3 Effective Ways to Deal with Small Business Debts

Dealing with debt is a major hurdle for all small business owners out there. When you have to secure business loans, you need to ensure that you are able to pay it, following all the terms applied. It is not actually bad to owe someone or a lending company, as long as you can settle it on time. Otherwise, you will be in trouble.

Generally, running a small business is tough and can cause you a lot of stress along the way. But if you love what you do and you care for your business, then you can survive anything to make it successful. Business loans can make or break you. That is why it is best to carefully select what type of lending option you will get.

In fact, there are numerous small business finance solutions available out there that you can turn to when you need some business help. Simply choose your battles wisely and you will get through any business difficulties that will come your way.

Thus, here are some effective ways on how you can deal with business debts:

Cut unnecessary costs

Determine the areas of your business where you can trim down costs, so you will be able to pay debts. There are various ways on how you can reduce expenses, such as selling off unused equipment, subleasing unutilized space, or getting rid of expensive phone systems. This way, you are able to free up cash to settle your business debts and keep your company alive.

Find out if borrowing money is needed or not

One of the most essential things you need to take into consideration is figuring out if you really need a business financial assistance or not. In case you need it to expand or improve your business, then asking help from banks and lending companies is a great idea. However, you have to think it over and make sure it will benefit the entire business. To know if this is the answer to achieve your goals, you may consult a credible financial advisor or accountant. This way, you will be knowledgeable about the matter and able to make the wisest decision for your business.

Consolidate borrowed money

Business debt consolidation is one of the quickest solution to settle your debt faster and reduce interest rates. Rather than paying various loans with different interest rates, you can simply fuse them into a single low-interest loan. In addition, this process lets you deal with one creditor. The loan can also either be secured or unsecured with business assets. To help you decide on this matter, you can ask a financial advisor if this will be right for your business.

Ultimately, every decision you make has an impact to your business finances. Thus, consider these things mentioned above when dealing with debts. There is nothing to worry about if you are knowledgeable of business matters, especially when it comes to loans. Therefore, keep an eye on your goal and be open to changes.

How to improve your credit score in 5 easy steps

financial docs


Your credit score is important, and you’ll want to protect it as best you can. With a decent credit score, you can apply for a mortgage, loan, credit card or bank account with relative ease. If a bank or lender sees a poor credit score on your file, this could affect your ability to obtain that product.

Money Saving Expert says that your credit score is more important than you might think, “Since the credit crunch started, way back in 2007, the importance of credit scoring to our financial lives has grown rapidly.”

Tip 1 – Register to Vote

If you’re not on the electoral roll, it’s unlikely you’ll get credit at all, so sign up immediately. If you aren’t eligible to vote in the UK, you could consider sending credit reference agencies proof of residency (utility bills, a UK driving licence, etc) and ask them to add a note to verify this. This should help you get credit.

Tip 2 – Meet all repayments on current loans and show how trustworthy you can be

Any forgotten or late payment gets makes a mark on your credit file. So if you have any loans to repay, make sure you meet repayments on time.

Wonga South Africa recently released a blog post about credit files and they say that many people don’t know the importance of improving your credit history, or even what a credit file is, and so fail to improve much on a ‘poor’ rating. Essentially, credit scoring is about trying to predict your future behaviour based on your past history. So, if you’ve had a payday loan from Wonga and failed to repay it, why would a future loan company trust you to repay another loan?

You need to amend your current spending and repayment habits and after about a year, your credit file should show a dramatic difference. Yes, it requires patience, but it is definitely achievable.

Tip 3 – Cancel unused credit and store cards

Money Saving Expert says, “If you have a range of unused credit cards and lots of available credit, it could be a good idea to cancel some of them. This lowers your available credit and should help.”

BUT, long-standing bank accounts with good credit histories can be a benefit to your credit score, so try leaving them open.

Tip 4 – Pay for insurance up front and not monthly

Monthly insurance payments can have an impact on your credit score. So, if you can pay it all in one go, try and do so.

Tip 5 – Keep personal details the same between applications

If you different job titles or phone numbers/addresses, try to use the same one on every form. It is important to be consistent. If you use different details, you might be flagged up by fraud scoring. Simply keeping some consistency can improve your credit score.

How Settlement Loans Can Help You

life preserverIt is no secret that lawsuits cost a lot of money. And unfortunately, they are needed most by people who do not have the financial support to survive otherwise. Even if you have adequate proof and the upper hand in the case, it could take months, maybe even years until the lawsuit is settled and a verdict is presented. In the meantime, people who cannot afford to pay for the legal costs of carrying on the litigation will need to look for a way to make ends meet. Fortunately, settlement loans can provide some relief.

What exactly are settlement loans?

Advance settlement loans are used by people who are active in an ongoing legal lawsuit that is bound to pay out when it settles in the future. It can be used to cover personal expenses before you receive the settlement payout. With a lawsuit loan, you will be able to pay for your basic needs, legal charges, mortgages, vehicle loans and other expenses even if you are unable to work at a job for a period of time.

Lawsuit funding companies such as Settlement Lenders Inc. offer a variety of funding options to ease the financial burden on their customers during trying times. Most of these companies allow you to pay them only after you have received your settlement amount. As the amount of payout differs from person to person, you will need to discuss with a loan expert to find out exactly how they can help you through the lawsuit process.

Are there different types of settlement loans

The amount you get from a settlement loan depends upon the type of lawsuit, the severity of your loss and the chance you have of winning the case. Some of the most popular types are car accident settlement loans https://settlementlenders.com/car-accident/, slip and fall settlement loans and inheritance loans. Regardless of the type of lawsuit funding, you will have to have retained a lawyer and have all your legal documents in place.

How a settlement loan can help you

A settlement loan can be of great help in a variety of situations. If you are injured in a car accident, you may incur medical bills, while simultaneously experiencing a loss of job due to your injuries. But bills need to be paid on time and even if you burn through your savings, it will become increasingly difficult to survive until you get the settlement amount.  A settlement loan will help you to make ends meet and participate in a legal battle without incurring serious debt.

Another situation that a settlement loan can be useful is when you are named in a person’s will. The distribution of assets is a complicated process that can take up to a year to complete. Paying back loans and other bills, on the other hand cannot wait until the assets are distributed, and a settlement loan will help reduce the financial stress that you are going through.

While choosing a settlement loan, it is vital to find a reliable service provider that will give you the right information. At www.settlementlenders.com, we believe in guiding our clients towards the settlement loans that best fit their requirements. Contact us or apply online and we will work towards providing you the financial assistance you need as soon as possible.

Get Rid Of Debt And Start From Scratch

Are you the type of person who was never properly weaned off their parents’ credit cards? Have you racked high figures on four, five, possibly even six credit cards to keep up with your luxurious lifestyle, but now all of a sudden are stuck paying for them all by yourself because you finally stepped into the adult world? Welcome. You aren’t alone by any means. Your situation isn’t even all that uncommon, if we’re being honest about how today’s society works. If this described your situation down to the teeth, know that your path to getting all of your debt consolidated starts with just one simple mouse click to www.fasttrackdebtrelief.com

Fast Track Debt Relief is a company that aims to bring together debtors who owe up to $100,000 and dedicated debt experts who can greatly help. Not only can these professionals offer general debt help, they can work with credit card companies, bill collectors, banks, and other bothersome entities on your behalf to lower and consolidate your payments. The experts at Fast Track Debt Relief have a good track record — if you look at the list of debts they’ve settled provided on their website, you see that every single customer that hired them paid, at most, 40% of the debt they owed. That’s a guaranteed 60% off, and that’s just the minimum! Upon inspection, you’ll see that some of them only paid 15 to 20 percent of what they owed!

To get your financial life back in order, you must get rid of your debt as soon as possible. Don’t hesitate to hire a professional to help you work your away around the intricacies of the debt world, where creditors can easily forward your commitment to annoying collectors known for harassing individuals. Don’t be a victim of debt, nip it in the bud as soon as possible! And when you do, you’ll be able to start your debt free living lifestyle and be able to build the life you want!

10 Jobs That May Help You Pay Back Your Student Loans

The high cost of a college education has left many young professionals with crippling student loan debt as they graduate. Once you enter the workforce, however, you must make sure that you don’t get behind on your loan payments. If you’re looking for a way to get some relief from this debt, you may want to consider a different career. Here are the ideal jobs to have to get help paying back your student loan debt.

1. Teacher

In some cases, landing a teaching job can help you reduce your student loan debt. There are multiple opportunities for teacher loan forgiveness. In most situations, you must work in a school for at least one year to get some of your debt cancelled or forgiven. There are more loan cancellation programs for teachers in low income areas, teachers in subjects where there are staff shortages, special education teachers, and math and science educators.

2. Nurse

For nurses, there is a program that can help you get your payments on track by reducing the amount of debt you owe. This program is found through the Nurse Corps Loan Repayment Program. Nurses enrolled in this commit to working in low income areas in order to provide quality healthcare to those who may not have had full access in the past. Once a nurse has worked for two years in the program, then he or she is eligible to get a debt reduction.

3. Soldier

Individuals who have decided to serve their country can also take advantage of some of the programs offered for student loan assistance. After enlisting, soldiers can take advantage of free tuition benefits with the GI bill, but that doesn’t address existing student loan debt. For previous balances related to the cost of education, military members can use benefits that are given to any public service employee. After making payments for at least ten years, the remaining balance can be forgiven.

4. Volunteer

Certain volunteer programs may also be able to help you reduce your loan burden. If you are interested in volunteering after completing your degree, programs such as AmeriCorps or the Peace Corps make it financially possible. While you won’t generate an income as a volunteer, you can get some of your student debt forgiven if you complete the terms of the program’s service contract.

5. Social Worker

Those who choose to work as a social worker often have a low salary and lots of tough working conditions. One thing that is now being offered to these public service employees is the opportunity to get some of their student loan debt reduced. Since social workers work for the general good of society, they can take advantage of some of the student loan forgiveness programs offered for most public service employees.

6. Public Defender

Beginning a career in law sometimes puts a person in six figure student loan debt. One way to get some relief from this debt is to consider work as a public defender for a few years. In return, you may qualify for getting some of your loan balance cancelled.

7. Police Officer

Working as a police officer is another way you could get access to student loan debt reductions. While the salary for this career isn’t high, if you are interested in this line of work, you could provide a large benefit to society. Because of the selflessness of this career and the sacrifice, you can get part of your student debt taken away.

8. Federal Government Worker

Getting hired by the federal government gives you access to excellent healthcare, a competitive salary, and even possible student loan forgiveness. In order to get your loan cancelled, you must consistently make 120 payments. Missing payments can disqualify you from the program. If you know you may be short one month, you should consider a short-term loan, like some options from Speedy Cash, which is led by president and CEO Don Gayhardt, a financial services expert with a long record of success.

9. Military Doctorpre

Doctors are one of the professions that leave school with some of the highest student loan debt balances. While high salaries help medial doctors begin to tackle their debt, you can get even more help with your payments if you sign up to be part of the military’s medical team. Just like an enlisted soldier, working as a military doctor can give you some welcome relief from high student loan balances.

10. Automotive Worker

The last career choice that could help you pay back your loans is an automotive worker. One way that the nation’s automotive industry is being supported is through a student loan payback program offered by the Specialty Equipment Market Association. This group makes it possible to receive up to $5,000 in student loan forgiveness.

Confronting the reality of high student loan payments after graduation can be tough when you’re first starting out in your new career. If you have chosen some of these careers that are primarily based on public service, you could see smaller payments and shrinking student loan balances throughout your service.

Tips on How to Pay Off Cash Advance Loans

Cash advance loans can be a bit tricky to get out of. If you’re already living paycheck to paycheck, you don’t want to fall into the trap of rolling your loan over into a second loan. Defaulting on these loans can wreak havoc on your credit score and the next time you apply for a loan it will have to be a personal loans for bad credit lender. To avoid financial strains, use these tips to pay off your cash advance loans.

Adjust Your Income Withholding

Think back to your last year’s refund check. Could it have been over $1,000? If you’d like to pay that cash advance loan off a bit sooner, lowering your principal balance is the way to go. Instead of waiting to receive your lump sum of income tax refund next year, start taking it in smaller chunks now.

Contact your employer’s payroll department and ask for a W-4 form so you can claim additional allowances. Be sure to claim up to your legal limit and that they can be verified. By your next paycheck, you’ll find you are taking home more pay. Just do this for a few paycheck cycles to get caught up, so you aren’t left owing Uncle Sam next year.

Borrow from Your Retirement Account

While you should not withdraw your money from your retirement account to pay off a small debt, it is best to borrow against your retirement account if possible. For one, you can eliminate a large monthly debt, putting more money back in your pocket each month. You’ve also stopped giving away that interest fee each month.

Get Rid of High-Cost Bills

Cable packages, cell phone services, magazine subscriptions, these are all high-cost bills that can be reduced or eliminated. Consider your cable bill. Do you need to have three package plans? All you need is basic cable and a Netflix account to catch other movies.

If you have a cell phone provider, go online and compare plans. Or, contact your provider and see what discounts or lower package plans they can offer you.

For those that still have magazine subscriptions, cancel them all together. You can view these online or use a software application on your cell phone.

Get on a Utility Budget Plan

You may also be able to reduce your utility bills. It’s not always the most favorable option, but it can reduce your bill for the time being and allow you to pay off your cash advance loan. Contact your utility companies and ask them if you can be placed on the budget plan. You’ll have a fixed amount to pay each month, so you are not left with any surprises. They estimate your bill from the past year or prior season and calculate this amount for you. If there are credits or balances at the end of the term, it’s added on at that time.

Rent Out a Room

If you have a spare room in your home to rent out, you can easily make a few hundred dollars a month. It’s easier to do so for someone you know rather than a stranger of course. You could rent out your garage for someone who needs to store boxes or their motorcycle. Just be sure to draw up a contract to avoid any conflict later down the line and protect you both legally.

Borrow Against Your Life Insurance Policy

If you find yourself getting deep in trouble with paying off your cash advance loan or keeping up with the payments, talk to your insurance provider about borrowing against your life insurance policy. Often you’re not required to pay it back in full. Just remember the amount you borrow will be deducted against your death benefits. 

Why Living on Credit Cards is a Bad Idea

As advancements in technology continue, many people no longer carry cash. Instead, they pull out their trusty debit card for nearly everything they buy. The next time you go to retrieve it from your wallet you may want to consider what you are getting in return. The answer to this question is nothing. Yes, you have the convenience of not having to stop at the bank but it doesn’t offer any other benefits. Many people are catching on to the advantages of using a credit card that offers rewards instead.

Some of the best credit cards offering cash back rewards give you other options as well. Many of the more popular cards have no annual fee and other advantages include 2 to 5x earned points for things such as dining and air travel. Others give you 1.5% back on any sale you make. If you have several of these cards you can use them for your groceries, gas and other frequently purchased items. When you receive the bill pay it in full to save even more.

If used the right way, credit cards give you a way to hold onto your money. If you pay the bill in full within the thirty days you can avoid any interest or penalties. However, if you use cards for daily expenses and large purchases and then only pay a part of the bill you’re going to end up maxing out your cards and falling deeper into debt. Also, by only making a partial payment you’ll end up paying 2 to 3 times more than you would if you paid with cash. Besides, if you exceed your credit limit you’ll add on more fees.

You should only use a credit card for a true emergency or as a convenient way to shop without using your account. Getting in the habit of using it for things you want rather than need can put you into financial ruin in short order. Once you’ve maxed out your cards you’ll apply for new ones and so on. Pretty soon you’re not able to pay all them on time and then you’ll lose even more money.

The key to having a credit card is not to use it as a way to get things you can’t afford. If you keep it on you for emergencies then you’ll have it available should the need arise. It’s better to get yourself on a budget and stick to it. Chances are good that if you are using your credit cards for anything else you need to sit down, sort through your bills and get back on track. You can begin by cutting out non-essentials, such as lunches away from home and dinners out. Also, check your cable bill to see if you can save a few bucks there, too. There are many ways to reduce your expenses and get out of the bad habit of using plastic the wrong way.

A credit card can give you peace of mind during a time of emergency. This can include things such as a temporary loss of wages or unexpected repairs. If this happens, it’s best to try and make more than the scheduled payment. This will not only help to reduce the amount of interest you’ll pay, but it will also help to reduce your debt-to-income ratio, which affects your credit score.