Financial – Eq Muscle Release Thu, 26 May 2022 02:26:47 +0000 en-US hourly 1 Financial – Eq Muscle Release 32 32 Payday Now Installment Loans: Everything You Need to Know Thu, 26 May 2022 02:23:04 +0000 If you’re familiar with the concept of loans you’ll be aware that there are a variety of names for the same kind of product. For example, “payday loans” might be termed to be a “short-term loan,” a “personal loan,” a “term loan,” or in the case of many, simply a “loan”. This is the same when it comes to installment loans. An installment loan can also be described as a “personal loan,” a “term loan,” and in certain cases, even a “loan” or “short-term loan. “

What is it that makes what constitutes an installment loan? And what do installment loans have to do with business loans?

What can you call an installment loan?

An installment loan is a loan that provides the borrower with an amount of money at the beginning and then is repaid by increasing amounts over the agreed time.

This is the that the installment loan may also be described as the term loan. In the event that the loan was only for a short time (typically just a few months) the loan may be considered an installment loan, which is of short duration. However, most installment loans are for larger sums and can be repaid over time generally over a number of months or even years. The bigger the loan and the more time it takes to repay.

What exactly is an installment loan repaid?

Installment loans are generally repayable with monthly payments. The payments are typically a predetermined amount per month, and constitute a portion of the principal loan and also the interest on this loan. A majority of installment loans will let you pay more than what’s due each month, with the installment amount being used to pay back the principal.

What types of loan amounts are available with installment loans?

The amount one is able to receive via an installment loan depends on a number of factors like the amount that a lender can provide and the individual’s credit score. In general, installment loans are for larger amounts as opposed to one-payment “payday loans” and other popular short-term loans. The range of sums from the high thousands (for individuals) as high as hundreds of thousands of dollars (for businesses) is not unusual. It all depends on the specific kind of installment loan and the borrower’s creditworthiness.

Is the word used to refer to a personal loan an installment loan?

There is a possibility to receive. It can be a personal loan is simply any loan made to people for their personal use and not commercial loans for business use. Some people and companies might consider these installment loans personal loans but they aren’t every installment loan — and there are many different kinds and types that are installment loans are personal loans!

Are small-business-related loans a type of installment loan?

There are a variety of types of small-business financing and the expression ” small business loan” usually is the first amount of cash given by a lender and is repaid over a certain duration. Therefore, the term “small business loan” most often refers to the kind of installment loan — one designed for businesses rather than consumers.

Which are the other kinds that are installment loans?

Other kinds of popular installment loans include auto loans and student loans as well as home improvement loans. Debt consolidation loans, as well as mortgages. The method in that an installment loan is structured is the most commonly used method to get loans. This is why they can be used for a variety of uses and applications.

Do you have the ability to avail online installment loans better than installment loans from an institution such as an institution like a bank or credit union?

The decision about whether or not the installment loan is better from banks, credit union,s or online lenders is typically a matter of personal preference, and often if it’s an issue of. It’s an individual choice. installment loans are widely regarded as easier to access and pay off faster than traditional banks and credit unions. Online lenders typically provide loans to people who are not able to obtain approval from brick and mortar lenders.

What are the pros and cons of installment loans?

Installment loans are extremely well-known as a type of loan due to their easy arrangement. It’s simple for the client and the lender to decide and understand how they’ll be able to get the money and then paid back. Since these loans are very common they have advantages and drawbacks that are the same as the other kinds of loans.


  • Credit cardholders are able to take out loans to finance large purchases or investments.
  • The amount of the loan is typically set to last for the entire time period of the loan.
  • The borrower will typically reduce interest costs by paying back this loan early.


  • The loan could comprise charges for a loan as well as the interest rate, which can be significant.
  • If there is an unpaid or late payment this could adversely impact the credit score of the borrower. credit.
  • Borrowers may need to pay more than the initial amount that they were issued.

What is the difference between secured installment loans and unsecured installment loans?

The phrase “secured loan” refers to one that is “secured” with a form of collateral. In the event the borrower does not make the loan repayment, the lender is entitled to collect the security. This helps reduce the risk for lenders and allows them to extend more funds or an interest rate that is lower to the lender. However the term “unsecure loan” refers to one that does not have collateral. These loans typically come with higher interest rates.

The question of whether you are wondering if an installment loan is secure (collateralized) or non-secure (non-collateralized) usually depends on the nature of the installment loan. For example, the mortgage loans are secured since the house is collateral. Similar is the situation for the vast majority of auto loans.

Personal loans with secured loans are more common. They will rely on the borrower’s credit scores to assess their ability. They can be more difficult to qualify for and have higher rates of interest. They represent the risk that the lender takes when compared against secured loans.

How does an installment loan compare to a credit card?

In contrast, installment loans differ from credit cards in comparison to installment loans. With an installment loan, a borrower gets the whole amount that they borrowed in advance and then the repayment is made in accordance with the timetable. A credit card is a form that is a credit card. credit cards can be described as a type of revolving credit that is when the borrower gets a credit line in excess of a certain quantity. The borrower may then use a credit card to purchase items over his or her credit limit. If the borrower borrows money the amount they can afford, their credit will be reduced. When they have paid the loan, the credit is replenished. This makes installment loans better for larger single-time purchases and credit cards are more appropriate to cover monthly expenses.

Are I able to have the right to get an installment loan with bad credit?

The procedure of getting approval for any type of loan could be difficult if you have a poor credit rating. However, there are some types of loans specifically targeted toward those with less than perfect credit. They could be able to accept applicants who have been rejected for conventional loans.

Am I able to meet the requirements for an installment loan with no credit check?

Any lender that is reputable will conduct a credit evaluation on you prior to acceptance for credit and financing. Many lenders can determine if you’re eligible, pre-approved, or prequalified ahead of the credit test, and prior to the borrower can make a final decision as to whether or not they should apply.

If a person is thinking about a credit checking, the most important issue they’re concerned about is whether it’s a formal credit request (or “pull”) is performed or an informal credit inquiry or pull is made. Hard credit pulls are reported on the consumer’s credit reports and could influence their credit score, whereas soft credit pulls aren’t. The soft credit pulls are those that lenders employ to make pre-approval decisions, however, once you’ve completed your application the credit check will be conducted in order to decide on the approval final.

The information in this article is intended to educate and inform only, and without any implied or explicit warranties whatsoever that include warranties of accuracy, quality, or completeness in any specific usage. The information provided in this text is not intended to give or offer any legal, financial or similar information or advice. The information provided in this article is general and doesn’t apply to the user, or anyone else.

What is my debt to income ratio? – Councilor Forbes Tue, 09 Mar 2021 10:58:00 +0000

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

You’ve kept a stable job over the past few years and worked hard to improve your credit. You are now ready to submit this loan request. Where are you?

In addition to your work history and credit, lenders will consider another important measure of financial health: the debt-to-income ratio, or DTI. Learn more about what your DTI means, how it’s calculated, and how to get yours in top shape.

What is the debt to income ratio?

Your debt-to-income ratio is a measure used by lenders to determine how much of your income is spent on debt repayment each month. It considers all of your monthly debt payments relative to your gross monthly income and is expressed as a percentage.

When you apply for a loan, lenders like to see a low DTI. This is a strong indication that you have enough cash to make your payments on time each month. A low DTI is also a good sign that you are in a solid financial position and can comfortably afford your lifestyle, whether or not you plan to borrow.

How to calculate the debt-to-income ratio

To calculate your debt-to-income ratio, start by adding up all of your monthly debt. This includes revolving credit, like credit cards and the like. Credit lines, as good as installment loans such as student loans, auto loans and personal loans. You should also include any child support or alimony payments that you are responsible for making each month. Usually, you don’t need to consider other expenses like food, utilities, and insurance.

Once you’ve tallied all of your obligations, divide that number by your gross monthly income (that’s what you earn before taxes, pension contributions, and other deductions). You’ll end up with a decimal fraction, which you can multiply by 100 to get your DTI percentage. The equation looks like this:

DTI = Monthly debts / Gross monthly income

For example, let’s say your debts are as follows:

  • Credit Card A: $ 500
  • Credit card B: $ 350
  • Auto loan: $ 150
  • Home equity line of credit: $ 200
  • Student loan: $ 400

This gives you a total of $ 1,600 in monthly obligations. Now let’s say your gross monthly income is $ 5,000. You would calculate your DTI as follows:

$ 1,600 / $ 5,000 = 0.32

Multiply the result by 100 and you get a DTI of 32%. In other words, 32% of your gross monthly income goes to pay off debt.

Keep in mind that even if your DTI is considered low, other monthly expenses can eat into your budget. When you borrow money, it’s important to consider how these other costs might affect your ability to keep your payments under control.

Types of debt-to-income ratios

Typically, the above equation gives you your overall debt-to-income ratio. However, some lenders like to break this number down even further to find your front-end and back-end DTI. You will often come across these terms when applying for a mortgage.

Frontal DTI measures your housing costs or potential housing costs only against your income. Also called the housing ratio, this calculation takes into account your monthly mortgage payment, private mortgage insurance and the other costs associated with your home loan, divided by the gross monthly income.

DTI back-end is the most complete calculation. This version of the DTI examines not only your housing expenses, but all debt obligations such as credit cards and loans, divided by gross monthly income.

What is a good DTI report?

What counts as a “good” DTI will depend on the type of loan you want. Some lenders allow a higher DTI, while others require a lower threshold.

In general, lenders prefer that your back-end ratio does not exceed 36%. This means that if you are earning $ 5,000 in gross monthly income, your total debt should be $ 1,800 or less. However, some lenders can make an exception if you have excellent credit. In fact, it is possible to qualify for a loan with a DTI of up to 50% as long as you are an otherwise highly qualified borrower.

Mortgage lenders, in particular, tend to have stricter rules. They generally prefer a frontal DTI of 28% or less. This means that your mortgage payments cannot exceed 28% of your gross monthly income. So if you are earning $ 5,000 per month, your mortgage payments should not exceed $ 1,400.

On the other hand, conventional mortgage lenders, as well as FHA and USDA lenders, will typically allow a back-end DTI of up to 43%, giving your budget a little more leeway. VA loans typically require a back-end DTI of 41% or less.

Knowing your front-end and back-end DTI can help you understand how much house you can afford. If you are applying for a mortgage and the payments cause you to exceed any of these DTI requirements, you may need to go for a smaller loan or you may be turned down for a loan.

How DTI Affects Your Credit Score

Not only does your DTI impact your ability to get a loan, it also indirectly affects your credit. This means that even if you’re not trying to borrow money right now, too high an DTI could drop your credit score points and make it more difficult to secure an apartment or open an apartment. ‘a utility account.

The main reason DTI and credit are tied is that the total amount of debt you owe affects about 30% of your FICO score. The lower your debt amount compared to your available credit, the better your score. Conversely, the more debt you have in your name, the worse its impact on your score. So if you have a high DTI it follows that you are probably using up a significant portion of your available credit.

DTI can also have an impact on your credit if you owe so much that you are unable to keep up with your payments. As the most weighted factor in calculating your credit score, payment history accounts for 35%. A single missed payment can take several points off your score, so it’s important to keep your debt level manageable.

How to lower your DTI ratio

Generally, if you’re trying to lower your DTI, there are two things you can do: increase your monthly income or reduce your debt load. Here’s a closer look at how to achieve each of these goals:

  • Increase your monthly income. Increasing your income is easier said than done. Yet, if reducing your ITD is a goal, finding ways to increase your salary is one way to do it. Maybe it’s time to negotiate a raise at work or work a few extra hours. You can also turn a hobby or skill into a lucrative business and generate extra income when your schedule allows.
  • Lower your unpaid debt. Your other option is to get rid of some debt so that your monthly payments are lower (or better still, non-existent). Bonus at work? Tax refund? Use these deals to make additional lump sum payments on your debt. By reducing the amount you owe monthly, your DTI will also go down.

Alabama Small Businesses Can Apply For SBA COVID-19 Disaster Loans Tue, 09 Mar 2021 10:57:59 +0000

the SBA program will help qualified businesses and nonprofits recover from the economic losses associated with the sharp downturn triggered by the COVID-19 disease.

“Small businesses are the backbone of Alabama’s economy, and many of them need immediate help during these difficult times,” Governor Ivey said. “My team has worked closely with the SBA over the past few days to make this economic aid possible. We are all grateful to President Trump and the SBA for responding quickly to the problems faced by small businesses in Alabama. “

SBA Economic Disaster Loans provide up to $ 2 million in assistance to a qualifying small business. These loans can provide vital economic support to small businesses to help them overcome the temporary loss of income they experience.

These low interest rate loans can be used to pay off fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster.

Businesses must be eligible for EIDL assistance. For more information, visit the SBA COVID-19 Disaster Assistance Webpage.

Greg Canfield, secretary of the Alabama Department of Commerce, said the department Small Business Advocacy Office heard from many small business owners across the state who are pressed by the sudden decline in economic activity brought on by the emergence of the coronavirus.

“Small businesses are the lifeblood of communities across Alabama, employing local residents and supporting economic vitality,” Secretary Canfield said. “Keeping healthy small businesses in the state is critical, and the SBA’s Disaster Lending Program could prove to be a lifeline for many of them.”

Commerce worked with the Alabama Emergency Management Agency and the Alabama Small Business Development Center (SBDC) to prepare for Alabama’s candidacy for the SBA’s EIDL program. The SBA accepted Alabama’s request today.

“This is a team effort that will help many small business owners in Alabama get through this crisis and thrive again,” Governor Ivey said. “I want to thank the whole team, especially the quick response from the SBDC, bringing together all the moving parts of the app.”

According to data from the SBA’s Office of Advocacy, there are nearly 400,000 small businesses in Alabama, employing nearly half of all workers in Alabama.

Henderson wants to be No.1 Man United, and despite a quiet night against West Ham, he pleads to oust De Gea Tue, 09 Mar 2021 10:57:59 +0000

MANCHESTER, England – For 120 minutes at Old Trafford on Tuesday night, Dean Henderson’s main preoccupation was finding a way to stay warm.

During snow flurries on a freezing night in Manchester, West Ham United only managed one shot on target as Manchester United won their FA Cup fifth round match 1-0 thanks to Scott McTominay’s goal in overtime . But even when David Moyes’ side couldn’t help the 23-year-old keeper assert his first-choice claims, he still managed to help himself.

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His performance in his 10th start of the season was one of quiet skill, and pitted David De Gea’s mistakes in the 3-3 draw with Everton On Saturday he will do no harm to his hopes of dislodging the No.1 Spaniard. Henderson is likely to be back on the bench for the trip to West Bromwich Albion on Sunday, but more games like this – calm, organized and straightforward – and Ole Gunnar Solskjaer’s decision will become increasingly difficult.

Henderson didn’t do anything spectacular against West Ham – he didn’t need to – but he was able to show just how good he is a goalkeeper anyway. He was in the right position to comfortably save Said Benrahma’s header and when West Ham looked for an overtime goal he was confident enough to run to the edge of the penalty area and grab Aaron Cresswell’s high free kick.

There’s no question De Gea is capable of stopping shots, but he doesn’t go out of his line to relieve his defenders as often as he should. Henderson has done it more than once and, at the end of the first half, claimed a Cresswell cross from the left over Andriy Yarmolenko’s header.

“I always hope our goalie has a quiet night when we play, and most of the time it was that way. [Henderson] was clean in everything, “Solskjaer said afterwards.” Passing is always the main thing in the cut. I was very happy with the mentality, the attitude and the experience. “

On loan to Sheffield United last season, Henderson made more saves, claimed more crosses and struck more often than De Gea, but there are still aspects of his game that Solskjaer and his coaches would like him to work on. At Bramall Lane he was allowed to hit balls more often to the halfway line, but at United he should help build from behind. In his pre-match press conference, Solskjaer suggested that Henderson improve with his feet, and the way he shot Tomas Soucek on his own goal line as the final seconds ticked by was proof. of his growing confidence. It should be noted that at halftime, Henderson was with a coach, not warming up his hands, but performing passing drills.

Often the challenge for a goalkeeper at United is keeping his focus as most of the action takes place on the other end. “David has been used to this for years: staying focused, keeping an eye on the ball and all of a sudden a moment comes and you have to make a save,” Solskjaer said.

Henderson still has work to do to oust De Gea for good. In September 2019, De Gea signed a gigantic contract that could keep him at the club until 2024, and Solskjaer will be reluctant to have one of his biggest employees sit on the bench.

For Henderson, playing regular games is the only way for him to continue his development, and although he has made 11 appearances so far this season, Solskjaer accepts that is not enough. “He’s not the most patient,” the Norwegian commented this week.

Sources told ESPN that Henderson and his representatives were comfortable with Solskjaer’s plan for this season. He hopes to play in the remaining cup matches and the majority of the Europa League campaign while De Gea will continue in the Premier League.

The question, however, will be how long Henderson will be happy with this arrangement. He has the ambition to be England’s No.1, if not at the European Championship this summer, then certainly for the 2022 World Cup in Qatar.

First, he will have to win the battle with De Gea at United. He went under the radar against West Ham but ensured that the debate over who should get the gloves at Old Trafford will continue.

Coronavirus fraud targets unemployment benefits and personal data Tue, 09 Mar 2021 10:57:58 +0000

Criminals are getting busier – and creative – with a wave of new scams that are preying on people’s fears and concerns about the coronavirus pandemic.

The big picture: Desperate people find their unemployment checks and stimulus payments Fly. They are also bombarded with bogus treatment offers, bogus work-from-home offers, and messages asking for personal financial information.

In perhaps the most common scam, criminals file bogus unemployment claims on behalf of real people who haven’t lost their jobs, hitting state after state.

  • The rush to get relief money out of people’s hands has introduced new vulnerabilities in unemployment systems – state agencies and corporate human resources departments are quick to approve applications without demanding much evidence .
  • A Nigerian criminal network called “Scattered Canary” may be responsible for much of this fraud, which is made more attractive by the additional $ 600 per week in unemployment benefits enacted by Congress.
  • Washington state – one of the first outbreaks of coronavirus in the United States – appears to have been hit the hardest, with hundreds of millions of dollars in profits siphoned off, through the Seattle Times.

Where he is : The Federal Trade Commission says consumers have reported about $ 50 million in losses to the agency.

  • TransUnion, the credit bureau, operates a weekly survey this shows that 29% of consumers say they have been the target of digital fraud linked to COVID-19.

“Some of the really pernicious the things we were seeing were about people ordering PPE-like equipment – face masks, hand sanitizer – and then that never happens, ”Monica Vaca of the FTC told Axios.

“Fraud is big business, and it works like every other business, ”Will LaSala of OneSpan, which sells anti-fraud software, told Axios.

  • Misinformation about COVID-19 – as well as items like soap and toilet paper – has prompted many people to try and buy things from merchant websites that have turned out to be fake, or to click on offers from phishing.
  • Scammers have dangled lures like “check your $ 1,200 stimulus payment status” to trick people into disclosing information via email, phone and text.
  • Other scams include bogus charity websites; bogus Small Business Administration loan offers; fictitious work-from-home programs that force people to prepay; and calls from an area code that claims to be from a person’s doctor.

Official appearance notice Claiming to belong to the government could mean that you have been overpaid in the form of stimulus or unemployment benefits and need to pay the money back immediately.

  • “A lot of times they’ll say you have to do it right away or you’ll be arrested – and, oh, by the way, put it on an Apple gift card,” said Paul Stephens of the Privacy Rights Clearinghouse at Axios. .

Then there are the W-2 scams, in which a hacker forges a CEO’s email address and asks the HR department for a list of employee tax information.

  • “When we were working from offices there were firewalls in place that were really blocking a lot of things, but now that we are working from home we don’t have those protections in place anymore,” says LaSala. “It really led to a lot of these attacks.”

Who scams who: While the elderly are frequent victims, the most unexpected are millennials (who are in their prime to be at home, online, inactive and nervous) and college students, who are nervous about their future. university future and their tuition fees.

  • “They pretend they’re from the school’s finance department and they give you choices,” Paige Hanson, head of cybersecurity training at NortonLifeLock, told Axios. “They’ll tell you, ‘click on this link to verify your personal information.’ It will go to a bogus landing page “where criminals collect the information they need to take advantage of the student.

Even if only a small percentage Of those successful fraud attempts, “the outcome is significant,” Crane Hassold, senior director of cyber intelligence at email security firm Agari, told Axios.

  • “Some of these attackers are working 40 hours a week. These attacks are getting more and more sophisticated, more realistic.”

Experts offered some advice to try to protect yourself:

  • “Be wary of any unsolicited phone calls or texts that you may receive from anyone, unless you have initiated contact with that person,” Stephens said. When in doubt, call back a number that you know is legitimate.
  • Talk to someone before you act. “Talk to a friend, talk to your brother or someone,” Hanson said. “Even if you are in this moment and want to react, they might know about this scam.”

Financial products to complement your PPP loan Tue, 09 Mar 2021 10:57:58 +0000

In 2020, many small businesses applied for and benefited from the Federal Paycheck Protection Program (P3). This forgivable loan provided much needed financial assistance to struggling businesses that wanted to keep their employees on the payroll during the pandemic.

With the second round of PPP loans now available, small business owners may wonder if they qualify and, if they are, if the funds they receive will be enough to keep them afloat.

While PPP is a huge factor in the overall economic recovery during COVID-19, it is not the only option for businesses in need of a financial boost. Here is an overview of the steps businesses can take if receiving a P3 loan is not enough.

How does the Paycheque Protection Program work?

In March 2020, President Donald Trump signed the CARES Act, a $ 2 trillion stimulus package for COVID-19 relief. In this bill was the Paycheque Protection Program, which provided government-backed forgivable loans to businesses to help cover payrolls and the cost of facilities. These loans could represent up to 2.5 times the company’s monthly payroll costs, with loans capped at $ 10 million.

Another round of PPP loans under the Paycheck Protection Program was enacted on December 27, 2020. These loans are now capped at $ 2 million per loan, instead of the original $ 10 million.

Companies that have already benefited from a PPP loan can apply for a “second draw” loan, as long as they have used (or plan to use) the full amount only for the permitted uses, and they still meet the eligibility criteria.

To apply for a PPP loan on the first or second drawdown, companies must complete the following conditions:

  • Companies must have fewer than 300 employees.
  • Companies must demonstrate a 25% reduction in their quarterly revenue between comparable quarters in 2019 and 2020.
  • Companies must have been operational by February 15, 2020.
  • Businesses must meet other Small Business Administration (SBA) requirements.
  • Individual owners, independent contractors and self-employed persons are eligible.

What if my PPP loan was not enough?

Receiving a PPP loan can be extremely helpful for struggling businesses, but it is not a quick fix. The loan can only be used for payroll and other qualifying operating expenses if business owners want a discount. Many companies have found that P3 funds are not enough to help them stay open and keep growing.

Fortunately, there are other financial solutions that business owners may find more flexible or useful to supplement their P3 funds. These loan products can also be a useful solution if your business does not qualify for a first or second P3 loan.

Term loans

Taking out a term loan allows a small business to borrow money and repay it on a specified repayment schedule with a fixed or variable interest rate. These loans can last from 18 months to 25 years, depending on the lender you are working with and the amount you are borrowing. These loans are generally repaid on a monthly or quarterly repayment schedule. You can combine a term loan with your PPP loan to cover costs that are not included in the PPP.

Credit line

A line of credit is a predefined borrowing limit that a business can enter into with a financial institution. The borrower can access line of credit financing at any time, as long as it does not exceed the maximum amount, and repay it as they can. If your business doesn’t already have a line of credit, applying for one can be a smart and flexible financial solution to complement your P3 loan.

Invoice factoring

Businesses aren’t the only ones struggling right now, and many are dealing with customers and clients who haven’t been able to make timely payments. Through the invoice factoring process, businesses can sell their unpaid invoices to a third party who will advance 70 to 90% of the invoice to them in advance, the balance being sent to settle the invoice (less a commission for the factoring company). If your customers are having trouble making their payments because of COVID-19, invoice factoring can help you with your cash flow until your invoices are paid.

Equipment financing

The coronavirus has caused companies to make certain changes to their operations, some of which require additional equipment to meet new security measures. Small business owners can take out loans specifically to finance these expensive equipment purchases.

Capital of the bridge

A bridge capital loan is a short-term loan that is used as funding until a person or business obtains stable funding or removes an existing obligation. Small businesses are turning to bridging loans as an alternative to traditional loans because of their quick application and funding process. Bridge loans, however, tend to have higher interest rates and shorter terms.

SBA loan 7 (a)

An SBA 7 (a) loan is useful for small businesses; it offers no down payment, low interest rates and longer repayment terms. It is partially supported by the SBA and has flexibility in how the funds are used. If you are a young business and need more than the PPP loan to improve your cash flow, it is worth considering applying for an SBA 7 (a) loan.

How to Apply for a Business Loan

While each lending institution may look at different criteria for different types of loans, there are a few common things that everyone will look for. No matter what type of loan you apply for, you should have the following documents prepared and ready before apply for a loan:

  • Two to three years of financial statements and tax returns
  • Accounts Receivable Reports
  • At least three to six months of bank statements
  • A business plan
  • Proof of business ownership

Wondering what are your chances of getting approved? Here are some factors that typically influence a small business’s chances of getting a loan:

Credit score

Lenders will look at your personal finances, including your personal credit score. Since lenders seek personal debt collateral, good creditworthiness can increase your chances of being approved for a loan.

Cash flow

Lenders will look at your sales, income, and expenses to make sure you can meet repayment obligations. A positive cash flow statement for your previous year gives a potential lender confidence that you will be able to make your payments on time and in full.

Debt-to-income ratio

Lenders will not want to lend to heavily indebted businesses. They generally prefer to see a debt-to-income ratio of less than 30% for new small business loans.


Some lenders require collateral, such as real estate, to protect their loan. This gives them an asset that they can take control of in the event the business defaults on its loan.

What to look for in a commercial lender

If your small business is looking for a lender, here’s what to look for:

  • Experience lending to businesses in your industry. Evaluate lenders using your own eligibility criteria. Make sure they have experience in your industry so they understand how the economy affects business and can be flexible when needed.
  • Positive customer reviews. Small businesses want to work with lenders who provide positive experiences for their borrowers. Find and read reviews online for the lenders you are looking for, reading both positive and negative reviews to get the big picture. Ask other business owners which lenders they’ve worked with and recommend them.
  • SBA approval. Any commercial lender that you evaluate must be approved by the SBA. You will know that you are working with a reliable and trusted supplier who has been approved by this organization.
  • Transparency on products and loan conditions. Some lenders may charge a fee if you prepay the loan, or they may not disclose that interest rates may rise. Have a direct conversation with potential lenders. Ask them to be transparent about the approval and reimbursement process and if there are any additional expenses that are in the fine print.

Finding small business lenders with access to financial products will help fuel the economic recovery in 2021 and beyond. Many small businesses and startups are reluctant to take out loans. However, with the right lender, the process can be both straightforward and fair for you and your business.

If you are looking for a commercial lender who can provide a personalized, user-friendly experience for small businesses, consider SBG funding. SBG has solutions to help your small business grow, including all of the above financial products and its own. COVID-19 relief resources.

Can I get a loan if I have a bad credit score? – Forbes Advisor UK Tue, 09 Mar 2021 10:57:57 +0000

If you have a bad credit rating, you will be refused the most competitive personal loans on the market. But that doesn’t mean you won’t be accepted anywhere. We take a consider your options if your credit score is not up to par.

What is a bad credit score?

When you apply for credit for any type of credit, the lender check your credit report to see how reliable you are as a borrower. If you have “bad credit” or a low credit rating, it may mean that you have had trouble paying off your debts in the past.

You might have a low credit score for reasons such as:

  • late monthly repayments
  • completely missing payments
  • bankruptcy
  • an individual voluntary arrangement (IVA)
  • County Court Judgments (CCJ)
  • too many “hard” searches on your credit report – a thorough search is recorded every time you apply for credit, and too many searches in a short period of time can make you feel like you are desperate for credit.

You can also have bad credit simply because you haven’t borrowed in the past and haven’t had time to build up a credit history.

If any of the above reasons apply to you, lenders will consider you “high risk” which means it will be more difficult for you to get a loan.

What Kind of Loan Can I Get With Bad Credit?

If you have a bad credit rating, your choice of loan options will be more limited. However, you can still choose from the following:

Personal loan (unsecured): This type of loan is “unsecured”, so you won’t need to use an asset like your house or car as collateral, but you will have limited choice if you have a bad credit rating and interest rate. interest charged will be higher.

Secured loan: With this type of loan, the amount borrowed is secured by an asset, usually your home. For this reason, they are also known as homeowner loans or second mortgages.

Secured loans are much riskier than unsecured loans because if you fail to keep up with your repayments, you could lose your home.

The upside, however, is that lenders may be more willing to lend to you because of the secured asset, which usually means the interest rate will be lower.

Guarantor loan: With a guarantor loan, someone like a friend or family member (who will need a good credit rating) agrees to take on the debt if you are unable to pay it off.

Lenders are more likely to let you borrow if they know someone else will be tracking repayments if you can’t. Debt is unsecured, so it will not be tied to your house or any other property.

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What are the advantages and disadvantages of bad loans?


  • You can often access your funds quickly – sometimes within 24 hours
  • If you make your repayments on time, your credit score will increase, helping you access more competitive loans and other forms of credit in the future.
  • Monthly repayments are fixed, which makes budgeting easier.

The inconvenients

  • There is no flexibility with loan payments, so if you regularly miss your monthly payments, you risk further damaging your credit score.
  • If your loan is secured against your home and you can’t keep track of your repayments, your lender has the legal right to repossess your property.
  • Interest rates are likely to be higher if you have a bad credit rating, making your overall debt more expensive.

How can I improve my credit rating?

If your credit rating is low, the good news is that there are several things you can do to improve it. These include:

  • regularly check your credit report and correct any errors
  • register on the electoral roll (if not already done)
  • pay bills on time
  • space credit applications by at least three months, ideally six
  • keep your “credit usage” low – this is how much of your available credit limit you are using (about 30% is about right).

What else should I consider?

If you are considering taking out a loan with a bad credit rating, you need to think carefully about how much you need to borrow and how much you can afford to pay off each month. Set a monthly budget and make sure you stick to it so you don’t miss out on any repayments.

You should also consider the repayment term. Choosing a longer term will reduce the amount you have to repay each month, but the interest rate will likely be higher and the total cost of your repayment will also increase – so you will repay more overall.

Before applying for a loan, it may be helpful to use an eligibility checker (usually now offered by lenders and comparison sites) which will show you the likelihood of you being accepted for a particular loan without affecting your credit score. .

You can also consider using a credit card, which is designed to help borrowers repair, improve or “build” their credit score. Acceptance criteria are usually lower, so a credit card may be a good choice if you can’t get credit elsewhere.

Note that credit cards generally have low credit limits and high interest rates, so it’s best to pay off your balance in full each month. But used wisely, this type of card can help you improve your credit score over time. You can find out more in our guide.

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Shames Mountain is a home that skiers built Tue, 09 Mar 2021 10:57:57 +0000

Photo credit: Mattias Fredriksson

People dig the top of the elevator at Shames Mountain near Terrace, British Columbia, Canada.

On my first visit to ShamesDecades ago, I stood atop a bowl etched by a glacier as the clouds lifted to reveal an undulating sea of ​​mountains dragging rivers fringed by deep valleys. The day that followed was filled with Himalayan panoramas, eye-opening tours, face photos and a red Fun-o-Meter. Many skiers called Shames’ backcountry access the best North American ski area, and I quickly saw why.

Today, however, Fredriksson and I ski within limits, weaving our way through the familiar crowd: Yvan Sabourin, helicopter guide; fisherman and adventurer Dean Wagner, who makes Divide skis by hand in his Prince Rupert home; Luc Joanisse, a semi-retired Quebec architect who is in his sixth winter here; and Rod Gee, a Shames original and an avalanche science guru.

“The characters here are legendary. If there was a local designer, he would have fodder for his whole life, ”says Sabourin. “And since the professional lift is perhaps one of the most stable incomes, it is pursued with passion and pride. “

the hinterland

Photo credit: Mattias Fredriksson

Leah Evans and Marie France-Roy ski touring in the Shames backcountry near Terrace, British Columbia, Canada.

The familiar cadre of greyhounds exchanging information and helping each other is a clear indication of the community ethic of affordability, sustainability, collaboration and innovation. These are the cornerstones of the group that came together to save the mountain from potential closure when the previous owners wanted to retire and put the ski resort up for sale. This is the story that defines Shames. This is the latest chapter in a 60-year ode to keeping the soul of skiing alive in a thriving resource town.

The first chapter begins in the 1960s, when local entrepreneur Bill Little installed a towline outside of Terrance and Northern Heights Ski Hill was born. It was essentially a glorified toboggan run, but it was popular enough to inspire calls for a real ski area. So one winter day in the early 1970s, local dignitaries and Canadian ski icon Nancy Greene were invited to ride a telephone company snowmobile to a radio tower on the north side of town. to assess the ski potential of the hill. Halfway through, the machine got stuck in snow deep enough to spawn immediate rave reviews from the field and the eventual opening of Kitsumkalum Ski Hill in the winter of 1975. Despite its promising start, its 13-year stint as a city hill was anything but glorious. With 1,460 feet of vertical slopes and 15 mixed trails, Kitsumkalum fell victim to a rapidly changing climate that robbed low-lying ski terrain. The summit barely came close to 1,640 feet. By the time a master plan for his replacement, Shames Mountain, was drawn up in 1986, Kitsumkalum had been out of action for three of its previous six seasons.

Raw bad debt pile not going down anytime soon for major Indian lenders Tue, 09 Mar 2021 10:57:56 +0000

Indian banks are on the mend after the pandemic hit. After all, most lenders have reported that collection efficiency has returned to pre-pandemic levels.

Before investors start the celebrations, they should note that lenders have either increased provisions or maintained them in the September quarter. In total, provisions are down modestly by 4.6% over one year for the 31 listed banks (excluding small financing banks). Indeed, a moratorium and a Supreme Court standstill helped them maintain the lending standard, which required no provisions. But when it comes to covid-19 risks, banks have taken additional steps to anticipate future risks.

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Warning position

In addition, the crude bad loan the september quarter stack is underestimated due to two abstentions. One is a direct judgment on the SC’s declaration of loans as bad in a petition involving compound interest. Until he delivers his verdict, the status quo continues. A history of the Mint from November 9 says at least ??26,000 crore in loans that could have gone wrong benefited from the court’s standstill.

This abstention follows that of the Reserve Bank of India (RBI) on loans under moratorium. Note that the moratorium ended on August 30. Retail loan clients would have seen their skipped equal monthly payments (EMI) added to their total loan portfolio. These loans would normally have been labeled bad, but due to the forbearance they are still standard. Whether or not they paid their IMEs in September, these loans would be the norm due to the Supreme Court’s status quo. Certainly, the efficiency of the banks’ collection shows that there is no generalized stress in the retail trade. But the same cannot be said for small business loans.

Defaults are mostly expected from small business loans because micro, small and medium enterprises (MSME) have been hit hard. Beyond the government’s credit guarantee program, no lender wants to reach MSMEs with a large pole. For the banking system as a whole, loans to MSMEs declined by ??6,380 crore in the first six months of FY 21. The largest lender, the State Bank of India’s SME portfolio has shrunk by 4% in the same period.

A key solace, however, is the expected restructuring portfolio for banks. There were concerns that a large chunk of the loans would be restructured once the moratorium ended in August. However, most banks said the restructuring would only represent a small percentage of their loan portfolios.

“These look quite encouraging and better than some regional markets. In fact, some lenders like Kotak Bank, ICICI Bank, AU SFB, among others, have stopped making additional arrangements for the covid and many more are likely to end it from the third quarter of FY21 ”, wrote analysts at Jefferies India Pvt. Ltd in a note.

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Here’s how much plastic from Amazon shipments ends up in the ocean Tue, 09 Mar 2021 10:57:56 +0000

Online retail giant Amazon generated nearly 500 million pounds of plastic packaging last year, of which more than 22 million pounds ended up in rivers and oceans, according to a new report, potentially threatening CEO Jeff Bezos’ efforts to strengthen his company’s sustainability credentials.

According to research from the Oceana Ocean Conservation Charity, plastic air cushions and bubble wrap made up most of the waste from Amazon shipments, the use of which has grown rapidly in recent years. the report, who assumed that Amazon sent some 7 billion shipments last year alone, calculated that the combined length of air cushions used by Amazon in one year would circle the Earth 500 times. Additionally, the charity said, the size of the company’s plastic footprint is expected to increase as its global business grows.

Amazon has strongly disputed Oceana’s claims about the extent of the problem. In an email to, a company spokesperson said:

“We share Oceana’s ambition to protect and restore the world’s oceans, and we support reducing the use of plastics. However, Oceana significantly miscalculated Amazon’s plastic use and exaggerated it by over 350%: We use about a quarter of the plastic packaging estimated by Oceana’s report. “

The statement continued: “Since 2015, we have reduced the weight of outgoing packaging by more than a third and eliminated nearly one million tonnes of packaging material. As a founding member of The Climate Pledge, Amazon is committed to protecting the planet and continues to host informed and constructive dialogue with NGOs and others on these issues.

Oceana also conducted a survey of 5,000 Amazon customers, finding that 86% of those surveyed were “concerned” about plastic pollution. Noting that the company has already taken steps to eliminate single-use plastic waste at its operation in India, Oceana included in the report a series of measures Amazon could take to reduce its plastic impact.

Announcing the report, Oceana senior vice president Matt Littlejohn said, “The amount of plastic waste generated by the company is staggering and growing at a frightening rate,” Littlejohn said. “Our study found that the plastic packaging and waste generated by Amazon’s packaging is primarily destined not for recycling, but for landfill, incinerator or the environment, including, unfortunately, our tracks. waterways and our sea, where plastic can harm marine life. “

“It’s time for Amazon to listen to its customers, who, according to recent surveys, want plastic-free alternatives, and to make real commitments to reducing its plastic footprint,” he said.

MORE FORBESHere’s what you need to know about the 2020 global carbon budget

Plastic waste causes immense evil to marine environments, poisoning and suffocating marine life and entering the food cycle. At least 8.8 million tonnes of plastic enters the oceans every year. This rate is expected to increase as the production of plastic increases, and as oil companies invest more in plastic.

While the company has categorically rejected Oceana’s findings, the report raises key questions for Amazon founder Jeff Bezos, the world’s richest man, who last month named the first recipients of its $ 10 billion “Earth Fund” intended to support climate action. Amazon complaints that since 2015, it has reduced the weight of its outgoing packaging by more than 33% and eliminated 900,000 tonnes of packaging material. The company also claims to have took action to make its packaging products easier to recycle and that it will recycle up to 7,000 tonnes of plastic film in 55 of its distribution centers each year.

But sticking to her research, Oceana noted that Amazon provides few details in its sustainability reports on its plastic packaging. Most of the plastics Amazon uses in its packaging are either non-recyclable or have little value in the recycling market, according to a Greenpeace report published this year. And even when plastics are recyclable, they only add to another problem: as previously reported by, a lack of recycling facilities and a low return rate mean that only around 9% of the world’s plastic waste is recycled; the rest ends up in landfill, is burnt or ends up in the natural environment.

In its survey of Amazon customers in the UK and North America, Oceana found that 92% “were upset that plastic recycling didn’t work” and 87% wanted Amazon to offer packaging choices. plastic free at checkout. At the time of writing, more than 665,000 Amazon customers have signed a petition ask the company to offer plastic-free packaging options.

Among Oceana’s other recommendations for Amazon, the charity suggested “aggressively” expanding existing corporate programs to reduce plastic packaging, as well as expanding the use of reusable containers. The association also called on Amazon to improve sustainability transparency regarding reporting on plastic use and to consider the environmental impact of plastics in its high-level business decisions.