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Ways to Improve Chances of Getting a loan

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The process of getting a loan from a bank can often be a long and frustrating one. The financial jargon that comes with it often mystifies the process for the average man and business owner. That is why we have developed this short guide to increase your chances of getting a loan. A main factor is the type of loan you are applying for.  Mortgage loans are much harder to get than other types of installment loans. The trick is knowing a few things that motivate these bankers, allowing you to navigate the credit process with ease, even when your credit score is on the lower end:

Know who a banker is

The number one concern of a banker is the protection of the money that they have received from their depositors. As a consequence, the bankers who handle the distribution of loans tend to be rather conservative or risk averse. This means that recovery of the principal is their primary goal. Secondly, they are a business and so they want to also get a reasonable profit in the form of interest payments. And finally, believe it or not they do want to see you become successful as a result of the loan so that you come back to do more business. Knowing this should tell you that your priority is to make the banker comfortable with giving you money despite having poor credit. This can be done by carefully writing up a detailed proposal describing what you need the loan for and how you will pay off the principal and interest rates. This includes your bank statements, expenditures and other things that your credit score may not reveal.

Your Character and capacity

Two things that your banker will be looking for before giving you a loan is a good personal character and capacity to pay back the money. Be sure to give a good first impression when meeting in person, and be aware of your credit history and the impression it will give as well. If you know why your credit history is what it is, you can better defend your character from the doubts the banker may have. Secondly, your capacity is the degree of debt that you can sustain as an individual or business owner. Ask yourself whether the amount you are asking for is both necessary and minimal. Stress that you have carefully considered your capacity in light of your income and plans. Consider your debt and your potential income as a ratio. If this ratio is too larger, the banker may run for the hills.

Offer collateral and show credibility – Think of collateral as a secondary method of repaying a loan. Any banker would rather see you turn your credit history around and flourish financially, however, things can always potentially go sour. The offering of collateral shows the banker that you are serious about repaying the debt and that you have a credible source for doing so no matter what. This along with other ways of showing credibility such as having a carefully thought out business or employment plan will help the banker more easily approve you for a loan. 

4 Things To Consider When Looking For An Online Accounting Degree

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Whether you’re looking to change careers, enhance your skills, or simply follow a passion, there are a number of options to choose from in terms of online courses.The accountancy field is growing in popularity in today’s job market and is ideal if you like or prefer to work with numbers, although the coursework is demanding. There are many online accounting degrees offered by respected and reputable programs, but one of the biggest challenges you will face is finding a program suitable for you. Below are four things you should consider when searching and applying for an online accounting degree.

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Image via Flickr by psd

Flexibility

Flexibility can also tie in with the cost of a program, especially if you plan to continue working, but you should consider the hours you will be able to put into earning your degree. Most online courses are flexible and offer full-time or part-time options, allowing you to work and study at times convenient to you. However, be advised that registering for a program will come with mandatory deadlines and other important dates for assignments or exams, which may coincide your work schedule or other important affairs.

Reputation and Accreditation

A program’s reputation and accreditation are important factors when selecting any academic program. If you wish to study accountancy online, be aware that many firms will want to see that you are well-prepared for the Certified Public Accountant exam. The accreditation of the degree program also justifies that it meets all required standards. An accreditation, depending on its association and regional location, could also be beneficial when you are networking for future employment.

Ranking

A program’s rank usually consists of factors such as accreditation, reputation, and cost, but most importantly, it shows what the past and current students have to say about the program as a whole. Student satisfaction weighs heavily for a school’s rank, thus informing you about what to expect in a program and whether the program matches your needs. Cost also plays an important role in a program’s rank, prompting you to determine if the time and money invested are worth it.

Cost

If you pursue a degree in accounting, you most likely have a knack for numbers. Needless to say, online degrees vary in numbers when it comes to pricing. Though the average cost for an online accounting degree is around $22,000, there are others offered at substantially lower tuition prices that still hold a high rank and reputation for program quality. It is important to note that prices also differ if you are a resident or non-resident of a school’s home state, as well as any association you have with the military.

Even if cost isn’t a concern, it is still crucial to review the other qualities listed above to make an educated decision when choosing an online accounting degree. It may also be worthwhile to check online forums, reviews, and other recommendations about what previously or currently enrolled students have to say about their experience before selecting a program.

SME Business Focus: Is Invoice Financing for You?

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Start-up companies and SMEs that have managed to survive the economic crisis are now looking at brighter business skies. However, even though the growth reported by SMEs has risen in the last year, there is still a marked reluctance by banks and major lenders to provide financing for smaller firms. In order to fund growth and development, many SMEs are turning to alternative finance sources. One way in which companies can free cashflow is by using an invoice finance or factoring service. If you are interested in securing finance for your business that doesn’t pose huge financial risks, read on.

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Advantages of Invoice Financing 

Invoice finance, factoring, and invoice discounting frees up the money that is tied into invoices and allows companies access to this money before the invoices are paid. When this tied-up capital is made available, businesses can use the cash to run their day-to-day operations or expand in the future. According to ultimatefinance.co.uk, one of the key benefits of the invoice financing system is the flexibility. You can access funds from invoices within days, rather than waiting months for an invoice to be paid. With this flexible source of funds you can choose to put business plans into action right away, or use the money to wait until the right moment comes to expand.

Avoid the Pitfalls of Common Financing Choices 

According to StepChange, the charity involved in dealing with debt, the number of people who have got into trouble with payday loans rose by 42 percent since 2013. Payday loans may seem like an attractive option as they offer ready money, but the fees are so steep that businesses can quickly discover themselves dealing with financial problems – particularly if companies regularly take out these loans. The APR on these loans is staggering. While it may be obvious to many people, others do not consider the representative APR when deciding which loan to take out – they only focus on how fast they can get the money and the amount of money that can borrow. Invoice financing is a much more affordable, less risky, and better value way of freeing money to use for business costs.

What Do You Need to Consider?

Bear in mind that the type of invoice you supply may affect the ability to get invoice financing. For example, most financiers will only buy commercial invoices so selling goods to the public may not be eligible. Be careful if you turn over the sales ledger to an invoicing company as your customers may prefer that you deal with them directly, not a third party – however, there are options available that allow you to retain control. You can also opt for confidential invoice finance where your customers are not aware that you are using a service. Always make sure you choose a reputable and established provider as it could ultimately affect the relationship with your customers if the company offers a bad service.

Sources: http://www.independent.co.uk/money/spend-save/money-insider-invoice-discounting-allows-firms-to-grow-9715857.html

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

 

How to Save Money Cleaning Your House

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Cleaning products can be quite expensive. You are mostly paying for the brand name and the convenience of the item. There are quite a few things you can do to reduce these costs significantly. Essentially, you can spend less than $5 per month to make your own cleaning products or purchase the at dollar stores. Cleaning rags and sponges can also be washed or put in the dishwasher for reuse.

Use a Bagless Vacuum

Rather than having to purchase vacuum cleaner bags, use a bagless option. All you have to do with these is clean the filters and replace them once a year. Some filters never need replacing, so keep them clean and it could be even less expensive on your budget.

Make your own Cleaners

It is very easy to make your own cleaner. You can use just regular soap and water if you wish. An antibacterial option works best.

If you want to make your own cleaners, just make a diluted vinegar and water solution using 2 parts water to 1 part vinegar. Use white vinegar only though.

Another option is using orange oil extracts and water with a bit of dish soap. This cleaner has a fresh scent and can be used on nearly any surface in the home.

To clean wood, simply dab a few drips of walnut or grapeseed oil onto a dry, soft cloth. Wipe the wood surfaces down and ensure that none of the oil is dripping down the piece of furniture. Let it sit for 5 minutes and wipe the area clean with a dry cloth.

Shop at Dollar Stores for Supplies

Most areas have discount or dollar stores available. Most cleaning products and supplies are only a dollar or two. If you just pick one or two cleaners, you can clean the entire home. Most perform multiple duties. In fact, you don’t even need a separate cleaner for the toilet and tub/shower. Just use a multi-surface cleaner and a good brush.

Living a frugal lifestyle is not by choice for some consumers. Saving money wherever you can is important. Making your own cleaners literally costs pennies. Rags and sponges can survive three cycles in a dishwasher for reuse. These items alone can cost over $10 per month. Consider just using unmatched socks or ripping t-shirts that have become too stained or ripped for wear. These make great cleaning rags for smooth surfaces.

Dream Salaries: Great Paying Jobs and How to Get One

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With the economy on the rise, many people are tired of surviving by just making ends meet and are ready to start living with a great paying job. Whether you’re just starting out and want to live large or you’re ready for a career change, it’s exciting to know that there are great paying jobs available with or without a degree. Here are 5 rewarding careers that would make Mom proud.

 

Image via Flickr by gtalon

1. Police Officer

Requirements to become a police officer vary depending upon jurisdiction. Generally, you can expect to need the minimum of a high school diploma or equivalent, along with formal police training through a police academy program or through a college degree program in criminal justice. You’ll need to pass a physical examination and a physical agility test to qualify. Many jurisdictions have age limit requirements, so don’t wait too long to become a police officer. The annual median salary for police officers is $58,720.

2. Emergency Medical Technician

As an EMT you’ll respond to emergency calls and transport patients to necessary medical facilities while also performing any needed medical care on the way. To become an EMT you’ll need to become certified. Certification can take anywhere from 6 months to 2 years, depending upon the program of choice. The annual median salary of an EMT is $31,020.

3. Nurse

There will always be a demand for nurses in the healthcare field and this is a job that pays amazingly well. Educational requirements to become a nurse depend upon the nursing level that you’re training for. CNAs can train in just 6 weeks to care for patients, while LPNs train 1-2 years (part-time or full-time), and RNs even longer. To become a RN, you’ll need the minimum of an associate’s degree. The annual median salary for RNs is $69,110.

4. Social Worker

The world will always need good social workers to make a difference by mending the homes of broken families. To become a social worker you’re going to need the minimum of a bachelor’s degree in social work. The annual median salary for social workers with a social work degree is $56,060.

5. Teacher

It’s never too late to become a teacher. The educational requirements needed to teach will depend upon the age group that you’re interested in teaching. Generally, you’ll need the minimum of a bachelor’s degree to work with elementary, middle school, and high school kids, whereas, to teach college students you’ll need a master’s degree and maybe even a doctoral degree.

To learn about the steps and degree requirements that are necessary to become a teacher, read this .

The annual median salary for a teacher ranges from $53,090-$68,970.

When choosing between a degree program and a trade program, consider cost, program length, and what you’re passionate about. To learn more about great paying jobs and how to get one, contact your local college, vocational, or technical school. If you’re unable to afford tuition upfront, speak with a financial advisor to find out if you qualify for financial assistance or to finance your education through a generous lending program.

How to afford an investment when you can’t

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Many Australians are finding that investment property is a great way to become financially independent, and they weren’t wealthy when they started to invest. That’s because it is possible for people from all walks of life to purchase investment property in today’s market.

Begin to Think Differently

You may think that you can’t afford to invest because you are looking for properties outside of your price range. To find properties you can afford, stop looking in the more expensive areas. Instead, concentrate on houses in a lower price range. In some areas, purchase prices are close to $1 million dollars, but you can find homes that will only cost $250,000 or less. You only need to expand your search, and you will be able to find a house that you can afford.

Start Saving Today

Buying investment property requires that you make a deposit. If you don’t currently have this amount of money, it’s time to begin saving now. Saving starts with knowing where your money is going each month. If it is important to you to purchase investment property, you will be able to make the commitment to stop spending on the things you don’t need. Then, you can send that money into a savings account instead. Remember to deposit this money into your savings account the day you receive your paycheck to ensure that it goes where you want it to go and not toward frivolous expenses.

Use Your Expertise to Earn Extra Money

You may believe that it’s not possible to cut back on your expenses at this time. You can still save for the deposit if you look into the many ways that you can earn extra cash. For example, if you are interested in painting, you could sell your wares in a little home-based business. If you have a skill like bookkeeping, you can perform this task for small businesses in your area. When you begin earning extra money from your new venture, be sure to place every cent into your savings account.

Don’t Avoid Properties that Need Repairs

Properties that have several problems remain on the market for a long time. This creates an opportunity for you. In a lot of cases, these types of homes are overpriced, so you can make the owners a much lower offer than the one they are asking. You may even be able to convince them to waive the interest on the property.

A Fool for a Client: Why You Should Seek Outside Financial Advice

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It is said of legal affairs: one who represents one’s self has a fool for a client. A similar sentiment is often expressed about matters of health. This runs counter to the do-it-yourself, uber-independent facade of the stereotypical American. We like to think that we can do anything ourselves, as if performing difficult tasks without assistance is some sort of virtue.

Perhaps this explains why so many men, (and from my observation, women) have such a difficult time pulling over and asking for directions despite the fact that they are obviously and hopelessly lost. It is at least partially to blame for the countless home improvement projects involving plumbing, electricity, and carpentry that have been started by amateurs and completed by professionals after being botched up and made more expensive than if the pro had been called in the first place.

It certainly explains why so many businesses go belly up before their time. Entrepreneurs get the notion that the most important thing their business needs to succeed is the particular skill they bring to it. All other matters are secondary, and thus, less important. They tend to give short shrift to other business necessities such as:

  • Marketing

  • Staffing

  • Internet presence

  • Financial services

In a show of ultimate bravado, they attempt to do these things themselves, believing they can save money by not hiring experts in these critical fields. You can be the best pie maker in the seven counties. But if one of these other critical areas are not handled with the same high level of skill, your pie-making business will fail.

Here are a few reasons why you need outside financial advice:

To Protect Your Personal Assets

So many new business owners suffer this fate because they apply that spirit of independence to the financing of their venture. They spend all their cash, get a third mortgage on their home, and max out their credit cards to get their business off the ground. They grossly overestimate their chances of success, putting the financial security of their family in jeopardy. They are eventually forced to seek the advice of a financial professional: a credit repair specialist.

Commingling business and person resources can lead to some of the worst financial consequences, and may require a higher level of expertise than what the average credit counselor has on offer. A law firm may be a better option as they have the legal expertise to deal with business-specific issues, and specialize in credit repair. When narrowing down the choices based on customer feedback, Lexington Law reviews averaged 4.6 out of 5 stars. It is important to make sure the counselor you choose has a proven track record of customer satisfaction.

Because You Are Not An Expert

A smart entrepreneur knows when to call in an expert. We would not allow some unlicensed tinkerer to rewire our house. So why would we allow some unlicensed tinkerer to handle our business finances? That is exactly what you are doing when you do it yourself.

A real financial expert requires years of education and training. I’m not talking about the tax preparer who takes a six-week course prior to tax season while bagging groceries for a day job. I’m talking about CPAs that require years in school, and more years of practical, professional experience.

The ones with the educational and experiential background to handle your finances can advise you well on such matters as:

  • What type of corporate status is best for tax purposes

  • Should you pay business taxes monthly, quarterly, or annually

  • When is the best time to use a staffing service vs. an in-house service

None of these questions are simple. None should be taken lightly. This does not even begin to address the myriad accounting challenges that await the new entrepreneur. Unless your business is bookkeeping, you really are not qualified to address these issues.

You are Emotionally Compromised

A certain emotional detachment is necessary for tough decisions. In business, a good example of this is knowing when it is time to fold, and when it is time to double-down. Is your business failing because you just need another loan, or is it because you really are not the best pie-maker in the seven counties?

You are too emotionally compromised to assess the situation. You are using your sainted mothers recipe. It has to be the best. You refuse to acknowledge the quality of the competitor’s product, or that they, too, have a mother. You need outside advice. Being emotionally compromised can lead to poor financial decision making.

You do not want to end up with a fool for a client, or a financial advisor. The best way to avoid this is to consult with those experts who can keep your personal assets separate, who have the educational and experiential background, and who can advise you when you are emotionally compromised.

 

How to Get Out of Online Payday Loans

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Payday loans often lead consumers to massive financial debt and even more budget problems. There are ways to get out from under an online payday loan. Keep in mind that some are not traditional and may not be the right way to really go about things, but the process actually works. It is also important to understand why people get payday loans. One of the best things to do is discuss your financial inability to repay all at one time and attempt to get an extension.

Loan Facility Not Licensed in your State

Now, it is important to read the fine print when you obtain an online payday loan. Not all facilities are licensed in all 50 US states. This is a plus for you if you should happen to take a loan with a non-licensed company. If they grant you the payday loan and you find out later that they are not licensed in your state, you are not obligated to repay the loan. It is actually illegal for a loan facility to extend funds to persons in states that they do not hold license in.

Close your Bank Account

Some may see this as dodging financial ruin but it is an option to consider. Speak with your bank about the potential for several bad checks to come in, causing you significant fees that you won’t be able to recover from. Ask about closing out the existing account and transferring your available funds to open a new account. When creditors attempt to deposit the checks, they’ll be returned. They’ll try to contact you for payment and at that time, you can attempt to make payment arrangements with them.

Discuss with the lender that you are experiencing financial hardships and can provide as much documentation as they need to prevent prosecution.

Make Payment Arrangements

Ask to make payment arrangements where the amount owed can be split up into multiple payments. This may not stop interest from building up but the payments will be more manageable, especially if you have multiple payday loans out.

Always remember to read the fine print of a payday loan, even if you obtain it online and not in person. Look for clauses or inclusions of potential extensions or payment arrangements being available. Also consider contacting the loan agent to ask about extensions being available in the event that a financial hardship arises and you are unable to repay the loan upon your next payday. Extensions are not always available depending on the lender and the regulations set forth by your state.

 

When Gambling, Be Careful To Do So Responsibly

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Lots of investors are also top poker players. However, sometimes gambling can get out of hand.

Since their original format, online casinos have seen substantial development in recent years, they have made casino gambling much more accessible to many people who had never set foot into a casino. Also, it made it much easier to learn how to play certain games prior to having a casino outing. The growth of online casinos has been further spurred by advancements in technology that permit gambling on a broader range of devices. When gambling, most people opt for using real money in the hopes of winning some, given the high stakes it is important that gamblers learn to play in a responsible manner.

When gambling online, it is possible for time to get away from you. To gamble responsibly, set a time limit. Tell yourself that at a certain prearranged time, you’ll log off your device and end the session. Time is a precious commodity and with online casinos making gambling even easier to do, consumers have to protect themselves. Playing online, you are actually at an advantage in terms of keeping track of time – it is well-known that land-based casinos do not display clocks in order to let their patrons lose track of time. Along with setting a time limit, is setting a budget limit which would mean that you would determine how much money you can afford to lose during that particular gaming session. Once the money is gone or your time limit occurs, then the gambling session should conclude. Perhaps one of the most important tips is that you should learn all the nuances and definitions of gambling and how the casinos intend to win.

Another important thing to remember when gambling online is that you should take advantage of bonuses and incentives offered by the casinos. One of the most helpful these days is the ability to play for free, which is offered by sites such as www.gamingclub.com/au. These monetary rewards can further help you stretch out your gambling budget and responsible gamers make the best use of what resources they are offered when at an online casino. This means they enjoy it more, especially with more chances to play their favourite online casino games without having to dip into their own gambling bankroll. This can even be more favourable if they actually win more money with these bonuses.

What Jobs to Choose in 2014

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It is well know that jobs were not created equal, and some of them are better in terms of social utility, some are more profitable, and some are simply considered better than others. Most people choose their careers according to their personal skills and likings, but knowing what will come next and what to expect from the labor market in couple years is a good thing to consider. Thus, here are some of the most popular jobs in US that are expected to remain as popular and increase the number of specialists needed in the nearest future.

Software Developer

If you have ever been addicted to computer game or you cannot part from your mobile phone, you may blame these people. Software developers may be working in various spheres of development – from constructing computer software and games for your tablet to building new operating systems. The IT technology is getting more and more powerful every day, and The Bureau of Labor Statistics predicts about 150.000 positions created in the sphere during the following ten years.

Lawyer

Not all lawyers spend their lives at courts, as it is depicted in the movies – there are plenty of opportunities you can get, like attorney jobs, representing businesses and individuals, legal counseling, and lots of others. The field is expected to offer about 70.000 new jobs, so you can try yourself at legal system.

Dentist

It is not only Hollywood stars that want to have a gorgeous white teeth – everyone wants to be able to smile freely. And dentists are here for use to treat teeth and gums, and counsel on maintaining good oral health. They say the profession is about to add more than 20.000 new jobs following years.

Information Security Analyst

As long as analysts monitor and plan the security in computer networks, you see they are extremely important in today’s digitals world. For that reason no one should be surprised by the increase in the field for about 35%. If you want to become a part of secure future and stay one step ahead of cyber terrorists – this might be a good career choice for you.

Mechanical Engineer

You may be surprised by the low unemployment rate of the profession, and high median salary (which is about $80.000), but if you are left-brain thinking person, you might consider the job of mechanical engineer. Another pleasure of the job is seeing like something you’ve created as a design on the paper, becomes the real product.