What to consider before taking out personal loans

Taking out a personal loan pertains to the process of borrowing money from a financial institution, whether it’s a bank, credit union, or online lender.

You are responsible for paying the amount back in fixed monthly installments, which can range from two to five years.

Typically, personal loans are “unsecured,” which means that they don’t require collateral. It’s also cheaper than using your credit card for payments that require a hefty lump sum, like a down payment for a car or house, and has a higher limit. This setup is also ideal for people who have incurred high credit card balances since taking out a personal loan can consolidate your debts into one payment structure.

If you’re planning to apply for a personal loan, here are some things you should consider:

Determine If You Truly Need the Money

Before you go ahead and fill up forms for a bank or Credit Ninja personal loans, you must take an objective and thorough look at your financial situation. Evaluate whether you genuinely need the money and if you have the capacity to repay the lender.

Consolidating multiple credit card debt is one of the more popular uses of personal loans. These are other instances when borrowing money may be necessary:

• Refinancing Student Loans– Personal loans may be cheaper than paying with the initial provider. However, you must take note that you will no longer be eligible for loan forgiveness programs that are implemented in the future.
• Paying for a Medical Emergency – Another valuable use of personal loans is for medical emergencies. While you can save as much money as you can for these unexpected situations, there’s no telling when you might need more funds.
• Purchasing an Appliance or Gadget– As mentioned above, a personal loan can be used to pay for a car or home. Moreover, you can also utilize the funds for other devices. Calculate first whether taking out a loan ends up cheaper than financing your purchase through the seller.
• Boosting Your Credit Rating – A personal loan can improve your credit score by lowering your credit utilization ratio or the amount of total credit you have in comparison with your limit. Prompt repayment will also be tracked and can help your rating.

Know If You’re Eligible

While you can still borrow money with bad credit, you should still determine your credit score before you try to apply for a personal loan. Your rating can influence the affordability of your loan through interest rates and the repayment schedule.

You have to note that lenders are also looking at the profitability of their service. Having a bad credit score highlights the risks that come with letting you borrow money so they have to put up more rigid security measures in place to ensure that you can pay them back.

Identify the Type of Personal Loan You Need

There are different types of personal loans available with various lenders. You should know which one is best suited to your needs and financial situation. This includes being aware of automatic withdrawals and origination fees that may entail your loan.

Here are the types of personal loans:

• Unsecured– As mentioned above, this type of personal loan is the most common but also riskier for lenders. You don’t need to provide collateral, which is why it has higher interest rates than secured ones.
• Secured– With secured personal loans, you will need to give the lending company the rights to seize your collateral if you default or miss paying the loan.
• Fixed-Rate– This loan gives you the same rate for your monthly payments for the entire duration of the loan. The consistent setup allows you to include the repayment in your budget each month. Plus, it’s an excellent way to erase concerns over rising rates on long-term loans.
• Variable – The interest rates on this type of loan are influenced by a benchmark rate appointed by banks. The rise and fall of the market rate have a bearing on the fluctuation of your monthly payments and total interest costs. A significant advantage of variable-rate loans is that it has a lower annual percentage rates than fixed-rate loans.

Conclusion

Personal loans are valuable tools if you find yourself in need of cash for medical emergencies, repaying credit card debt, purchasing goods, or refinancing your student loans. You should determine your credit rating first since this can influence the affordability of your loan. Read up on the different types of loans, as well and identify which setup works best for your financial situation

Good start-up businesses to consider opening in Singapore

Many of us dream of escaping the boring office life and just build our own small business empire aka home-based business.

In any case, there are some technicalities that prevent us from getting started, such as lacking start-up fund, networking, and the plain and fear of risk.

Looking to earn money through freelancing, and eventually even turn it to full-time business? Here are some money-making small business ideas that generally require less investment and professional skills.

Many of these business ideas can even be systematised to create passive income streams. Thanks to technology, many tasks can now be automated, giving you the ability to take more of a hands-off approach and focus on the most important part of your business.

Virtual Assistant. Virtual assistants require a phone, a computer and stable Internet access. This is a fantastic job for those looking for flexibility. A virtual assistant’s work varies and can cover tasks like editing, data entry, researching, preparing a report, social media management, etc. They typically charge $15-20 per hour dependent on the job specifics.

Tutoring. If you’re good with certain subjects and have passion for teaching, then tutoring can be the right job for you to get an extra income. You can be a home tutor or an online tutor, which won’t require any physical classrooms.

What you need is simply skill in the subject you want to teach, and willingness to spend a few hours weekly to help someone else. You can use tutoring websites to sign up with and begin your tutoring job. Current rates for tuition jobs are around $15 to $50 per hour, which will depend on your qualifications and the education level of the tutee.

E-Commerce. Alibaba recently smashed its Single’s Day record as sales hit 168.3 billion yuan or $34.6 billion. This shows the huge potential of the e-commerce market. To set up a functional e-Commerce store, you just need to register a good domain name, setup a hosting and web design. Still, the efficiency of your marketing and advertising effort will affect the profit you earn. To be successful in your business, it’s not always necessary to sell a hundred products. What you need are the right items to sell.

Photographer. Photographers don’t always need to have an expensive studio or an office to begin getting clients since he can conduct his business anywhere. You can be of service to weddings, family events, marketing events. Indeed, people a lot of money for professional photography. One research showed that professional event photography charges $100 to $150 per hour.

Social Media Consultant. Social media as you know is one of the most popular and influential advertising channels for awareness. Consequently, many companies now look for people who are adept in social media to aid them in managing their social media presence.

Posting for Facebook and tweeting on Twitter is conventional, so you need more knowledge and skills in advertising tools plus other sites like LinkedIn and Instagram or even YouTube to become an expert in social media.

Find one that suits your preferences? After choosing a business type, the next order of importance is to register your domain nameto save it for yourself, after which you need to find a web host and create your own website. Once you have completed all of these, work consistently on your business. Be prepared to invest time, patience, resilience to get the success you want.

Photo by Sven Scheuermeier on Unsplash

Things to consider when looking for a professional moving company

Moving from one place to another is extremely stressful and expensive. However, sometimes you cannot avoid moving.

People move for different reasons, such as a new better job, to live closer to family or the need to start a new life in a different place. If you hire a professional moving company, it will lessen the stress and the hassle of moving. This is why it is important to hire a professional and reputable removal company to help you move smoothly. Below are tips to help you find a good moving company and the things you ought to consider when hiring one:

Is the Company Licensed?

Do not hire a company that is not licensed, insured or accredited. Before you hire a company to help you move, check and confirm that they have all the necessary licenses and documents that allow them to operate. Make sure the company is fully insured. Consider hiring Apex Removals London, they are insured, reputable, licensed and qualified.

 Shop for Different Companies

Don’t settle for the first company you visit. Get an estimate from different companies as you review the terms, costs, and conditions for each different company. This way, you will find a good company with favorable terms and costs.

Do Some Research

Do not hire the company until you understand how they operate. Ask around from people who have moved using their services. Enquire the level of customer satisfaction with their services. Check the online reviews from the company’s website. If most of the clients expressed satisfaction with the services, you can go ahead and hire them. Avoid the company with many negative reviews.

Everything in Writing

Let every company you have contacted give you their estimate in writing. If you have hired the company, ensure that everything is in writing. Some companies have hidden charges, which if you do not settle, they will confiscate or withhold your belongings. Ask the company if they have any extra or hidden charges. Have the potential movers visit your home so that they can give you an actual moving fee, not just an estimate. Let the charges you have agreed on be the final charges. Make sure that you completely understand the contract. If there is anything on the contract you do not understand seek clarification.

The Period of Existence

Before hiring a company, consider the number ofyears they have served. A company that has served for long has more experience and in most cases,it is reputable, compared to a company that has started operating recently. A company that has served for long offers high-qualityservices, since they understand all the aspects of moving and storage. You can easily trust an experienced company to handle your belongings.

Cheap is Sometimes Expensive

The cost of moving should not be the only factor you consider. Always stick to your budget. Get suspicious of a company that is charging too low. Probably they have low-qualityservices or have hidden fees. Strike a balance on the cost of moving. Not too high or too low.

To find a good moving company, consider all the factors discussed here. Do good research both on the internet and from people who have moved before. Take your time to find a good Removing company. If you do it in a hurry, it might cost a lot of money or lose your belongings.

6 reasons to consider podcasting for your business

Podcasting seems all the rage right now, doesn’t it? The barriers to entry are low, so anyone can start a modern-day radio show and discuss subjects they are passionate about.

Unlike video, people can listen to podcasts anywhere, such as in the car on the way to and from work, or while they are preparing a meal. Without the need to focus their attention on something visual, people can enjoy podcasts at any time of day—which means they are an excellent platform for educating your customer base.

While it’s true that particular industries might feel oversaturated with podcasts due to their ease, you can make sure yours stands out. Here are a few reasons to consider adding podcasting to your business’s digital marketing strategy:

It’s beneficial for education

Many people are aural learners, which means they absorb information best when listening. Though folks are probably performing other tasks when listening to a podcast, you still have much of their attention, which means it’s an opportunity to educate them about your industry. Stephen Woessner says in his podcast Onward Nation:

“You can’t demonstrate your credibility without sharing your expertise, and by sharing your expertise you become helpful. You become valuable for your listeners. It’s much more likely you can then develop a business relationship from someone in your audience when you’ve established your credibility.”

Podcasts are a perfect time to discuss common industry problems, answer questions people reach out to you with, and address consumers’ pain points. By proving your knowledgeability in an accessible and engaging way, listeners will know that you are a viable resource for your products and services.

Podcasting can be fun for both you and your listeners

Learning is best when it’s fun. Podcasts should not be dry narrations about why your products or the best or what problems people in your field often encounter. Listeners enjoy when the host (or hosts) is personable, non-condescending, and charismatic. Amicable banter keeps people entertained and more likely to continue listening, and it helps them retain whatever information you communicate.

It’s inexpensive

Podcasting can be an inexpensive venture. It can rack up a price tag if you rely on professional sound recording and editing services—which can cost several hundred dollars per month—but you might spend as little as $20 per month for the hosting fee if you perform all of the editing tasks yourself. There are microphones and related equipment available for less than $100 as well.

Podcasts are effective for driving sales

According to Social Media Today, many podcast listeners don’t mind commercial breaks, and they are more invested in the message. One survey asked 300,000 podcast listeners about their habits and found that 63 percent of respondents purchased a product that a host had promoted on their show. 71 percent even said that they visited a sponsor’s website after hearing an advertisement, and 62 percent noted that they contemplated a new product or service.

They typically have consistent audiences

Podcast listeners are often subscribers, which means that their devices automatically download new episodes when they are published. This is unlike other media, which you usually have to fight to put in front of people on social media or via email. Your video and image reach will probably be a bit more nebulous, while the individuals who listen to your podcast will (hopefully) be more consistent (and thus more loyal, and more likely to become advocates). Plus with podcasts you avoid the issue of having to find the top video editing softwares online, unlike you do with video.

A few caveats to keep in mind

Podcasts are excellent for education, but they might not drive as many leads as other media (at least for now). Podcasts are much more searchable on the internet than they were a few years ago, but while YouTube remains the number one channel for video, there isn’t a go-to platform for audio content just yet. Many of your listeners will probably find you on iTunes, but this means that there are no in-platform search engines that will make your content easily visible.

Some people also struggle with deciding which podcasts to listen to because unlike text or video transcripts, they cannot skim them to determine if it’s worth their attention. Consider providing transcripts so that people can quickly decide if your content is relevant to them, and make sure that your first episode (and the beginning of every following chapter) is as enticing as possible.

Why is podcasting important? It’s because it’s a unique opportunity to sit down with your audience and talk about whatever you need to. Would you like to answer questions about your industry? Do you have market insight that you’d like to share? Do you want to make hilarious jabs at your co-host for twenty minutes? It’s all possible with podcasts, and people can listen to them anywhere.

Photo by Jonathan Velasquez on Unsplash

Buying quality used woodworking machines and how to get them

The quality of your business and woodwork largely depends on the type of machinery used.

That is one of the reasons why many woodworkers find themselves in front of a dilemma whether to buy new or used industrial machinery.

Used machinery has many benefits associated with them, but the new machinery also has some advantages too. If you are looking to buy or sell used machines then you should consider a few things first.

What to Pay Attention To

Every buyer should consider the repair costs and the possible resale value of the machine he intends to buy. Different machines have different repair costs, so consider those. This is something many buyers often neglect when looking for machinery, but you would avoid many costly problems if you consider this in advance.

When it comes to resale value, think about how much you can earn from it if you decide to sell it later after you have finished working with it. Perhaps you will not need the machinery for a long time, so why not make some extra profit when selling it later? In order for this to happen, you need to get a machine that operates at good levels and that is well-maintained.

Before buying used machinery for woodworking, it is advisable you spend some time learning how the machine you intend to buy operates. If you are a newbie, then you should know that online you have all kinds of training videos, step-by-step guides, training sessions and other valuable things.

Spend some time getting familiar with how the machine works as that will save you valuable time later when you buy it.

Finally, make sure you check out about the availability of spare parts for the machine. Some woodworking machinery requires many spare parts in comparison to others, so this is something you definitely need to pay attention to.

For some machines you can quickly find spare parts, but for others you may have to wait for longer period of time before finding adequate replacements. However, if the used industrial machinery you intend to buy is well-maintained then costs for repairs and spare parts will be significantly less and the machine will serve you well for longer period of time.

Tips for Buying Used Equipment

Today you can find numerous industrial providers that offer all kinds of used industrial machinery for any industry. All of them use different strategies in order to sell their products to the customers. Sometimes buying machinery can be daunting, but you can make your choice much easier if you follow the next few steps. They should help you find the best machinery possible for your industry that will be reliable and that will serve you well in your work.

First thing to do before looking at machines is to determine what type of industrial machinery you need. Do you need a machine to only cut woods or you will cut other materials with it as well? Figure out what exactly you need the machinery for and then you will have an easier job searching for the right equipment.

Second thing to consider is your budget and the price of machines. If there is no exact cost on the machine you want to buy, then contact the seller and ask for a price. Get as much as information you can about the used machinery and see whether you will have some extra costs for repair parts and maintenance. Do not settle always for the initial price, but try to negotiate and see whether you can get some discount for the machinery you really want to buy.

Last, but not least is to always buy used machinery from a reliable and reputable provider such as Exapro. They have a large network with over ten thousand of sellers, so there are all kinds of machinery available. They are always helping their buyers find the specific machinery they are looking for in all sectors ranging from wood, plastic and metal to food, textile and packaging.

A good idea would be for you to visit the company that sells machinery and meet in person with their representatives. They can guide you and inform you about everything you are interested in regarding used industrial machines.

By following these few simple tips you ensure finding quality used woodworking machines for your needs. Never rely on simple ads, flyers or posters before buying, and always make a thorough research about everything. You as a buyer deserve to get the best, even if it has been previously used.

Some selling companies are also able to offer warranties and insurances regarding used machines, so check out that too. These are some things for you to think about before giving your cash to the supplier. If you follow the steps closely you will certainly find good used machinery for your business.