans is to ensure you understand growth finance solutions, as well as how to manage in a downturn – i.e. not growing, losing money, etc; It’s never fun to fund yourself in an economic or industry downturn such as the COVID pandemic of 2020!
When we talk to clients of new or established businesses it seems they are almost always talking about sales, so the ability to understand and focus on the differences in their profits and cash fluctuations is key.
How do cash flow and sales plans and projections affect the type of financing you require? For one thing sales growth usually starts out by consuming your cash, not generating it. A poor finance plan will drag your business down and addressing financing simply gets tougher and tougher.
Three basics always emerge when it comes to your search for the right business capital and financing.
1. The amount of financing you need
2. The type of financing (debt/cash flow/asset monetization) The business loan interest rate will be dramatically affected by whether you choose traditional or alternative financing solutions. Private business loans in Canada come from non regulated commercial finance companies most often known as ‘ alternative lenders ‘. These lenders are typically highly specialized in one ‘ niche ‘ of business financing and may be Canadian firms or branches of U.S. banks and non-bank lenders
3. How the financing is structured to be manageable with your day to day operations
What Finance Company In Canada Can Meet Your Borrowing Needs & Why Is Capital Important In Business
Let’s identify and break down key financings your firm should know about and understand if they are applicable and achievable to your business. They include:
A/R Financing / Factoring / Confidential Receivable Finance
Inventory finance / floor planning / retail inventory
Working Capital term loans
Unsecured cash flow loans
Merchant working capital loans/advances – these loans are geared toward short term cash needs and are typically one year in duration. Loan amounts are typically 15-20% of your annual sales revenues.
Royalty finance
Asset based non bank business lines of credit
Tax credit financing (SR&ED bridge loans)
Equipment Leasing / Sale leasebacks – Equipment financing in Canada is used by almost 80% of all companies looking to acquire new, and used, assets.
Govt Guaranteed Small Business Loan program – Government Loans in Canada are sometimes referred to as ‘ SBL’, aka Note: BDC Finance solutions are available from this Canadian non-bricks and morter crown corporation. A small business loan via the government-guaranteed loan program comes with true flexibility around term loan duration, market rates, no pre payment penalties, and of course the low personal guarantee that is required by borrowers. These two ‘ government ‘ loan solutions are often perfect for financing a new business.
If you’re focused on not making mistakes in your business finance needs and want to capitalize on the solutions your competitors are probably already using seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your cash flow and commercial financing needs.
Stan has had a successful career with some of the world’s largest and most successful corporations.
His employers over the last 25 years were, ASHLAND OIL, ( 1977-1980) DIGITAL EQUIPMENT CORPORATION, ( 1980-1990) ) CABLE & WIRELESS PLC,( 1991 -1993) ) AND HEWLETT PACKARD ( 1994-2004 ) In 2004 Stan founded 7 PARK AVENUE FINANCIAL – He is an expert in Canadian Business Financing.