reliable Encounter With Prepaid Credit Card A person day I noticed my colleague was a lot of fearful, I asked the legitimate reason of his feel concerned and then he instructed me that he is struggling aided by the awful credit and cannot unearth the ideal alternative to end this point. Yes, this was a very serious matter and one time it has also happened with me as soon as, but I obtained out from this poor credit obstacle so I informed my good friend to use the prepaid credit card,
since it could be the best alternative and best credit cards, which could get you out of the unhealthy credit condition. The best or I can say that most delightful point is that what's more, it offers some very good credit card offers that are much like the reward to suit your needs as you apply for the prepaid credit card.
Perfectly, I informed my good friend to produce utilization of the prepaid credit card for this and he really liked this treatment, but the primary issue was that which corporation will likely be best and can present the best credit cards. First of all, we sat in front from the Personal computer to look about the credit cards then we looked totally for the credit card offers, there were so many good credit card offers and on every last feature we ended up like “wow”. This search showed us numerous gains and we came to know that prepaid credit card definitely include a whole lot of wonderful added benefits and along with a bucket of delight in your case.
Clearly, the real factor was in front of us that the prepaid credit card is really designed for the many benefits for us, we click on on the identify of the quite famed company then we started to learn about that firm. With this studying we came to understand that there's a great deal more credit card offers plus much more best credit cards which may benefit us in all stage of our everyday life and are available with great deals.
Immediately after a deep analysis, we applied to the prepaid credit card. Soon after some months I fulfilled my pal once again and he was honestly blissful with it, and he had applied for even more best credit cards. he was essentially relishing the credit card offers.
This Article is related to the subject of best credit cards and credit card offers . If you are looking for prepaid credit card then creditcardsreviewer.com is the greatest place for you.
Showing posts with label Finance Accounting. Show all posts
Showing posts with label Finance Accounting. Show all posts
Friday, September 30, 2011
Trading The Misery for Thrill
Trading The Misery for Thrill I can see the instant rush of nausea dominate my friend's distorted face. We had just walked into the entrance of the sole indoor roller coaster at Cedar Point, and a young, obviously miserable boy spewed a deep orange vomit half in the trash can and half dribbling down the side of the vertical opening.
The room was pretty dark, so all I could see was the half lit face of my friend and eerie lights that were flashing dully deeper in the line of this particular ride. We had thought that an indoor ride might supply us with a couple hours of refreshing air-conditioning, but it turned out that the air was just as hot as outside and even more stagnant. It seemed that the carbon dioxide I was exhaling was coming right back into my lungs, kind of like suffocation. This unmoving air didn't help my friend's predicament of being over come with nausea and being in a line with nowhere to go.
Right then an image popped into my mind of him loosing his bite size corn dogs and garlic Parmesan fries to the greasy concrete floor, and this would set off a chain reaction that would have others around us surrendering their equally horrible and expensive lunches. After only a few minutes the whole contingent of people in line would be yaking and they would have to close down the ride due to the mass amount of puke that needed to be mopped up. This thought magnified the already existing sour milk vomit smell that was not dissipating due again to the lack of circulating air.
Coming back to reality, I glanced back at my friend and called his name to make sure he was alright, and all I got as a response was a raised index finger indicating that he needed a second of silence to regain his composure. He must not have imagined the same scenario I did, because after few minutes he recovered and we went on our way through the line.
This was one of the many puke stories we heard thrown about throughout the day from others on our Jr. High trip. Any other place and we would assume that these unfortunate roller coaster patrons were coming down with the flu, but in a theme park, this is completely normal.
I hate getting sweaty when I'm not participating in a sport of some kind or working outside. The feeling of the gritty salt that dries to my skin after sweating then cooling off disgusts me. Sandusky, Ohio in the middle of July could possibly be one of the worst places for this sweat, dry, repeat routine. My head builds with pressure and pain after hours of walking on concrete hot enough to cook my breakfast and humidity that can make a normal human being feel like they are drowning.
That morning we watched the forecast while enjoying cheap sugar cinnamon rolls and burnt coffee, the high of 75 degrees and relatively low humidity had us thinking that today might be the perfect day for an amusement park. I never got a chance to check a thermometer that day, but either the meteorologist smoked crack that morning or being under constant sun with no reprieve doubled the perceived temperature.
Certain parts of the roller coaster lines were shaded by trees or awnings, but others had us stuck under nothing but the bright sun that seemed to burn skin through my SPF 85 and even my v-neck t-shirt. If I sought shelter I would be getting out of line, and that was out of the question considering I had waited for an hour already and the line behind me was only building. I was wet with sweat on parts of my body that I didn't even knew had sweat glands. Were beads of sweat coming out of my eyes or were they tears? Either way, I was miserable.
Any other place and I would full-heartedly search out an air-conditioned building to loiter, but in a theme park, this is normal.
I was told that the metal fences that we had to walk through for our roller coaster rides were called "turnstiles." I never knew they had an actual name, I just thought they were there to piss people off. It's incredibly daunting to join a line, look ahead and see an endless mass of people neatly weaved through these turnstiles. Walking through this organized death march we passed the same people at every turn, and they all looked just as miserable as I must have. Well, either they looked miserable or they were teenagers making out and groping each other. I would love to be making out with and groping my wife, but I can't touch another human being in my sweaty and nasty condition, even my own sexy wife. Plus, I'm supposed to be an adult now; groping has to be done in private.
To pass the time I do math. I count the amount of people that fit on one of the roller coaster cars, the number of roller coaster cars running on the tracks, the time in between take off of roller coaster cars, the amount of people waiting in line, all in hopes of figuring out how long it will take me to finally sit and pull down the awkwardly uncomfortable restraints. This time passing technique never works. Math is hard, and by the time I come up with an estimate, it's been so long that I have to start over.
Sometimes I consider getting out of line to search out another roller coaster that might have a shorter line, something old and lame like Top Gun at Kings Island. At the right time of day, one can ride in the front seat of Top Gun, then run back around and get back in the front seat without stopping once for a line of any kind.
For this ride though, I know that if I get out of line I will never get a chance to get back in. I have already invested half an hour and the line is even longer than when I started. It's a weird feeling being trapped in line, yet having full control over where I went. What fool would stay in this unbearable heat and stand for hours only for a 67 second invitation to vomit? What fool would leave the line and miss their opportunity for this award-winning thrill? Only one more hour.
Americans as a whole are not patient people, long lines get us irated and uncomfortable, and normally we would stand up and seek out someone to yell at for a line that takes longer than 10 minutes, but in a theme park, long lines are normal.
Right then an image popped into my mind of him loosing his bite size corn dogs and garlic Parmesan fries to the greasy concrete floor, and this would set off a chain reaction that would have others around us surrendering their equally horrible and expensive lunches. After only a few minutes the whole contingent of people in line would be yaking and they would have to close down the ride due to the mass amount of puke that needed to be mopped up. This thought magnified the already existing sour milk vomit smell that was not dissipating due again to the lack of circulating air.
Coming back to reality, I glanced back at my friend and called his name to make sure he was alright, and all I got as a response was a raised index finger indicating that he needed a second of silence to regain his composure. He must not have imagined the same scenario I did, because after few minutes he recovered and we went on our way through the line.
This was one of the many puke stories we heard thrown about throughout the day from others on our Jr. High trip. Any other place and we would assume that these unfortunate roller coaster patrons were coming down with the flu, but in a theme park, this is completely normal.
I hate getting sweaty when I'm not participating in a sport of some kind or working outside. The feeling of the gritty salt that dries to my skin after sweating then cooling off disgusts me. Sandusky, Ohio in the middle of July could possibly be one of the worst places for this sweat, dry, repeat routine. My head builds with pressure and pain after hours of walking on concrete hot enough to cook my breakfast and humidity that can make a normal human being feel like they are drowning.
That morning we watched the forecast while enjoying cheap sugar cinnamon rolls and burnt coffee, the high of 75 degrees and relatively low humidity had us thinking that today might be the perfect day for an amusement park. I never got a chance to check a thermometer that day, but either the meteorologist smoked crack that morning or being under constant sun with no reprieve doubled the perceived temperature.
Certain parts of the roller coaster lines were shaded by trees or awnings, but others had us stuck under nothing but the bright sun that seemed to burn skin through my SPF 85 and even my v-neck t-shirt. If I sought shelter I would be getting out of line, and that was out of the question considering I had waited for an hour already and the line behind me was only building. I was wet with sweat on parts of my body that I didn't even knew had sweat glands. Were beads of sweat coming out of my eyes or were they tears? Either way, I was miserable.
Any other place and I would full-heartedly search out an air-conditioned building to loiter, but in a theme park, this is normal.
I was told that the metal fences that we had to walk through for our roller coaster rides were called "turnstiles." I never knew they had an actual name, I just thought they were there to piss people off. It's incredibly daunting to join a line, look ahead and see an endless mass of people neatly weaved through these turnstiles. Walking through this organized death march we passed the same people at every turn, and they all looked just as miserable as I must have. Well, either they looked miserable or they were teenagers making out and groping each other. I would love to be making out with and groping my wife, but I can't touch another human being in my sweaty and nasty condition, even my own sexy wife. Plus, I'm supposed to be an adult now; groping has to be done in private.
To pass the time I do math. I count the amount of people that fit on one of the roller coaster cars, the number of roller coaster cars running on the tracks, the time in between take off of roller coaster cars, the amount of people waiting in line, all in hopes of figuring out how long it will take me to finally sit and pull down the awkwardly uncomfortable restraints. This time passing technique never works. Math is hard, and by the time I come up with an estimate, it's been so long that I have to start over.
Sometimes I consider getting out of line to search out another roller coaster that might have a shorter line, something old and lame like Top Gun at Kings Island. At the right time of day, one can ride in the front seat of Top Gun, then run back around and get back in the front seat without stopping once for a line of any kind.
For this ride though, I know that if I get out of line I will never get a chance to get back in. I have already invested half an hour and the line is even longer than when I started. It's a weird feeling being trapped in line, yet having full control over where I went. What fool would stay in this unbearable heat and stand for hours only for a 67 second invitation to vomit? What fool would leave the line and miss their opportunity for this award-winning thrill? Only one more hour.
Americans as a whole are not patient people, long lines get us irated and uncomfortable, and normally we would stand up and seek out someone to yell at for a line that takes longer than 10 minutes, but in a theme park, long lines are normal.
Jonathan Degler is the author of the novel "Gone Astray," and more information can be found at www.jonathandeglerbooks.com
Setting Up Plan Manage Credit Card Debt
Setting Up Plan Manage Credit Card Debt Tip 1: Good Debt and Bad Debt
Credit card debt is one of several categories of debt that most of us have. Before diving into the topic of credit card debt, a brief discussion of debt, good debt vs. bad debt, is warranted. Generally, personal credit card debt is considered bad debt because it represents consumer spending, contrasted with the concept of business debt or investment debt, where the debt was incurred in leveraging to purchase an asset, or personal debt in financing your home through a mortgage. It's all about managing cash flow.
Also, be very cautious about debt-aggregation programs that may cost you more in the long run.
Tip 2: What Not To Do
So let's get started with some of the approaches people take that are not the best solution. 1. Transferring debt from a high-interest credit card to a low-interest rate card. This usually does not work out well due to the temptation of the available credit on the high-interest rate card. Also, this is not the most effective approach. 2. Home equity loans. Again, doing this to free up card balances usually results in more debt on your cards, plus more debt on your home. 3. Consolidation programs. As I mentioned, these usually cost you more in the long run because of the lure of lower payments, but you end paying more interest over a longer time period. 4. Bankruptcy. Whether it is Chapter 7 (liquidation) or Chapter 13 (reorganization), this should be avoided at all costs. The pain of the process, the effect on your credit for years, and the invasion of privacy are a very high price to pay. 5. Credit repair. While you should consider doing something to repair your credit, be careful in getting help. Do your research carefully.
Tip 3: The 5-Step Approach
The average credit card debt for households that have one is about $16,000. With an average interest rate on those cards of about 13%, that's a lot of money (about $2000 per year) going toward credit card debt. Paying off those cards as quickly as possible will save you a lot of money and increase your cash flow.
Here is the 5-step strategy.
Step 1: Organize your credit card debt by listing them as follows:
(a)Credit Card... (b)Balance....(c)Minimum Payment....(d)Interest Rate
Bank Q................$8,500.............$125.00..........................14.5%
Bank M................$2,850..............$ 75.00.........................12.9%
Step 2: Calculate your ratios: The last column (ratio) is (b) / (c), Balance divided by the monthly Minimum Payment (table for example only).
(a)Credit Card... (b)Balance....(c)Minimum Payment....(d)Interest Rate....(e)Ratio
Bank Q................$8,500.............$125.00.....................14.5%................68
Bank M................$2,850.............$ 75.00......................12.9%...............38
Step 3: Create your priority payoff list, filling in the following table:
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment
1.................................Bank M.............38................$ 75.00
2.................................Bank Q.............68................$125.00
Order the cards by listing the card with the lowest ratio first, and the rest according to the next lowest ratio, and so on.
Step 4: Your acceleration plan: Your task is to find at least $7 a day that you are spending, and don't need to. Let's face it, most of us spend money on a lot we can easily not! It might by a Starbucks coffee drink, eating out, junk food, or going to a movie. If you look at how you spend, you will have many to choose from. Let's say you can fairly easily save about $200 a month.
Step 5: Your new minimum payment: You are now going to add the monthly amount you saved in step 4 ($200 in this example) and add that to the minimum payment for the first card in your list. In our example, we will add $200 to the previous $75 minimum payment, and put in $275 as our new minimum payment. This will greatly accelerate paying off the first credit card. You will, of course, continue paying the original minimum payments on the other cards.
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment (new)
1.................................Bank M.............38................$275.00
2.................................Bank Q.............68................$125.00
Here is where it gets really interesting. When you pay off the first card, you add what you were paying on that card to the minimum payment for the second card. In our example, you will add $275 to the $125 payment for the second card. Our example would look like this:
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment (new)
1.................................Bank M.............38................PAID OFF
2.................................Bank Q.............68................$400.00
While this example has only 2 cards, notice how you will accelerate the payoffs every time you move down the list. This takes some discipline and commitment, but to succeed in anything you need these qualities. I hope that you will use this strategy to eliminate your credit card debt in record time.
Also, be very cautious about debt-aggregation programs that may cost you more in the long run.
Tip 2: What Not To Do
So let's get started with some of the approaches people take that are not the best solution. 1. Transferring debt from a high-interest credit card to a low-interest rate card. This usually does not work out well due to the temptation of the available credit on the high-interest rate card. Also, this is not the most effective approach. 2. Home equity loans. Again, doing this to free up card balances usually results in more debt on your cards, plus more debt on your home. 3. Consolidation programs. As I mentioned, these usually cost you more in the long run because of the lure of lower payments, but you end paying more interest over a longer time period. 4. Bankruptcy. Whether it is Chapter 7 (liquidation) or Chapter 13 (reorganization), this should be avoided at all costs. The pain of the process, the effect on your credit for years, and the invasion of privacy are a very high price to pay. 5. Credit repair. While you should consider doing something to repair your credit, be careful in getting help. Do your research carefully.
Tip 3: The 5-Step Approach
The average credit card debt for households that have one is about $16,000. With an average interest rate on those cards of about 13%, that's a lot of money (about $2000 per year) going toward credit card debt. Paying off those cards as quickly as possible will save you a lot of money and increase your cash flow.
Here is the 5-step strategy.
Step 1: Organize your credit card debt by listing them as follows:
(a)Credit Card... (b)Balance....(c)Minimum Payment....(d)Interest Rate
Bank Q................$8,500.............$125.00..........................14.5%
Bank M................$2,850..............$ 75.00.........................12.9%
Step 2: Calculate your ratios: The last column (ratio) is (b) / (c), Balance divided by the monthly Minimum Payment (table for example only).
(a)Credit Card... (b)Balance....(c)Minimum Payment....(d)Interest Rate....(e)Ratio
Bank Q................$8,500.............$125.00.....................14.5%................68
Bank M................$2,850.............$ 75.00......................12.9%...............38
Step 3: Create your priority payoff list, filling in the following table:
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment
1.................................Bank M.............38................$ 75.00
2.................................Bank Q.............68................$125.00
Order the cards by listing the card with the lowest ratio first, and the rest according to the next lowest ratio, and so on.
Step 4: Your acceleration plan: Your task is to find at least $7 a day that you are spending, and don't need to. Let's face it, most of us spend money on a lot we can easily not! It might by a Starbucks coffee drink, eating out, junk food, or going to a movie. If you look at how you spend, you will have many to choose from. Let's say you can fairly easily save about $200 a month.
Step 5: Your new minimum payment: You are now going to add the monthly amount you saved in step 4 ($200 in this example) and add that to the minimum payment for the first card in your list. In our example, we will add $200 to the previous $75 minimum payment, and put in $275 as our new minimum payment. This will greatly accelerate paying off the first credit card. You will, of course, continue paying the original minimum payments on the other cards.
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment (new)
1.................................Bank M.............38................$275.00
2.................................Bank Q.............68................$125.00
Here is where it gets really interesting. When you pay off the first card, you add what you were paying on that card to the minimum payment for the second card. In our example, you will add $275 to the $125 payment for the second card. Our example would look like this:
(a)Order of Payoff....(b)Credit Card....(c)Ratio....(d)Minimum Payment (new)
1.................................Bank M.............38................PAID OFF
2.................................Bank Q.............68................$400.00
While this example has only 2 cards, notice how you will accelerate the payoffs every time you move down the list. This takes some discipline and commitment, but to succeed in anything you need these qualities. I hope that you will use this strategy to eliminate your credit card debt in record time.
Bernarr Pardo: Investor in residential properties, commercial properties, raw land, foreign real estate, foreign bank account, the equity markets, and non-traditional investments such as oil and gas, wireless terminals, and ATM machines.
I believe you should invest in yourself first.
The global economy has presented huge challenges as well as opportunities. Avoid investing mistakes; discover how to reduce your investing risk. Learn some of the myths about finance and investing that can improve your cash flow and net worth. Explore great investing ideas and opportunities now at my blog site: http://HowToStudyFinance.com
I believe you should invest in yourself first.
The global economy has presented huge challenges as well as opportunities. Avoid investing mistakes; discover how to reduce your investing risk. Learn some of the myths about finance and investing that can improve your cash flow and net worth. Explore great investing ideas and opportunities now at my blog site: http://HowToStudyFinance.com
Unlock The Lending Vault
Unlock The Lending Vault Obtaining financing to start or expand your business is one of the toughest and most daunting tasks any business owner will face. You see the promos for various loan programs or even private sources with venture capital or hedge fund money available and it all sounds great, but when you get nose-to-nose with a banker it's another story. Many lending officers feel that they're lending you their own money instead of the bank's money.
The Problems We Face
After almost three years of recession and a virtual freeze on the credit market, the current economic situation remains quite challenging. Many banks are still not financially healthy, and are not able to do as much lending as they might like. Regulators require them to have higher levels of capital and a higher loan-loss reserve. Even if the bank is healthy, their lending standards are definitely higher and tighter than in the past. Banks are really dubious of newer businesses with a short history because almost 80% of businesses that fail do so within their first three years.
Another problem to overcome is that the decision-making process may have been moved off-site from your local banker due to all the mergers and acquisitions in the banking industry recently. Add all of this up, and you had better be prepared to electrify and amaze the banker.
Inside Tips to Open The Vault
Although the loan process can be frustrating, you can easily maximize your chances of obtaining a loan by knowing what lenders are looking for. Here are some inside tips for preparing your application and securing that loan.
1. Find The Right Source - Business owners mistakenly think all banks are the same when it comes to getting a loan. Some specialize in loans for smaller businesses or startups, while others prefer to lend to more established firms. Some banks may not even be on solid ground themselves. One easy way to assess a bank's capacity to loan is to check its "Texas Ratio," which is one measure of a bank's financial strength and sometimes is an indicator of banks that may fail. A Texas Ratio score above 150 is an indication of potential trouble.
2. Prepare an Executive Summary - This is a brief one or two page overview of your loan request. It determines if the bank has any interest in lending you funds before you spin your wheels for hours in front of the loan officer. You may want to end the document with your phone number so that the banker can call you back for an appointment or discussion.
3. Have a Complete Loan Package - If you have dazzled the bank officer sufficiently to obtain an appointment with him, then it's time to prepare your "big guns" - the formal loan request. While each loan program and each bank may have their own specific forms to complete, much of the information they ask for will be the same. The following list is typical of the items that will be required for any business loan application: Resumes & Personal Background on Principals and Managers, Business Plan, Personal Credit Reports, Business Credit Reports, Income Tax Returns, Financial Statements, Bank Statements, List of Collateral Offered, Legal Documents such as leases, licenses, corporate formation documents, articles of incorporation, franchise agreements, etc
4. Demonstrate Industry Trends - Provide information about positive growth trends in your industry, especially in terms of macroeconomic trends. These details will help the lender understand the potential for success and growth. The bank may not know about your industry, so the more you can tell them, the better.
5. Prepare, Prepare, Prepare - Rehearse, Rehearse, Rehearse - When a banker asks a question about your business, it should not be the first time you've thought of the answer. Having a strong, well-rehearsed response to anticipated questions will demonstrate that you have done your homework and have a thorough understanding of the situation. The questions are really pretty basic and to be expected: How much money do you need? What are you going to do with it? When will you repay? What will you do if you don't get the loan?
6. Prove Your Credit Worthiness - When discussing a potential loan, don't be afraid to discuss the risk with your bank. Every business has risk, and if you do not talk about it, the bank will assume that you have not taken it into account. A bank wants to be assured that you know your business well enough to anticipate its upsides and downsides. If you can't predict a good surprise, why should they trust you to account for the bad surprises? Lenders will be impressed that you have anticipated negative events. We can all make the numbers look good, but that is not the objective of the lender - he wants to see that the borrower will repay, even when things don't go as planned.
7. Be Prepared to Apply To Multiple Sources - No matter how much preparation you may do, sometimes things might not go your way. Even if you're turned down, thank the lender for the time spent reviewing your application. Never act resentful. The lender is likely to have considered the application in a highly professional, objective manner. Don't take it personally. Remember that, if your business is a success, there'll be future applications to consider. Don't burn your bridges. Talk with the lender about the reason for the rejection and how you can address each to improve future applications. Remember that you have other options. There are plenty of banks and other funding sources.
Visit the Performance Advisors website for articles such as Business Plan Writing Tips, Commercial Loan Options When The Bank Says No, Small Business Loan Money, Start Up Loans for Entrepreneurs With Bad Credit and others that can help you when seeking a business loan. Of course Performance Advisors is here to help you if you need assistance.
After almost three years of recession and a virtual freeze on the credit market, the current economic situation remains quite challenging. Many banks are still not financially healthy, and are not able to do as much lending as they might like. Regulators require them to have higher levels of capital and a higher loan-loss reserve. Even if the bank is healthy, their lending standards are definitely higher and tighter than in the past. Banks are really dubious of newer businesses with a short history because almost 80% of businesses that fail do so within their first three years.
Another problem to overcome is that the decision-making process may have been moved off-site from your local banker due to all the mergers and acquisitions in the banking industry recently. Add all of this up, and you had better be prepared to electrify and amaze the banker.
Inside Tips to Open The Vault
Although the loan process can be frustrating, you can easily maximize your chances of obtaining a loan by knowing what lenders are looking for. Here are some inside tips for preparing your application and securing that loan.
1. Find The Right Source - Business owners mistakenly think all banks are the same when it comes to getting a loan. Some specialize in loans for smaller businesses or startups, while others prefer to lend to more established firms. Some banks may not even be on solid ground themselves. One easy way to assess a bank's capacity to loan is to check its "Texas Ratio," which is one measure of a bank's financial strength and sometimes is an indicator of banks that may fail. A Texas Ratio score above 150 is an indication of potential trouble.
2. Prepare an Executive Summary - This is a brief one or two page overview of your loan request. It determines if the bank has any interest in lending you funds before you spin your wheels for hours in front of the loan officer. You may want to end the document with your phone number so that the banker can call you back for an appointment or discussion.
3. Have a Complete Loan Package - If you have dazzled the bank officer sufficiently to obtain an appointment with him, then it's time to prepare your "big guns" - the formal loan request. While each loan program and each bank may have their own specific forms to complete, much of the information they ask for will be the same. The following list is typical of the items that will be required for any business loan application: Resumes & Personal Background on Principals and Managers, Business Plan, Personal Credit Reports, Business Credit Reports, Income Tax Returns, Financial Statements, Bank Statements, List of Collateral Offered, Legal Documents such as leases, licenses, corporate formation documents, articles of incorporation, franchise agreements, etc
4. Demonstrate Industry Trends - Provide information about positive growth trends in your industry, especially in terms of macroeconomic trends. These details will help the lender understand the potential for success and growth. The bank may not know about your industry, so the more you can tell them, the better.
5. Prepare, Prepare, Prepare - Rehearse, Rehearse, Rehearse - When a banker asks a question about your business, it should not be the first time you've thought of the answer. Having a strong, well-rehearsed response to anticipated questions will demonstrate that you have done your homework and have a thorough understanding of the situation. The questions are really pretty basic and to be expected: How much money do you need? What are you going to do with it? When will you repay? What will you do if you don't get the loan?
6. Prove Your Credit Worthiness - When discussing a potential loan, don't be afraid to discuss the risk with your bank. Every business has risk, and if you do not talk about it, the bank will assume that you have not taken it into account. A bank wants to be assured that you know your business well enough to anticipate its upsides and downsides. If you can't predict a good surprise, why should they trust you to account for the bad surprises? Lenders will be impressed that you have anticipated negative events. We can all make the numbers look good, but that is not the objective of the lender - he wants to see that the borrower will repay, even when things don't go as planned.
7. Be Prepared to Apply To Multiple Sources - No matter how much preparation you may do, sometimes things might not go your way. Even if you're turned down, thank the lender for the time spent reviewing your application. Never act resentful. The lender is likely to have considered the application in a highly professional, objective manner. Don't take it personally. Remember that, if your business is a success, there'll be future applications to consider. Don't burn your bridges. Talk with the lender about the reason for the rejection and how you can address each to improve future applications. Remember that you have other options. There are plenty of banks and other funding sources.
Visit the Performance Advisors website for articles such as Business Plan Writing Tips, Commercial Loan Options When The Bank Says No, Small Business Loan Money, Start Up Loans for Entrepreneurs With Bad Credit and others that can help you when seeking a business loan. Of course Performance Advisors is here to help you if you need assistance.
Terry Peltz, Director
Performance Advisors LLC
P O Box 26278
Phoenix, Arizona 85068
602-579-5725
888-629-0605
http://www.theperformanceadvisor.net
Performance Advisors LLC
P O Box 26278
Phoenix, Arizona 85068
602-579-5725
888-629-0605
http://www.theperformanceadvisor.net
Subscribe to:
Posts (Atom)