Is There a Way to Get Bad Credit Short Term Loans?

When you need a loan, and you have bad credit, you might think you are in a rut that is impossible to get out of, but bad credit short term loans in Canada are available for residents of the country. Lenders understand that some people have bad credit for different reasons. Just because a person has a bad credit score does not mean they are not going to pay off a loan they receive. They might have gotten bad credit when they were younger, but have yet to get the chance to improve things. Now knowing that loans are available for people with bad credit, you can start the application process.

How Do You Apply?

Before you can apply for a short term loan for people with bad credit, you need to find a lender that will work with you. Do a bit of research to find Canadian lenders that are not so strict when it comes to credit scores. Once you do that, you can compare the interest rates of the loan offers. If you think that one company is better than the other, fill out the application form on their website, and you will hear something back from them. The application asks for specific information, such as your address, the city in which you live, and employment status. Most of these companies provide approvals or denials within seconds to keep applicants from waiting for a response to find out if they can get the money they truly need.

When Does It Need to Get Paid Back?

If you apply for a short term loan, there are certain expectations. You would need to pay it back within a reasonable timeframe, which may be as little as two or three weeks. Most lenders will give a month or so before they start to expect payments. You will know precisely when you need to start paying off the loan when you finish the application and get approved. Only accept the offer for the loan if you know you can pay it back when the lender expects you to do so.

You may get approved for a loan, even if you have a low credit score. Some lenders are willing to work with people who have bad credit. You would need to meet requirements and agree to all the terms and conditions included with the loan before receiving the money. The process is still relatively simple, and it is convenient when you need cash in a pinch.

I Need Money Today! What to Do When You Need Money Fast

Only 29% of Americans have six months of expenses saved. Of that, only 18% have enough to cover five months of expenses. Meanwhile, 25% of the country has no emergency savings.

At all.

You never know when an emergency situation (like COVID-19) could put you out of a job or in need of quick cash. If you need money today, don’t panic. Instead, keep reading for eight tips that can help you get cash fast.

With these tips, you can allocate the money you need and maybe even save a little for the future. Discover how to get cash fast with these easy tips today!

1. Make a Plan to Start Saving

About 30% of America’s workforce has less than $1,000 in their savings accounts. Meanwhile, 42% of the country is living paycheck to paycheck.

Before you learn how to get cash fast today, prepare yourself for the future. Making a plan now can help you avoid this same situation down the road.

First, gather as much information about your spending habits as you can. Grab your bank statements, receipts, and determine your debts. Where can you start cutting costs?

It helps to separate your expenses into categories. For example, you can make categories for food, entertainment, and transportation. Separate your debts into their own sections.

Then, look for places where you can cut costs. Trim out unnecessary expenses like subscription boxes or TV subscriptions. You don’t need Netflix, Hulu, and Amazon Prime, do you?

Set a budget for each category. For example, you can have a weekly budget for groceries. Then, plan your meals to avoid impulse buys the next time you go shopping.

By making a plan to save instead of spend, you can start building a nest egg for your next rainy day.

2. Garage Sales

Do you have a lot of junk lying around the house! Get rid of it and make money off of it. One of the fastest and easiest ways to get cash fast is to sell your stuff.

Go room to room and grab items you no longer use. If you’re feeling conflicted, ask yourself if you’ve used that item in the last 12 months. If you haven’t, chances are you won’t use it within the next year, either.

Instead of letting those possessions clutter your home, make money off of it.

Gather different items (to appeal to different buyers), too. These can include:

  • Old electronics (computers, printers, TVs)
  • Music albums, CDs, and movies
  • Jewelry
  • Children’s toys
  • Clothing and shoes
  • Books
  • Silverware and dishware

Don’t forget to attract a crowd! Advertising is key. You can post signs around town or use social media to attract buyers.

Have friends and family members spread the word. Many cities have local Facebook Yard Sale groups you can advertise on, too.

3. Sell Your Stuff Online

Do you still have a lot of stuff leftover from your garage sale? That’s okay. You can attract an even bigger audience of buyers by heading online.

When you need money today, this is an easy way to make quick cash.

Make sure to take high-quality photos of the items you’re selling. Use a contrasting color background to help the product stand out. You’re more likely to attract buyers with crisp images.

Then, use eBay or Amazon Marketplace to start selling.

Do you have a lot of textbooks leftover from college? Try selling those on Amazon Marketplace, a bookstore online, or on your school’s website.

Do you have gift cards you never plan on using from a previous birthday? You can make money off those, too. That’s money just lying around.

Don’t let those gift cards expire. Instead, use a gift card exchange website like CardCash.com the next time you need cash fast.

Maybe you have old cell phones collecting dust around your house? You can sell those online, too.

If your old tech doesn’t attract buyers, look for an ecoATM kiosk around town. These kiosks will analyze your phone to determine its condition and model number. Then, the kiosk will tell you the phone’s value.

Don’t forget to try Craigslist and eBay!

4. Rent a Room Out

Do you have an extra room or property you rarely use? If you need money fast, consider renting the room out.

For example, you can start renting a room out quickly through Airbnb. Don’t forget to start advertising. Take high-quality photos and spread the word using social media to attract guests!

5. Sell What You Know

Do you have a lot of experience with marketing, business, or in another industry? Sell what you know by creating a website. Blogging will help you make passive income once you post ads on your site.

You can also combine your knowledge into an eBook to sell, too.

Maybe you’re good at graphic design or copywriting? You can also sell your skills on Fiverr to make quick cash.

6. Look into Loans

If you need money today, you might want to consider getting a loan. A cash advance or payday loan is an easy way to get quick cash. Before you go, make sure you have a strong credit score.

Make sure you know what to expect. You can find more information about pawn loans for vehicles here.

7. Drive Around

Consider picking up a side gig before the next time you need money fast. For example, you can get a job as an Uber or Lyft driver. With more people ordering food and groceries, these jobs are in high demand.

Make sure you have good car insurance and a well-running vehicle. After all, you don’t want to break down in the middle of a delivery.

These jobs usually let you work based on your own schedule, making them ideal when you need a quick buck.

8. Ask For Help

You might decide this is the last resort when you need cash fast. However, there’s nothing wrong with asking for help. While it might feel awkward at first, it’s sometimes the best option when you need money today.

Ask if you can earn the money by helping out. Maybe you can offer your services as a hairstylist, makeup artist, or hemming clothes. Put your unique skill set to work and start making some quick cash!

Need Money Today?: 8 Tips That Can Help You Get Cash Fast

Need money today? These eight tips can help you discover how to get cash fast. With these tips, you can take a breath and make a plan of action.

After that, start saving for the next rainy day!

Explore our Make Money Online posts for more helpful tips.

How to Choose the Right Life Insurance Plan

Life insurance can be intimidating. You’re probably overwhelmed by the idea of taking care of your family and loved ones if you were to pass away.

But understanding the different types of life insurance plans and how these policies work will keep you feeling secure. It’s important to stay informed so you can make the right decision for your family and finances.

Keep reading to learn how to choose the right life insurance plan!

What Is Life Insurance?

Before we dive into the different types of plans, it’s important to cover the basics of life insurance. Life insurance is a contract between the policyholder and the insurer.

In this contract, the insurer is guaranteeing payment of a death benefit to the named beneficiaries when the insured person passes.

For the contract to remain, the policyholder will pay a premium upfront or over time. Also, some policies will expire so it’s important to understand the different types.

For example, term life insurance policies will expire after a number of years that’s been defined. But permanent life insurance policies remain active until the insured person dies or stops paying the premiums.

What to Consider Before Choosing a Type of Life Insurance

When evaluating the different types of plans, you should also keep a few factors in mind. Not every policy will be right for you and your situation, so it’s important to evaluate your needs and priorities first.

Ask yourself what role you want your life insurance to play in your general financial plans. This is important if you’re looking for affordable life insurance to help financially support your family in the years when they’ll need it most. In that case, you’re looking for a term life policy.

But if you want coverage throughout your life that will build in value, you should opt for a permanent life insurance policy.

Along with your future needs, ask yourself how much you can afford now. If you’re looking for more coverage for a lower cost, you may want to opt for term life insurance.

Also, consider your current health. If you’re a reasonably healthy person, a medically underwritten policy could be the best and most affordable for you. But if health is a concern, a different type of policy, like accidental death, could be a better option.

What Are the Different Types?

Understanding the different types of life insurance will help you to choose what’s best for you. Below, we’ve outlined a general breakdown of each type before getting into the specifics of some.

Defining Types of Life Insurance

The first type, which we’ve already mentioned a few times above, is term life insurance. This is a policy that will last a certain number of years after the death of the holder and then will end.

Level term means that the premiums you pay will be the same each year. But increasing term is referring to premiums that are lower when you’re younger and increase yearly.

Permanent life insurance, also mentioned above, will remain for the insured’s life unless the policyholder stops paying the premiums. This can be a more expensive option.

Single premium means that the policyholder will pay upfront for the entire cost of the premium.

Whole life insurance means that it will continuously increase in value. This is a type of permanent life insurance.

Universal life insurance is also a type of permanent insurance that has a cash value which will earn interest. With this policy, the death benefit and premiums can change and be adjusted with time.

Guaranteed universal will not build in value but will have lower premiums than whole life. With variable universal life insurance, the policyholder will be able to invest the policy’s value.

Lastly, guaranteed issue insurance is also a type of permanent life insurance that’s available to people with medical issues. This basically insures people who are high risk.

Understanding Term Life Insurance

Now that you know more about each type of life insurance, it’s helpful to give an overview of some of the more popular types. Term life insurance is easy to understand and to buy.

With this type of coverage, your policy will last for a designated period of time. The typical amounts of time are 10, 15, 20 or 30 years. Once the term length is up, the coverage will end, but it can also be renewed.

This is a popular insurance choice since it offers coverage during the years when your family will likely be the most in need. It’s also typically at a reasonable price, depending on the term length and the amount you purchase.

Understanding Medically Unwritten Term Life Insurance

Another popular choice is medically unwritten term life insurance. This will take your age, lifestyle and family health into consideration. You’ll then be determined for eligibility and price that’s been designed for you.

This typically offers more options and can be purchased usually without a medical exam if the person qualifies.

This type of insurance can also be affordable and is particularly helpful for people who are already healthy and want to save money.

Both term life and medically unwritten term life are certainly not the only types of life insurance policies and may not be right for you. Check out more info to better understand which policy will suit your needs.

Evaluating the Types of Life Insurance Plans for You

Choosing the right life insurance plan means understanding the types of life insurance plans that are on the market.

Above, you can read through an overview of each type and dive into a few specifics. Remember to also evaluate your current needs before purchasing any plans.

Keep reading from our blog to get more helpful money-saving tips!

Life-insurance: 4 Questions You Ahould Not be Afraid to Ask

Buying life insurance can be for many one huge decision, therefore asking the right questions at the right time is essential. In the old say, if you wanted to ask a major question that implies your financial situation, you probably had to leave your home, go to the library, or seek a trusted advisor. Fortunately, those days are long gone as today, most of us have the luxury to delve into a 1500-word article on our smartphones and find our most asked questions and their answers.

As you shop for life insurance, you’ll likely have a lot of questions not only about what you are buying but also on what can happen after your purchase.

Life insurance doesn’t have to be confusing, especially when the financial future of those you love are in play. Let’s delve together through some most asked questions so you can get a better approach on this topic:

1. How much life insurance do I need?

In order to sort out how much insurance you need, you will have to take a look at your current situation and ongoing expenses, future expenses, and even your funeral. But adding up all those numbers can typically amount to a bigger policy than you actually need. Moreover, you should subtract assets that could add up toward those expenses such as investments and savings.

2. Are multiple life policies possible?

Indeed, you can benefit from multiple policies from the same or even numerous insurance companies. For instance, you could purchase a permanent life insurance policy like a whole life type insurance and also a term life policy for a shorter need. These may include paying a mortgage or savings for your kids’ college if you were to die. When you apply for more insurance coverage than your current situation requires, top life insurance companies will likely ask you why.

3. Why buy life insurance when I’m young?

One of the many advantages of buying life insurance as a young person is that you’ll be able to lock in a steady rate for the extent of the policy. For instance, if you have dependents in the future, you have secured a low rate and ensured your own “insurability,” which means you don’t even have to worry about higher rates as you age and potentially experience deteriorating health.

Bear in mind that the older and less healthy you are when you purchase a life insurance policy, the higher the price.

4. What if I don’t die?

It goes without saying that before purchasing any kind of life insurance, you should think about what and why you are buying it. Do you need financial protection for your family in case of early death? Are you facing any additional debt which requires you to provide coverage?

In case you want a policy to cover your financial obligation, you may want to consider permanent life insurance. If you are currently experiencing a cash crunch and have an urgent responsibility towards your family, a business partner, or your lender, term insurance policy can offer you a short-term solution.

 

What Is Know Your Business (KYB)?

In order to stop fraud and curb organized crime’s money flow, mandatory KYC compliances were put in place. These practically force the financial firms to use a system that is capable of verifying information about the identity of every single customer.

The process of KYB (know or knowing your business) involves several different practices that respect regulatory rules set by the GDPR, 4AMLD, PSD2, and others.

Know Your Business – Definition

Every single merchant acquirer, payment company, or financial institution that deals with transfers of money has to KYB-check companies whenever business is done. This includes the verification of business licenses, company registration, and even director identity.

KYB involves various different requirements, ranging from simple ones like date of birth and addresses to complex ones like bank statements. Extra checks might be needed against PEP Adverse Media, and sanctions public lists. The requirements and checks needed by the KYB system are dictated by suspicious reports, country, value of transaction, and nature of business.

Stakeholder and owner identity are checked with the use of automated AML systems and public registers.

The Impact Of KYB

When non-compliance appears, there are huge risks that the business is exposed to terror financing and money laundering activities. Also, when due diligence is not in place, the integrity of the brand can easily be damaged, which leads to lower profits and penalties issued by the authorities.

The Automated KYB System

KYB involves knowing the identity of the business owner and identifying it whenever necessary. This is a time-consuming process when handled manually. Disclosure requirements vary from one jurisdiction to the next so in many cases the process can be cumbersome. Firms that want to be compliant and handle the process faster take advantage of eIDV (electronic identity verification). This automates the entire verification process.

Seamless EDD was created by the need brought forth by the current complex regulatory environment. KYB compliance becomes reality through real-time data verification combined with searches on directors, ID documents, beneficial owners, and companies. These are systems that offer an analysis of names and identities for directors and owners.

The data that is used to verify identity is pulled from different sources, like:

  • Global corporate registries
  • Sanctions databases
  • Global PEP databases
  • Public records
  • Government registers

Besides the checks that are done when a business partnership is established with another entity, KYB also involves ongoing monitoring, which is handled through automated alerts and checks. An API allows fast and easy integration so that information can be retrieved as soon as possible. Then, information is shared with the appropriate parties. When signs of potential problems are detected, the account is flagged. This usually involves a future manual review.

Final Thoughts

KYB is nowadays necessary for both parties involved in a transaction. Laws have to be respected and it is vital that the system checks money involved in transactions to reduce the possibility that criminals use the services of third parties to launder money. To sum up, KYB is both mandatory and beneficial whenever it is required by law.

5 Benefits of the Recurring Deposit that You Need to Know

A recurring deposit is a term deposit which allows you to save a fixed amount of your income every month. Generally, financial institutions such as banks and the Post Office offer this kind of savings option. In a recurring deposit, you can contribute a small sum to build a substantial financial corpse and earn interest. Often, salaried individuals tend to opt for a recurring deposit account.

You can choose the timeline for long will your recurring deposit account will span. Usually, it spans from a minimum of six months to ten years. Also, to open a recurring deposit, all you need a meagre amount of 10 rupees.

In this article, we have listed some more benefits of recurring deposit:

Online availability:

With banks going digital, today, you can open a recurring deposit account from the comfort of your home. You can also carry out various activities online, such as:

  • Deposit money in recurring deposit (RD) account,
  • Close the RD account,
  • Open another RD,
  • Update information,
  • View transactions,
  • Deposit details, etc.

Investing in an online recurring deposit means making an investment and earning interest without leaving the comfort of your home.

Interest rates:

The interest rates of a recurring deposit depend majorly on the tenure and deposit amount. However, there are chances that it can be very similar to that of fixed deposits. Generally, the interest rates for RD can vary anywhere between 7.25% to 9%. This variation depends on the financial institution’s offering and the plan that you opt for. Many banks offer a higher interest rate for senior citizens.

Easy investment:

While investing in the recurring deposit, you have to deposit a fixed sum every month. This investment will build up a savings discipline. This kind of saving works best for salaried individuals as it is easier to invest a certain amount every month. Additionally, RDs also come with guaranteed returns. The rate of interest for RD is often locked. This helps to protect the investor from interest rate swings.

Flexibility:

Another benefit is that some banks offer flexibility the deposition of money every month. So, in case if you are unable to deposit money in any particular month, you will not have to pay a penalty fee. You can also withdraw your money from the account when you require and not wait for your account to mature.

These benefits of recurring deposit make it one of the safest ways to save finances.

Practical Tips to Help You Manage & Grow Your Small Business

Starting a business is an exhilarating experience. Easy as it may appear tough, it requires pulling together both monetary and non-monetary resources. This includes setting up the business premises, purchasing and installing technological equipment, and, most importantly, bringing on board a qualified team of employees. Now, bringing together people and other resources is one part of the business.

The other key aspect which determines the growth and success of your business is how you manage the resources to achieve your business short and long-term goals. So how should you go about managing your small business? Let us have a look at some practically proven tips that you can follow.

How to Manage Your Small Business Better

Create a realistic strategic plan

Growing your business involves making many decisions about how you want to expand your operations. One way to do so is by creating a strategic plan, which is a critical component of planning for growth. Therefore, the strategic plan for your business should typically focus on your mid to long-term goals of your business.

The plan should outline and explain in detail the necessary strategies to follow in achieving the goals. For example, you may consider expanding your business internationally after five years. That is, therefore, a long-term goal. However, you must layout plans on how you will go about achieving that future goal. Your strategic plan should then detail how you are going to carry out the hiring process internationally, how you will raise the money to expand your business and how, maybe, you should go about licensing your business. With that in place, you will have a clear roadmap to your goals and a way to realize them.

Set realistic goals

It is crucial to, first, ensure that all your employees are clear with the roles that you hired them to fill. Secondly, it is your duty as the manager of your business to set clear goals for each of your employees to work towards realizing. These expectations should then be communicated to them. It is important to set measurable goals that you can evaluate and measure their achievability periodically.

For example, you can set the number of sales that each employee should reach in a month. Periodically, evaluate the goals and review the performance of each employee to ensure that they are keeping up with the objectives. If not, you can find out why and address any challenges. Remember that when the goals are achieved, that will be to the success and growth of your business.

Adopt new technology

It is almost impossible to compete fairly in the modern business world without technology. Incorporating technology in the management of your business comes in handy in many ways. First, it helps to improve communication in the workplace significantly. For example, if your employees are located in different physical locations, you can use video communication tools such as Zoom or Skype, to stream your conversations.

Secondly, technology at your business work can be utilized during hiring, tracking applications, store crucial employee data, and also track individual employee performance. That will increase the ease of executing work at your business place; hence you should consider adopting the technology that will suit your business.

Also, you can have your IT team to integrate and automate processes at your workplace to increase efficiency.  For example, the hiring software can be installed in the HR department computers and seamlessly connected to payroll and benefits application software in the accounting department. As a result, the integration of these technologies will streamline IT tasks in your business organization, thereby increasing efficiency. Consequently, you will have saved money and time resources that could have been used in doing the work manually.

Keep track of money movements

You are in business to make a profit and to grow. For your business to grow financially, therefore, you should have a well outlined monetary policy in place. For example, it is crucial to have your payment terms outlined concisely and efficiently for your customers or clients to follow. This will help you avoid bad debts that might affect your cash flow in the business. It is advisable to trace monetary transactions and track all the movements of your capital frequently.

That will put you in a position to figure out which areas are performing better and more efficiently. Hence, you can identify areas that need improvement and more attention. Additionally, you will be in a position to use the financial data to develop a reasonable budget and track your progress.

Wrap up

The way you manage your business determines its present success and future growth. Hence, you need to manage both monetary and non-monetary resources to ensure the success of your business. Be smart with your strategies, and don’t forget to innovate around ways to grow your business.

A Guide to Hiring For Startup, Tips to Help You in Recruitment

Hiring is less about impressive resumes and more about finding a great talent who will help grow your business. It is the reason why you should have the right hiring strategy that will get and retain the right employee. Yes, employees are the backbone of your business.

They have a considerable stake in the growth and success of your business, as they will work to achieve the goals and realize your vision. It is also worth noting that making bad hires will lead to underperforming employees and hence a slowed business growth. Besides, it may lead to high turnover, which will be costly for your startup. Now, we have compiled some tips to help you recruit and keep the right talent in your startup

Hiring for your startup
Know the talent you are looking for

When it comes to hiring, you must clearly define the need you intend to meet by bringing new talent on board. You should avoid hiring for the sake of filling a vacant position. It is, therefore, crucial to ask yourself the following questions:

  • Why are you hiring?
  • What skills or qualifications are you looking for?
  • Can the role you are hiring for be filled in-house?

Being transparent with these questions helps you create an accurate job description that will attract the right candidate to your organization. It also helps to determine that indeed you have a reason to hire, one which is for the good of your company. With that, it becomes easy to hire an employee you can trust with the future of your startup. The bottomline is that you should employ deliberately and with the future of your business in mind.

Use appropriate HR Tools.

When it comes to finding the right talent to fill a vacant position in your business organization, the HR department of your business organization is more than just an administrative support function. The HR department will play a key role in finding the right talent to fill a position advertised. It takes up the part of searching for the right candidate, interviewing them, hiring and doing employee onboarding. The hiring cycle can be long, time-consuming, and also tedious. That is why finding a way to improve its convenience should be a top priority.

To increase the efficiency of the hiring process in your organization, the HR team in your department should utilize the latest HR technology. That way, they can attract, hire, and retain the best employee for your organization. Some fundamental tools that offer HR solutions during and after hiring include the following:

  • Human Resources Information System (HRIS): The HRIS is an HR tool that brings all employee-related data together into one easy to manage system. Such data, for example, include the application information, employee information, and also performance review. Hence, you can easily retrieve and update data in one place. Consequently, this makes it easy to find and use the information at convenience.
  • Application Tracking System (ATS): The hiring process can get longer and even more difficult. Because of the large number of applications that you receive upon advertising for a position, using ATS helps in reducing the time used in sampling the applications. This is done after setting up ATS to scan the keywords. Based on that, the ATS can weed out the candidates who do not meet the criteria, therefore, saving you a lot of time and effort that could have been spent checking through the applications manually.

Many other useful HR tools can help improve the efficiency in the hiring process by saving on time and energy.

Consider a culture fit employee

Studies have found that employees who fit well with their organization’s culture, co-workers, and supervisors show great job satisfaction. Besides, they are likely to remain in the organization and show superior performance.

That shows the significance of the environment you have in an organization, which is usually defined by the aligned beliefs, behaviors, and experiences. When hiring, you should get an individual who will blend well with that company culture you have built. They will, in turn, record high performance, plus they will likely stay in your organization longer hence lowering the expensive employee turnover.

Final word

The success of your organization will always depend on the team you have. That is why you should be very keen when hiring new talent. While hiring for a startup can be a head-spinning endeavor, it’s a process you can improve for the benefit of your business.

Wealth Creation and Saving Strategies | OnMoneyMaking