The Pros and Cons of Pawn Shops

There are many pawn shops that you can easily use as a means of quickly getting cash. However, before you walk into these stores you should know about the pros and the cons relating to them. There are pros and cons which could make you change your mind about pawn shops and it is important … Continue reading “The Pros and Cons of Pawn Shops”

There are many pawn shops that you can easily use as a means of quickly getting cash. However, before you walk into these stores you should know about the pros and the cons relating to them. There are pros and cons which could make you change your mind about pawn shops and it is important that you know what these are.

The Pros of Pawn Shops

There are a lot of people who know about the pros that come from pawn stores and using the services that they offer. The first pro that you find with these stores is that they do not complete any credit checks. This is due to the fact that you are leaving a valuable item with them as security for any loan that you are going to get.

The second advantage that you need to know about is that the loans you get are quick. In most cases you will be able to get the money that you need on the day that you sign the contract with them. The last advantage is that the pawn broker will allow you to get your item back as soon as you want.

The interest that the pawn stores will charge will only be for the period that you have actually borrowed the money. With many other loan services you are unable to pay off the loan quickly or you will need to pay an extra fee. This is not something that you face with pawn shops.

The Cons of Pawn Shops

There are a number of disadvantages that you will find with pawn shops. The first con of these stores is that pawn brokers are actually a relatively expensive means of borrowing. Like payday loan companies, pawn brokers are able to change any APR they want on the loans that they offer.

Another disadvantage that people do not know about is the fact that you usually can only borrow a percentage of the value of the item you pawn. This means that you would have to have a very high value item or multiple small value items to get high amounts of cash from the loan.

The third disadvantage that you need to know about is that the pawn shop is allowed to sell your valuable item if you are unable to repay the loan. Of course, they should give you some notice that this is what they are going to do. If the item does not sell for enough to cover the remaining loan amount then you are still liable for this.

The last con that you need to know about is the fact that your item could be sold for less than it is worth or less than what you would get for it elsewhere. This means that you could be getting less out of the deal with the pawn broker in the end.

There are a number of pros and cons that you need to know about when you look at pawn shops. By understanding these pros and cons you will be able to determine if using a pawn shop is the right option for you.

Useful Facts About Personal Loans and Online Transactions

Personal loans are becoming increasingly easier to avail these days, thanks in great measure to the ease of verification and processing that is done prior to loans being sanctioned. Personal loans fall into two broad categories – secured and unsecured.

Secured loans are usually for higher amounts such as buying a second home, property or vehicle purchase or even educational loans taken against a mortgage that is generally guaranteed against default through ‘secured’ property such as a house etc.

Unsecured loans are personal loans that are given for smaller amounts like payment of medical bills, credit card outstanding or other exigencies that require immediate cash. If you have a good credit rating it is quite easy to acquire a personal loan without any guarantees; the amount of loan depends on take-home salaries and assets that you may possess. Unsecured loans can be processed even online if all requirements are met; the repayment is done in pre-fixed, equated monthly installments with provision for foreclosure depending on the finance company that is sanctioning the loan. The advantage of a personal loan is that unlike credit card payments which are compounded interest and keeps accruing if you do not pay the installments on time, a personal loan is based on low interest rates and can be paid out quite easily. In the event of unforeseen circumstances like a job loss or personal injury resulting in loss of income, you can re-work the outstanding amount and reach a settlement in consultation with your finance company without having to wipe out your entire savings.

Although it is quite convenient to use the Internet for loan processing and installment payouts, you should be careful not to divulge too many personal details. There are many unverified and unethical finance agencies operating online that promise ‘quick loans without verification’ to those who have huge borrowings on credit cards etc. Remember that there is no guarantee that these services are authentic, safe and follow regulatory procedures and if you are not cautious, the resulting experience or loss can prove quite costly.

The first thing that many do when losing money online during a transaction is to blame the bank or financial agency. However, the technology driving the online transactions is more often to blame.

When one loses money during a transaction, one is often quick to blame her/his bank. But most such cases relate to the use of technology in banking. While technology has undoubtedly made life easier, it could prove costly if one isn’t cautious. It is advisable to check and re-check all details while conducting an online transaction because banks are not responsible if you enter wrong data entry or incorrect details. Most banks only use personal account numbers of beneficiaries while transferring funds, not the beneficiary’s name and hence it becomes a valid transaction. At the most, in the event of a wrong transaction, the bank can put you in touch with the ‘unintended beneficiary’. However, banks are quite helpful in helping customers file a complaint with the police and legal authorities and provide assistance in recovering the amount.

Do’s for safe financial transactions

• Do not disclose Debit or Credit Card PIN numbers to anyone

• Do not let others operate Debit Card on your behalf

• While settling bills with Debit Card, ensure that you go to the counter and oversee the entire transaction

• Do not post personal financial details in response to email queries or on public platforms online unless you are convinced that they are authentic and secure

• Do not use public Wi-Fi connections to conduct online transactions

Wondering About Financing Small Business Loans?

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

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

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

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

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

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

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

Planning For Your Construction Equipment Finance

Expanding or establishing a construction business can be a daunting prospect. Not only are there building regulations and rules to consider, insurances and administration, but you will also face the prospect of purchasing expensive equipment needed to conduct your business. While there are a number of equipment finance options available, to make the best use of construction or commercial equipment finance, you need to properly plan.

Determining What You Actually Need:

The first step is to determine what you actually need to buy. Will you be considering brand new, refurbished or used equipment? Will you be using some of your capital or need the whole sum covered by finance. Australia based business owners need to consider what equipment they will need to conduct their everyday activities. You should remember that more specialised equipment, you will only need periodically, may be better sourced from an equipment rental company. However, if a piece of equipment is needed for most of your business services, it would be more economical to own or long term lease it.

You will also need to consider if you need any office based equipment such as computer systems needed to optimise your projects and make your operation more efficient. This cost may also need to be factored into your equipment finance.

Different Forms of Equipment Finance:

The specific deal will depend on your particular equipment finance needs. Most lenders offer more flexible terms for finance. This can include longer loan terms and lowered monthly payments with final balloon payments. Obviously, if you are looking for larger items of construction equipment such as plant equipment, there will be more flexibility in the equipment finance terms. Since cash flow is important, you may wish to consider keeping your monthly repayments as low as possible. This will allow you to keep your operating costs low and manageable. You will also be able to budget accurately, since you will know exactly how much you will be paying each month.

Obtain Pre-Approval:

One of the most sensible options for your equipment finance is to obtain pre-approval. This will allow you shop with confidence, making an offer as soon as you see what you need at the right price, without worrying about whether you can actually finance the purchase. Pre-approval for finance can be arranged to a set level to allow you to plan your purchases and obtain the best deals. You can also shop around for refurbished or used equipment to obtain the best possible equipment at the best possible price.

Choosing Your Equipment Finance Provider:

While the prospect of obtaining multiple quotes for your equipment finance may seem a little daunting, it is possible to make the process easier and smoother by using a reputable broker. A broker specialising in construction finance will have a network of providers and access to the best deals. The broker may even have a particular relationship with some of the lenders which allows access to exclusive deals. This allows you to compare the rates and terms available, without needing to spend days on the phone.

If you are considering equipment finance for your business, contact us. We are a specialist broker and our experienced advisors would be delighted to answer any questions you may have and assist you in finding the deal best suited to your requirements.

Courier Driver Insurance: What You Need to Know

There are many things that you need to set in place when you first start out working as a courier driver. However, one of the most important things on your list should be to ensure you have adequate insurance.

Finding suitable insurance is essential. Not only is insurance a legal requirement, but a policy that covers all your needs will also serve to provide you with peace of mind while you work. Here is what you need to know.

Courier Insurance is not Standard

Insurance is a legal requirement for every driver – in fact, even if you are not using your van a lot, it must still be insured. However, if you use your vehicle to carry out delivery work, you should be aware that you’ll need more than just standard vehicle insurance. As a courier driver, you will be considered a higher risk than other road users, because you will stop frequently, you have deadlines to meet, and you may also transport valuable goods that need to be covered under a policy. It therefore makes sense to spend adequate time researching the most suitable policy, even if that means spending a little more on it.

Different Types

There are different levels of policies that you can choose from. Everybody’s circumstances are unique, so it is important to find the most suitable policy for your personal situation when working as a courier driver. Various factors could influence your insurance, from the type of vehicle you drive to how far you travel and how many drop-offs you make.

One of the most important things to look for is goods in transit cover. This provides coverage for all the cargo you transport, some of which may be very valuable. If you have an accident or the goods are stolen, you are liable for the damage or loss, and this could cost you a lot of money. So to have complete peace of mind you’ll need to invest in decent goods in transit cover. (You should also find out what is not covered under a particular policy, as it may not include high-value goods like jewellery.)

Breakdown cover is another thing you should definitely consider including. This will provide you with protection should you experience problems on the road, as it can be very difficult if something goes wrong when you are working to a deadline.

Other things that may be covered in a policy include vandalism, overseas travel, public liability, employers’ liability, personal belongings and replacement van cover. You may also want to get a fleet policy if you have numerous vehicles. It’s important never to assume that any aspect is covered; always check the details carefully and understand exactly what you’re covered for as well as how much excess you will have to pay when you make a claim.

Look Around for a Suitable Policy

When you start your research for insurance, always search around and get quotes from various providers, as they’ll all provide slightly different policies at different prices. This is an important decision for any courier driver, so do spend some time over the process. And remember, don’t simply buy the cheapest you can find – you need to make sure it really does provide the cover you need.

Norman Dulwich is a correspondent for Courier Exchange, the world’s largest neutral trading hub for same day courier driver jobs in the express freight exchange industry. Over 3,000 transport exchange businesses are networked together through their website, trading courier jobs and capacity in a safe ‘wholesale’ environment.