It is a normal behavior to seek for loans when we are out of money. Job loss, sickness, accidents or wants can drive us to borrow some cash regardless of our capacity to pay. It’s like borrow now and think how to pay it later. Such a bad move! This will either ruin your financial credibility or your life in general. Read this if you are tempted:
To be good in our finances, it is important to know not just how and where to borrow – but also how to generate long-term revenues. Loans can give us some comfort but only in a very short time. It’s the paying period that is not only long but also stressful. So, kiss your loans goodbye at the soonest possible time!
Payday loan is an advance credit provided by loan operating businesses with your pay check as guarantee. It is like advancing the money that you are about to receive for the upcoming payday. These kinds of services are usually charging higher interest rates than banks – reaching as much as 400% annually. Post-dated checks are required as collateral prior to granting the loan.
Is Payday Loan helpful?
It takes only one instance to be hooked into this never-ending cycle. Aside from the over-charging of interest rates, you only have 14 days to repay the loan. It is true that you can easily borrow the amount of money you need anytime and anywhere using this system. However, your financial situation will get worst once you started linking your life with it. Upon receiving your monthly pay check, it will go straight to the credit establishment to pay for your advances. How will you survive until the next pay day? Of course, you will be tempted to renew your loan again – paying a substantial part of your pay to lenders for the accumulated interests instead of spending them for your needs. This cycle will not end unless you stop relying on it.
How to Prevent Resorting to a Payday Loan?
Create an emergency fund. It should only be utilized for your emergency needs such as household wears and tears. Set aside a certain amount every payday until you saved at least $1,000 to $ 2,000 for your emergency fund. If you will do that little by little, you will no longer think of payday loans. If you happen to use your emergency fund for any reasons, make sure to replace it at once to avoid inconvenience that can come your way later on.
Include a sinking fund in your monthly budget. It is normally intended for car repairs especially when your car is old – where spare part replacement is a must. It will be lighter for you to set aside a certain amount as part of your monthly expenditures for the basic needs. That way, you won’t have to compromise borrowing from payday loan providers to cover unexpected expenses.
Apply for a credit card but use it only for emergencies. Credit card is a much wiser financial facility to use than payday loans. It has lower interest rates compared to payday loans. However, ample discipline is needed so as not to accumulate unbearable debts. Once you get used to using your credit card for lifestyle enhancements, you will surely ruin your regular budget. Avoid waking up one day to find that you are already sinking into an endless hole of debts.
Inquire how to avail quick loans from your bank or any affiliated credit union. They have loan services similar to payday loans but still following the standard allowable interest schemes. It is even a good idea using this loan to pay off existing payday loans that you already have – but be firm in staying away from them after clearing them out. That way, your loans are consolidated in one entity for convenience and manageable charges.
Payday loans should be avoided at all cost. Financial stability can never be attained when you are tied up with these kinds of responsibilities. Do not create another nightmare by relying on this temporary solution. Start saving now to never resort to any forms of credit again.
It is every businessman’s dream to be able to accelerate his profits. Therefore any effective way is taken into consideration. Nowadays, the internet is a big marketing option. It reaches practically more people than tri-media advertisements – that is basically, TV, print and radio exposures. Hiring an effective marketer can also help in formulating marketing ideas and in implementing them. Constant monitoring of promotional activities is a must to maximize results. Consumer credit counseling service is not only offered by financial companies. It can be offered by commercial companies to help prospective clients in managing deferred purchases. Here are points to consider improving sales and therefore accelerating profits:
Employ the right sales personnel. Hard work and strategic approach are a must so choose people who have these abilities and motivate them with attractive incentives.
Put up a web site and if possible in many different languages to enable foreign speaking people to read your advertisements.
Give your clients a surprise bonus for buying this will entice them to buy from you again. Also they will talk about getting more than what they expect which is a perfect advertising campaign for you.
Send greeting cards to clients just near you and online to those who are farther during holidays and special occasions. This will improve your relationship with them. Simple advertisement can also be incorporated with the card.
Choose the right target market for your products and services. This will make the marketing effort more effective.
Give customers the option to buy other products or add on products when they decide to buy your main product or service at the point of sale. This will automatically increase your sales and therefore a chance to make some more profits and convert slow moving items to cash.
Always think of new ways to entice people to buy your products or services. You could add extra free bonuses, delivery options or payment options. New promos or freebies will always be more exciting and if they are used to variations, they will regularly visit your site for new items that they can avail on promo.
Welcome other businesses to sell your products. It could be a simple joint venture deal for a period of time. This will generate more sales for you.
Regularly follow-up with all your prospects and current clients. When people see you or your ad more often, they are more likely to buy.
Constantly learn new sales ideas and educate yourself with new strategies to increase sales. You can read books and publications on business, advertising and marketing. You can also read on other businesses strategies and adapt it to your own business.
Having considered all of the above, there is a very big chance you will make good. Discipline is important for everybody especially in business so a consumer credit counseling service will be beneficial not only for the business but also for the buyers and their credit providers. Make a team out of your people and delegate but always monitor their activities. Have you heard of the saying “when the cat is away, the mouse will play?”