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Personal Loans or overdraft facility?

We all need some extra cash from time to time. Sometimes, we need to cover some purchase expenses or some long-overdue repairs or renovation. And we all wonder “how do I go about it?”

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personal loan or credit card

Personal loans or credit cards? Here's the question.

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Check out this post… "are personal loans considered income? ".

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Check out this post… "GETTING A LOAN FOR SMALL BUSINESS ".

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Check out this post… "LOANS FOR SMALL BUSINESSES ".

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Check out this post… "Email Marketing ".

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Getting  a Business Loan

1- Determine if you qualify  for  a business  loan

You must answer  these  questions  to  help  determine  if you are  qualify to get  a smallbusiness loan:

●What's  your  credit  score?

Most banks prefer  to  offer  their  low-rate business  loans to  borrowers  with credit  scores of at least 680 plus. If  your  credit  score falls  below  that  threshold, consider  small-business loans  for  borrowers  with bad  credit  or  loans  from a non-profit, microlender, and friends and family or peers.

●How long have you been  in business?

Most lenders especially banks will  consider for  how  long  have you been  operating. You  need  to  have been  in business for  at  least  a  year  to  qualify  for  online small-business loans and at  least  two  to three years  to  qualify for  bank  loans.

●Do  you  make  enough  money?

Many  lenders require  a minimum  annual  revenue  for at least $50,000  or plus. 

●Can  you  afford  the  payments?

Look  carefully  at  your  business’s finances  especially  cash  flow  and operation  costs,  then  evaluate how much you can afford to  apply  toward loan  repayments  each  month. 

●Do  you  have  collateral?

It is possible to get  secured  and  non-secured  business loans  from  many  lenders.  A  secured loan  requires  business collateral,  like  property  or  equipment, that  the  lender  can seize  if  you  default on the  loan. Putting up  collateral  is  kinda risky,  but  the upside is that it  can  help raise  the  amount   you  want to borrow and get  you  a lower  interest  rate.

For non-secured loans, Lenders may  require a  personal  guarantee.  This means you'll  personally repay the  loan  if  your  business can't,  and  may let  a  lender come after  things  like  your  house  or  car  in  instances  of  nonpayment.  Some financial institutions might also do the same.

2- Decide what  type of  loan you need

Lenders will  always ask  why  you need  to  get  a  small-business loan?  And  the  answer  is likely to be:

●You want  to  start  a  business. 

In this case, cash  flow  to  support  repayment  of  the loan  is required, so 1+1=2  businesses in  their  first  year  typically can't  get  business  loans  from most financial institutions.  Instead,  you’ll have  to  rely  on  other  types  of  startup  financing, like  business  credit  cards  and personal loans.

●You want  to manage  day-to-day  expenses. 

A  business  line  of  credit  could  make sense.  This  flexible  kind of  funding  lets  you  tap  into  financing  as  needed to cover expenses like  payroll  or  unexpected  costs  like repairs,  offering  a  useful safety net  as needed. This is also called a  bank  overdraft, it is useful but the interest rate on those kind of loans are quite high.

●You want  to grow  your business. 

Consider  a government-backed  SBA (Small Business  Administration)  loan  or traditional  term loan,  which  often  have  higher  borrowing  maximums. SBA  loans can reach  $5.5  million. For example.  Many  lenders also  offer  specific  products  to  fit  a growing  business' needs, such  as  loans for  equipment  or  vehicle purchases.

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Let's talk  marketing

Believe  it  or  not,  marketing  is  as  old  as  civilization  itself. You  know  in  those  old  movies  about ancient  civilizations,  we  sometimes  have  scenes  of  busy  market  stalls  and  weird  looking  people actively  engaged  in  making  noise  and  asking  people  to  buy  whatever  it  is  they  were  selling. Sure thing  these  dude  wouldn’t  have  called  that  marketing  but  the  main  goal  is  pretty  much  same.

The  concept  of  marketing  that  we  now  see  and  know  nowadays has  more  to  do  with  the  industrial revolution  of  the  18th  and  19th  centuries  all  through  the  early  20th  and  the  rapid  social  change that  has  occurred  due  to  technological  and  scientific  innovation.  So  basically  because  of  that period  in  human  history,  marketing  has  gone  from  random  dude  yelling  at  you  to  disturbing  and quite  annoying  pop-up  ads  on  your  screen.

So  what  is  marketing?  In short, Marketing  refers  to  the  actions  that  a  company  or  an  individual undertakes  to  hype  up  the  buying  or  selling  of  a  product  or  service.  Marketing  englobe  advertising, selling,  and  delivering  products  to  consumers  and  or  other  businesses.  Some  marketing  is  done  by affiliates  on  behalf  of  a  company.  Cool!

At  its  core,  marketing  seeks  to  match  a  company's  products  and  services  to  customers  and  or businesses  in  need  of  those  products,  and  good  matching  ultimately  ensures  profitability. Product,  price,  place,  and  promotion  are  a  very  important  part  of  marketing  and  they  are  also called  Marketing  Mix.  Let’s  get  to  it!

●Product  is  an  item  or  items  that  a  business  and  or  an  individual  plans  to  offer  to  consumers.  The product  must  fulfill  a lack  in  the market,  or  meet  consumers’ expectations. Before preparing  an adequate  campaign,  the  marketer  need  to  understand  what  product  is  being  sold,  how  it  differs from  the  competition,  whether  the  product  can  be  upgraded  or  paired  with  other  products,  and whether  there  are  substitute  of  that  products  in  the  market.  

●Price  refers  to  how  much  the  product  will  be  sold.  When pricing a product, there  is  quite  a  lot to  consider: The unit cost, marketing  costs, and  distribution  costs. It is also important to consider  the  price  of  competing  products  in  the  marketplace  and  if  their  proposed  price point  is  enough  to  represent  a  reasonable  alternative  for  consumers.

●Place  refers  to  the  distribution  of  the  product. That where the transaction happens. The key considerations  is whether  the  product will be delivered  through  a  physical  storefront,  online,  or  through  both  distribution channels. 

●Promotion  is  the communications  campaign.  Promotion includes  a  variety  of  activities  such  as  advertising,  selling,  sales  promotions,  public  relations, direct  marketing,  sponsorship, and what not the goal is to make the thing known. Promotions  vary  depending  on  what  stage  of  the  product  life  cycle  the  product  is  in (introduction, growth, settlement and decline). 

Yeah in a nut shell that's marketing.

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Hi there! And welcome to DIGIMW-5

Feels good having you here. On this platform, the goal is to share knowledge and help others me included to learn and grow. Most importantly this is a place where the opportunity is given to the "egg head" buried deep inside all of us to feel at home.

Here we will be talking about everything that as the potential to grow our intellect and arouse our hunger for knowledge in all things BUSINESS, SCIENCE, TECHNOLOGY, and others. Needless to say, it is going to be fun.

So as it is said in a very famous book "through knowledge the rooms of a house are filled with rare and expensive treasures".

Welcome everyone, and let's start learning.