Three Advantages of Invoice Financing

Many factors sum up a business’ success, one of them being having a financially healthy cash flow. With the current global economy brought to its knees by the coronavirus’ reckoning, we are once again faced with the ultimate question, “Do we need an invoice finance broker for our business?” If you can keep your business running with sufficient cash flow, then I guess you won’t need to hear the rest, but as a precaution, it’s good to know the advantages of invoice financing by a broker; check it out:

No Need for Loan

Loan

When your company is facing a financial crisis that requires you to resort to taking a loan, you might be on the safe side here when you have invoice financing at your arsenal. Do you know that loans are traditionally carried on the balance sheet and paid with interest fees per month? Meanwhile, invoice financing works a little bit differently than the traditional method by skipping the long-term contract phase, so you can get immediate access to funds instantly!

No Need to Make Fixed-Term Repayments

Repayment

Another good thing that you can get out of invoice financing is your company won’t have to bother with skimping money to the side for fixed-term repayments. The typical way of paying back the loan is as mentioned above, each month, you’re going to have to pay a set amount of money back with added interest; still, that’s not the case with invoice financing due to the funders only collect the repayment from the debtors when the debtors pay their invoices, which means you don’t have to be committed each month, and you can have an excellent cash flow on paper!

No Need to Step Outside to Apply

Online

As an important business owner amid the coronavirus pandemic, it will be such a hassle to go outside where the virus can get you. But what if you need to apply for invoice financing? Luckily, through the magic of the internet, online applications are available, so you won’t have to leave your office, house, workshop, etc., to get your company the help it needs! With regards to the paperwork, you can rest assured that all can be performed online, and the money can be transferred to your business account within the same day as your application.

The Takeaway

Invoice financing is the superior financial choice for a business that understands its importance and the gravity of its help towards promoting healthy cash management. Businesses can benefit from invoice financing by getting immediate funds for all invoiced products or services to restart the cycle by putting the profit to good use, i.e., producing more products or generating more services, so your company can keep on making a profit and will eventually have an impeccable cash flow on paper!

Ways to Save Money When Shopping Online

Most things are done online these days, and this includes shopping. Online shopping is currently trending, and many people have come to love the concept. As we are still facing the Coronavirus, many find it hard to commute to a store; this has led many to prefer shopping online.

There are many websites that you can shop from and have the goods delivered to your door step. You can buy all the things you may need online. Many sites offer reviews on different products helping many get the goods they are looking for.

We all know that money is an important asset. Though many wish to spend a lot of money while shopping online, some may not have the financial capabilities. As online shopping is still a new concept, some people may not know ways to save some cash. Here are some tips that will help you save money when shopping online.

Compare Different Websites

womanOne of the ways you can save money when shopping online is by comparing different websites. Many people make the mistake of only looking at one website when shopping online. You should know that there are many sites and online shops and the number keeps increasing with time. This means that you can look at various offers and find one that is within your budget.

Spend some time looking for a website that offers a given product at a fair price. Since the competition is increasing, many websites are lowering their prices, and you can only find them by comparing different websites.

Look for Discounts

man on sofaThe next thing that will help you save some cash when shopping online is looking for discounts. Many people are not aware that there are websites offering discounts and coupons now and then. If you want to be aware of a website that offers discounts, you should consider following differing online retailers on social media. By doing so, you can get alerts when they are offering discounts on their sales.

There are also online shops that offer discounts to their loyal customers. Consider shopping on periods that online retailers have promotions. It can be on the holidays or days like black Friday. Also, consider shopping with discount gift cards.

There are many other ways you can save money when shopping online besides the two mentioned tips. You have to be creative about how you spend your money when shopping online. We are in tough economic times, and it will be wise to save some cash when the opportunity arises.

Types of Digital Currency

Digital currency is a digital or electronic form of money that is not physical. Digital currency is stored in an electronic distributed database within stored value cards or digital files and may be used to buy services and physical goods using an electronic device. You can use swyftx.com.au/buy/ to learn how to buy the digital currency. What are the different types of digital currency:

Cryptocurrency

Today cryptocurrencies have become a global phenomenon known by most people but understood by few. To realize digital cash, you need a payment network with account balances and transactions. One major problem every payment network has to solve is to prevent double-spending.

That is to prevent one entity from spending the same amount twice use. Usually, a central server keeps records of all the balances in a decentralized network. Some examples of cryptocurrency include;

bitcoin type

Bitcoin

Bitcoin is the first decentralized type of digital currency. Bitcoin relies on something called the blockchain. A simple way to understand this is to imagine a ledger.

Every time anyone buys or sells anything related to bitcoin is recorded in this ledger called the blockchain, and then it is copied hundreds and thousands of times every single hour across multiple computers to make sure that everyone is on the exact same page.

Litecoin

This is a type of cryptocurrency that was designed to improve on bitcoin technology with a lower fee, shorter transaction times, and more concentrated miners

Ethereum

Ethereum is a blockchain-based software platform. It is the second-best cryptocurrency after bitcoin. Ethereum can be electronically stored, transferred from one online wallet to another, and traded electronically.

Bank Digital Currency

This is a digital currency established as money that has no intrinsic value. It may have value only because the government maintains its values, or the parties involved in exchange agree its values.

cryptocurrency trading

E-Cash

This is a digital money product that provides a way to pay for products and services without resorting to physical money.

Virtual Currency

This type of unregulated digital currency is issued and controlled by only its developers, and a specific virtual community uses it. The central bank or public authority does not issue virtual currency, but legal people accept it as payment. And it can be stored in digital wallets, traded electronically, or transferred from one wallet to another.

Reasons Why You Should Take a Personal Loan

People borrow money to meet their financial obligations and unplanned emergencies. Personal loans have become very popular because of the many benefits they offer. You don’t need security or any form of collateral when applying for a personal loan. This means that your assets and properties will be safe even after taking a loan. In addition to these, loans have low interest rates.

Individuals with good and poor credit score can benefit from personal loans. Borrowers can get the best interest rates from trusted, reliable loan providers.  The following are the main reasons why should consider taking a personal loan:

To Consolidate Your Debts

debts

One can take an unsecured loan to refinance his existing debts. Debt consolidation is one of the effective ways of managing one’s debts and lowering the interest rates for individuals with multiple loans. In addition to this, you will be required to pay a low monthly installment when you consolidate your debts. Heavily indebted individuals can immensely benefit from personal loans. Such people should take a consolidation loan that can meet their debt consolidation goals.

To Cover Unplanned Expenses or Emergencies

Some expenses are not voluntary. Fasting funding is required to cover unexpected expenses like major medical bills, urgent home repairs, or emergency, uninsured vehicle repairs. Some lenders will be ready to offer you the cash required the same day when you apply for a quick loan.

To Expand or Start Your Business

Anyone who wants to start a new business or to expand the existing one can benefit from a payday loan. These loans have a lower interest rate and better terms as compared to commercial loans. Entrepreneurs can use the cash offered by the lender to cover their initial startup up costs.

To Finance Major Projects

Unsecured loans are ideal for financing major projects or purchases. For instance, you can use this money to finance your home renovation projects, pay for your next vacation, or buy a new or used car.

To Pay Taxes

Landlords and business people can use the money borrowed to make their tax payments. Starters or individuals who are operating a personal business that earns seasonal or irregular income like resorts can benefit from personal loans. In general, taking a low interests loan is a cost-effective alternative of making tax payments.

For Personal Use

One can take a personal loan to finance his wedding or pay upfront costs when adopting a child. Buying the wedding rings and hiring a wedding limo or a professional photographer are some of the expenses that you can cover using a personal loan.

Ways to Avoid Company Insolvency

If you monitor your finances, you reduce the risk of insolvency. It will help if you compare actual performance against your budget. If problems arise, you must take action early. For some firms, it may be too late to avoid insolvency. It is because you may have decided the situation is inevitable, or you are being pushed down that route by a creditor. Your firm needs to be closed or restructured.

No matter how bad the picture seems at the moment, there might be measures to avoid entering the insolvency process and alleviate the pressure altogether. The following are actions you can take to prevent insolvency and get your business back on the right track. They include:

Analyzing and Improving Cashflows

Keeping cash flowing into the company is a challenge. You can improve the cash flow by billing promptly to ensure steady cash flow, avoid overtrading and recovering debts by chasing up debts owed to you. It would help if you got advice from your accountant on how to improve your cashflow

Negotiating With Creditors

Do not ignore your creditors. If you are a sole trader and you owe more than 5,000 or in the case of a limited company or partnership, you owe more than 750. Your creditors can apply for your insolvency or ask the court to liquidate your business. It would be best if you talk to your creditors before you become formally insolvent. It would help if you tried renegotiating any deals you have with them. You will need to be honest and realistic about what you can afford to repay.

Expert Advice

If your business gets into difficulties, you should seek professional advice. It gives you time to assess the alternatives open to you. You should seek professional help immediately if you cannot cover your debts. The business receives a statutory demand, and you cannot pay staff wages. An expert gives you information on what to avoid and the signs that your company is going through insolvency.

Reduce Overheads

Every business has overheads that are always due for payment, and reducing them is a complicated process. However, you can cut the costs, especially when there are more alternatives to try. The most critical factor is identifying what core functions and roles are essential to your business. Whether it would cease to function if the element was removed or reduced. You can look at other areas that you can reduce once you have recognized the untouchable zones.

The Cost of Water Damage

Water damage presents a financially, physically, and emotional tasking situation. The severity of the effects of water damage often depends on the cause of water damage and the magnitude of the damage. While the physical and emotional effects of water damage might be difficult to manage, the financial implications can be put to rest. Thus, it is important to be prepared for the possibility of water damage by learning how to minimize the costs associated with water damage. Here are some costs related to the incidence of water damage.

Property Damage

water damage

Water damage often leads to property damage. Whenever there is flood in your area, the structural integrity of most buildings is bound to get compromised. This, in turn, leads to property damage, which is often very costly to repair or replacement. Some parts of your home that receive the wrath of floods or water damage include the floors, doors, and windows.

Since water damage soaks the floors and the walls, it gradually causes damage to the foundation. Weakening the base of your home and the side walls often lead to more damage. Following any incidence of water damage, homeowners, thus, are expected to spend their finances on restoration or replacement after the incidence of water damage.

Damages to Belongings

Your furniture, appliance, and other personal effects also receive the wrath of water damage. This is attributed to the fact that most of these items are not designed to withstand water damage. Even appliances that are labeled to be waterproof are bound to fall victim to water damage. When an appliance is soaked in water, for instance, you stand a higher chance of being electrocuted.

Temporary Living Costs

At times, as in the case of floods, homeowners have to relocate when there is water damage. These costs might be minimal when you are relocating for a couple of days. However, these costs can grow significantly if you are forced to stay away a bit longer. Part of temporary living costs might require you to purchase some supplies that were destroyed by water.

Water Damage Restoration Costs

Another cost you should be prepared to deal with is water damage restoration costs. If you do not opt for water damage restoration, then you can be sure that the lifespan of you house will effectively be cut short. Working with professionals is essential in reducing the magnitude of the costs incurred due to water damage. Experts also improve the chance of recovering your home and valuables.

Factors to Consider When Comparing Quick Loans

Nowadays, it is quite easy to get loans from private lenders and banks. However, when applying for a loan, you ought to follow certain things to help you compare lenders. The following are some of the factors you need to consider when you want to make a loan comparison.

Type of Loan

loan applicationThis is the first thing to consider. Usually, for quick loans, you do not have to submit collateral deposits. You only need to show that you have an income. Thus, you can provide business proofs and income statements. For a business loan, you need to mention the purpose of taking a loan regardless of the term. You need to analyze the purpose of the loan amount. You can take a loan for different reasons such as a holiday loan, wedding loan, student loan, payday loan, and more. Ensure you choose carefully as per your requirements and needs.

Interest Rate

The other factor to take into account is to compare the rate of interest. You can find different rates that are provided by various private banks and lenders. If the credit rating is poor, you are likely to be charged high interest rates. Thus, it is vital to compare the loans before settling down for the final option.

Term of the Loan

Usually, people apply for quick loans as they want to meet their immediate or short-term monetary issues. What they do is to use the money and pay it back within 6 months. However, if you get a loan that features low-interest rate, then you should figure out the term of the loan and do a comparison with other quick loans.

Hidden Charges

quick loan for debtWhen you apply for a short-term loan, ensure you know all the fees. The lenders can charge other types of charges such as processing fee, administration feel, report charges, origination fees, underwriting fees, and appraisal fees. You need to avoid most of these charges. Therefore, you should choose a lender who does not charge upfront fees. In this way, you can save a lot of money.

Down Payment

For the short-term loans, you will have to make a down payment. Although the loans do not need a down payment, car loans or home loans need upfront payment. The amount is typically between 5 and 15% of the total amount. Some of the lenders can offer you a 100% finance facility. This means you will have to pay extra interest.

Methods Used by Scammers to Con Unsuspecting Borrowers

If you are not careful, you can lose thousands worth of your life savings in a heartbeat. Reports by leading fake loan tracking sites show how victims are cheated into making fictitious loan deposits. As of 2018 data, there was a 151 percent spike in people registering fake claims.

As a borrower, one should take all the necessary precautions that will safeguard their financial situation from loan cons. The first step in picking out a licensed lender from other fictitious crooks is through observation. Here are some signs used that point out how honest the lender is. A check by the Singapore Ministry of law details rules and regulations that must be observed by all money lenders.

 

Methods Adopted by Lenders to Lure Unsuspecting Borrowers

cash

1. High Processing Charges

The fake lenders charge their clients high processing fees before giving out the loan. They will insist on pre-payment before any loan transfer is done. Such an amount easily runs into thousands of dollars. To avoid potential cons, borrowers must comply with demand involving large upfront cash payments. If you experience this, withdraw your loan application and raise public awareness on the potential scammer.

 

2. Fictitious Adverts

Another way of pointing out fake lending sites is by checking out their advertising method. In Singapore, the legal requirements center adverts to the following channels; consumer and business directories, websites, and adverts on the exterior of money lenders premises.

Loan scammers rely on SMS or social media platforms to go about advertising their loans. Borrowers must keep away from any of such adverts on SMS or social media, if not they might as well block such contacts. The contacts of the scammers can also be shared with the authorities, so others are safeguarded from falling prey.

 

3. Auto Approvals

Loan scammers grant their borrowers approvals on their applications. This is a red flag for borrowers as reputable lenders go through certain credit histories requiring them to ask several questions before getting final approval on their loans.

 

4. Immediate Response

The fake lenders demand urgent responses from all applicants. Borrowers are deceived that a failure to apply for such loans immediately will result in a loss the opportunity altogether. This is their ploy to get the borrower to give the loan less scrutiny and make a rash decision.

 

5. No Physical Office

Loan scammers and con artists demand quick responses from all applicants. They will deceive all borrowers into making quick applications for their loans. That way they reduce their risk of being exposed and arrested. It is really difficult to arrest anyone who operates without a physical address. If you are concerned about the lender request to visit their physical location and see whether they exist or not. If there is no office premise, there is a high chance they are scammers. All licensed money lenders operate with an office number.

 

6. Loan Contracts

Scammers do not easily give away loan contracts as they do not want to hand out a document laced with evidence. If you ask for a contract and are told there is none, you must be worried there is a possibility it is a scam. Any hesitation in explaining the contract in full detail is also a bad sign.

How to Set a Successful Budget

You might not agree with me, but having a budget is a good way to reduce stress and anxiety when dealing with money. It is true that we cannot predict what the next minute holds but it is okay to plan proactively. I appreciate that households are different. But one thing in common with all of them is that they strive to maintain stability. This article will give you tips that will help you manage your budget successfully. Read on.

Consistent Income

monthly incomeSomeone who is not in stable or formal employment might not understand what I truly mean by this statement. But yes, having a consistent income is one of the ways to maintain a budget. The current economy is pushing people to start businesses, and yes many people have quit their jobs. But I want to tell you something, before you hand over that resignation letter, you better have a clear plan because the bills will be waiting for you on the other side. If you realize that your new business cannot pay your bills, then you still need the 9-5 job. Self-employment comes with freedom and flexibility, but you better have your bills sorted. You can still start your business on the sideline as you continue with your regular job to avoid frustrations.

Practice Better Spending Habits

This should come from the point of self-evaluation and making a serious and intentional decision to change. If you are affected by impulse buying, find ways on how to deal with the bad habit. Many couples or rather families argue and have issues around poor spending habits because someone spends the money intended for the grocery to buy shoes for example. Make it a habit of spending wisely and according to how you had planned. If anything has to come between you and your budget, it must be an emergency; other things can wait.

Put Your Money Where It Is Not Easily Accessible

Household budgetIf you a spendthrift or an impulse buyer, you can discipline yourself by having your money in an account where you cannot easily access. If cannot resist online shopping, this is the best strategy for you. Well, this does not make you weak, but you should find ways to deal with it if you will grow to financial stability. Create a savings account where you will be depositing money which cannot be accessed easily.

Qualities of a Good Bankruptcy Lawyer

Going through bankruptcy is an overwhelming process. Dealing with everything on your own becomes stressful, and you might make more mistakes. This is the reason why I advise people undergoing bankruptcy to hire bankruptcy lawyers who will help them deal with the process smoothly. Finding a bankruptcy lawyer however is not an easy step. There are so many in the market, and you might end up making the wrong choices which will cost you more. If you are in the process of finding a bankruptcy attorney, this article will guide you on how to make the best choice. Read on.

Specialization

Best bankruptcy lawyerIt is essential to make sure that the lawyer you are about to choose is specialized in bankruptcy-related cases. Being a qualified lawyer is not enough because some attorneys deal with almost everything. The specifics and laws of dealing with bankruptcy keep on changing hence the need of a lawyer who works with bankruptcy exclusively because they will be up to date with any changes.

Accuracy and Consistency

Before the lawyer starts on your case, they must listen to your side of the story and record every detail that should be recorded on paper. You should not be looking for an average lawyer because you might end up losing everything you ever had. Excellent lawyers will ensure that your valuables are safe and protected. Do not rush the process of choosing a lawyer because it will determine what kind of a lawyer you are going to get.

Experience

BankruptDo not be afraid to ask the lawyer how many years they have been in operation by the time you are hiring them. An experienced bankruptcy lawyer is one who deals with many cases but concentrates on one at a go. You see, there are some large firms with vast experience and many opened cases, but they never deliver quality because they are rushing the cases. A good lawyer, is one has dealt with many cases in the past, and still has some in the line, but he or she takes time to concentrate on one case at a go. Do not be afraid to ask questions concerning experience.

As already mentioned identifying a good bankruptcy lawyer from the many in the market is not an easy process. Take your time to research, ask around and do not rush the process. Be open-minded and ask as many questions for a perfect decision.