Payday Loans – A Temporary Solution

Managing you budget can be a bit tricky and quite difficult. At one point or another, you can even fall short of cash days before your next paycheck. The need for instant cash then becomes inevitable. And the quickest and easiest way to get it is with payday loan. Payday loan is a type of short term loan vehicle that allows you to borrow a small amount of money you need to survive until the next paycheck. It is a type of loan which can help you pay off unexpected bill or any financial responsibility immediately. Payday loan therefore is one solution to temporary need for emergency cash.How to apply?Unlike other types of loan vehicles, applying for payday loan is very easy. You don’t have to be backed up with a good credit history to get approved for the loan. You don’t need to present tons of documents necessary for the loan. And you don’t have to wait for days to get the money. All you have to do is to find a creditor with the most favorable terms and apply online, over the phone, or at local offices. Your loan can be approved within 24 hours or even on the same day. The requirements are simple: you need to be at least 18 years old, you should have an active and current bank account, and you should have a regular paying job. Some creditors ask that you should be employed at your present work for the last 3 months. Others may require you to have a checking account. Ether way, these requirements are just for formality sake.How payday loan works?Payday loan works simple. Once you get approved, the money you borrow will be directly deposited to your bank account, or, if you apply in person, you can get the money immediately. The terms of repayment vary. Many creditors require you to write a postdated check as your payment while some directly deduct it from your salary. The length of repayment varies as well. Creditors allow at least 2 weeks for repayment the money you borrowed but it can go for several weeks depending on the term agreement between the creditor and to borrower.Prolonging the repayment of the loan, however, is very detrimental to the borrower. Since this type of loan has high interest rate, repaying it for extended time is not cost-effective. Some payday loan companies offer interest rate as much as 50% per week. Meaning, if you borrow $200, you have to pay $300 back to the lenders after 1 week. The rate gets more complicated once you neglect to pay your creditor back in time. The interest soars and you have more financial problems than you originally have. There is one woman in Kentucky who borrowed $150 from a local lender. She promised to pay the money back plus fee. Six months later, she was still short of cash and discovered that her credit soared to more than $1000. She began receiving phone calls and threats that she will go to jail if she didn’t pay up.The point here is, although payday loan is very attractive and luring for its quick approval during the time of financial emergency, you should always know first if you really need it or not. It also doesn’t mean that even if you are expecting a paycheck in a few days, you can reluctantly apply for this type of loan just to suffice your need for money. Always remember of the price that you have to pay back once you apply for payday loan. Remember that you are on a binding contract with your creditor once your loan gets approved. And this contract can get you into trouble in the future if you were not able to abide to it.There is a saying that you cannot borrow you way out of debt. Always remember this when considering payday loan as a resort to your financial problem. Use payday loan only if you have nowhere to borrow money from. Avoid payday loan as much as possible. But if you have nowhere to go, use payday loan as a final and temporary solution– not as a first option to your immediate financial need.
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Business Loans In Canada: Financing Solutions Via Alternative Finance & Traditional Funding

Business loans and finance for a business just may have gotten good again? The pursuit of credit and funding of cash flow solutions for your business often seems like an eternal challenge, even in the best of times, let alone any industry or economic crisis. Let’s dig in.

Since the 2008 financial crisis there’s been a lot of change in finance options from lenders for corporate loans. Canadian business owners and financial managers have excess from everything from peer-to-peer company loans, varied alternative finance solutions, as well of course as the traditional financing offered by Canadian chartered banks.

Those online business loans referenced above are popular and arose out of the merchant cash advance programs in the United States. Loans are based on a percentage of your annual sales, typically in the 15-20% range. The loans are certainly expensive but are viewed as easy to obtain by many small businesses, including retailers who sell on a cash or credit card basis.

Depending on your firm’s circumstances and your ability to truly understand the different choices available to firms searching for SME COMMERCIAL FINANCE options. Those small to medium sized companies ( the definition of ‘ small business ‘ certainly varies as to what is small – often defined as businesses with less than 500 employees! )

How then do we create our road map for external financing techniques and solutions? A simpler way to look at it is to categorize these different financing options under:

Debt / Loans

Asset Based Financing

Alternative Hybrid type solutions

Many top experts maintain that the alternative financing solutions currently available to your firm, in fact are on par with Canadian chartered bank financing when it comes to a full spectrum of funding. The alternative lender is typically a private commercial finance company with a niche in one of the various asset finance areas

If there is one significant trend that’s ‘ sticking ‘it’s Asset Based Finance. The ability of firms to obtain funding via assets such as accounts receivable, inventory and fixed assets with no major emphasis on balance sheet structure and profits and cash flow ( those three elements drive bank financing approval in no small measure ) is the key to success in ABL ( Asset Based Lending ).

Factoring, aka ‘ Receivable Finance ‘ is the other huge driver in trade finance in Canada. In some cases, it’s the only way for firms to be able to sell and finance clients in other geographies/countries.

The rise of ‘ online finance ‘ also can’t be diminished. Whether it’s accessing ‘ crowdfunding’ or sourcing working capital term loans, the technological pace continues at what seems a feverish pace. One only has to read a business daily such as the Globe & Mail or Financial Post to understand the challenge of small business accessing business capital.

Business owners/financial mgrs often find their company at a ‘ turning point ‘ in their history – that time when financing is needed or opportunities and risks can’t be taken. While putting or getting new equity in the business is often impossible, the reality is that the majority of businesses with SME commercial finance needs aren’t, shall we say, ‘ suited’ to this type of funding and capital raising. Business loan interest rates vary with non-traditional financing but offer more flexibility and ease of access to capital.

We’re also the first to remind clients that they should not forget govt solutions in business capital. Two of the best programs are the GovernmentSmall Business Loan Canada (maximum availability = $ 1,000,000.00) as well as the SR&ED program which allows business owners to recapture R&D capital costs. Sred credits can also be financed once they are filed.

Those latter two finance alternatives are often very well suited to business start up loans. We should not forget that asset finance, often called ‘ ABL ‘ by those Bay Street guys, can even be used as a loan to buy a business.

If you’re looking to get the right balance of liquidity and risk coupled with the flexibility to grow your business seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of business finance success who can assist you with your funding needs.

How to Search For an Online Business School

Degrees in business are widely sought, and it should come as no surprise, given the high salaries that often come with a business degree. In 2009, the median salary among graduates from the top 40 business schools ranged from $120,000 a year at the top to $84,000 at the bottom. It is no secret that a business degree can launch a potentially lucrative new career.Online Business Colleges Offer a Variety of DegreesYet there are many schools to choose from, and it can be hard to tell which school is the right one for you. The first thing to decide is just what kind of business degree you plan to seek from online schools for business. Degree specialties can include such focuses as:Business management
Business administration
Finance
Accounting
MarketingDegrees in all of these fields are considered business degrees, and those degrees can be sought at various online business programs. To get the most out of an online business degree, you should first decide what your expectations are by determining the program of study that best suits you.Accreditation of Online Business SchoolsThe first thing you can do when determining if an online business school is worth attending is to find out whether the school has been accredited by an appropriate agency. Accreditation agencies evaluate the merits of online schools for business and award accreditation based on whether it lives up to established standards. You should be wary of attending any school that is not accredited by at least one agency.Accrediting bodies include the Association to Advance Collegiate Schools of Business, or AACSB. Standards by which the AACSB evaluates various business schools include:A school’s mission statement and capacity to follow through with it
Economical use of available resources
Rigor of the curriculum
Research conducted at the school
Contributions to peer-reviewed journals generated by those attending or running the schoolStandards among accrediting bodies vary.Financial AidAnother consideration to make when thinking of attending an online business school is how you will pay for it – typically one of the first things an applicant thinks of.You have several options, when attending an online business school, for financial aid, including:Veteran’s benefits
Corporate sponsorships
Private scholarships
Student loansVeteran’s benefits are available to you only if you have served in the U.S. armed forces, so your eligibility for them should be clear enough.Corporate sponsorships may be offered by human resources departments at existing companies. This kind of support is typically limited to those attending online business schools who work for companies likely to have the resources to offer this support.Private scholarships are sometimes offered by the online business programs themselves, to their students, on the basis of merit. Prospective students can also apply for student loans from the federal government.