How Do Title Loans Work?

!: How Do Title Loans Work?

Title loans can be one of the scariest loans you can get and should only be used as a last chance way of ever getting a loan. Typically these loans should only be used as an emergency loan of any sort. The risk is extremely high for the loan so it is important that you are able to pay it back as soon as possible.

Because the loan period is typically less than 60 days, most are 30 days; the interest rate is extremely high. Title loans are not required to follow the same restrictions as credit cards, so fees and interest charges can be huge. Interest charges can be anywhere around 100% to 350% on the principle. They also will rarely disclose the interest rate in APY showing you a number much lower, but because the loan term is so short the interest charges grows rapidly.

Besides the interest rate being so high there is another stipulation to Title Loans, and that's your automobile. Because Title Loan's cater to emergencies and bad or no credit situations, they use your automobile as collateral. This is to protect them if you cannot pay. They will only loan out about 30-50% of the actual vehicle worth. They also will hold your title until you pay the loan back. While this may seem straightforward, and actually the concept is, it is very hard to pay back the loan so quickly with interest charges and a lot of people default on these loans because it is very easy to underestimate the payments needed for such a loan.

If you are in need of such a loan, you can look for other alternative choices that have better terms and you are not putting your vehicle up as your collateral. You can find other choices that will be beneficial and not having you scramble to keep one of your biggest assets from being repossessed.

How Do Title Loans Work?

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Starting a Business Goals, Costs

!: Starting a Business Goals, Costs

Video from our FREE Online Business Course www.myownbusiness.org Session 1 - Evaluating Business Potential Question "What would your top recommendations be for people just starting out in business?" Gwyn Myers, Ph. D. Management Consultant Topics covered in this video: Business goals, costs, revenue, networking, persistence Transcript: Number one would be to make sure that you have a goal and that you are determined to make that goal--that nothing is going to stop you. There are going to be so many valleys that you are going to go through, but that you are absolutely determined to make it. And I think that it shown over and over that persistence is the key to really starting a business and sticking with it and making it successful. The second thing that I would tell them is a well known business fact: revenue is on the outside, costs are on the inside. So spend as much time as you can on the outside during the times that people to going to listen to you: spreading your message, networking and finding out what people need. And maybe it's going to be evening hours, early morning hours or weekend hours that you devote the time internally to get yourself organized to set up that infrastructure and get going. So one thing is persistence and the second is get out there where the revenue is and make sure it's coming in.

Starting a Business Goals, Costs

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How to Write a Business Loan Proposal

!: How to Write a Business Loan Proposal

Every enterprise wants to have bank finance to supplement their fixed or working capital requirement. Normally for any business, debt to owners capital need to be 2:1 with some exceptions for some industries like software. Debts can be arranged in different ways including bonds, fixed deposits, bank loans etc.
For bank loans, different banks have their own format for loan payment.
In addition to standard loan documents, banker expects to see a written proposal when someone applies for a business loan. This is finance chance to highlight the most exciting and promising aspects of the business and to prove to your lender that your company is a prime candidate for a loan.
Various steps are to be taken for this:

Step 1 - Submit a cover letter with your proposal. This should be a brief introduction to your firm/company, the size of the loan requested and the purpose of the loan.

Step 2 - Begin your proposal with general information, including the company name and address, names of the Directors, the purpose of the loan, the exact amount of money needed and detailed plans for what will be done with the money.

Step 3 - Describe your business in detail. Include information on prior and projected performance, unique aspects of your business.

Step 4 - Provide complete market information. Identify your competition and explain how your business plans for future growth. Submit details on your current customer base.

Step 5 - Prepare management profiles for all owners and key employees. Highlight total number of employees, key employees' qualifications.

Step 6 - Submit complete information concerning your last three years of operations like balance sheet, profit and loss account, cash flow and fund flow. Also provide projections for next 3 to 5 years based on estimated growth. If it is a short term loan, only one year data is sufficient. If it is a long term loan, then the projection should cover upto the period of likely repayment If you're just starting out, provide projected balance sheets and income statements. Also one should include personal financial statements from all the owners and information on any collateral that will be pledged as security for the loan.

Step 7 - Submit your proposal with each copy of the loan package you are required to return with your rate of interest demand.Now banks cannot lend below base rate and hence one should insist and try to get at least base rate from bank for loan. Remember to keep a copy for yourself. Overseas bank rates are cheaper. So External Commercial borrowing route also should be explored for which company should follow certain criteria set up by RBI.

How to Write a Business Loan Proposal

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