Before we delve into business loan application and how to make it perfect, we must know what exactly is this business loan and why businessmen avail them. Businesses take this loan to meet their expenses and also to expand their business. The types of business loans are bank loans, mezzanine fencing, microloans and cash flow loans. All of them are taken for different purposes. Generally, MSMEs take this type of loan to expand their business.

There are several benefits associated with a business loan that drives the businesses to opt for this loan. The most attractive part about a business loan is the rate of interest that remains constant throughout the tenure. Typically, rates vary from 11% – 19% and a business owner can borrow up to Rs. 50 lakhs as a business loan. The repayment tenure is 1 to 5 years usually. However, banks will sanction a higher loan amount based on the ability to repay and the size of the business. Startups take the most amount of business loans in India since there is minimal paperwork and they only need KYC documentation to process the loan application. 

Ways of making your business loan application perfect

Credit from NBFCs is on the upswing recording an increase of around 18% in the financial year 2017-18. Hence, it is quite evident that business loan takers are also rising. Here are the ways of perfecting your business loan application:

• Adequate Cash Flow: Inadequate cash flow can be a major hazard in securing your business loan as banks will think that your business doesn’t have the liquidity to pay off your debts. Some of the liquidity ratios include the debt-service coverage ratio and the current ratio. You must make sure that those are at least 1. You must closely look at the liabilities like bills and salaries along with assets like cash and inventory and monitor them to avail your business loan successfully. This helps in understanding business income, adequate cash flow and liquidity for banks to sanction your loan.

• Credit Score: Getting a business loan can come with its hassles like the type of feedback from consumers, whether you are a loan defaulter and credit score type. Now, if your credit score is low, you may have yo shell out a higher rate of interest. You should avoid getting negative feedback from consumers and not be a loan defaulter to securely get your business loan. Another area of business loan is credit utilization. Higher business loan leads to a lower credit score and subsequently dips your loan approval chances. Equifax, a credit reporting agency okays 50% usage of your total credit limit.

• Business Plan: It is essential to have a strong business plan by having realistic sales projections, your projects that have been completed and those that are in the pipeline. Ways of increasing your customer base also goes a long way in lenders giving the green flag to your business loan application.

Also Read: Avoid These Simple Mistakes While Expanding Your Business

These are the basic points but there are many other points as well that you need to keep an eye on for your business loan approval. You must keep all your documents clear and in hand to pass the scrutiny test of banks for a successful loan application. Banks will get to know if you have lied in any of your application as they will send a specific person(s) for auditing to cross-check. Additionally, exaggerated sales projections and information can be a major drawback as that could land your dream of obtaining a business loan in jeopardy. 

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Have you heard about BUDGET YOUR MONEY? Most of us heard about this for thousand times. If your organization or your family wants financial security, a budget is the only answer.

Let’s know What is Budget?

The budget is the estimate of income or expenditure for a period of time. In simple words, a budget is a financial plan based on finance and expenses. The budget involves revenues, resources, quantities, expenses, assets, etc. Some people opt to write the budget by hand, while others use a spreadsheet or budgeting apps.

A budget simply shows how much money you are making in a month and how much you spending. Budget is one of the important things to build your great financial future. It helps you to prepare for emergencies, helps you to keep an eye on the prize.

Create and Manage Your Budget?

Most of the people spend their precious time to think about how can we create a budget? But creating the budget is simple and there are following ways to manage it. Here are some important ways to create a budget plan.

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Tracking your business expenses on a daily basis makes you aware of your expenses done on regularly. It gives you a knowledge of income and expense to control your expenses and try to overcome it. By tracking business expenses daily, you can control costs, and see what you are spending your money on and how much you’re spending.

These daily tracking business expenses figures become your marker, to see whether you’re expenses over or under your monthly budget. If you know your business spending it is easy to make a future goal. There are many ways to track your spendings like Register and pen, Google spreadsheet, Online spreadsheet, Budgeting app. 

• Easy to Know Your Income & Expenses
• Accounting and Management Skills
• Money and Money Flow Balance
• Savings For Future
• Stress-Free Living

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Do you know where your money is going each month? Do you know where it went yesterday?

It is really important to keep track of your expenses. It is useful to make a budget for your future planning.
Tracking your spending helps you to identify the expenses and you can control it. If you know the reason for expanding your money, where you spend you can utilize your money in a good way.

The main reason to track your expenses is to create financial awareness. Making a budget and sticking to it is important to a strong financial future and can help you achieve your financial goals.

Basic steps to create a monthly budget:-

• Identify Your Income
• Count Your Expenses
• Plan a Budget
• Track Your Budget
• Add all Record
• Monthly Record Checking
• App to Track Budget

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Today, everything is money. It is an asset for both individual people and business firms. But, expenses are killing it. A wise way to money management is money control. But, how to control it? 

The answer is via expense tracking. Yes, tracking your monthly expenses will give you a brief insight into your money flow. It will help you make better decisions to save money deducting unwanted expenses. 

Before you start working on expense tracking, Create a monthly budget. Count all your necessary monthly expenses and make a note of it, it will help you analyze your budget. Though you might have to deal with some sudden expenses, but still planning a budget would be of good help to you.

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Takefin is the solution to your financial management needs. This smart finance tracker app allows you to add, track, and monitor finance for small business enterprises and individuals effortlessly. Add department wise finance records and manage it through your mobile device.

This finance tracker app allows an individual, as well as small businesses for quick analysis and tracks, expenses more effectively. The periodical data comparison will give you a deep insight for better decision making for your business growth. It is the best expenses android app to track, analyze and output the best insights to control finance.

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Business is an activity that demands management, leadership, and enthusiasm. You will need to face everyday new challenges and problems while running it. There are so many common business problems like finding customers, generating leads, building an email list, hiring the right people for the job, controlling finance and expenses, etc.

Many times, you’ll find and think to take a step back or rethink your strategy is right or somewhere it is wrong. But, for every problem, there is a solution. Here we discuss the basic challenges & problems we face while running a business and how to overcome it.

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Most of the people have a horrendous time dealing wit h debt related worries. Due to lack of knowledge and proper understanding, these debtors have difficulty in initiating the process of debt management. Further, without any concrete plan, it will be tough to settle the debts. This is where; debt management plan can be of great assistance, as it enables the debtors to easily resolve the debt related problems. To avoid any further addition to the pile, make minimum use of credit card. Reduce the number of credit cards currently in use and instead make maximum use of your debit cards.

Sometimes your monthly installments exceed your repayment ability. This results due to all the numerous debts that you have piled up. Debt management is important to avoid such problems. Successful debt management involves making a plan, implementing it and strictly following it to become debt free. Some debt management may help you resolve your problem to some extent. Only keep one credit card that too to meet any urgent financial need and not for common use. Also avoid taking any other loan unless all your previous debts are settled in full.

Debt management plan is nowadays the much preferred plan, which enables a debtor to settle all the problems of debts and in turn allowing the debtor to strengthen the financial condition. The good thing about debt management plan is that either you can prepare your management plan or you can seek the assistance of debt management agencies. This can help you to do away with the problem of non payments or any such defaults that show up negative.

There are different ways of debt management. The most common is debt consolidation which helps you to consolidate all high interest debts into single loan that too with lower interest rate. This helps you to manage your debts easily and reduces your burden. To manage your debts it’s important to make monthly payments on time without faltering payments. To ensure timely payments you can opt for lower monthly payments.

In the initial stage, you must make an assessment of the total amount of debts that remains to be paid. Then, you should figure out how much is your monthly expenses and what amount can be saved from cutting down the unwanted expenses. Thus the money saved cab be effectively used to payback the debts. If the amount required is quite large, then it is best for you to grab a fresh loan from one of the creditors or from a new one, so as to consolidate the debts. By doing so, you can easily get rid of the debts.

You can also seek the help of professionals, who assist you by negotiating with the creditors on your behalf to lower the interest rates, since the accumulated total interest on debts will be marginally high. With a low interest rate, you will have to pay a much lower amount. Anyone can search online for debt management advice or seek professional help. The professional in this field may provide you with expert advices and suggestions that can effectively solve your problem. Do research about the company before applying for debt management.

For an effective debt management plan, it is better to use the online mechanism. Online application is considered to be safe and reliable. All your financial details are kept confidential. There are scores of companies who are offering debt management plan. All you have to do is to consider your aspects and select a better deal. Try to save maximum every month and cut down your undue expenses. This debt management tip will help you save money that can be used to manage your debts.

Debt management plan essentially helps you to resolve the debt related problems in an easy manner and that to without any difficulty. To know more about the plan, you can read the following article. Eliminating all your debts is difficult but definitely is not impossible. It is important to scrap off all your debts for a debt free life. Debt management is one such tool that can help you to do so easily. More and more people are now learning debt management to avoid any financial crunch which creates problems.

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There can be many times where you need to have patience because the trials of life can break you down in every manner.  In the big world, we always tend to work for things which can give us the best result. It is because most the time, always suggested by everyone that you have to prepare yourself in every aspect so that at the time of trouble you can manage the funds in the best possible way.

For example, you are planning to open a public bar (hair salon) to make your idea work as per your plan you have to get yourself ready with pounds in good numbers. It is because the online lending platform can give you the best option to avail the pounds with the feature of instant disbursal.  Not only that you can get the borrowing with various features which can help you to complete the loan duration with ease.

As you know that you have idea to execute the situation but you do not have money to invest in the project. Do not worry; the option of online lending can help you to erase the problem of limited funds with the help of it you stand a good space to run your desired idea.  Another example, loans for bad credit with no guarantor is the financial assistance which anyone can use to make the best move in order to run the idea.

How well you can use the funds

The usage of funds can be done in many ways because that can help you to deal with the situation when you feel clueless. In order to stand a business there will be many times you can come across a situation where the usage of small backing is necessary.

At that time, the online funds can be the best move to deal with the given situation.  You just have to fill the application form to get instant disbursal.  However, if you are prepared with the strategy which can further help then you have to look for the absolute segregation of income.

What precautions you must take while execution of business?

To run the journey with ease these are some measure which you have to take care:

• Credit score – It is the most significant task because as you know that you have low credit score the chances of getting in the zone of bad credit is high if you lack in your preparation. For example, if you are applying to the given borrowing then it can be assumed that you have a low credit score however; to save yourself from such situation you just have to make the on time repayment.
• No use of credit card- First of all, do not let yourself confuse with the fact that credit card and credit score are same. Both the names have totally different usage with only one demarcation and that is impact of credit card usage will show on the credit score.
• Savings section should not be lose- If you are a beginner in terms of managing things then no one can deny the fact that savings section should be strong enough to handle the monthly budget.

These are some of the precautions which you have to keep in mind for the better and the best duration of online duration and your desirable project.

Which are the areas to look upon your project?

To open a public bar you have to make sure about the fact that:

• It can cost you pounds in good numbers and the other fact is that you have to finalise the situation by analysing your situation.
• To select the location for your saloon is also important because you have to shift all your belongings to personal space.
• Make sure you have all your papers ready because sometimes you do have to match your situation in your favour with the help of all legal documents.

Conclusion

The fear factor about the online borrowing is that you have to make sure about all the terms and conditions.  If you think that you have patience then you must use that quality in favour of your situation.  Therefore, whatever your dream is the online funds can be your help to suffice all your occasion anytime.

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To start something new or to give a kick to old things, only one thing is required. You must be aware with it but never gave it the importance. MONEY is one thing that can make anyone feel powerless. The person, who runs out of cash, only him or her can understand the pain. At that time, the first solution they get, they quickly go for it without knowing that is it good for them or not.

Who don’t like easy help? The moment, an individual sees that direct lending firms in the UK are offering loans without a guarantor.  It is obvious that everybody will go for instant funding help without much formality. People love convenient things. When they are getting it without any formalities, then who will waste the time in looking for the future consequences? Perhaps, no one!

Loans are the best to get in those needy times but if there is something good then there will be a drawback in it also. Many of the people are not interested in knowing it but it is important to be familiar. Otherwise, things can take total horrifying turn that no one will be able to solve. Now, do not start thinking that, what the issue is in going for loans, as they are so helpful. Yes, they are best and when you are getting the wealth without including any third person. It becomes the super help to go in every needy time.

 High repayment is it real

Believe it or not but loan can cost you a lot in the time of repaying the borrowed amount. However, situation can differ from person and their conditions. Let us look at a few things and that can push you in high interest rate:-

• Never ever take high amount
• Don’t get panic if you are not able to repay the amount
• Always stay in touch with your agent
• Do think for your financial status before going for loan
• Always take sufficient amount according to your needs

These are the few things if anyone keeps in mind before going for loan, they will never face any trouble. Moreover, hurdles and troubles are part of life that can destroy anyone’s mentally and physically. In this case, a strong will power plays a major role. Never let your heart rules you always take mind decision in one go. Brain will be always loyal towards you and will never guide you the wrong path.

 Analyze your affordability before applying

Never ever take any borrowing option if you know that you are not able to repay the amount. The amount is big or small because you know your financial conditions better than anybody else does in every term.

In fact, if you are thinking that your beloved once will save, please see the reality. In today’s frame, no one actually care about anyone else even if you are to close with that person, then also he or she do not bother for once.

In addition, staying depending on any person can harm you a lot. When you think that you helped them so they will help you back, it does not happen like that in any case.

Stay focus on your things and if you are able to help yourself only then go for loans because no one else is going to support.

 Learn to make the most of your funds

There is no issue in taking financial help, when you are not able to manage things from your own. Nevertheless, you need to know how to use it appropriately and on the right place.

• Many people borrow funds easily but do not use it correctly, they use it a wrong direction. You need to make a proper list and tick on the urgently done things to help yourself.
• The moment, you borrow funds, clear all the things that is pending for long period and creating plenty of troubles.
• Do not wait for the time, make your own time from yourself and run things according to it, destiny can play with conditions.
• A right usage and appropriate direction can be helpful always without causing any harm. Stay focus to your goals.

In need, get the help quickly and solve all your problems without any stress and panic attacks.

While closing it…………

Every individual needs to know the reality of loan before borrowing funds, if you do not use it in way the right manner.

The only moment situations can go totally opposite direction, stay focus always never come in anyone words.

People can manipulate with your mind can create more problems for you, so do what you feel can help. Other than that, loans are easy to handle and manage a funding help that anyone can ever get from anywhere. Do not think a lot just stay charm and borrow the funding help from online lenders.

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Not everyone is comfortable with smoothly running the finances and for a constant period. As long as you are working in a reputed company and earning sufficiently, handling any sort of financial problem would not be tough for you. But remember, situations can flip around and losing employment is not a new thing nowadays. You can adjust a few days without a regular flow of income but not for many days. Your family members too insist you arrange money from somewhere.

At one point, you are fulfilling their wishes without any delay but now you have to console them to be patient. It indicates anything can happen anytime. Simultaneously, you do not want to be a loser in such a tricky situation because ‘where there is a will, there is a way’.

Of course, we cannot forget the role of the lending market, as it already boasts plenty of lending options. Some people would suggest you opt for these bad credit short term loans while some advice on another loan. But this is only the one-time solution. What about the permanent solution to tackle varied financial problems and difficulties?

PREPARATION, yes it is the biggest tool you have to counter any sort of financial mismatch into your life. If you are well-prepared, you can ensure a robust financial life; if you are well-prepared, you can have control over planned and unplanned borrowings; and if you are well-prepared, you can maintain balanced finance while on consistent and inconsistent income.

How to start your preparation? For your assistance, just take a look at what we have prepared for you under the category of Plan A, B and C.

Plan A = What You Have Done In the Past?

Many people would suggest you forget what has happened in the past and it would be better to move forward. They are correct to their points, but don’t forget, what you have done in the past? In other words, learn from your past mistakes. Make sure that those mistakes should not be repeated. Take a look at some pointers below:

Analyse where you have spent a lot in the last year

• If you have records of them, then noted down them on your diary or just create an excel sheet at your desktop

• Separate them according to their preference because most of us usually spend on our desires rather on our needs

This practice will make you understand where you have made mistakes that should be done once again now.

Plan B = What You Need to Have At Present?

Now all the past mistakes are well under knowledge, but now it is time to implement the plan for your current circumstances. One more thing is that show those mistakes to your family members too especially your spouse because collective efforts are always handy to achieve something. Here are some tips for tight budget:

• Use cash as much as possible for a few months. Don’t use your credit card excessively because, in the end, you have to return that amount from your income through monthly installments.
• Suppose if you have £2000, make sure your purchases don’t touch or cross that limit. Keep your purchases around £1000 or maximum £1500. The core idea is to save as much as possible.
• Clearing pending dues is very important for a smooth financial present. For instance, if you have applied short term loan like 12 month loans (only used as an example here), it would be better if you make the monthly repayments on each salary day or let the lender releases the amount via automatic repayment.

Plan C = How to Secure Your Future

Always remember your past doings constitutes your present and your current preparation will constitute your future. You cannot say that let’s see what will happen or ‘I will manage easily whatever the condition is’. Overconfidence will always harm your chances. Instead, what you have to do is FINANCIAL NUDGING.

• Do a calculative balance between investment, earnings and expenses. Use your regular income or gig income (if you are earning) according to these three aspects.
• Do not think too beyond that is for 10 years or 15 years. Instead, plan step by step just like for the first 5 years and then plan for the next 5 years.
• Built a future budget that works. Many people think beyond the practical things and prepare a budget that will be difficult to implement. You should not do this.

In the nutshell…

For all humans, big changes are always difficult to handle than small changes. But sometimes, they become essential when they related to your financial life. If you have continuous financial problems and difficulties, then it will be compulsory for you to do an authentic preparation. Make plans and walk in the right direction, all that you need at the moment.

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Insurance is such a complex concept that’s not always easy to comprehend, especially if you’re running a business. From general liability to worker’s compensation, there are a lot of policies needed to safeguard one’s business. If you’re unsure where to buy the insurance and what policy to get, you might need someone’s expertise to make sure you get the best policies available in the market. That’s where an insurance broker comes in.

An insurance broker is a specialist in insurance and risk management. He uses his expertise and experience to help you assess your insurance needs, find the ideal coverage and value for your business, and assist you when it’s claiming time

Brokers act on behalf of their clients. They provide advice on the best interests of their clients. When you ask them for a quote, they’ll compare the coverage of various insurers to get the best rates for you. They’ll also search for opportunities to merge different types of insurances to get discounts or eliminate premiums. With that in mind, you can rest assured that an expert is accessible to answer any insurance queries you have.

Insurance Broker vs. Insurance Agent

Insurance brokers and insurance agents both act as the “middlemen” between insurance companies and insurance buyers. The major difference between the two is that brokers don’t work for insurance companies – they work for insurance buyers.

While most agents represent a single insurance company, brokers are not usually aligned to any company, thus can explore a range of products and services available on the market to provide you with tailored advice. That said, the brokers’ recommendations are likely unbiased and are always in favor of the buyers.

Same with making sure you choose the right insurance policy, you should also spend some time ensuring the person you appoint is the right one for your needs. Here are 5 tips for picking the right insurance broker for your business

1. Ask for referrals and check references

If you don’t have a preferred broker to work with, asking for references is a great place to start.

Word-of-mouth referrals tend to be the most successful way of finding the best insurance brokers. Ask industry peers and business advisors. You may also leverage your personal and online networks to see the highly recommended insurance brokers in the market. View current rankings and read reviews too to filter the best brokers from the novices.

2. Determine the coverage you need

After creating a list of your prospect insurance brokers, think about the type of coverage you need. Prepare the specifics of what you’re looking for as well as some crucial details before scheduling an appointment.

A seasoned insurance broker will be able to review your info and break down the type of coverage you need and your expected premium range. He should demonstrate extensive knowledge and expertise of your business’ industry and marketplace since each industry has its own set of challenges and regulations.

3. Ask questions only reputable brokers can answer

When interviewing an insurance broker, it’s crucial to learn about their background, licenses, and certifications.

Ask them about their range of services, who would service your account, and how they bill for their work. You may also ask them for client references and testimonials. If they’re seasoned and reputable, they won’t hesitate to explain their track record and provide solid evidence to prove it.

4. Stick to brokers that make things less complicated

Next, to simplifying complex terms for you, a good insurance broker should make your overall deal a lot more convenient. Some brokers will present you with lengthy paperwork and requirements. Others will make everything easier for their clients. For sure you want to go with the latter.

Additionally, you also want your broker to be effortlessly accessible and responsive to your inquiries.

5. Look for transparency

This factor sets a good broker from a great one. A great insurance broker is always willing to provide you with ample resources to keep you informed of everything related to your insurance policy and how you may be affected. When a broker is a bit close-mouthed, consider finding another broker who’s more forthcoming to share information with you.

6. Go for insurance brokers who act in your best interest

You need a broker who’s capable of adhering to your wishes. They should provide you with appropriate advice and resources, and prioritize your needs where there is a conflict with their own interests (or of a related party). At the end of the day, it’s not how the broker wants it, it’s how you want it as a client.

Finally, you should have a good rapport with the insurance broker for your working relationship to be beneficial.

Author Bio: Carmina Natividad is one of the daytime writers for Insurance Advisernet NZ, one of the largest and most reliable general insurance businesses in New Zealand, providing high-quality risk management advice for business owners. She enjoys writing practical tips and tricks, making complex finance and business topics easier to digest.

To read finance related articles or blog visit: https://finaacle.com

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Are you planning to take a personal loan? If yes, then you must be aware of the struggle which every borrower face while shortlisting the lenders. Finding the right lender can be very difficult at times.

The more options cause more confusion, and the borrowers end up taking the wrong decision. However, you can shortlist the best loan provider if you tackle this issue calmly and follow the given steps.

1. Make a List of Reliable Loan Providers:

The first thing that you should keep in mind is the reliability of a loan provider. You should focus on protecting yourself from all the fake lenders and frauds. To do this, you have to create a list of all banks that are reliable and providing loan services for decades.

Making this list would eliminate all the non-essential lenders whose attractive yet fraud loan offers compel the borrowers to commit a mistake. To cut the confusion, you should only move on to the next step with the banks that you selected on the basis of their reliability.

• Check their Eligibility Terms:

Now, open your browser and take out your list to check the eligibility terms of all the selected loan providers. Cut off the providers whose terms aren’t matching with your profile as applying in them would be a waste of time.

Checking all the other things of these banks won’t make sense as they will reject your application if you aren’t an ideal borrower according to them.

• Compare the Interest Rates:

The next step should be a sound comparison of interest rates of all the shortlisted loan providers. This step would be a little bit time consuming as you may have to visit the banks to acquire accurate data.

The information is available online as well, but you will only get a rough range on the internet. The real interest rates are decided on the basis of your whole profile; which includes your profession, income, credit score, and many other things.

• Compare the Loan Amount:

Some banks may give you a higher loan amount than the others. If you are willing to take a big amount as loan, then comparing the available loan amounts of shortlisted banks will be essential.

Maybe the bank you are thinking of finalizing won’t be able to lend your desired loan amount. Eliminate the banks whose maximum loan amount is not even near to your desired amount. If there is a slight difference and all the other things are as per your expectations, then you can compromise a little.

• Check Terms and Other Charges:

By now, there would be around 2 to 3 banks in your list from which you have to finalize your best loan provider. So, you can easily visit all of these banks to get knowledge about their processing fee, repayment terms, loan tenures, and other clauses.

Comparing all these things is necessary if you don’t want to face any problem at the time of repayment due to misinterpretation.

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