The legal procedures can be overwhelming, especially if you don’t know. To make the process easy, you will need to consult a personal injury attorney to walk you through the ICBC process. A lot of myths surround the ICBC law claims, and this article seeks to unmask these myths to provide correct information. (more…)
Bad credit loans are out there for when banks have declined your loan requests. You need to find a loan company that will provide you with a fair loan. Following a few tips will help.
1. Compare Loan Companies
Not all loan companies handle bad credit loans in the same way. You want to review the reputation of the company, and see what other people have to say about their loans. The more time you take to make comparisons, the easier it will be to work with a company with confidence knowing that they are reputable.
2. Review Interest Rates
Interest rates can make or break you. High interest rates are inevitable because of your bad credit score. However, you don’t want to pay higher than the standard rates available for bad credit financing. The higher your rate, the more it will cost you to pay back the money. Especially if you are planning on taking more than a month to pay back the loan, you want to keep an eye on the rate you accept.
3. Look at Fees
Review the fees that might be in place. For example, a money provider might charge you a fee just to apply, which is not standard. Other fees might involve late fees as well as fees involved with having to adjust the payment plan that you initially agree to. When you look at all of the fees, you can avoid paying too many by choosing a reputable loan company.
4. Determine a Good Payment Plan
How you’re going to pay back the loan is something you need to consider. Find out how long you have, such as one month or an extended period. This will help you to determine how much you should borrow and whether you can afford to pay the loan back in a timely fashion. If you can’t afford the monthly payments for the loan, you shouldn’t apply.
5. Find Out How the Money is Delivered
When you’re looking for loans for bad credit quickly, the easiest solution is for the money to be wired directly into your bank account. However, not all loan companies offer this option. Find out how you’re going to get the money (and how quickly) to ensure that the method works for you.
By taking the time to compare bad credit financing options, you can avoid issues. You will get the money when and where you need it to get some of your money problems under control. More information can be found at We Loan Money, which provides additional resources.
Online personal loans can be a great way to consolidate debt or get money to start a business. However, a responsible borrower looks for the lowest possible interest rate before borrowing money. Therefore, it may be a good idea to compare rates before choosing a lender. How can you do this?
1. Use Online Loan Comparison Sites
The use of online comparison sites makes it easy to find two, 10 or 20 different quotes on one screen. Most sites allow you to filter out search results based on your needs to save time and effort. Once you find a quote that you like, you can go ahead and start the formal application process. It is important to note that such sites generally offer estimates based on information that you provide. Therefore, the rate that you are actually offered may be higher or lower once the loan application is approved. Check out Northcash if you would like to learn more information.
2. Use a Broker Instead of a Lender
When shopping for installment loans or other loan products, it may be a good idea to use a broker instead of a lender. This is because the broker will send your application to a variety of lenders and report back to you. In a matter of minutes, you can have multiple lenders competing to get your business. Typically, this competition results in lower interest rates and other favorable terms.
3. Request Quotes From Lender Websites
Although this may be more time consuming than the other options, it can still be an effective method of comparing your options. For those who may be more compulsive when it comes to borrowing money, looking over quotes individually may be beneficial. This is because you are forced to spend more time mulling over loan terms as opposed to simply looking at several offers and choosing one in a matter of minutes. Online lenders may also offer live chat or other options to help you learn more the rates that they offer before filling out an application.
4. Compare Rates Listed on Advertisements
If you are on a site or blog that deals with loans or other financial topics, you may see loan rates advertised on that page. In some cases, multiple companies may list their rates or estimates based on a generic credit profile. This may provide you with enough information to favor certain lenders over others or help you decide which ones to talk to before applying.
Getting the best loan rates takes a bit of detective work on the part of the borrower. The good news is that there are tools available to make this search easier. It is also possible to talk to lenders directly to have your questions answered.
If your total debt is less than $250,000, then you are eligible to file for a consumer proposal. Keep reading if you want to find out more about consumer proposals and if it is suitable in your financial situation.
1. You do not have to file for bankruptcy
One of the biggest benefits of filing for a consumer proposal is that it is an alternative to bankruptcy. Instead, you get in touch with a licensed bankruptcy trustee who advises you on how much you might pay every month. This will depend on how much you own and earn. Bankruptcy has several disadvantages such as a bad credit rating and access to credit at a high interest rate.
2. You Need a Bankruptcy Trustee
Not just anyone can file for a proposal. It is important to work with a trustee who is licensed by the government to avoid being conned. A trustee will inform you of the process and how much you get to repay.
3. Pay less of your debt
Another characteristic of consumer proposals is that the total amount paid to debtors is significantly less than what you owe. The amount to be paid is determined by your trustee. This is based on how much you earn and the value of your assets. Once this amount is decided, your main creditor has to approve it before the proposal is final.
4. It is a method of debt consolidation
Debt consolidation is one of the main reasons why people opt for consumer proposals. This is suitable if you have a stable source of income, but cannot afford to pay off all your debts every month. A consumer proposal consolidates all you owe to your creditors and enables you to make monthly payments that fit into your budget. If you have active student loan payments, they can be paused. However, loans that are less than 7 years are not included in proposals.
5. No interest charges
Debts in a proposal are not subject to interest charges. A sum total is calculated and these are converted into monthly payments. Monthly payments are dependent on the period chosen, usually between 3 to 5 years. This is effective from the date of filing for the proposal.
6. You get to keep your assets
A proposal will enable you to keep your home, car and other assets that you have. This gives you the benefit of leading your normal life. Additionally, you get to pay off all unsecured debt such as credit cards and taxes.
7. Proposals are Public Information
If someone searches for your credit information, then they will be able to know that you have filed for a consumer proposal. Although it remains on your credit record, it is not as destructive to your credit rating as filing for bankruptcy. Visit the Chande & Company Inc website for more information.
With the ever growing number of players in the business field, disputes are bound to emerge. Such differences emanate from relationships between an entity and other stakeholders in their field. Litigation is more often than not used as a solution platform for disgruntled parties. Engaging a commercial lawyer could be helpful in minimizing disturbances in your business operations, while pursuing a favorable outcome. A Commercial litigation lawyer addresses the following areas of dispute within the normal operations of a company. To learn more, please visit the Elliot S. Birnboim website.
1. Debt Recovery
Companies require their debt to be paid in full to continue their operations. In some situations, an entity may face challenges in recovering its debt. It may employ two other alternatives. The first involves hiring the services of a corporate debt collection agency. Its tasks border around establishing mechanisms to reclaim the debt on a company’s behalf. Opting for a litigation process is the second option an entity could consider. In this choice, the matter could be presented before a court of law by the commercial litigation lawyer to reclaim the sums owed. It is important to settle for a method that best suits your business situation.
2. Employment Disputes
Any disagreements between a business and its employees could hamper its operations. Most of these disputes arise from employees demanding better terms of service, an improved working environment, or seeking address on discriminatory issues, among others. Commercial litigation lawyers help in arresting and addressing these matters. In the event that mediation efforts do not achieve a way forward, employees may seek legal alternatives to settle the disputes. An entity would require a lawyer to argue their case in a court of law.
3. Breach of Contract
A breach of contractual terms refers to a situation where one party does not honor its obligations as per the contract. A company stands to lose business in case of a breach in contractual engagements. Litigation has proven to be useful in resolving such matters.
4. Fraudulent Practices
Deceptive practices refer to intentional or unintentional activities that are illegal or unethical. Several entities have fallen victim to dishonest undertakings that affected their operations. Companies have closed down, and others have had to part with hefty penalties for their wrong doing. It is important to have your business’s operations mirror the operating standards in the field.
5. Regulatory Disputes
Every industry has an oversight institution and all businesses ought to comply with the regulations set. The primary role of the oversight authority is to ensure that all business conform to the industry’s best practices and stipulated guidelines of operations. Any activity in violation of the set guidelines is in itself an illegality that the authorities can seek legal actions against the entity.
Ideally, some of these disputes can be resolved outside the court process. However, reaching a consensus proves to be a challenge. Litigation has become a favorable alternative for many to address these issues. As a business entity, engaging a commercial litigation lawyer is in your best interest.
Commercial institutions and governments may sometimes take too long to pay for services you offered them. Invoices may have a repayment period of between 30-90 days, meaning that a business may run low on cash that it requires to run efficiently. Companies may require funds to keep up with payroll, maintain a steady growth, cover their debts, maintain production, or make upgrades in the company. Accounts receivable financing is, therefore, an alternative financing method that provides short-term working capital through the sale of the businesses invoices to a third party financing company (factor) for a discount.
Understand Factoring Finance
Invoice factoring Canada was not popular in the past, but its use has risen lately due to increased borrowing rules posed by the banks and other lending institutions. The institutions don’t consider the credit balance of the business owners but rather that of the end customer. The invoice acts as collateral and the factor minimizes the risk by not paying a 100% upfront fee. Business factoring services are either recourse or non-recourse:
• Recourse factoring- the factoring receivables fund the invoices, but they require you to cover the costs of invoices that remain unpaid for a specified period. It is the most common and cost-effective method of factoring.
• Non-recourse factoring- the business owner is not liable for any delinquent accounts or unpaid invoices. The factor scrutinizes the creditworthiness of the end- customer in this factoring due to the risk that they carry. They are also likely to charge higher rates.
The Steps in Factoring Finance
Invoice factoring is one of the easiest ways of financing your present and immediate cash needs. Below is a procedure to follow during factoring:
1. Send invoice to the customer
The invoice should indicate the net terms, which varies between 30-90 days after which you expect them to cover the costs.
2. Sell the invoice to a factor
Consider looking for a factoring company if you cannot wait for the expiration of the net time on the invoice. The factor then conducts due diligence to determine your eligibility for financing by checking the end-customer credit and checking the credibility of the invoice.
3. Receiving the advance cash from the factor
The factor gives and advances rate once they confirm your eligibility for financing. The advance varies between 70-90 percent with the size of your transaction, the risk parameters, and the nature of your company serving as the points of reference. The factor may also send a notice of assignment to the client indicating you have assigned the factor as the recipient of future payments.
4. The Customer Payment
This involves payment of the amount on the invoice depending on the terms that you had.
5. Settling of the remaining balance by the factor
The factor will only cover the remaining payment after the client has cleared all the balance.
Therefore, anyone with bad credit and in need of urgent funds should consider selling their credits as one of the ways to acquire cash. The factors may charge a fee for their services, but it is the best alternative to waiting for 90 days to collect your payment. The FundThrough website has more relevant information and resources available on their website.
Credit counselling services are useful in that they can help a Canadian resident to get back on his or her feet. Debt counselling services is another name that people may refer to when they talk about the same suite of services. This suite of services provides the client with education on how he or she can handle debt. It contains tips on credit reports, scores, information on how to negotiate with creditors, and some steps that the debtor can take to ensure that he or she does not fall into a destitute position again. The following are four times when you may need credit counselling:
1. When Bankruptcy Is Pending
The most necessary time for counselling on credit or debt is when a person is thinking about filing for bankruptcy. If you are even considering filing for bankruptcy, then you probably need some counselling. A counsellor can help you to analyze your situation so that you can see if bankruptcy is indeed what you need. It may be that another solution such as debt settlement or consolidation may be better for your situation and your goals. You have to speak to a specialist about it to truly know what you should do.
2. When Credit Looks Dismal
When your credit score looks ghastly, and you don’t know where to begin on your journey to try to straighten it out, it may be time for you to speak to a counsellor. Sometimes a counsellor can see your way out of debt trouble even when it looks like your debt blueprint is one big maze. These persons want to help you get out of the situation, but you have to place your trust in them for it to work.
3. After a Consolidation
It may be wise to speak to a counsellor after you do something to repair your credit like a consolidation or debt settlement. Aftercare is often necessary to prevent you from getting into the same situation again. A counsellor can be your support system to ensure that you stay on the right track and off the path to financial destruction. Getting out of debt is only half the battle. Staying out of it is part two.
4. When Buying a Home
You will want to know where you stand before you buy a home so that you can formulate a logical budget. your goal will be to stay in the house for the duration of the mortgage loan and to do that you will have to have your budgeting and your debt right. A counsellor can help you create the perfect spending strategy.
Now that you know of some times when you may need counselling, you can contact a counsellor in your area and get the training you need. It may be the smartest thing you have done in years.