Understanding the Self-Employed Finance Market

There is an increased demand for specialist loans among small business owners and self-employed borrowers. The profile of employment is changing and many self-employed borrowers are:

>> Finding the lending environment to be tough; and

>> Unable to meet the standard lending requirements for a range of reasons.

Why Major Banks often consider Self-Employed Borrowers to be Unacceptable?

Here is a list of reasons why self-employed borrowers and small business owners are finding it tough to meet the standard lending requirements set by the major banks:

>> They are often unable to provide sufficient documentation to verify their income;

>> Their type of employment (e.g. sub-contractor arrangements) can often be considered to be unacceptable;

>> Their length of employment can be considered to be unstable; or

>> Their need for cash-out requirements to expand their business can be considered to be unacceptable.

How Non-Bank Specialist Lenders can help Self-Employed Borrowers?

If you are a small business owner or a self-employed borrower who is looking to expand business or purchase much-needed plant or equipment, and you are unable to meet the standard lending requirements set by the major banks. You need to look at an alternative lending solution which can be provided to you by non-bank specialist lenders.

The non-bank specialist lenders:

>> Will assess each application on an individual basis as it enables them to better understand your circumstances; and

>> Will assess the reasons why you did not meet the criteria set out by the major banks.

With almost 35% of small business owners and self-employed borrowers now requiring an alternative lending solution, it is not surprising to see the specialist lending market continuing to grow.

Obtain Expert Help

Ensuring you have the right finance structure in place for you and your business is vital. So, you should seek expert and specialist advice from a professionally qualified finance broker as he/she will have a thorough knowledge of credit policies and requirements provided by the non-bank specialist lenders.

You should also seek independent taxation and accounting advice regarding the treatment of depreciation and any tax advantages that may be available to you.

Having an independent and expert professionally qualified finance broker on your side will save you lots of time. The finance broker will negotiate on your behalf with the non-bank specialist lenders and will secure your eligibility for a specialist lending product as well as get you the best business loan that suits your needs and cash flow. Learn more about write my essay getessaynow at https://www.getessaynow.com

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Free Grants and Loans For Pregnant Women

Pregnancy is a package of joy for the expecting mother, but concerns over financial matters can be quite perturbing and troublesome. The prenatal and postnatal period can prove to be highly expensive, especially for single or income earning mothers. Expenses like food or baby supplies, medical care, housing, college, nutrition, paying debts and others require financial assistance. The U.S. government thus, provides social programs, loans, grants for expecting mothers through several federal, local and state agencies for the best aid possible during these crucial periods.

Housing Grants

For birthing or expecting mothers and their children, the U.S. government offers housing assistance for an affordable and secured living. Moreover, the government also helps pay off housing debts, overdue mortgage or rents. The Florida Department of Children and Families extend aid to pregnant mothers to pay their due mortgage, to secure funds for rent and afford a living. You may also check the Home Energy Assistance Programs, HUD and Grants.gov site for the multiple grants offered. Moreover, several nonprofit organizations, charities, local and state agencies and women care associations also offer many housing options to choose as per your requirement.

Educational Grants

Several married women, single mothers and pregnant mothers are looking forward to attending college to attain higher degrees for a financially secured living. However, it can be an expensive decision and cost prohibitive for the mothers handling multiple responsibilities. Birthing mothers can now apply for federal student aid affiliated by the U.S. Department of Education under the grant Free Application for Federal Student Aid (FAFSA). The U.S. government has initiated several other grant programs to help them attain their educational qualifications with the financial assistance required to meet the expenses of learning.

· Scholarships For Moms

· Patsy Takemoto Mink Program

· Emerge Scholarship Program

· Academic Competitiveness Grant

· Julianne Malveaux Scholarship

· R.O.S.E. Scholarship

· Pell Grants

· Women’s Independence Scholarship Program

· The Jeannette Rankin Foundation Scholarships

· American Association of University Women

· SWE Scholarship Program

Health, Nutrition and Food Grant

Pregnant mothers often need medical, nutritional and health care for both, the child and herself. The country offers a plethora of federal and state government programs that meet the expenses of the prenatal and postnatal care. The ‘Maternal and Child Health Services Block Grant to the States’ provided by the Department of Health and Human Services endows pregnant women with health care benefits. Being an expectant mother you can now look for pregnancy, health, nutrition, insurance and other such programs with ease in your state and avail the benefits. Another important grant – ‘Commodity Supplemental Food Program’ offers food to below or low income pregnant women through the state agencies. Just contact your State Department of Health. Some essential agencies offering health resources are:

· Child Welfare Agency

· Food Stamp Program

· Child Nutrition Programs

· Women Infants and Children Program

· Child Health Insurance Program

· Department of Education

· Food Banks

· Breast and Cervical Cancer Detection programs

· Medicaid

Personal Grants

Pregnancy period can prove to be challenging for mothers with low income or financial crisis. You may require a potential source for grants or loans that will help to meet with the expenses and the extra costs of your personal needs like medical, baby care, health, equipment purchasing, shelter, baby supplies etc.

Pregnancy Assistance Fund (PAF) offered from the Office on Adolescent Health (OAH) provides support for expectant and parenting teens and women. The funds are provided to programs offering support for completion of secondary and higher education, improve planning in pregnancy, impart parenting training and improve health of mothers and babies. Maximum amount of $1,500,000 are provided for such programs.

The 4 Most Common Loan Mistakes

In life there are times that you need to take out a loan. Often one needs a loan to make a bigger purchase like a car or a home. Occasionally one may even need to take out a short-term loan for an emergency. Most of the time this process a positive one. You get the money you need and pay it off over a period of time, with a monthly payment you can afford. In the process, you build or help to repair your credit score. If things go wrong however, it can be very bad for your financial future. Here are 4 of the most common mistakes people make when taking out a loan…

Mistake #1: Not Shopping Around

One of the most common loan mistakes is taking the first loan that comes along. The first loan you see advertised may not have the best terms or interest rate available. Shopping around for most important purchases is a smart move and loans are no different. Look at multiple loans and compare the terms, then make a decision based on what makes the most sense for your current situation. You may be in this loan for a while so even the slightest difference in the interest rate or fees can make difference on how much you will ultimately need to pay back.

Mistake #2: Not creating a Budget

Unfortunately, there is no free lunch. When you borrow money from a financial institution, you need to pay it back or else there can be serious consequences. It’s important to create a budget before you borrow the money to make sure you can pay it off on time. If you fail to make your loan payments in a timely fashion, could result in the loan getting much more expensive and it could do some real damage to your credit score. You may even want to consider budgeting more than you need. Often expenses come up that you don’t expect, plus you can always save money on interest by paying your loan off early in most cases.

Mistake # 3: Not Prioritizing Your Finances

If you set your priorities, it can be a lot easier to manage your finances in general. Paying off outstanding debt, especially loan or credit card debt should be pretty high on the list of priorities, just under the necessities. It’s important to realize that failing to pay back a loan can drastically affect your credit score and therefor your whole financial future. If you fail to pay back debt now, you may not be able to land that perfect apartment or get into a decent car payment down the road. People often talk themselves into little purchases they don’t really need and all those little purchases can add up big overtime, making it difficult to keep your finances on track. By prioritizing your finances, it makes it easier to say no to that extra pair of shoes, that cool item on QVC or that expensive night out you can’t actually afford. Buying those things may feel great now, but overtime it can detail your money situation.

Finally, make sure you are only taking out the amount you need and can afford to pay back. Many times people take out more than they actually need and then struggle to pay it back. Once you start making late payments, there is a snowball effect. Also keep in mind that the more you take out or the longer the term, the more interest you will end up paying over all. It can seem like a good idea to take a little more out for living expenses or that awesome gaming console you’ve been dreaming of but this pretty much always a bad idea. You’ll end up paying way more for those items when you add up the interest involved.

Mistake #4: Taking out More Money Than You Need

Be wise when it comes to taking out a loan and consult a financial advisor if you need advise. Mistakes happen but try not to make one when taking out a loan, it could be very costly.

What To Consider Before Taking A Loan

Almost everyone requires a loan at some or the other point in their life. Whether it is to buy a house or vehicle, start a small business, or for education, loans make it easier to get things when cash is short.

However, if you seeking a business loan, then the process won’t be that easy as there is an element of risk involved. So, it is very important that before you apply for a loan you understand how the bank will evaluate your loan application. There are various factors through which the bank will analyse the borrower. Given below are some of the factors that the bank will review and, if you satisfy the criteria, will increase your chances of bagging a loan.

Before You Apply For A Loan…

The first factor that all the banks will look into is the ability of the borrower to repay the loan. So, banks will take into account the sources of repayment. If you are taking a loan for a business then the bank will take into account the cash flow that the enterprise can generate. The banks will also take into account another source such as collateral.

The bank will also go through the borrowers past financial record. If the business has been profitable and it can cover the debt then the bank will approve the loan. In case the business has not enjoyed success in the past as the borrower needs the funds to grow, then the bank will ask for a detailed explanation on how the loan can be repaid.

Good business credit is essential as no bank will bet their resources on defaulters. Sometimes, banks will also analyse the personal credit of the borrower. That is why before applying for a loan make sure that your credit record is good.

Your credit report will carry your credit ratings which you will have to submit to the bank. The bank will evaluate and depending on it you will receive the loan. However, different banks evaluate the credit report differently. If one bank rejects your loan application you may find another bank that would evaluate the report differently.

Your credit ratings will be a combination of a number and letter. The most important is the number; the letter denotes the type of credit. If you are rated ‘1’ then you have the perfect score. This means that you have paid all your bills in time. If you are rated ‘2’ or ‘3’ then it means that you have paid your bills two to three months late. A ‘9’ rating will mean you have defaulted on the bills and it will become very difficult to obtain a loan. It is always better if you take the help of an accountant to interpret your credit report.

The bank will also check if you have a second source of repayment. This is known as collateral, which are basically all those assets that can be sold to pay back the loan. It is the collateral which secures the loan and most loan programs require some sort of collateral. If the borrower doesn’t have any collateral then he/she can use a co-signer who can pledge the collateral or the loan may not be granted.

8 Conditions Which Can Result Into a Loan Rejection

Getting a loan may change someone’s life. But if an application is rejected, the dreams are shattered. And a single rejection leads to problems in the future. Though everyone fears a rejection on a loan application, only a few know the conditions due to which an application is rejected.

Bad Credit Score

Credit Information Bureau of India Limited (CIBIL) shares the credit details of an individual with all the financiers. These details include information on a borrower’s present and previous loan transactions. Banks provide all the credit information on all the borrowers to the CIBIL. Using this information CIBIL creates the CIBIL TransUnion Score and the CIBIL Score. CIBIL awards score based on the assessment of the information provided by the banks. The scores are given in the range of 300 and 900. Banks call for a CIBIL report as soon as a person applies for a loan.

Previous Defaults

Banks draw their own list of defaulters and this information is available to all their branches. This information is looked into when a person applies for a loan. This information is used in addition to the CIBIL Score and the credit report provided by the CIBIL.

Loan Guarantor

Sometimes people become a guarantor for the family members or friends. And if someone is a guarantor in case of a default then this poses a problem. The CIBIL report will show the person as a defaulter for the loan, even though the person was only a guarantor. Some will feel that this is not fair but that is how the system is. So one should be very sure while giving his/her name as a guarantor.

Too Many Loans

While lending money to an applicant the banks will add all the existing outstanding loans from all the banks or NBFCs. This helps in determining the amount an applicant is eligible for. Then the ratio of loan to income is calculated by the bank before extending a loan. The total monthly deductions should not exceed 50 per cent to 70 per cent of the take-home or gross salary.

Job Stability

An applicant’s job is an important factor too while lending the money. If the person changes job very frequently and the location too, it might be a negative point when applying for a loan. A stable employment record is very favorable when applying for a loan. The banks will have a positive outlook for people with a stable track record. The loan is given based on a good employment track record This gives the idea of stability in one’s life to the bank.

Tax Record

Banks make a thorough assessment of a tax profile by asking for the ITR copies of previous years including tax deducted at source/professional tax paid against the salary in the past. Not providing such information may lead to problems. So it is always best to obtain the income /Form 16-16 (A)/ certificate/TDS certificate from the employer.

Loan Rejections

If an applicant has been rejected in the past, the chances are high to be rejected again. So, one should be really sure while applying for a loan. It is better to check the CIBIL Score before applying. This gives a good idea of one’s probability to get a loan. Only apply when you are sure to get the loan.

RBI Defaulters/Willful Defaulters Lists

The Reserve Bank of India, RBI maintains a list of the defaulters. This list is updated by asking the bank to provide it to the RBI. The willful defaulters’ list is uploaded on the RBI’s website. The willful defaulters’ is the list of people who deliberately attempt to mislead the lenders in spite of adequate net worth.

Easy Short Term Loans For Small Businesses

Let’s assume you have just started a new venture and plan to expand in the later stage. The scope of expenses is not just One Dimensional, and therefore cash flow becomes essential. The financial situation these days is a bit dicey, and starting the business venture needs money. Arranging the money from loans is possible, but it is also necessary to evaluate the reasons for securing the line of credit. The credit line should match your requirements.

Since, you are eager to acquire funds for a smaller period, one option you can consider applying is the easy Short Term loans. This credit line is convenient to obtain and can be utilised as a working capital. At least, it provides a set amount of cash that can be repaid in form of instalments. The funding at best seems perfect to tackle the small business expenses.

Banks and financial institutions offer these loans through a much traditional and hard defined approach. However, it is easy to secure Short Term loans from private lenders. The easy accessibility with instant approval is perhaps one of the reasons for these loans being popular among the entrepreneurs.

Short Term Loans for New Age Businesses

Short term loans follow an ideal approach for small businesses, who struggle to cover their basic expenses in the midst of a financial doldrums. The cash line of credit is quick, and this reduces the stress much to an extent. There is also no hurry of repaying the loan. With quick cash credit available, entrepreneurs will make decisions on procuring raw materials, arranging transportation of finished goods, clearing dues, paying rent, expanding the product line etc.

In case your business is struggling with poor credit issues, opting for a Long terms loans can certainly help in improving the credit score. As the repayment tenure spans over a period of few month, by keeping up with the payments, it will increase the score. With a much improved credit score, you now have a chance to access new loans at more favorable terms.

Higher Interest Rates are a matter of concern

The most important aspect that you look at while approaching broker is the rate of interest and the APR. And in the case of shorts term loans, the interest rate is charged on the principle amount. As the loan amount is being utilized for commercial purposes, you can expect high rate of interest. But then, it also comes down to how much amount you are looking to borrow as well as the repayment tenure? There are times, when it becomes tough to keep up with the payments, and this certainly affects your business to a serious extent. Moreover with the funding easily accessible, small business owners get in to habit of deriving the loans on a regular basis. This in turn affects the profit and the businesses end up spending more than what they actually earn.

Not all loans are meant to serve your needs and easy short terms loans are no different. Yes, it is good for entrepreneurs who are starting out, who need access to easy funds on a regular basis. But then the loans have drawbacks too and all the factors must be assessed, before making any decision on accessing the loans.

Finance Management of Small Business

Managing finances in a business is among the few important things that need to be considered when starting and carrying out a business. It is all about efficiently and effectively utilizing available funds in order to achieve the objectives of the business. Financial management is aimed at planning, observing, organizing and managing the monetary resources of a business.

Small business finance management strategies

Small business finance management is mostly concerned with procurement, allocation and control of financial resources so that a regular and adequate supply of funds is maintained to run a business. Once the funds are in hand, they should be utilized in maximum possible ways at low costs and should be invested intelligently in safe ventures. A few tips that can help you efficiently use your funds while running a small business are:

    • In the initial years of managing a small business, you need to estimate how much money you need for a decent living and pull out that money from your business income. Now invest the remaining money back into your business for its growth.

 

    • Early wins in the form of high profits may urge you to spend it on leisure holidaying or improve your housing status. You need to be firm and defend yourself against such ideas and wait till your business gets a little more established.

 

    • The main expense in a business is covering the payroll of your staff. It is advisable not to hire new employees unless you absolutely need them. When things get busy and a lot of work pressure builds up, you may get tempted to hire more people. Try and stretch the existing staff members to their full potential to get through the workload and hire only if necessary.

 

    • Try and save up money on applying for loans and procuring inventory. Taking up loans from banks is a common practice in the business world, but it carries an extra cost of its own in the form of interest you pay while returning. Reducing this extra cost can help you add up and save more money in the long run. This can be done by dividing the total money you need as loan and borrowing it in parts over a period of time. This reduces the overall amount of interest you pay back to the bank. Borrowing the entire amount at once will result in you paying interest for the money you are not going to use till later time.

 

    • Keep the money separate for paying the taxes and avoid mixing it with other funds. Paying taxes is of utmost importance and since that money is meant to be given away, it should not be kept or used for other purposes.

 

  • Bargain the terms of the agreement with the outside contractors and vendors like delivery services, electrician etc., such that you get a grace period in paying your bills. This grace period can be used to manage your funds and prioritize your other bills more efficiently.

Why Money Is Worth More Than Life

It is the great trap that has misled and conditioned people since the time of the Roman Empire. Prior to this people traded in goods and clay cylinders and tablets of ancient times verify that money was never used. The rise of coins was gradual and at first untrustworthy as merchants were used to dealing in exchange. Two sheep might have been worth one cow or a sack of barley, and these exchanges are recorded as such.

Only with the introduction of iron and complex alloys could money be minted and the first coins are primitive in design and some carried the king’s likeness while others might bear other images. ‘Exchange’ is the same as ‘X-change’ or ‘changed by the cross’ and that concept needs explaining.

Following my reincarnation and with a strong link to the Spirit of the Universe, the real God, it took me back in time to the origin of religion and the first crucifixion. It showed me the Mother God of Babylon and how it reigns supreme to this day. The identity of the two beasts of Revelation was also made known and the story is now complete.

At the age shown to me between lives the Spirit commissioned me to tear down the wall of blindness manufactured by religion and bring in the harvest. We are in the last days and the prophecies are coming true.

It takes thousands of pages to explain and the Internet is the mountain of knowledge given by God for this time. It is spreading the truth as everyone has access to it and the light it exudes is rocking the foundation of the wall and ripping it down. The rest is up to people to make use of it and seek the Spirit before it is too late.

Money is the handicap, however, as the majority prefer it to their chance for eternal life. They neither understand nor care what God has revealed because their greed for wealth and man-made power is paramount. They will even die to protect their fortunes and eternal death awaits them.

Exchanging Money

While money is the most important commodity for life it is also the most disastrous. To live without it is impossible in a world where essential services and the things on which life depends has a cost to it. Even water is not free and if man had his way we would pay for the air we breathe, and in many ways we already do. Pollution, environmental destruction, loss of species, and dwindling resources are a cost that none of us can afford. Our planet is dying and we are in crisis.

That is the real exchange for money and while most may not realise it the benefits derived from it are nothing but disastrous. We have yet to face the greatest disaster of all and that is the last days of life on earth.

There are no warning bells and no place to jump off the earth to escape because we are exchanging money for life. That is the way it was when it was invented and to understand that the Spirit took me back to Babylon and the start of formal religion, Islam.

The name of it then was also Zoro-Aster or Morning Star and a vision showed me how it came about. The rising sun’s rays were directed through a small hole in a stone to disperse into the rings of great beauty and perpetual motion. The people fell to their knees in ‘awe’, which is the same term as ‘or’ for ‘sun’ and ‘metal’, the most precious of which is gold.

The human mind is capable of the wildest dreams and the result of the sun-star and its effect on the population was so strong that it has never altered. In the center of the vision the right-angled cross is seen and this gave men the idea that by dying on it the rays of light could be ridden upwards into heaven. It was considered that men would then become mates to it and live forever in the home of the stars.

In other words they could ‘marry’ Mary, the name of the sun-star and it means ‘mother’s powerful eye’. The one on the cross was the ‘man in the eye’ or ‘mon-eye’ from whence came the term ‘money’. He was the exchange and the currency by which he traded his life for which he became a ‘god’, which is the origin of ‘good’ and ‘goods’.

Money is the product of a dream and the evil of notions that men can become Father Gods. It was born of evil and is the cause of God’s retribution and the destruction of the coming destruction of the earth.

The Security Intelligence in The Financial Services

Security intelligence is the data related to safeguarding an organization from any outside and inside threats along with the processes, and policies developed to accumulate and evaluate the information.

It can also be referred to as the actual collection, standardization, and analysis of the data created by users, applications, and structures that influence the IT security and risk position of a business.

On a daily basis, information flows in organizations for the senior management to make smart decisions. The various stakeholders (employees, customers, contractors) are interfaced through various technologies.

However, the technological infrastructure can also result in serious security issues. The probable areas of intrusion are unlimited. Security experts and business leaders are trying to find an answer to the question – Is it feasible to have a robust security in an increasingly interfaced environment?

Though the answer is yes, it needs a radical transformation in processes and practices encompassing the financial services sector. The focus is not only on IT. Robust security facilitates a positive customer experience.

Cybercrime and Profitability

Financial institutions are at great risk since they are perceived to be an easy target for cybercriminals. According to a survey by IBM, “Financial markets, insurance, computer and professional services together account for over 40% of all security incidents worldwide.”

The losses, pertaining to cybercrime in other sectors could be due to industrial intelligence and fraud related to intellectual property, but in banking, online fraud is a possibility.

Any fraud related to the intellectual property and industrial intelligence could lead to reduced shareholder value, shut down of the business and net financial losses. These are the issues impacting the global financial sector, not only because the main reasons are not identified or the disruption to the customer is immediate, but also because they can result in a significant loss of money.

As per Andrew Haldane, Financial Stability Director at the Bank of England, “Cyber-risk has become a more pressing concern than economic depression and the Eurozone crisis, as it is a rapidly rising area of risk with potentially systemic implications”.

Comprehending the seriousness of the security risk is only a beginning. Financial institutions must establish an in-depth security intelligence strategy that would enable the financial institutions to have an insight into the perceived threats.

Financial institutions leverage top-notch analytics to get an understanding of:

  • The types of attacks that are occurring.
  • The probable source of the attacks.
  • The technology used by the cyber criminals.
  • Weak spots that could be exploited in the future.

Michael Davison, Banking and Financial Markets, IBM, stated,” There’s not another single issue that unites the interests of so many people at senior levels of banks. It unites technology, the CFO, security and compliance functions. But cybersecurity is also mission critical for people running lines of business and who are running P&Ls. So quite rightly it sits on the Board agenda. But there’s still work to do to educate Boards about the urgency of an effective response to the rapidly changing environment.”

Financial institutions must implement the following practices to get the balance between the required innovation and the related risk:

Establish a risk-conscious culture

  • An organizational transformation with an emphasis on zero tolerance towards a security failure must be established.
  • An initiative encompassing the organizational hierarchy to execute smart analytics and automated response competencies is needed to identify and resolve issues.

Safeguard the Working Environment

The functions in distinct devices must be examined by a centralized authority and the wide array of information in an institution must be categorized, tagged with its risk profile and circulated to the concerned personnel.

Security Design

The greatest problem with the IT systems and the unnecessary costs is from executing services initially and looking at security afterwards. Security has to be a part of the application from the first phase of design.

Ensure A Safe Environment

If the system is secure, security personnel can monitor every program that’s functioning; ensure it is ongoing and operating at optimal level.

Manage the Network

Organizations that route approved data through controlled entry points will be in a better position to identify and separate the malware.

Cloud Based Security

To prosper in a cloud scenario, organizations should possess the technology to operate in a secluded environment and track probable issues.

Involve Vendors

An organization’s security strategy must also involve its vendors and efforts must be made to establish the best practices among the vendors.

Financial firms have been a major target for malware attacks. Several aspects are impacting the financial sector. The direct connection between the breach of several personally identifiable information (PII) to the profitability has not been lost on the global financial stakeholders. This has led to the implementation of several global security projects.

A hazardous type of malware for online financial transactions is “Man-in-the-Browser” intrusions. It happens when a malicious program affects an internet browser. The program adjusts activities conducted by the user and in some instances, can initiate actions independently. It could lead to online stealing.

Financial institutions that can transform radically at a fundamental level, the way they function would be safeguarded.

The aim of enterprise security could initially emphasis on IT structures, it must be extended from the technology personnel & their systems to each individual within the organization, and all the stakeholders conducting business with it.

Financial firms must comprehend the data that they have, which must be made available to the system, where they can compare and develop a real understanding of the actual threats and contingencies that may compromise the business.