What Exactly Are Short Term Loans?

StrategyDriven Managing Your Finances Article |Short Term Loans|What Exactly Are Short Term Loans?When looking to aid yourself out of financial difficulty, there are several elements to consider before applying. Not only do you need to ensure that you are eligible, but you need to ensure that the lender you are using is a reliable one. To help you understand what short term loans are and how you can apply, we have provided you with a little bit of insight.

What Is A Short-Term Loan?

A short-term loan is a loan that enables you to borrow the amount of money that you need over a short time period. There are several different lenders out there that allow you to borrow the amount of money that you need should you find yourself in a financial emergency. Whether it is for a boiler repair or for an emergency car replacement, this form of finance can work for you.

How To Find The Right Lender?

When you have established that the loan type is right for you, it is then time to find the right lender. By getting a quote from several different lenders, you can find one that will provide you with the borrowing amount that you need. By spending the time looking for a loan provider that works for you, you are then able to ensure that you are paying back your monthly repayments on time with a loan term that works for you. Whether this is over the course of either 3 months or 6 months, this can benefit you in the long term.

How Do You Apply?

Applying for short term loans could not be any easier. With a number of lenders providing you with a simple to use application platform, you can simply answer the questions online and get an answer the exact same day. The lenders for this style of the loan will look into your monthly income as well as your line of credit to generate an initial offer for the amount that you are looking to borrow. By making sure you are eligible before you apply, you can ensure that you will have the money that you need in your account within 24 hours.

How Can This Loan Type Affect Your Credit Score?

As with any form of alternative finance, there is an element of risk that comes with it. When using a loan type, it is important to ensure that you are meeting your monthly repayment date. This will limit the negative impact on your credit score and ensure that you are using your monthly repayment. Buy making sure that you are meeting your repayment, you will limit the chance of defaulting payments as this can lead to debt if not careful. By ensuring that your payments are on time, you can then strengthen your finances and show that you are good with money.

Whether you are looking to apply for a loan right this second or you are looking for your options in the future. There are several loans that you can benefit from in this time.

Why Business Owners Should Detatch From Banks

StrategyDriven Managing Your Finances Article |Detach from Banks|Why Business Owners Should Detatch From BanksAs a business owner, working with your bank to fund, run and grow your business seems like it’s natural right? Well, it is, and it isn’t. Many people believe that entrepreneurism is all about private ventures, that don’t necessarily involve a bank. It can involve investors, the public in the form of an IPO, or even, family members that are backing you. But why not a bank? Well, banks are inherently linked to the Federal government, so one way or another, big brother has their hand in your pocket. Whether you are taking a loan or credit card from your bank to pay for things in your business, you should reconsider this approach.

Business loan vs investment

A business loan is quick and easy. But, it always comes with strings attached. But so does investment money. So what’s the difference? Well, with a business loan that a bank or lender provides, you can rarely ever negotiate the terms. It’s usually on a take it or leaves it basis. The upside is, that you get to have the money in your account in just a few hours. However, with investor’s money, you can set some of the rules. An investor may want a piece of the company, you can negotiate how much of it you can give away and what kind of creative control you will retain. You can also commission growth reports that can stagger or step the amount of investment put into the business in accordance with success, and how much the investor is to receive in profits from the same correlation.

Banks can pull the plug

Bank loans are usually entirely in the favor of the financial institution. This means you are kind of at the mercy of a bank that is also at the mercy of the government. Essentially, the buck doesn’t stop with the bank, so they feel they can abuse their relationship with you. Take a look and read any business loan contract, and you will find clauses that allow the bank to pull the plug and ask for early payments that were not in the initial structure or payment. The Debt to Success System reviews banking scam, and in an orderly manner lays out how the banks have gone to a debt-based ‘growth’ system. As global debt mounts up, banks will be more inclined to pinch their purse strings and that in turn means, being more aggressive in their actions towards business loan recipients. DSS can also help you overcome your debts, with their unique debt discharge system that banks and governments don’t want you to know about.

YOU are the investment

Rather than going to the bank for a loan, they should want to invest in YOUR business. Banks go to corporations like Tesla, Apple, Mercedes and Microsoft, not the other way around. But how could you become like them? You need to show consistent profits and a brand that has the potential to spread like wildfire. Banks will be flocking to you to invest and you’ll be contacted by their investment firms.

Banks are not the savior of any business. They do provide some financial services that are useful, but before you turn to them, exhaust all your other options first.

Things to Consider Before Applying for Personal Loans

StrategyDriven Managing Your Finances Article |Applying for a Personal Loan |Things to Consider Before Applying for Personal LoansMillions of people apply for personal loans around the globe for a multitude of reasons. We seek loans to acquire a property, pay for unexpected expenses or simply, to improve our lifestyle. Many end up getting bankrupt for not being able to repay the amount acquired on heavy interest. Few are aware of the fact that a loan agreement does not just include loan, but also add-ons, often making it almost impossible for the borrower to repay.

One of the solutions to this is small loans, such as payday loans that are availed because these are less risky and provide added benefits. Before you apply for a personal loan, you need to be aware of the following important factors.

1.Identify The Type of Loan: If you’re planning to borrow a personal loan, you need to identify the right type of funds to borrow. Generally, personal loans are available in two forms; secured and unsecured. Unsecured personal loans are not bound to be provided against any collateral but are highly dependent on the lender’s conditions.

Before the lender supports you with the personal loan, he or she looks at your financial history and then decides whether or not they should sanction the loan. If you do not have a strong financial history, then you may avail of the services of a person who does and has a reliable financial position. This loan is riskier in the sense that the lender can recover their investment by selling the collateral in case things do not go well.

2. Criteria to Qualify: When it comes to investment and banking, certain rules and regulations have to be followed as a criterion. Similar is the case of borrowing a personal loan. The first and foremost factor is to find out whether you are qualified to borrow the loan. The general criteria are that the borrowing candidate must be over 18 years of age, has evidence of regular income and strong financial support to be able to survive even without being employed. It is advisable to only approach a lender if you have all of these things in place, or else you might get in trouble.

3. Income Status and Payables: Income status and payables is an obvious thing to decide before you go ahead with the borrowing. Think about what is the best method to repay the loan taken? What are the pros and cons of choosing a certain method, and whether you will be paying it back on a weekly, fortnightly or monthly basis? When deciding your options, remember to know all the conditions of the lender that fall in your favor, so that you make the most of the agreement.

4. Add-on and Interest: The amount of the actual loan and the interest may often be confusing. The amount you take as a personal loan has to be repaid with a certain amount of interest. Since many people are not aware of the concept of interest, they end up paying much more than they should. To avoid this, you should compare the interest rate with other personal loan providers and make a sound decision. This is because different lenders charge a different percentage of interest and have different timelines for repayment. Choose an option that offers the right interest rate and repayment schedule.

5. Comparison between Different Loans: According to an evaluation, banks and other lenders offer a secured loan on eight to 10 percent interest and unsecured personal loans on 12 to 26 percent. Again, this is because unsecured personal loans are riskier. When it comes to the repayment schedule, secured personal loans are more often seen to be long term as opposed to the unsecured ones. If the loan is not paid on time, a huge amount of interest is charged to reduce the uncertainty of loss. Make sure that your comparison is not bound to just the amount of the interest; there are some other things to be considered, such as payment chargers and loan processing fee, which may vary from lender to lender.

6. Lenders to Approach at a Time: Usually, people have the practice to apply for a personal loan with multiple banks, but it reduces the chances of earning the funds on time. Let’s understand how this happens. When a person applies for a personal loan, the bank or the lender is bound to collect their financial history and credit report. Such reports are treated as hard inquiries at the Credit Report Bureau, which reduces the credit score by a few points. Multiple lenders tend to reduce the score, eventually reducing the chances of receiving the loan on time. So, always apply with a good credit score to the least number of banks.

7. The Employment Factor: Many of us are not familiar that the number of jobs that we have switched in the past also affects the successful or immediate loan borrowing. People who are frequent in switching their jobs are considered to be unstable in their professional life, eventually giving a perception of a difficult repayment. This eventually leads the lender to conclude that it is better not to sanction the loan to a certain applicant. You need to understand that if you want a personal loan, then the stability of your professional career also plays a role in making it possible.


Out of multiple personal loans, a payday loan is less risky as it does not allow huge interest or add-ons, and is repaid in a small amount of time. If you need cash, there are multiple options for borrowing the loan, but you need to figure out how you will manage the payment terms and maintain the credit score. Will it be feasible for you to repay the loan in the given time or will it be much more difficult? If you think you are not capable of repaying the loan, then it is better to gain a strong financial status before deciding to approach a lender for funds.

Ways to get your business off the ground this year

StrategyDriven Managing Your Business Article |Get your business off the ground|Ways to get your business off the ground this yearGetting your business to a point where you feel completely comfortable with its level of success can be quite difficult. Establishing a consistent turnover is a relief for any business owner, and it can be particularly hard to achieve at the start of your business’ life. Getting your company off the ground takes a business plan that is carefully thought through and is flexible enough to change as you hit bumps in the road along the way.


The reality for many businesses is that some big investments will require a business loan. New machinery or facilities that would aid your company’s growth can be incredibly pricey, and sometimes it is just more effective to pay off the full cost in gradual instalments. Loan brokers such as ONYX Finance, which specialize in financing commercial businesses are always the best institutions as they come armed with plenty of expertise.


You may be surprised by how many local business services there are for companies who are just starting out. Contacting an agency that supports local businesses, particularly start-ups, could give you some much-needed advice. It’s not always easy to contact other like-minded businesses, and local resources and fairs are a great way to network and find information.


If your marketing and promotional strategies are lacking, then now is the time to have a bit of a reformation. Unfortunately, when you’re starting out, there’s no room for retiring and shy wallflowers. As well as social media, a website and a recognizable brand, you must promote your company effectively. You can even try quirky ways of promoting yourself, such as having a company car that has your business logo wrapped on it. These somewhat guerrilla methods of promoting your company are sometimes surprisingly effective.


If you have ever been out for dinner, and the waiting staff have asked you if you are interested in purchasing a deal that gets you slightly more for your buck, then this is upselling. It’s possible to do this in any business: you’re just making customers aware of what other products you have to offer. This encourages customers to purchase more, which is ultimately what you need to get your business up and running. Be careful not to cross the line into pushy territory, as this could put customers off.


Incentives for customers to come back and use you again is key for encouraging loyalty. It’s this loyalty that will inspire word of mouth and help to aid the promotion of your company. It’s a competitive world in business, and you will need something appealing to hook in clients. Give them a reason to return to you again: a discount or freebee is the most common route.

If you want to get your business off the ground, then the safest route is to get advice. The best way to know how to succeed is to know what not to do. You can find this out by chatting to other companies and working with local business support services.

How Your Personal Credit Score Could Affect Your Business

StrategyDriven Managing Your Finances Article |Personal Finances |How Your Personal Credit Score Could Affect Your BusinessWhile your business and you can be two different entities, your personal credit score can affect your ability to do business in a wide variety of ways. But there is one area where it will affect you the most, and that’s when trying to get financing. Most institutional lenders will look at your personal credit score first if you haven’t had the time to build your business’s credit, which could make getting capital early on very difficult.

Thankfully, there are things that you can do to circumvent these obstacles and still have a chance of getting financing for your business. In this article, we’re going to show you the exact effects of bad personal credit on a business, what you can do about it, and how you can build your personal credit as fast as possible.

Why is My Personal Credit Score So Important?

A lot of business owners assume that their personal credit score will have no effect on their business. While your business credit score and personal credit score will be calculated differently, your personal credit score still says a lot about you. Ultimately, how you treat your personal credit will be used as an indicator of how well you manage your money in general to financial institutions. After all, if you can’t manage finances in your own life, how can you expect them to believe you’ll be able to manage them in a business?

In addition, there’s really nothing else institutional lenders can go by when assessing your creditworthiness. The only way they can tell is by looking at your credit score, which is pretty much like a financial report card. It also gives them a glimpse into your character, hence why some employers will ask for access to your credit report before they hire you. Your credit report is just another factor in the balance they will use to evaluate not only your ability to repay but what kind of person you are.

Your Credit Score Doesn’t Hold the Same Weight in Every Situation

However, you should know that your personal credit score will not be as important with all lenders. For instance, angel investors or venture capitalists may not place much importance on your credit score. They may look at things like revenue, margin, viability, and even your personality and knowledge of the business first.

On the other hand, if you were thinking of getting an SBA loan, your credit score will have to be at least 680 to even apply, and other factors will be used afterward. The same goes for term loans, or what people usually think about when talking about business loans. Credit score requirements will usually be around the 680 mark as well, even though they might vary from institution to institution.

If you have steady cash flow but didn’t have time to build your credit history yet, short-term loans might be a good option for getting fast cash approval when a business requires funds in urgency. Short-term lenders will usually put more importance on business revenue over your credit score and might be more lenient. However, note that the interest on these loans is usually much higher and that you’ll have to deal with shorter repayment periods as well.

Invoice factoring is another way to get advance money for urgent expenditures, but not really for long-term financing. Invoice factoring allows you to get an advance on an invoice due in exchange for a fee. In this case, the invoice will be used as collateral for the loan, so your business won’t be as closely scrutinized as with other options.

What Can I do to Repair my Credit?

There are plenty of things everybody can do to correct their report history. The first thing is to take account of your current financial activity and commit to adopting more responsible payment habits. That could mean setting up automatic payments on your bank accounts and taking steps to fix accounts that might be delinquent.

You should also make sure that you get a copy of your credit report from all major credit reporting agencies. You are entitled to one free copy of your credit report per year from the three major credit bureaus: Experian, Equifax, and TransUnion. This will not only give you a clearer view of your accounts but help you to see if there are any errors there that could negatively affect your credit.

For instance, in some cases, an account that you paid off may not have been reported as such on your credit report. Or you may find that someone opened a credit account under your name without your permission. If that is the case, you could put a credit freeze on your account and stop any other inquiries to make sure no other demands get through. Once this is done, you can follow the dispute process and get these errors removed.

Adding new tradelines to your credit is also a great way to build or fix your credit. Tradelines is when you add any new credit account to your report. One of the easiest ways to do so is to apply for a secured credit card. A secured credit card will allow you to get approved by leaving a certain amount of money as collateral. The credit amount will usually be equivalent to the money deposited, but the issuer might decide to increase your limit if you have a good history or upgrade you to a regular credit card later on.

Fix your Credit By Buying Authorized Tradelines

Another thing you could do that a lot of people aren’t aware of is actually buying positive tradelines that will be added to your credit account without even applying for credit. Some services will allow you to pay in exchange for being put as an authorized user on someone else’s account. When you become an authorized user on someone account, the account’s activity will be reflected in your report, which will have a positive impact on your credit score. This is why it’s very important that you know what makes for a great tradeline and which one you should avoid. If you want to know how and where to buy tradelines, you can check this article to learn more.


Less than stellar personal credit can and probably will have an effect on your chances of getting financing early on as a business owner. However, with the tips we just provided, you should be able to fix your credit situation and gradually improve your creditworthiness with potential lenders.