Finance

ELSS or Equity linked savings scheme is one of the best tax saving product available in the market, it has the lowest lock in, easy to cash, managed by a professionally employs  and you can even do SIP with a starting amount of Rs. 500 per month. It’s always worthwhile to start saving for taxes as early as possible so that you can enjoy the power of compounding and have enough time to choose right fund. You can save upto Rs. 1, 50,000 under section 80 C.ELSS not only helps you to save taxes under section 80C but also help you use the same amount for your future needs. You should always link some goal to you investment.

Steps to Invest in ELSS:

Once you have decided to save taxes via ELSS, now you much have questions like how to invest in ELSS or which is the best ELSS available in the market or what the steps to follow to invest in ELSS are.

Step 1: Control your Tax slab and taxable income – It’s really important that you have a clear idea about your taxable income and tax slab. This will make clear that under which units you can save taxes and which products are useful to you.

Step 2: Pick the best ELSS – Let’s know how to pick best ELSS funds. You can look into below steps to select it. Past Performance and Age of the fund: Past performance speaks terrific about one’s ability and likelihood for success. Absolutely past performance can’t guarantee future returns, but it gives you suggestion of how the fund manager was able to generate returns during ups and downs of market cycle. Constancy: This is very important for the people who have an investment time limit of medium or long term, a fund can’t be judged based on its 1 year or 6 months returns. XIRR of the fund: XIRR helps in calculating the internal rate of return for planned cash flows. Many of us don’t have lump sum amount to invest hence choose to invest intermittently. By calculation of the XIRR we can further filter best funds.

Step 3: Invest in ELSS online – If you are on step 3 this means you have already chosen the fund. Now it’s the turn to invest. Online mutual fund investment is a trend which you can skip to follow.

• Go to create an account
• Fill in all the required details in personal profile and FATCA form
• Fill in bank details
• Upload a cancel cheque
• YES you have successfully opened an account and now you are ready to invest.
• Click on invest now option on home page and select the fund chosen fund using step 2.

In case you were having some trouble choosing the best ELSS fund. We even have a list for best funds available on our website also.

Best tax saving mutual funds for investment in 2019:

Fund Name	1 Year Returns	3 Year Returns	5 Year Returns	Net Assets ( Rs. Crore)
Tata India Tax Savings Fund	9.89%	15.32%	16.53%	1,770
Axis Long Term Equity Fund	7.43%	15.21%	17.03%	18,852
Kotak Tax Saver	13.41%	15.82%	15.47%	888
ICICI Prudential Long Term Equity Fund	10.72%	13.91%	12.12%	1,992
IDFC Tax Advantage Fund	1.95%	15.74%	15.10%	6,193
Invesco India Tax Plan	5.06%	14.59%	15.67%	835
Aditya Birla Sun Life Tax Relief 96	1.19%	13.55%	15.75%	8,599
Franklin India Tax shield Fund	3.59%	10.75%	13.73%	4,025
L&T Tax Advantage Fund	-0.16%	13.20%	12.42%	3,338
DSP Tax Saver Fund	9.44%	14.74%	14.20%	5,413

Today, it’s about buying Bitcoins you usually access a Bitcoin broker (for example, Coinbase and Coin mama) or a Bitcoin trading platform (e.g., Bit stamp and Kraken). However, some of these exchanges do not reduce it – either because of their accepted payment methods or geo-restrictions (for example, Coin abase does not accept people from many countries of the world).

In this case, you can always use something that can be better described as “the eBay to buy Bitcoin”. Networks of Bitcoin vendors around the world that allow almost all Bitcoin buyers. Today, there are two platforms that provide this type of service: Paxful review and local Bitcoins. I reviewed local Bitcoins in the past and today I want to take this opportunity and look at Paxful too.

In his heart, Paxful review is very similar to local Bitcoins. You choose the number of Bitcoins you want to buy and your payment method, then you receive the available sellers. Each seller has a reputation for past transactions and each time specifies its Bitcoin exchange rate.

The exchange rate is much higher than what you will find on regulated trading platforms like Bitstamp and this is explained by the fact that sellers are much more at risk when selling Bitcoin to foreigners. Since Bitcoin transactions are irreversible, if someone pays the seller and refuses to make the transaction, the seller can end up without Bitcoins and no payment.
In addition, some sellers allow you to buy Bitcoins with less traditional payment methods (for example, Amazon gift cards, Skype gift codes), so they tend to charge more.

Finally, the seller will also display specific details that he deems relevant for the transaction. You will see if the seller is currently online so that you can discuss the transaction once it is in progress.

The process is quite simple.
• Choose the number of Bitcoins you want to buy
• Choose the currency to which you want the exchange rate to be
• Select a payment method (there are dozens)

Then you have the opportunity to search the complete list of sellers or simply the best possible sellers according to the criteria of Paxful.
Once you have chosen a provider and click “redeem”, you will be redirected to the business page and you will be able to chat directly with the seller via live chat. Once they respond to you, follow their payment instructions, click Mark As Paid and wait for them to release bitcoins directly on your Paxful wallet.

Most transactions are instant, but it depends on the payment method and if the seller is online. Paypal and gift cards, for example, are instant. Cash deposits from the bank and CO-OP, Western Union, Moneygram take time because you have to leave your house at their branch and deposit cash. Usually, they occur in less than an hour.

When trade begins, the seller’s bitcoins are automatically transferred to the secure escrow of Paxful and at this point, the seller can not cancel the trade. Only a buyer can cancel a trade at any time and bitcoins will be transferred from escrow to the seller’s wallet. If the buyer has not delivered the payment and has not marked the payment as completed within the payment window, a transaction will be automatically canceled and the bitcoins will be transferred to the seller’s wallet.

Today, you can conveniently meet various big-budget financial requirements via a loan against property. It gives you access to a large amount of funds without liquidating assets you own. All you need to do is mortgage your residential property, commercial property, land or any immovable property to avail this loan at low loan against property interest rates.

However, along with the fact that it comes with benefits like affordable loan against property interest rates, a few factors need consideration. So, before you secure this high-value finance, make sure you are well-informed about the market scenario and the factors that affect your financial capacity after you avail this loan.

Factors To Consider While Availing Loan Against Property

1.Loan Amount To Be Sanctioned

Loan against property, a type of mortgage loan, can be availed by both self-employed as well as salaried individuals. While the former can get a maximum of up to Rs. 3.5 Crore as a loan against property in India, the latter can avail this loan up to Rs. 1 Crore.

However, the maximum of this loan one will be eligible to avail depends on the mortgaged property’s valuation. Lenders calculate this amount in the form of Loan to Value ratio or LTV. It can be defined as the percentage of loan a person is eligible to avail based on the current market value of his/her existing property.

In India, this value can range anywhere between 50% and 75% of the property’s market value. It is arrived at after considering factors like the property’s age, its geographical stability, infrastructure, etc.

It is best to go to lenders who offer the maximum LTV for a loan against property. It increases the chances of availing a significant amount against mortgaged property.

2.Availability Of Repayment Tenure

While loan against property is a long term credit option, its repayment tenure may vary from one lender to another. It is advisable to go with the longest tenure as it minimises the burden of the monthly payment in the form of EMI. Longer tenure means repayable amount gets divided for a longer duration, thus reducing EMIs. From the available lenders, you may sort the ones that offer a period of up to 20 years or so. Also, if you have available funds in lump sum anytime during the tenure, you may choose to part-prepay the loan or foreclose it altogether, thus reducing the cost further.

Next comes the consideration for a loan against property interest rate.

3.The Applicable Rate Of Interest

Rate of interest is another primary concern to be pondered on. Loan against the property being a secured loan carries a lower risk for the lender. Hence, its cost of borrowing that a person has to pay is low too. Comparatively, if you avail other loans like personal or business loan, you will have to pay more in the form of interest.

Nevertheless, the interest rate charged by borrowers may differ. In that case, you need to choose the one whose loan against property interest rate is the lowest.

Lenders like Bajaj Finserv offer a Loan Against Property with an affordable rate of interest, which are the lowest in the market.

4.Quick Processing Of Application And Loan Disbursal

Situations like medical emergencies require immediate funding of large amount. At such times, loan against property comes to the rescue with its large pool of funds. Here, however, what you need to see is whether the lender you are availing this loan from offers immediate approval and quick disbursal or not. Some of the best who do so also require you to meet minimum loan against property eligibility. Apart from these, you must also consider things to avoid when availing a loan against property to ensure you get the best deal. One can also use the loan against property calculator for calculation purpose.

Additionally, some lending institutions like Bajaj Finserv provide quick and easy finance in the form of pre-approved offer. These offers are available on secured loans like home loans as well as unsecured loans like personal loans and business loans along with many other financial products.

Consider these offers along with the factors mentioned above to zero in on the best property loan. Apply for it and submit loan against property documents required. Make sure you know how loan against property is processed to increase your chances of the immediate approval.

To reach your financial goals, it pays if you have some guidance. This guidance can be given by financial planning services through financial planners or financial advisors. You must understand that a financial planner can help people with any financial issue from buying a house to budgeting, investing and superannuation.

To help you get started, here are things you need to know about financial planning:

There are three types of financial planners

If you decide that you need a financial planner, it is crucial that understand the three types.

• Company-owned: you must know that about 45% of financial planners operate under a license, which is mandated by 10 largest financial institutions.
• Independently licensed: there are other small to medium businesses that have ASIC (Australian Securities & Investments Commission) licenses.
• Truly independent: there are a few truly independent financial advisers who are members of IFAAA (Independent Financial Advisers Association of Australia).

Do your research before showing up

You can’t just show up to an appointment without any knowledge. This is like walking blindly and this can be quite terrifying. At the onset, it is practical to choose a service provider from referrals or recommendations. The next thing that you need to do is check if they are registered with ASIC. At the very least, the financial planning services should have a current license.

There are different fee models

Keep in mind that there are different fee models – some may require you to pay a percentage of assets under their management or some might charge an upfront fee. According to the FPA (Financial Planning Association of Australia), the average upfront cost is about $2,500 or $3,500 per annum.

There is a complimentary introductory meeting

The right financial planner offers a complimentary introductory meeting. During the meeting, you should ask plenty of questions. You can consider the following questions:

• What qualifications do you have? At the very least, the financial planner should be a member of FPA and is a Certified Financial Planner.
• What experiences do you have? You should basically ask how long the financial planner has been in practice.
• What do you specialise in? There are some financial planners that have limited areas of expertise. It is important that you look for planners with specific expertise to get the best result. Ultimately, you need to make sure that the planner has the right skills and experience that match your needs.
• How do you charge? Financial planners are required by law to disclose all forms of payment and fees. Everything will start with an initial fee to identify your needs as well as develop strategies. There could also be ongoing service fees or administration fees.

An accountant is not a financial planner

You should understand that an accountant is not a financial planner. This means that your accountant cannot give financial advice – unless they are licensed as a financial planner with ASIC.

Bottom Line

You should think of financial planning services as something that enables you to live the life that you want to live. When you decide to avail of their services, you should make sure that you feel comfortable with the planner’s professional experience or credentials.

We are definitely talking about the novice traders in the system. For them, there will have to be some proper thinking. It is necessary to deal out with the system of currency trading business in Forex. All of the traders will have to get some good ideas about the right kind of performance. With some proper thinking in the business, all of the traders can deal with good thinking of the most right performance. We can talk about some good performance from the ideology of the losses.

One thing for sure is that there will be losses most of the time. The traders cannot stand without accepting it. There will have to be proper thinking of the most legit performance. In the business of some proper trading performance, we all are going to be on the safe side. For the most proper management of the trades, we also need to take the right kind of analysis into the process. That is why the right kind of arrangement for the novice traders is needed. They will have to do it all by themselves.

Using decent opening setups

There will be there key things needed for the trades. The first of all the things we will have to sort out the opening of the trades. According to the orientation of the trading process, we are talking about it first. The closing system and the method of trading will come out next in the following. Anyway, all of the traders will have to sort out the right way. We all have to sort out the right ways to get some good performance in the process. The traders need to sort out the right kind of orders. It is necessary for the right kind of performance which will have to happen. We are going to know about doing some good work with the process with the trades. If there will be some good performance with some of the best possible management of safety.

Developing your trading strategy

Developing your trading strategy from scratch is a very challenging task. Many new traders in Singapore often blow up their trading account since they don’t know the perfect way to manage their risk exposure. As a fulltime trader you must learn the use of Saxo online trading platform and execute a trade with an extreme level of precision. Analyze the daily and weekly time frame so that you don’t have to deal with tons of false trading signals. Use the price action signal to increase your efficiency.

Closing is important for all

The right kind of performance will have to take some of the best possible management in the business with some good closing positions. In the process of some good trading, there will be a lot more right performance possible with the trades. Think about risk management in the business. With some proper thinking of the risk along with the profit margins, all of the trades will need some proper thinking. Take the most proper safety precautions into the count and get some good performance ready for the right kind of stop-loss and take-profit. Take the most legitimate performance into account. It is more like safety precautions for the trades. It will have to take the most legit setup. Build up a good mindset with the most proper setting over the trades.   

Proper methods will help too

Without the right kind of thinking over the management of the trade setups, we also have to think right. It is the setup for the management of the trades to think of some good performance with the right kind method. With some proper time for the trading business, all of the trades will have to come with some proper thinking of the right kind of trading process. Think of the swing or position trading process for your business.

Do you own a business? Are you thinking about starting a business? Well great, because this article is for you. Today we will be discussing 8 ways to maintain financial stability within your business if you ever need help with start-up capital or assistance keeping your business afloat while undergoing a recession or halt in customer activity.

CREDIT CARDS

The first way to keep your business afloat is to open up a line of business credit. Having a business credit line will allow you to borrow money through your business and supply you with funds to purchase product and materials needed in order for you to keep on serving your customers if that’s what you are in need of at the moment. Business credit is a great way to supplement profit if your company has taken a downturn in that area.

BUSINESS FUNDS ALLOCATION

Proper allocation of funds can improve stability exponentially. Using funding for your business can and most likely will improve the growth of your business. Mostly every multibillion-dollar company has used this type of funding in some form or fashion. Getting a loan of some sort is a tried a true business strategy for business funding, that has been proven to skyrocket expansion.

HIRING AN ACCOUNTANT

Hiring an accountant is a great way to maintain financial stability throughout your company. If you don’t already have an accountant it is a good idea to get an honest one. Hidden fees and expenses are often that “hidden” and hiring an accountant to report all of the minor and major details to you will save a lot of time, money, and headache.

FINANCIAL PLANNING

Another great way to increase stability in business is apt financial planning & execution. A financial planner can help you plan for expected losses and unexpected losses your business may incur. Finding a financial planner with expertise in your particular field of business who have helped others before you and has gained experience is a huge plus.

TARGETING THE CORRECT MARKET

Targeting the correct market of customers is vital to maintaining financial stability in your business after all stability is achieved when cash flow is prosperous and your customers make this happen, so making sure you are picking the right customers to sell to is a vital part of maintaining financial stability. Once you have identified the right customers and are able to fulfill all of their needs with your business, they will continue to come back to you and even refer you to friends if you have treated them well and do your best to exceed expectations. This leads to the next point of maintaining financial stability which is having impeccable customer service.

CUSTOMER SERVICE

Customer service is a big responsibility. If your customers are not happy and cannot be served correctly, they will take their, money elsewhere, therefore diminishing your financial stability. That reason alone is why you should always make sure you have a great customer service stratagem and system in place to take care of everything from complaints to compliments.

INVENTORY

Maintaining a stocked inventory is key to financial stability in any business. You may be saying “hey I don’t sell goods, I sell services” well you have to have a stock of manpower and mind power in the form of employees or automated data systems that can carry out your tasks or services requested by your customers, and you need to multiply that exponentially if you want to grow your business, after all, more customers = more money but it also equals more employees as well.

APT MINDSET

The most important part of maintaining financial stability is being able to maintain a consistent mindset. Everything you own is a product of your own mind, from mistakes and failures to successful deals and increased profits. All these things come from your mindset. If you understand that you need to take care of not only your mind but the counterparts in your company as well you will be heading towards financial stability Godspeed my friend.

You need to be able to hold yourself accountable if you are at fault for a lack of studying the market or a discount on a product that needed to be ordered or that system update that you have put off for a couple of weeks that turns into months.

This will aid your company and helps your counterparts take greater responsibility for what it is they do and how they do it. Set an example that you want others to follow and expound upon. If the people in your workplace think that it is acceptable to lack stability and not maintain certain company attitudes and mission statements it may be because you let them.

Nonprofits are working every day to make the world a better place, to make certain that people are given a fair chance in life, and to offer the public a bit of hope. However, nonprofits often do not have the money needed to do the work that must be done. These companies work from donations, and they need to find ways to protect their bottom line. There are five steps below that will help these companies make wise financial decisions in the future.

Proper Employee Satisfaction Coverage

There is much importance given to employee satisfaction as it directly related to the turnover of the organisation. Happy employees generate happy customers. A critical illness plan for every employee ensures that the company does not grind to a halt when someone gets sick. The employee needs a critical illness insurance plan that will care for them in their absence, and the company needs a plan that will pay for a temp until the employee returns. These two policies are two sides of the same coin, and they allow the company to continue its work without wasting money it does not have. You want to know your insurance plan will handle everything until your regular employee returns to work.

Investing

Nonprofits might want to find simple ways to invest so that they can save money for the future. A nonprofit that is saving money using a hedge fund or investment plan will notice that it has extra reserve cash when needed, has security in case donations dry up, and has the flexibility to make major changes. A nonprofit might be afraid to move on with a big project if it does not have any reserve cash, and savings gained through investment are very easy to use. Every nonprofit should have some kind of financial advisor who will let the company know when their next best move is in any situation.

Reduce Overhead

A nonprofit that is dedicated to opening big offices or trying to have a physical space for its employees might spend far too much money on the overhead that they cannot afford to do anything else. Because of this, these companies are often “house poor.” The company has a very nice building, but it does not have money to do anything else. A nonprofit that allows people to work remotely, that does not buy a big office building, and even avoids having a physical office at all can save a lot of money.

These very same companies might choose to rent a shared office space if they need a physical address, or the nonprofit might use one of the founder’s homes as their address. This is a very simple thing to do in most cases, and it allows the nonprofit to grow because it is not weighed down by rent every month.

Hold Big Events

Nonprofits that are trying to raise money need to have one or two big events every year that will make most of their money. This business model works quite well in the retail world where a business could go into the black when they get through Black Friday every year. If the nonprofit has a major event that brings in celebrities, big donors, and the richest people in the area, that charity is more likely to earn enough money to operate for the rest of the year.

Smaller events might be a lot of fun for the charity, but it is very hard to keep those events going if they all cost money.

Find Partners

A proper nonprofit has partners who exist in the corporate world. The nonprofit could have a partner in any area of the business world they like. Nonprofits could take this model from sports leagues which have official sponsors for everything. Finding a couple of partners for the nonprofit means that they get a big donation every year that could help them run specific events or pay for certain things. It all depends on what the nonprofit wants to do, and every nonprofit could approach different large corporations in their city.

Honourable Mention: Volunteering

Nonprofits often have volunteers help them with certain events, but these very same companies might hire too many people to run certain events. Allow the community to help you in any way that they can. The nonprofit will save money every time they get a member of the public to help them run an event. Plus, there are members of the community who might come into the office to help every week for a few hours. You do not need to hire extra staff if a volunteer is there to help.

Conclusion

There are many people who would like to make wise decisions for their nonprofits, but they do not know where to start. You can make most of these decisions on your own with a few phone calls, a little creativity, and help from the community.

Arnon Dror is a prominent financial executive with years of valuable experience in the world of international finance. This MBA graduate has the distinction of being the Vice President of a number of companies. Xerox, Creo Inc., Scitex, Kodak, Creo Americas and Presstek are names of some of these organizations. The people managing these establishments credit him for converting their concerns into profit-earning entities. They even say he has an impressive track record in the area of corporate turnaround strategies. Many of them also acknowledge this knowledge and expertise in many diverse areas. These include internal control, cash flow management, ERP integration, business negotiations, international taxation, and corporate mergers.

Arnon Dror – 3 key inventory management techniques entrepreneurs should be aware of

This financial executive says effective inventory management is always a contentious issue for many entrepreneurs. These businessmen need to keep adequate quantities in their warehouse at all times. Only then can they cater to the demands of their customers in the marketplace. Taking this step helps to boost their sales revenues.

On the other hand, overstocking has an adverse effect on their commercial operations. It can increase their operating costs to unacceptable levels. It leads to a significant decline in their bottom-line profits and creates immense pressure on their cash flow. This is obviously the last thing they want. This professional suggests these entrepreneurs should consider adopting the following 3 important techniques:

1. First-in First Out (FIFO)

Implementing this technique is the necessity for all entrepreneurs regardless of whether deal perishable commodities. Under this procedure, the proprietors should sell off products which they acquire at an earlier date. Only then should they consider disposing of their latest items. Adopting this step helps them to minimize the risk of dealing with dead stock. At the same time, it also reduces the chances of spoilage. This is face which they can’t afford to overlook at any costs.

2. Conducting an ABC analysis

Entrepreneurs are aware that not all products in their inventory are the same. There are some items which require more of their attention than the rest. However, these goods generally have low demand in the market. This makes them harder for these businessmen to sell to their clients. Carrying out an extensive ABC analysis helps the proprietors to identify such commodities. They can then take the necessary steps to phase them out of their warehouse slowly. Taking this step helps them to reduce their operating costs significantly.

3. Carrying out regular audits

Businessmen can need to carry out periodic stock audits within their premises. This task is necessary for one important reason. The exact quantities and description of the products in their warehouse should tally with stock records. If this is not the case, then they need to identify the causes for the discrepancy. It can result from unavoidable wastage or spoilage. Only in the worst-case scenario can these owners suspect pilferage or fraud.

Arnon Dror clarifies that proper inventory management is a necessity for entrepreneurs rather than a luxury. It can improve their organization’s cash flow position beyond their expectations. Implementing the above 3 important techniques can help them achieve their objective. This is what they want at the end of the day.

Staying on top of finances is one of the biggest challenges for new and established entrepreneurs alike. Efficiency should always be a priority for any business, and ensuring that businesses are able to accomplish their work as quickly and effectively as possible is a key part of this. If you are always mindful of efficiency, you will find that saving money and reducing costs becomes second nature.

No matter the size of your business, it is worth taking the time to assess your current financial situation and find ways to improve it. You never know how much money your business could be saving and you don’t want to wait until your finances are on the brink before you take action.

Here are some of the simplest ways that any business can begin to reduce their costs and turn their finances around.

Enable Remote Working

Technology has completely transformed the modern workplace. The ability to work from home might sound awful to some people, but when it is implemented properly, it should lead to a reduction in overheads and increases in efficiency. The easier your workers find it to access your corporate network and complete their work from home, the more likely they are to do so.

Remote working benefits your business by allowing your employees to accomplish more, but it can also raise your efficiency in a number of indirect ways. For example, employees who have the option of remote working from home some of the time are likely to be less stressed overall and have a more positive outlook on their work.

Outsourcing

You can outsource certain roles in your business in order to reduce your overall costs. This can take the form of a business that is able to access your network remotely and assist you that way, or a business that provides staff members who come to your workplace in person. In either case, the goal of outsourcing is to gain access to people, skills and infrastructure that would otherwise be unavailable to a business.

Outsourcing saves you money on the cost of acquiring new employees and talent, as well as maintaining those workers and ensuring that their training remains up to date. Instead, the business that you outsource to will absorb these costs. Many businesses initially outsource work that they then decide to bring in house when they are in a position to make the necessary financial investment.

Rethink Your Suppliers

A simple way of making sure that you are operating as fiscally efficiently as possible is to carry out an audit of your current supply chain. Carefully consider where all of your office supplies, equipment and other resources come from. Read over the contracts that you have with the various suppliers who supply your business, and don’t be afraid to shop around for a better deal. You might even want to pull the old trick of telling them that you’re considering switching and see how they respond.

Don’t just think of the suppliers who provide you with physical goods, you should also think about how balanced your contracts with service providers are. If you need to ship goods out to customers, for example, make sure that you are getting the best price possible on your shipping. You might be able to save money by switching to a service like Unishippers. Unishippers work with a number of freight companies to provide small businesses with the right freight services for their needs.

Streamline Everything

Streamlining means enhancing your efficiency. The more efficiently each individual component of your business is in its operation, the more efficient your overall performance will be. Start by streamlining your workflows and procedures, and make sure that you are taking the most direct route possible in accomplishing day to day tasks. You might find it helpful to appoint a specific member of staff to oversee efficiency in your business.

As well as streamlining the workflow used by your workers, you should also look to lead by example and see how you can streamline your own daily routine. If your employees see that you are taking efficiency seriously, they will feel more compelled to make an effort themselves. No matter what you need to do to improve your own performance, be prepared to do it in the wider interests of your business. You might have to cut back on your personal time and spend more time supervising operations if you want to streamline as much as possible.

In some businesses, serious streamlining will involve a radical shakeup of the entire business. However, as long as you don’t rush to implement changes faster than your business can cope with them, your business should be able to manage. Even if you are going to be making serious changes to fundamental policies and procedures in your business, as long as you do it in the right way, it should be minimally disruptive.

Upgrade Your Infrastructure

Infrastructure will mean different things to different businesses; for some businesses their infrastructure will be computer-based, including servers and corporate networks; for other businesses, infrastructure will include machinery, vehicles and other hardware. These are the things that your business needs in order to be able to carry out its functions.

An investment in the right equipment can completely transform a business’s capabilities and its fortunes.

Embrace Smart Marketing

Marketing is often one of a business’s most significant costs, but it is also one of the most necessary expenditures. Smart marketing is all about taking a data-driven approach to your marketing that allows you to finely craft and target your marketing campaigns for your target audience. This allows you to accomplish more for less.

Once you start looking for ways to save your business money, you will realize just how many opportunities there are to do so. Saving your business a little money in the short term could prove significant in the long term. Looking for ways to save money also often leads businesses to naturally adopt more efficient operating procedures, which further enhances savings. The above tips are a great place to start your new money saving habits.

Loan companies are big businesses. However, they won’t say yes to every borrower that comes their way. The reason being not everyone is qualified and capable of paying off a personal loan. Such companies have one thing in common: they will make sure you can pay back the loan – and on time.

Why Apply For A Personal Loan?

People have different reasons for taking out a personal loan. More often than not, a massive number of borrowers use it to pay debts and fund other spendings. Typically, there is no restriction as to how you can use the funds. The following are the common ways borrowers use their personal loans.

• Aid in Starting a Business
• Consolidate Debt
• Car Purchase Financing
• Car Repair and Maintenance
• Cover Moving Costs
• Emergency Funding
• Fund A Vacation Trip
• Home Improvement Financing
• Major Purchase
• Pay Credit Card Debt
• Pay for a Funeral
• Pay for a Wedding
• Pay of Medical Bills
• Pay Off Taxes

How To Ace Your Personal Loan Application

 

If you need a personal loan, it is important to note that there are steps you need to take to avoid a loan rejection.  These tips can help you increase the odds of getting personal loan approval.

Check Your Credit Score

Also known as your FICO score, it is a determining factor for lenders use to see how much of a good payer are you. The higher your three-digit credit score is, the better. Some online services offer free credit score checks, while others require you to pay a monthly fee to view it.

Once you know what your FICO score is, check with your preferred lender the minimum credit score, they allow borrowers to have for personal loans. If your score is below their minimum FICO score requirement, you can choose to improve your FICO score first before applying or find another lender with lower score requirements.

Check Your Credit Report

Your credit report can directly affect your FICO or Credit Score. Request for a copy of your credit report from major credit bureaus. You can do this for free once every year. Check any errors or discrepancies and if you see one, call the creditor and make a dispute.

Work On Paying Down Your Debt

When you have lots of debt, your Debt-To-Income Ratio goes up. Your DTI Ratio is your gross monthly income that goes straight to your monthly debt payments. The higher your DTI ratio, the more chances of personal loan approval. This is because it means you’re not capable of paying your monthly personal loan payments.

Start with your credit card balances. Doing so will not just lower your DTI ratio, it can also improve your credit score and reduce your Credit Utilization Ratio. Your credit utilization ratio reflects how much of the credit balance you use. The lower your credit utilization ratio, DTI ratio and the better your credit score it, the higher your chance for loan approval.

Good Read: Understanding Credit Utilization

Research For The Minimum Income Requirement

Not every lender has the same income requirement for personal loans. Make sure to check out different lender’s minimum income requirement to see if your monthly income is enough to qualify for a personal loan. You have the freedom to shop for lenders so don’t limit yourself on the first loan company you find.

Know The Minimum Employment Requirement

The minimum income requirement is not the only one you need to check. You also need to know their minimum employment requirement. Some lenders won’t consider other various income sources like benefits, child support, and freelance work.

It would be better if you’ve been working for a company so you’ll have bank statements showing you’ve been with them for a certain number of years. This way, your loan company will see you’re financially stable enough to pay them back.

Have A Collateral at Hand

There are loan companies who will require you a type of collateral to secure the loan. Having this one, like a source of liquid money or a piece of property, will always come in handy. Just make sure you’re confident you can repay them comfortably, or you can lose your collateral if you fail to pay the loan company back.

Have A Good Reason For Using The Personal Loan

While it’s true that have the freedom to use the funds for whatever purpose you wish, it would be best to have a good and justifiable reason to tell your loan officer on where you intend to use the loan.

Find A Cosigner Who Can Apply For A Personal Loan With You

If you fail to meet your requirements set by loan companies, you can ask someone to be your cosigner. This is someone who will agree to apply for the loan with you and is willing to pay the debt if you fail to repay your lender. It can be hard to find someone willing to do this for you, but if you do, consider yourself lucky.

Recommended Read: What Are Co-signers Liable & Responsible For?

Shop For Personal Loan Companies

You have the option to shop for loan companies that can offer you great personal loan deals. You can pre-qualify for financing if you wish to learn about their estimate rates and terms, provided you meet their minimum requirements. You can do this with multiple lenders, and it won’t have any impact on your FICO score.

Compare Rates and Terms

Different lenders will give you different estimates, so make sure to compare their pros and cons. Remember that your pick should be a reliable loan company who can offer the best rates and terms with costs and payments that is perfect for your budget.

Verify Your Details Before Sending In Your Application

Once you finally decided on a loan company, double check your details to make sure no errors are present. If you make a small mistake or a detail is missing, it can already cost your personal loan application.

There is no one surefire way to get a personal loan.  Improve your chances of getting personal loan approval with these eleven easy tips.