Payday loans have the reputation of a convenience but this ease is to be enjoyed with a certain type of reserve. These financing provide you with instant relief from your financial emergency. For this reason; these get to be misused as well. This article would be focusing on this very factor.Payday financing are thought to be a convenience and a helpful hand that is asked for in a tight financial situation. These loans are very easy and simple to avail and this is perhaps the biggest fear why they get to be misused as well. As it is obvious by the name, they are termed as payday, cash advance, fast cash, etc; because these financing are to be repaid from the borrowers’ paychecks. Actually a payday loan is specifically that type of a loan that has been devised for salaried class. With the ever increasing inflation rate, you can find it really hard to make both ends meet. Many a time, the situation is that you are left without a single penny. In such a situation, if there is a sudden financial emergency; you cannot meet your need without any outside help. Payday loans in this regard turn out to be very beneficial. You can avail one such loan and then can pay it back from your next paycheck. And, the icing of the cake is that you can avail this loan without any hard conditions like credit card history, better scores, any collateral, etc. This is the very lure that can entice many borrowers towards this kind of loan.Payday loans can be termed as a helping hand lent in a crucial moment of need. There are many a time when you feel this type of need specifically in terms of an urgent financial crisis. These mortgages are basically meant for these types of situations and more and more folks are obtaining these with every passing day.DefinitionBy definition, payday loans are actually an unsecured type of loan. These are lent for a short period of time and are lent in smaller amounts. These mortgages have the salaried class as their basic and most important target audience. The main reason is, perhaps, that the salaried class is the one that frequently falls prey to urgent and sudden financial requirements, arising especially when there is neither pay nor any savings. These loans are supposed to be paid back through the paycheck that follows right after the borrowing of this loan. That is why; these have been given the name of Payday, cash advance, advance pay etc.BasicsBecause payday mortgages are unsecured loans, it should be clear that these come with a higher interest rate. These financing are lent for a time period starting from two weeks and going to a month at maximum. The amount that you can borrow through this kind of loan ranges from $200 to $1500. You are supposed to pay this loan back with your next paycheck. If you are unable to pay the check amount on the due date, you can get it rolled over as well. But, mind that it comes with even higher interest rate.Application processPayday financing are very convenient to avail. All you are required to do is to apply and you can get it approved within the time span of twenty four hours. There are no really strict rules to follow in this regard. You are supposed to be eighteen years and above, have a secured job and an active bank account in your hand. That is all that is required to apply for this type of loan. And, if you are going for the online application process, you can get it approved even faster. As soon as the application is approved, the loan amount is transferred right into your account.Payday financing really turn out to be a helping hand whenever there is a sudden financial need. You can take help from these and then can repay these from your next paycheck. But, remember never to use these for extravagant purposes. These are to be used only, and only, in a severe kind of financial emergency when there is no other way out.
Payday Loans – A Helping Hand in Need
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.
US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent
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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.
Source: Comex
Nasdaq Top Gainers and Losers
Source: Nasdaq
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.