Considering A PayDay Loan? READ THIS FIRST!

Payday loans can be a lifesaver if it’s truly used for an emergency – only you can decide what’s truly an emergency. Most times something comes up; we freak out and instead of thinking things through and finding other alternatives we quickly react and put ourselves in a worst position than we initially started out; hence the existence of payday loans and car title loans and every other high interest loans available to those with less than stellar credit.

To borrow a payday loan is simple; you typically pay $20 per $100 borrowed or more. The appeal is all you need is a job, proof of employment and a check with a future date stamped on it – easy, right? No hassle, and most importantly no credit check. I’d rather you avoid them completely but if you must please choose one that is with the Community Financial Services Association; an association that provides guidelines that protect the consumer.

The most negative thing about a payday loan are the interest rates/fees! It comes to about 400% interest on a loan! That’s absurd. But if you need your car fixed; furnace repaired, water heater replaced – it suddenly doesn’t seem that bad. The key thing to remember is not to borrow more than you need. The payday loan clerk is a salesman; just because he/she states you can borrow up to $1000 does not mean you should accept it. Borrow only what you need!!! And if they offer you the monthly payment plan don’t fall for it; remember their job is to sell so that THEY can make more money. Pay if off all at once and avoid the pitfall of the monthly payments that make them more money and cause a financial strain on your budget.

So; what if you ignored everything that I’ve just said and borrow more than you can pay back by the next pay period? Well if they’re a member with the CFSA, all you need to do is tell them you can’t make the payment by the due date. As a member of the CFSA, they’ll need to stop all collection activity and give you 4 additional pay periods to pay back the loan in full. Oh, and they can’t charge you any additional fees during this period either. This must be done before the due date; or at least before close of business on the day before the loan is due; preferably in person; and it can only be done once on the same loan. It’s called an Extended Payment Plan. If they deny you or state they don’t offer this; call CFSA directly at 888-572-9329.

Now I must admit the collection activity from payday loan companies are THE WORST! They call your job; threaten automatic wage garnishments, threaten to sue you or file a police report for bank fraud to send you to jail (based on the post-dated check you wrote them); the list goes on and on – and its illegal. State laws govern the collection activities of original creditors; and fortunately most state laws closely follow the laws of the Fair Debt Collection Practices Act so all you need to do is look up your state’s laws on payday loans collection activities and rules. The list is usually found on your state’s Attorney General’s website; your state’s Consumer Affairs website will have some valuable information as well.

Why You Need Liability Coverage From Your Insurance Company

Designed to cover professional practitioners against claims of negligence made by clients or patients, professional liability insurance goes by many names. When used in the medical profession, it is commonly called medical malpractice coverage. Notaries public also require this security, but they refer to it as errors and omissions insurance. Real estate brokers, management consultants, and even website developers are all eligible for protection.

What’s It For?

Insurance is used to protect people in case something unfortunate happens. Auto policies protect them in the event of an accident; medical policies protect them from unexpected illnesses; commercial policies protect them from a number of mishaps. If there is a fire, theft, or an accident on the job, the commercial variety will cover it.

Why You Need It

Few companies are fortunate enough to survive for a protracted period of time without getting sued by a client, customer, or employee. Liability coverage from an insurance company is the only shield most businesses have against litigious attorneys. This goes double when an employer competes in a risky industry like construction. Why?

A construction site is arguably the most dangerous working environment on earth. Not because people are careless, but because making something, anything, is risky. Workers fall down stairs; they trip on cords; they cut themselves. Builders must assume this risk and purchase the right amount of coverage from their insurance company to protect them from financial ruin. But that’s not all.

These policies not only shield the employer, but they also safeguard his workers. If an electrician falls off a ladder or a carpenter cuts himself, a liability policy will pay his medical bills. Commercial coverage will also cover most attorney fees and court costs if someone files a suit against you.

How Much Do You Need?

As you might expect, the size of the policy often depends on the size of the business. Most actuaries recommend at least one million dollars of professional liability coverage for small businesses. Large businesses and corporations obviously need a lot more and often carry huge policies. Because lawsuits are quite common in the medical profession, malpractice insurance is the most common form of liability coverage.

Most doctors have several million dollars of malpractice coverage at all times. When they work in a large practice, that figure might be five or even ten times as high. Lawyers and accountants must also carry liability because of the high rate of litigation in their fields. But what about everybody else?

Numerous Benefits

Any business that can be held financially responsible for failing to complete a project on time may need to purchase a professional liability policy from their insurance company. This includes general contractors, architects, builders, and many, many more. These policies also cover personal injury, breach of warranty, intellectual property, and security. In short, any company that has more than one employee should have liability coverage.

Credit Repair Training: What to Look For in a Good Course

If you are thinking about becoming a credit repair specialist and opening your own business, you need to look into finding good credit repair training. As with any skill you attempt to learn, you need to go through some training to learn the ropes. Finding the right training program is crucial to your overall success. You cannot afford to learn the wrong way. This is your livelihood you are talking about and you deserve to have the best training that will ensure your restoration business gets off to a good start.

The following elements should be included in any training course.

1-The training should cover the laws that govern restoration. You need to know what you can and cannot do to stay within the parameters of the law to protect yourself and your client. It is never okay to skirt the law, which means you need to know, in detail, what those laws are.

2-The dispute process is the key to repairing a credit report. You need to know how to do it effectively. There are several steps that you will need to take on your client’s behalf when disputing an error on a report.

3-The credit repair training should also go into great detail about the anatomy of a dispute letter. This is the first step in disputing an item on a credit report. Creating a letter that is too long or a letter that doesn’t highlight the pertinent details could get it shoved to the side and ignored by the credit reporting agencies. This is a lose-lose situation for you and your client.

4-Part of the process of repairing credit is learning what it take to rebuild credit. You will also need to understand credit scores and what is considered high and low. The training should cover these elements as well as provide you with tips to pass onto your clients about raising their score to a healthy level that will allow them to buy the things they want and need.

5-Because a credit score relies on the credit bureaus, you need to understand how each of the 3 major credit bureaus work and how they get their information. Each bureau will generate a different score for a person. You need to understand the factors that go into the credit score and what you can do to influence the scores on your client’s behalf.

6-Not all credit disputes are going to be solved right away. Because of this, you need training that will take you beyond the basics and explain how to properly get into advanced disputes. You can’t give up, but you need to approach the difficult task professionally and in a way that will get results. You need to know what tools are available to you and how you can successfully dispute an item on a credit report when a bureau is being stubborn.

7-Lastly, the credit repair training course should be easy for you to access and available for you to read, listen and watch. Simply reading a manual isn’t enough. Visual and audio help us to absorb information and retain it better. There is a lot of information and seeing, hearing and reading will ensure it is all covered.

You owe it to yourself to seek out the best credit repair training available. You could earn a comfortable living doing restoration, but in order to do that, you must have the proper training. There are plenty of programs out there, but they do not all include the above mentioned elements. This isn’t an area where you can “make do” or “get by” with inadequate training and information. Make the best decision for your future and choose the right credit repair training that will give you the best shot at being successful.

4 Pillars of Protection – Products To Consider In Your 4 Pillars of Protection Insurance Portfolio

With a wide range of insurance products available today it is important to understand the differences and benefits to you and your specific situation. A basic portfolio for any person but more specifically for a self-employed person should encompass the 4 following aspects.

Disability

By far one of the most important products for anyone, specifically self-employed people is disability insurance. We all work to handle our weekly and monthly expenses in addition to providing the “little extras” if we have anything left over. Employees of a company for the most part will have benefits provided to them however, being self-employed our livelihood depends on our ability to go to work and earn an income. In the event your ability to work is suddenly removed, disability insurance could be the key to your survival. Your income is the fuel for everything. Remove that and over time all else will fall apart.

Life Insurance

Life insurance has so many uses that it could essentially apply to everyone. However, the general consensus of life insurance is that it is suitable only for people with a family. This couldn’t be further from the truth. Life insurance can be used to protect a debt over a period of time, provide for your survivors after final expenses, or give to a charity upon your death. For people who would like the idea of having a benefit as well as a savings or investment vehicle, life insurance could also be an option for you. Life insurance must be carefully evaluated to ensure that it is structured properly based on your specific situation.

Critical Illness

In my experience I have seen this product misunderstood the most. The important thing to understand about CI is that it will pay a lump sum benefit in the event you’re diagnosed with a “specific” covered illness. Most CI products will protect against heart attack, cancer, and stroke however, each policy will differ between companies for other covered illnesses beyond these. Do not make the mistake like most do in thinking that this operates like disability insurance. Yes, they are both living benefits but they provide protection in varying ways.

Investments

Within financial circles it is encouraged to have a minimum of 6 months of disposable “liquid” income saved. For most people this is a tremendous feat and some people often throw their hands up in the air and forfeit the idea that they too can have investments. Life insurance can be designed in such a way that not only do you have protection but also an accumulating asset. Outside of life insurance there are many ways to protect and grow your money. The concern for most people is having a large sum of money lying around to be able to invest.

If having a large starting capital is a concern of yours like it was for me, then I welcome you to consider an alternative to the “traditional investments and savings plan”.

Wondering About Financing Small Business Loans?

Many small companies in the US expect some growth opportunities in the next year. That is the great news! The bad news? Financing opportunities are looking bleak, particularly if the business owner has less than great credit, or a new business. Why would you need to know about financing small business loans? The main reasons for small business financing are to receive working capital and funds for capital expenditures.

It used to be that applying for business cash for a smaller business was fairly straightforward. You’d pay a visit to your local friendly banker and talk about your business needs. You’d discuss what you needed and they would help with financing a business loan – yours, to be exact. Then, the financial crisis hit, and banks closed ranks and decided that loans for small business were too risky. Business cash almost dried up. The big losers? Small business owners.

Now, we see the result of lack of financing: many small companies are either struggling to stay afloat, or are finding it almost impossible to capitalize on upcoming opportunities. In a recent Year-End Economic Report published by the National Small Business Association, nearly 40% of small businesses report they are unable to acquire adequate means for financing small business loans they deem necessary for their business to continue and grow.

What are the options for companies to get the business cash they need? The large corporate bankers and small locally owned banks are not the alternative they have traditionally been. You may feel that your business is a captive being held by the current economic situation and credit crisis. What you may not know is that there is a great source of alternative lenders who can provide working capital for small businesses. It is possible for loans to be secured against cash flow or your accounts receivable. In addition things such as inventory and purchase orders can be considered. Do you own property, machinery or equipment? These things as well may be leveraged to secure loans for small business.

What happens when your long time banker tells you there is no money for your business? Don’t give up and think that all is lost. There is help just around the corner for you. Business lending has changed. It may seem a little different to do business on the internet, but that is the new way. You just may be able to get the financing you need when the bankers say “No way.” Asset-based lines of credit may be the way to go in this Brave New World.

Typical banks are just no longer willing to extend traditional financing to the small company owner. There are many reasons for this, some of which are tightened federal requirements, as well as skittish investors who only look at the bottom line. These factors combine to make it seem that any loans for business may seem quite impossible. But don’t believe that! There is a whole new world of private banks and small business lenders who welcome your business. Once the level of risk of the business being financed is determined, you may be pleasantly surprised by the rates and terms you may be offered. Take advantage of the growth opportunities for your business. Grow your business just as you’ve dreamed.

The Get Working Capital Quick management team consists of financial professionals who have a combined experience of over 90 years in the business world. Get Working Capital Quick is focused on providing a variety of funding solutions including working capital, accounts receivable factoring, purchase order financing, merchant cash advance, business credit lines, and equipment financing. We can assist you in obtaining the financing you need for your company.