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Six mantras to get the best car loan deal


These tips can save a lot of money for every car loan customer

Image: VW Cross Polo. Photograph: Kind courtesy, Volkswagen

Believe it or not, buying a car is still considered a status symbol in India. Though the advent of the small car has created a huge dent in this reputation, but the fact still remains that a car is a cherished dream of every Indian. Owning a car is made simpler by the fabulous offers by various banks and car finance companies in India on almost every car model. Now, you don’t need to book a car (most of the models) in advance, there is no requirement that you pay entire cost of the car in cash, just have a part of the total cost, add some creditworthiness and rest is filled up by a decent car loan.

Almost every car, be it used or new, is financed and accessible to all those who inspire confidence in banks and car finance companies.

With the car loan taking so much importance and lots and lots of information bombarded on the average consumer via different media, it is very easy to get lured into a trap. To know the intricacies of car loans is the only way one can avoid getting into an unwanted situation and later repent in leisure.

Here we take a look at few such things, which can save a lot for every car loan customer.

1. Borrow as little as possible

Remember every paisa you borrow has to be paid back to the bank or finance company with interest. So, the less you borrow the better it will be. In addition, the interest payments will be lesser and loan can be paid off within a short period. This also means that you should pay a good sum as the down payment for your car loan.

Of course, arranging this down payment can be a daunting task, but if you are able to do it without pushing too hard, go for it.

2. Popular models have better interest rates and good tie-ups

If you are looking for a model, which is rarely seen on road, be prepared to shell out more. Higher interest rates, processing fees, down payments and other charges greet those who are looking for an offbeat model. On the other hand cheaper terms make the popular models better option to buy.

Good reputation, great after sales service, and low maintenance make a car popular and backed by a good car loan they become simply irresistible.

3. An on-road price car loan is definitely better than ex-showroom one

Banks providing car loan at on road prices include the registration charges, insurance, road tax and other costs associated with the car purchase thus making it a comprehensive solution. On the other hand if you go for a car loan at ex-showroom price, you will have to shell out the road tax, insurance, registration charges and any other costs from your pocket and this will be in addition to the down payment you have made.

4. Compare and find the lowest interest rate and EMI

The car loan market is very competitive, and there are many players vying for your attention. By all means contact them and ask for quotes. Choose the one, which offers the best deal on your favourite mode.

5. Processing fees and other costs are negotiable

Do you have consistent credit card repayment record? Does the bank see you as a credit worthy individual? In that case, chances are good that with a little negotiation you can get the processing fees waived. Banks want customers who can take a loan and repay it completely with interest. A trouble free customer always has more worth than processing fees.

6. An offer which looks too lucrative can be deceptive

Dealers and small time companies, in order to lure in needy customers, come out with sugar coated offers which appear too unreal. By posing as agents of big lending companies and banks, they take guarantee to provide a car loan for persons with all backgrounds and without any checks on income and other credentials. These offers can land you in big trouble, beware!

Remember, information is power and this applies to the car loans also. The more you know about them, the better equipped you will be to negotiate a good deal.



Going for a business loan? 5 things you must know


Nowadays, lenders offer a wide variety of loans to choose from. As a businessperson, one has to consider some basic features of a loan before deciding whether the loan is apt for the business.

Here are some features you should be looking out for if you want to opt for a business loan:

1. Low interest rate

Photograph: Simon Cunningham/Creative Commons

This is a feature everyone looks for while considering a loan. A businessperson has an option of a daily or a weekly loan provided by local lenders. However, the rate of interest on such a loan is as high as 3 per cent per month (or 36 per cent per annum; almost similar to a credit card financing).

Besides this, a lesser amount is provided due to advance payment of installment. For a loan of Rs 1000, a local financier would lend Rs 900, Rs 100 being the advance EMI, and charge interest on the entire amount of Rs 1000. This increases the interest payments enormously.

The cheapest loan a business person can avail is loan against property (LAP). The current LAP rates hover around 10 per cent. A cash credit or a bank overdraft facility carries rates ranging from 11-13 per cent, depending upon the turnover of the company, the quality of collateral and the type of business.

A personal loan is an expensive loan since it is an unsecured form of loan. Usually the interest rates applicable to personal loans vary between 16 and 18 per cent but in some cases the rate could be as high as 24 per cent.

2. Low cash outflow

Another factor that needs to be considered while opting for a business loan is the cash outflow. The minimum cash outflow is possible from the bank overdraft facility since only the interest needs to be paid regularly and that too on the amount used.

A project based term loan is also appropriate if payment deferment clauses are attached to it. This is apt for Greenfield (totally new plant) and brownfield (expanding an existing plant) projects.

A personal loan may result in a huge cash outflow. However for a start-up/new business this may be the only option, much better than approaching a local financier.

The ideal way to finance a start-up business is to avail a loan from family or friends at zero or very low interest rates.

A gold/jewel loan is also meant for financing new businesses. Such loans carry an interest rate of 1-1.5 per cent per month. The only drawback of gold loans is that the amount of loan is about 60 per cent of the value of gold.

3. Partial pre-closure without charges

In this respect too, overdraft facility fares better than any other loan.

The next best option after the overdraft facility is loan against property (LAP) as far as ease of repayment is concerned. LAP allows you to pay whenever you have excess cash even if the amount is as small as Rs 10,000, thus reducing the principal amount and the interest.

Personal loans usually do not allow partial pre-closure. Local financiers penalise borrowers for partial pre-closure.

4. Low initial processing fees

Every loan has a processing fee. A personal loan charges a minimum of 2 per cent of the loan amount as the processing fees. Processing fee in case of LAPs lies between 1-2 per cent. There may be an additional fee for legal opinion.

Bank overdraft facility will also charge 1-2 per cent excluding fee for legal opinion and encumbrance certificate.

In a chit fund loan, processing fee is in the form of initial few payments that are required to be made before the withdrawal can be made.

5. Collateral requirement

Every loan, except personal loan and loan from local lenders, require something as collateral. If a person does not have any existing asset s/he is left with the option of a personal loan only.

Among loans that need to be backed by some security, the gold loans have low interest rates and the cash outflow is also low but the quantum of loan is limited.

The second best option is the overdraft facility followed by loans against property.

A loan for a particular need cannot be best suited under all conditions. You should decide on a particular loan only after considering different variables and understanding the scenario.


Converge Enterprise Releases Its First Vertical Edition for the Merchant Cash Advance Industry


Converge Enterprise has launched the MCA customized CRM Platform to enable Merchant Cash Advance Funding companies better manage their relationships with merchants, brokers and investors

Dublin,CA (PRWEB) September 04, 2014

Converge Enterprise has customized its CRM application to offer the world’s first CRM developed exclusively for Business Cash Advance, Business Loan, and Merchant Processing industry.

Rise of the Merchant Cash Advance Industry

Merchant Cash Advance Industry has caught the attention of high rollers who have transformed the funding system. Within two years, venture capitalists and hedge funds have invested tens of millions of dollars, funding the small and medium businesses. Meanwhile, other big players have also launched their own programs to provide working capital to merchants. At present there are more than 1500+ MCA companies in US who employ anywhere between 3 ISOs to 20 ISOs based offices, with a combined funding volume of more than $10 billion.

All this has increased the competition among the MCA companies who are now hell bent on improving their funding processes.

Launch of Cash Advance CRM

‘’Converge Enterprise has launched the MCA customized CRM Platform to enable Merchant Cash Advance Funding companies better manage their relationships with merchants, brokers and investors.It is an on-demand web solution to help funding companies streamline their entire processes so that they can flourish in this hyper-competitive environment and avoid falling by the wayside,’’ said Manash Chaudhuri, CEO, Converge Enterprise.

Unlike other CRMs who help funding companies only track their collections or daily remittance from the merchants, Converge Enterprise’s Cash Advance CRM provides assistance in four stages–Prospective merchants’ acquisition, Background Check, Funding and Post funding.

Key functionalities in the CRM include:

1. Complete Business Process Automation

Converge Enterprise automates the entire MCA process with point and click simplicity. Using the CRM platform, users can create automatic email alerts, auto-assign tasks, create workflows and automate manual tasks like scheduling follow-up calls.

MCA companies do not have to use paper charts and calculators to decide which businesses qualify for credit. Tasks like – scheduling of site visits (to inspect business locations), sending emails to gather merchant details and assessment of funding risk also get automated.

Important automated tasks include:

Leads Management and Distribution Merchant Management Merchant Credit Card Processing Management Merchant Application Application Attachments Integrating with Email Application Templates Management Dashboard Sales agent Dashboard Scheduling Follow-up Calls Calendar Reporting / Commission Tracking Fund Request Documentation Duel Notification (Manager & Sales Agent)

Converge Enterprise offers detailed reports and charts to calculate large sets of data pertaining to merchant accounts like the total sent applications, approved/declined funds, agents’ performance etc, within a minute.

The CRM functions as a central repository to share and store all the necessary collaterals. MCA Company Owner, Sales team leaders, Fund managers and Merchant processors access all the information in one place and pull it on the spot. They easily manage leads and deal pipeline, prioritize tasks, follow up customer calls, and renewals.They do not have to make the merchants wait, juggling between programs to track down the inquiries, transactions and statements.

2. Integration with E-signature App

The CRM is integrated with E-signature App – Docusign. Benefits of this include a faster funding process. MCA companies do not have to deal with unnecessary delays like loss of agreement files, delay in counter-signature or failure of mail delivery. They provide greater protection to the merchants with electronic signature that serves as legally approved permanent electronic record. Additionally, because all documents are delivered electronically and sorted automatically, record-keeping becomes paperless and effortless.

3. Integration with 3rd Parties for Telephone, Fax, SMS and Email

The CRM’s Telephony solution enables the MCA companies to increase sales productivity through multichannel communication – call, fax, SMS and email. Sales agents communicate with the merchants via any channel, using the CRM as a knowledgebase for records/notes.
In addition, MCA companies offer what their competitors can’t – choice and flexibility to the merchants to choose their own medium of communication (call, fax, SMS or email). This service advantage empowers companies to retain customers, increase customer satisfaction and win new businesses.

4. Partner Collaboration

Converge Enterprise Cash Advance CRM empowers the MCA companies to collaborate with channel partners and merchants on funding transactions. They can instantly share important documents/collaterals with their partners (who may or may not be Converge users) through the CRM’s Partner Collaboration feature.

5. Integration with 3rd Parties for Fund Repayment

Converge Enterprise CRM is working with companies like ACH Works and Ondeck Capital to offer the repayment and merchant processing solution. MCA companies do not have to worry about taking the fixed quota daily. Repayment is automatically transferred to them based on the fixed percentage of daily credit card receipts.

About Converge Enterprise Inc

Converge Enterprise Inc is a leading Cloud CRM company offering an innovative collaboration network portal connecting Customers, Partners and Employees through social and mobile cloud technology. Founded by a team of highly experienced entrepreneurs in the year 2013, Converge Enterprise Inc is headquartered in Silicon Valley, California. Its powerful cloud-enabled CRM application Converge Enterprise ((featured in Boston Herald, Los Angeles Times, and The Miami Herald etc) is designed to enable the SMBs drive better revenue by running all core business activities from a single integrated application.

Pricing and Availability

MCA Edition is available for $65 per User per Month

Free Trial is also available for 30 days, which can be upgraded to paid membership during that period or afterwards.

To know more, mail to info(at)convergeenterprise(dot)com or call Converge Enterprise at 855.411.2769

Additional Converge Enterprise Resources:

Converge Enterprise news releases Converge Enterprise eBook Converge Enterprise Twitter Converge Enterprise videos

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5 Tips to Keep Cash Flow Strong

Michael Lewis, a former business executive and financial blogger, does not sugar coat things when he says, “owners who cannot efficiently manage their cash flow are almost certain to fail.”

Every day new entrants throw their hat into the ring of entrepreneurship. And every day several die off. Many of these entrepreneurs, after spending considerable time fine-tuning their business plan, find themselves scratching their head, wondering why their company, with its innovative product or service, suffered such a fate.

In a great many cases, the answer is easy: cash flow.

“Cash flow is the lifeblood of a business and critical in its growth,” according to entrepreneur and marketing communications consultant Caron Beesley. “With money tight and bank loans hard to get, a cash-strapped company can easily be pushed to the brink.”

Related: How to Anticipate Cash-Flow Problems

The lesson that entrepreneurs must master immediately is that a business cannot operate very long when cash outflow exceeds cash inflow. Every business, particularly a startup, must zealously monitor its cash flow to prevent a serious business disruption. In business, cash is king and cash flow is priority # 1.

A significant percentage of cash-flow issues result because owners have not spent adequate time estimating the arrival of various revenue streams and balanced that against their need to pay certain expenses. Entrepreneurs must realize the critical importance of calculating accurate cash-flow projections to address day-to-day activities. Owners who don’t thoughtfully estimate their cash flow for an upcoming period (the day, week, month and quarter) place their business at serious risk.

From Day 1 businesses must track and manage their cash from the time that they must pay vendors, employees and others and the time that they collect from their customers. Doing anything less assures near certain failure. The following tips can help business owners ensure that their cash flow is managed well and not placing the business at risk of failure:

1. Create a budget.

Business owners should sit down to thoughtfully estimate expected cash inflows and outflows. Factors that to consider include the sales cycle, terms and discounts provided customers, industry delinquency rates and other factors that may affect the timing of incoming cash.

Similarly, it is necessary to estimate expenses and other cash outlays. This includes the timing of the purchase of equipment, raw materials and supplies. It also includes the schedule for payment of salaries, taxes and other day-to-day expenses. SCORE, a national nonprofit support group for small business owners, provides a free budget template that business owners can use to manage their cash flow.

2. Monitor the results.

Examining the budget should not be an infrequent activity. On at least a monthly basis (but more frequently if warranted), the actual cash flow should be compared with the budget to work out the kinks in the system. If cash inflows are less than anticipated, figure out the reason for the shortfall. If cash outflows end up being greater than expected, understanding the cause is also important.

Once the reasons for the budget variances are determined, the business can make the necessary corrections, either to the budget or the business plan or both.

3. Have a Plan B.

Regardless of the amount of time and energy a business owner devotes to creating a budget, unexpected events can suddenly crop up, wreaking havoc on even the best cash-management system. During such times, the business might need to rely on a contingent source of cash to keep the operation running until things return to normal.

Typical sources of contingent funding include lines of credit, personal assets and friends and family. Business owners should have a Plan B lined up well before the funds are needed.

For example, a business owner who plans to borrow funds to cover a cash shortfall should have the loan or a line of credit in place well before the cash is needed. Allowing a cash-flow disruption to occur before applying for a loan is asking for trouble as most banks will hesitate to lend money to a business in distress.

Even if a bank were willing to extend a loan, few financial institutions can underwrite and approve a request in less than a month. By then, the business may have already failed due to its inability to cover its cash needs.

Related: 10 Ways to Keep Your Company’s Cash Flow Alive

4. Bill quickly.

A key element of cash-flow management is controlling the timing of funds coming in and going out. It may be customary, depending on the industry, for a business to extend credit to purchasers. For example, customers may be extended a 30-day period to furnish payment. Every time this type of transaction occurs, it places a strain on the business. While the buyer need not provide payment for 30 days, the company must continue to meet its financial obligations.

The easiest tactic for a business to pursue is to bill a client immediately. Businesses that make sales on credit must ensure that the invoice is delivered within 24 hours of the transaction. Furthermore, companies should track their invoices and send reminders before the payment-due date. Businesses that delay invoice delivery will likely receive their payments late due to the processing time required by the buyer. Business owners should consider delivering invoices by email to ensure rapid and certain delivery of billings.

To alleviate the pressure created by credit sales, a business should implement tactics to accelerate payment. A common technique includes providing discounts to buyers who pay their bill within 10 days. Buyers with sufficient cash to make their payment will be willing to forego availing themselves of the payment period in exchange for a discount.

Every business owner dreams of making a big sale. Unfortunately, businesses that make big sales on credit are often put under duress because they may then require the purchase of additional inventory. In such instances, business owners should consider making the buyer provide a down payment against the purchase so as to relieve the burden on the company’s cash flow.

5.Timely payment polices.

A sound cash-flow management strategy calls for rapid collection of invoices and timely payments. This means that the business should not pay its bills ahead of time — or late. The company should pay its bills when they are due. This ensures that its cash is working hard.

To the extent that the organization is flush with cash, managers should ask for a cash discount at the time of a purchase instead of buying on credit. The offer of a cash payment may entice the seller to offer a discount. This can be especially beneficial in cases of big-ticket purchases where a discount can be meaningful.

Related: 5 Must-Track Metrics to Keep Your Startup Alive

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Crisis Payday Loan – For Emergency Cash Requirements : Italia …


on March 20th, 2014

Crisis Payday Loan – For Emergency Cash Requirements

Ordinarily, fast cash advance payday loan comes in a high cost. The related interest rates or annual percentage rate (APR) is consistently high. It might range from approx. 300% to 600%. Nonetheless, giving money at such exorbitant interest rates has brought the eye of authorities in some states. As a result, limits are imposed on APRs.

The reason for being termed this loan as fast loan is primarily due to the fact that it gets immediately approved. Fast loans are designed in such a way the processing of the amount doesn’t take too much time. For instance, in case of fast secured loans, the appraisal of property is completed using an alternative strategy so that the loan amount gets forthwith approved. About the other hand fast unsecured loans, there is no security involved which makes it quick approval.

Fourthly, you need to learn that payday loan is a short-term loan, the loan package only last an interval of 15 to 31 days. This loan service is giving in advance to your pay check. Your pay day is the repayment date. Most times, you will pay back hassles free as lender will get the loaned and amount along with the interest directly from your bank following your payday.

Anyone seeking a loan can implement one of three means. Over the telephone is one way. Some pay day loan businesses have offices in specific regions of the state. When there is one in your neighborhood you may go right in and apply. The most used and convenient way of applying for a fast payday loan. lainat is such a broad field of study, and you do have to determine which of the overall pieces of the puzzle are more relevant to you.

But that can vary slightly, and it really just will depend on how you want to use the information. We really are just getting going here, and hopefully you will be thrilled about what more is in store. The last half of the article will offer you a lot more solid info about this. We believe you will find them highly pertinent to your overall goals, plus there is even more.

Though no credits check payday loan takes off a bigger ball of the paperwork along with the hassles related to borrowing, there are specific requirements that borrowers still have to meet. While a few requirements are common with each loan supplier, lenders might have different points of view on specific others. The essentials where nearly every lender has a common view is the borrower should be utilized and be over 18 years old. The borrower must have his salary directly transferred to his bank account.

The most important situation to remember about payday loans is that they have to be paid back on time in order to prevent paying insane fees that may potentially equal or surpass the sum of the loan itself! It’s the renewing of the loan and failing to refund it on time that could produce a major financial predicament for the borrower.

Fast loans could be sourced from several lenders based online. With little documentation and quick processing time, it gets approved to the borrower at the blink of an eye. This loan can be utilized for home improvement, holiday; procure a car, to consolidate debts and so on.

Payday loans are short term loans. The sum has to be returned together with the interest within monthly; sometimes within weeks. Lenders may employ different methods to get back the money. The most well-known of those is the post-dated cheque system. The cheque is dated for demonstration on the desirable date. In the particular date, the amount is automatically cut from the borrowers account. For this use, some loan providers would require the borrower to really have a checking account.


Payday Loans Pop Up On The Social Scene Local Florida | Roofers …

Payday Loans Pop Up On The Social Scene Local Florida

Posted by on Mar 7, 2014 in Roofing | Comments Off

Cash flow issues occur without warning, and generally in the wrong times. Instead of using high interest credit cards to pay for an unanticipated expense, take advantage of online no fax cash advance businesses. Payday advance companies offer quick loan approvals, and accessibility to funds in a hour.

Credit Report: Although loan is meant for people with payday loans bad credit, the lending institution will perform a routine credit check. A credit report essentially tells the reason due to which the credit score crashed down.

This loan is readily available with minimum documentation and minimal pay day loans that requires to be fulfilled. To get these loans you have to fix the sum you need to submit an application for. You may apply for 500 if it’s your first time. But anything between 1000 and 1500 is satisfactory. After fixing the funding you need to get the lenders through and online search or through personal contacts. After listing the numerous lenders you must apply to most genuine lender.

Debt consolidation loans are a really unique method of helping you out, when you are caught up in just such scenarios. They make your loan repayment simpler. Such loans may also be cheaper. The lenders for such loans also do not consider bad credit history as an adverse variable.

Unlike other loans, pay day loan application won’t be affected by another adverse variables that might cause denial in your application. Any awful credits in your financial status will not have any effects in your application. Additionally, this kind of loan doesn’t assess the credit rating of the borrower unlike the other loans. The processing is extremely quick because of this.

To be able to get these you’re able to use net. It’s the most easy and convenient method to avail such loans. All you are required to do is simply fill an internet application form with some details like name, address, account number, loan amount etc. the sum get deposited in your account within few hours of approval.

Banks choose to forward loans by taking property as security. The reason behind here is payday loans uk the assurance when the borrower defaults in the payments, the lender can regain its money by auctioning off the house. The whole process of applying for these loans is simple and cost-effective.

Such loans can be utilized for debt consolidation reduction, covering medical treatment prices, and crises. The most outstanding benefit of opting for these loans is the rebate provided in income tax. Along with the loan, the financial institution provides the homeowners using an insurance policy.

If you’re thinking of studying in the US, or you are an US student who would like to study abroad, you might require a worldwide student loan to finance your instruction. You can apply for international student loans, but you might want your loan to be signed by somebody who is a citizen of the United States or a resident of the nation. Yet if that is impossible, then you definitely can opt for loans from Global Student Loan Corporation (GSLC).

To make repayment only a little , most loan companies automatically deduct the money from your own checking or savings account on the due date. In order to avoid extra fees, borrowers should have the money available.


Column: An underappreciated fundamental – Cash flow


Column: An underappreciated fundamental – Cash flow

By Todd Kockelman on November 1, 2013 at 7:00 am


You’ve probably heard the saying that “cash is king,” and whether you own a business or not, it is a truth that applies. Most discussions of business and personal “financial planning” involve tomorrow’s goals, but those goals may not be realized without attention to cash flow today.

Management of available cash flow is a key in any kind of financial planning. Ignore it, and you may inadvertently sabotage your efforts to grow your company or build personal wealth.

Cash flow statements are important for any small business. They can reveal so much to the owner or CFO, because as they track inflows and outflows, they bring non-cash items and expenditures to light. They denote your sources and uses of cash, per month and per year. Income statements and profit and loss statements (P&L) may provide inadequate clues about that, even though they help you forecast cash flow trends. Cash flow statements can tell you what P&L statements won’t. Are you profitable, but cash-poor? If your company is growing by leaps and bounds, that can happen. Are you personally taking too much cash out of the business and unintentionally letting your growth company morph into a lifestyle company? Are your receivables getting out of hand? Is inventory growth a concern? If you’ve arranged a loan, how much is your principal payment each month and to what degree is that eating up cash in your business? How much money are you spending on capital equipment?

A good cash flow statement tracks your operating, investing and financing activities. Hopefully, the sum of these activities results in a positive number at the bottom of the cash flow statement. If not, the business may need to change to survive.

In what ways can a small business improve cash flow management? There are some fairly simple ways to do it, and your cash flow statement can typically identify the factors that may be sapping your cash flow. You may find that your suppliers or vendors are too costly; maybe you can negotiate (or even barter) with them. Like many companies, you may find your cash flow surges during some quarters or seasons of the year and wanes during others. What steps could you take to improve it outside of the peak season or quarter?

What kind of recurring, predictable sales can your business generate? You might want to work on the art of continuity sales — turning your customers into something like subscribers to your services. Perhaps price points need adjusting. As for lingering receivables, swiftly preparing and delivering invoices tends to speed up cash collection. Another way to get clients to pay faster: offer a slight discount if they pay up, say, within a week (and/or a slight penalty to those who don’t). Think about asking for some cash up front, before you go to work for a client or customer (if you don’t do this already).

While the Small Business Association states that only about 10 percent of entrepreneurs draw entirely on their credit cards for startup capital, there is still a temptation for an owner of a new venture to go out and get a high-limit business credit card. It might be better to shop for one with cash back possibilities or business rewards in mind. If your business isn’t set up to receive credit card payments, consider it — the potential for added cash flow could render the processing fees utterly trivial.1

How can a household better its cash flow? One quick way to do it is to lessen or reduce your fixed expenses, specifically loan and rent payments. Another step is to impose a ceiling on your variable expenses (ranging from food to entertainment), and you may also save some money in separating some or all those expenses from credit card use. Refinancing — if you can do it — and downsizing can certainly help.

There are many, many free cash flow statement tools online where you can track family inflows and outflows. (Your outflows may include bugaboos like long-term service contracts and installment payment plans.) Selling things you don’t want can make you money in the short term; converting a hobby into an income source or business venture could help in the long term.

Better cash flow boosts your potential to reach your financial goals. A positive cash flow can contribute to investment, compounding, savings — all the good things that tend to happen when you pay yourself first.

Todd Kockelman, Retirement Income Certified Professional, is a registered representative with Packerland Brokerage Services Inc. and may be reached at 651-204-0655 or


1 – [11/19/12]

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A few popular alternatives to personal loans!


When you are in the urgent need of cash, the easiest option seems to be taking a personal loan.

But with the raging interest rates these days, it’s not quite wise to get into the vicious cycle of debt.

Banks also tend to look at your entire financial profile before accepting you for eligibility.

What if you could have an option apart from personal loan in times of crisis?

Here are some quick fixes as alternatives to personal loans:

Loan against fixed deposits — This is the quickest possible loan because banks lend against their own fixed deposits.

The repayments of this type of loan should be done within the fixed deposit tenure. The biggest advantage is there is minimal documentation required and loans are available over 80 per cent of the fixed deposit value.

Also, your fixed deposit continues to earn interest even during the tenure of the loan. However, you must discipline yourself to repay the loan every month like an EMI.

Gold loan — Initially started off as a popular source of finance in rural and semi-urban areas, gold loans have off late become extremely popular in metros as well.

This type of loan provides immediate liquidity on the basis of one’s jewellery without having to sell it away.

Further, there are no processing charges and prepayment fees.

The loan amount depends on the purity and weight of the gold that is given.

Although this loan does not necessitate previous credit history, banks are going stringent on these after recent RBI regulations.

Further, the interest is not cheap and is comparable with personal loans.

Loan against property — You can borrow against your property and the loan amount is calculated on the basis of value of property and the borrower’s capacity to repay.

Refinancing the property is an option if the value of loan is to be increased or the property value has risen over a span of time.

Failure in prompt repayment can result in loss of ownership, and hence absolute care must be taken, as a property is usually of higher value than any other form of security.

Loan against shares — Banks lend against the shares of specific companies which you hold. However, not all shares you hold qualify for such loans.

Each bank has a different list of approved securities which qualify for such loans.

The amount depends upon valuation of security and ability to repay and service the loan.

Although you can receive money without liquidating your investments, the amount granted as a proportion of the security offered is much lower compared to other forms of loans.

With present volatile stock markets, this may not come cheap as well.

Loans against Life Insurance policies — Loans that are granted on the basis of life insurance deals have lower rates of interest and easy options for repayment.

Loan amount is dependent on the value of the policy. It can be repaid anytime during the term of the policy.

In the event of an unpaid loan amount, interest will be deducted from the claim. This is a quick loan with minimal documentation.

Loan against Public Provident Fund — Loans can be taken on the basis of PPF but with tenure only up to 2 years.

If the first loan is repaid, the borrower is entitled for another loan if they are within 3 to 6 years of opening an account.

The benefit of this loan is that you can borrow without breaking your PPF and also with minimum documents.

Summary of Salient Features of Different Kinds of Loans


Loan against Fixed Deposit

Gold Loan

Loan against Property

Loan against Shares

Loan against Life Insurance

Loan against PPF


Fixed deposit should be for at least a year

Available for just gold components. Not valid for other stones, metal or platinum.

No mortgage issues. Property should not be under ownership disputes. Minimum income from the land should be Rs 1 lakh

Only individuals are eligible.. Loan is granted only on the basis of bank’s approved list of shares

They are sanctioned only on endowment plans, after completion of 3 years of the entire premium

It is available from the 3rd up to 6th year and up to 25% of balance at the end of 2nd year


Fixed Deposit Receipt

Proofs for identity and address of the individual

Proof of residence, identity, age, income, property documents and signature

Proofs of address, identity and signature. Power of attorney, transfer pledges and forms

Actual documents of the policy

PPF passbook

Rates of Interest

1% or 2% more than the rate on the fixed deposit

10% to 17%; Higher in the case of gold loans from NBFCs

13% to 16%

13% to 16%

8% to 9%

2% above the rate of interest for PPF

Processing Time

2 or 3 days

1 working day

10 or 15 days depending on the lender.

7 to 15 working days

2 to 3 days

1 or 2 working days

You can take a look at the above mentioned options see which one might suit you best.

If you are in urgent need of cash but for a short period of time, you might want to consider these alternatives.

Evaluate your need and financial position before deciding on any kind of loan, as these will have direct implications of your financial plan.


Fast Payday Loans – Proper Role Of Government

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If you are in need of some information on fast payday loans then this is the right place to start with. Here you would be able to learn all you want to know about payday loans, their working and their eligibility requirements.

What Are Payday Cash Advances?

A payday loan also known as a cash advance is a short-term loan that is meant to help you handle your financial trouble in between paydays. One can either apply for such loans by visiting the payday loan stores or by selecting an online lender. Online payday loans is the more convenient option of the two as they offer complete privacy and involve no hassles.

How Do These Loans Work? Fast payday loans work like any other loan amounts. The only difference is that the processing of these loans is much faster than in the case of bank loans. Another difference between a payday loan and a bank loan is that while loans from banks cost less, online cash advances come with a huge interest rate. But then you do not need to not submit any collateral or even undergo a credit check in the case of an online fast cash loan. How Soon Would I Get The Amount? The processing of fast payday loans is extremely quick. In fact the easy application process and fast processing is the main reason why more and more people go for these loans. Besides one also does not need to stand in long queues to receive the amount as it gets electronically transferred into the account. In fact on approval of your cash advance, your lender would deposit the amount into your bank within the next 24 hours. Eligibility Requirements Now that you are well aware of the working of these loans, let us understand the eligibility requirements of the lenders: – You need to be 18 years or above in order to be eligible for the loan amount. – You have to be a citizen of US and should belong to the state from where you have applied for the loan. – You are required to have a regular income that pays you at least $1500 per month. – You have to dispatch a proof of residence to the lender along with a post-dated check of the loan amount. – A valid checking account is another requirement. The lender would ask for your account details so that he can deposit the loan amount directly into it. This will also help him automatically withdraw the loan amount on the due date. Repayment DetailsFast payday loans

are ideally supposed to be returned on the next payday of the borrower. In case the borrower is not able to return the amount due to some reason then he needs to inform the loan officer in advance. A fresh due date and a revised interest rate would be then levied on the borrower.

A Word Of Caution

However difficult it may sound, it is very necessary that the amount be returned on its stipulated date. This would save the borrower from paying unnecessary late payment charges and most importantly save him from getting trapped in a vicious cycle of debt.


Payday Loans – Financial Problems Resolved Instantly – Simply Living

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When faced with an emergency cash crunch in between two consecutive paydays, the easiest way out seems to be through a financial loan. However, most people shy away from approaching any financial lending agency for loans, as the entire process is too long drawn and tedious. The extensive paperwork and verification process consumes a lot of time and effort on the part of the applicant, making it impossible for him to get ready access to cash as and when he needs it. As lenders realize the crucial role that time plays in such cases, they have introduced the concept of payday loans for individuals requiring instant cash access for a short duration of time. So, anytime you are short on funds and need instant liquidity to pay for your car repair charges or an urgent medical expenditure, then opting for these instant cash advance loans might make perfect sense for you.

The payday loans are short term cash advance payments made by financial lenders to borrowers, who are looking for instant funds for a week or two, before their next salary check gets credited. So, more than a loan, you could consider these to be an advance payment on your next salary, which has to be repaid on the date that your next pay check gets credited. The processing for payday loans is fast and convenient and any potential borrower could apply for and get these loans, even from the comfort and security of his home or office, simply by a click of the mouse.

The financial lenders offering payday loans to individuals usually have their own website on the internet. Every information that you need to know about these loans can be easily accessed from such websites. It is therefore, advisable to find out about the various terms and conditions of the loans and compare rates between different lenders, before opting for a plan which seems most suitable to your current financial needs. As these loans are unsecured in nature, the lender will usually charge a higher rate of interest to cushion himself against a potential loss due to non repayment of the loan. However, comparing rates between different lenders may help you in securing a deal at a lower and more competitive rate of interest, if you have done your groundwork well.

Payday loans [] are an ideal way to pay for any unexpected expense that may have cropped up in between paydays. Be it a down payment for a car or your child’s education fees, now your life need not come to a standstill even when you are low on cash. Such flexibility of usage is provided by all lenders of instant loans, who do not place any restriction on the manner of spending the loan amount. All that an individual needs to do is, select a reliable lender who can extend this loan to him through online processing and one needs to be careful about having sufficient funds in place during repayment, to avoid incurring any penalty or bad debts.

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Payday Loans – Financial Problems Resolved Instantly

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