Financial dose for businessWritten by Andrew Baker
The goals of businesses have undergone much evolution from times when entrepreneurs were content with anything that they received above capital invested. Businesses now want to expand their reach globally, riding on wave of technology.Nevertheless, technology does not come cheap. A huge amount of capital is required to buy latest in technology. Businesses generally have two options. The first will be to purchase latest technology. This however suffers from disadvantage that it creates a fixed charge on balance sheet. If case is of a new start up, this can mar its performance from very beginning. The next option is a secured business loan. A secured business loan is a loan where businessperson can have funds to finance any project. It is more beneficial than former because it does not eat into resources base. Moreover, loan is taken for a larger period. Thus, businessperson can continue his operations without thinking of repayment. Secured business loans are advanced against collateral. Larger loans require larger collateral. Lenders get rights to plants or machinery or any tangible asset of value. This will act as guarantee for loan. The collateral is safe and borrower can get rights back after loan has been paid in full. However, opposite is also true. The loan company will seize asset on which loan had been secured to retrieve payment. It is generally difficult to get secured business loans. Most online lenders offering personal loans may not be offering good deals on business loans. The first step should obviously be to contact bank through which regular business dealings take place. Since they know business and its credit well, they offer loans in a lesser time. Capital is a very important part of business. Many businesses have failed because of inadequate funds. Businesses have to make hasty decisions. Even small delays can result in losses of millions pounds. Making a survey of time loan companies take to approve loan application will be beneficial in deciding when to start loan process.
| | Credit Repair Scam - How To Avoid Being A Statistic?Written by Bill Smith
Credit repair scam - How to avoid being a statistic? A good credit history is critically important for consumer. A bad credit will prevent you from getting a business loan, owning a home, or even a job. Promises to "fix" your credit are always made by credit consolidation companies, but they are seldom true. Here are some of important tips to avoid scams:First things first. Negative information cannot be erased if information is correct. Only inaccurate information can be corrected in your credit file. Credit file information remains on your record for seven good years from time it is reported to bureau. For bankruptcy, information remains on your record for ten years. All consolidated information about your credit bills you fell behind on, but are now paid, will remain on your report for time period mentioned above. Do not pay credit repair company unless their promises are kept. Remember, law is on your side. Federal law requires credit repair companies to give you a complete detailed explanation of your legal rights, a completely documented written contract, and above all, 3 days to cancel. This applies to all credit repair services including for-profit services, non-profit services, creditors and credit unions. Be wary about emails you receive. When you hover your mouse over link in email, you will know for sure if it is a trusted website or a fraudelent one. If fraudelent, report it to your bank promptly. You don't need a counselor to correct your mistakes in credit report. Take charge of it yourself. If you were recently denied credit, you can request a free credit report. Otherwise there is a small charge for it. Some states will allow you a free copy of your credit report once a year. It doesn't cost you anything to dispute or question items in your credit report. Get online or follow instructions from your credit bureau. The three major credit bureaus are Equifax (800- 685-1111), Experian (800-682-7654) and Transunion (800-916-8800). In most cases you will need to contact all three credit bureaus as information they have about you may vary.
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