TLSummit.net

All posts in Finance Online

5 Ways to Strengthen Your Business Credit

Categories: Finance Online
Comments Off on 5 Ways to Strengthen Your Business Credit

small business loan application with authorized stampAre you considering applying for a small business loan? Lenders are likely to check your credit history and a strong business credit score may increase your chances for approval.

To become more eligible for a small business loan in Ogden or any other place in Utah, you must build your credit in the following ways:

1. Boost Your Personal Credit Score

Your personal credit rating may influence your business credit rating. Pay your bills on time and maintain a low ratio of debt to credit on your credit lines and credit cards. The same goes for your business partner or major investor.

2. Operate Like a Business

Mixing your personal and business expenses won’t help your business profile and may hurt your personal credit. Consider incorporating the business as a limited liability company. Open business bank accounts and pay all business expenses with the company’s credit accounts.

3. Prove Your Company’s Credit Worthiness

Before they loan you a big amount of money, lenders may want to see your lending history. To build your profile, borrow small and pay on time. Work with suppliers and vendors on credit, use your business credit card, and apply for small bank loans. These lenders can serve as your credit references down the line.

4. Grow Your Credit and Use It

After establishing a payment history, increase your credit limit strategically. But remember to keep a favorable credit utilization ratio, preferably about 30 percent. Maxing out your credit cards shows that you’re unable to pay your bills.

5. Watch Your Credit Profile

Your business credit profile needs to be correct or else your building work will be in vain. Check the report for mistakes and raise any issue promptly. In addition, make sure the report is up to date.

Potential lenders may reject your business loan application if you don’t have a good business credit score. Luckily, there are ways to strengthen your business credit. Build your credit score and improve your odds of getting approved for an affordable small business loan.


SR-22: What Is It and What Does It Entail?

Categories: Finance Online
Comments Off on SR-22: What Is It and What Does It Entail?
Auto Insurance Policy and Car Key

Auto Insurance Policy and Car KeyIf you’ve never heard of SR-22, you’d easily confuse it for any other insurance document when you get an order to get one. You’re likely to be hesitant about going through the procedure, and that will cost you in the long run.

What is SR-22?

Although many people refer to SR-22 as car insurance, it’s not. However, it’s a certificate that you should get from a car insurance company for proving to state officials that you have insurance coverage, explains Aurora-based Oxford Auto Insurance. You also need to pay a certain amount to get the certificate.

When Do You Get SR-22 Certificates?

Usually, a judge orders you to get SR-22 certificates. The instances that lead to such judgments are when you’ve had a culpable conviction, such as driving under the influence, and the judge deprives you of your driving privileges. Other convictions that would lead you to get SR-22 certificates include getting multiple tickets within a short time, involvement in a car crash, or driving when your insurance policy has expired.

Processing SR-22 Certificates

You should contact the insurance company stating the facts that have led to you requiring SR-22 certificates. You’ll need to fill in the processing form, after which you’ll receive your certificate, which should take about a week to process.

Can You Get Insurance with SR-22 Certificates?

Different states have various requirements for obtaining insurance for anyone bearing SR-22 certificates. Therefore, if you need to get car insurance after you receive SR-22 certificates, you require considering the state in which you live. Also, while you can get insurance coverage for your car, you’re likely to pay higher rates as the company considers you a risky driver.SR-22s are valid for three years. You should ask the insurance company to eliminate it from your car insurance policies once the certificate expires. After SR-22 certificates are void, you can enjoy better car insurance rates.


3 Key Factors That Will Influence the Approval of Your Home Loan

Categories: Finance Online
Comments Off on 3 Key Factors That Will Influence the Approval of Your Home Loan
Woman Holding a Model House

Woman Holding a Model HouseAs you take on the challenge of homebuying you’ll realize that a lot of things are involved in the process. This includes finding a mortgage that would help finance your home. That’s why it’s important to understand how a home loan works to determine which program will work perfectly for you.

To do that, you need to know some of the basic factors that will influence your decision. To start off, listed below are the components you have to pay attention to.

1. Lender

In any type of loan, the lender plays a vital role in providing you with the money you need. That’s why it’s important that you get as much information about the lender to gain insight into the way they handle this type of transaction as well as the reputation they uphold in the industry. To find the best mortgage company in Utah, researching is your best ally. Make sure to do your own homework to gain enough information about it.

2. Credit Score

Many lenders refer to the borrower’s credit score to help them know how good of a payer you are. This is why it’s important that you fix and update your credit report before applying for a mortgage. One good way to improve your credit standing is by reducing the amount of debt you have and avoid making delayed payments.

3. Interest Rate

An interest rate is the payment you have to make on top of the principal amount you’ve borrowed. Lenders take this to compensate for the possible risks they might face right after loaning you the money. Now, interest rates may vary for each lender, which is why it’s important that you shop around to find out the best option for you. It doesn’t always follow that lower interest rate would be the most ideal to take, you still have to check and compare it with others to figure out the best for you to take.

Along with these variables, repayment terms and closing costs is another part of consideration you have to consider. With these things in mind, it’ll be easier for you to tell which mortgage will work best for you. If you’re confused or something is unclear, it’s best to ask the pro to help you understand these things.


It’s Time to Update Your Hotel Marketing Strategies

Categories: Finance Online
Comments Off on It’s Time to Update Your Hotel Marketing Strategies

Receptionist at hotel front deskCalifornia is home to dreamers who turn their unique ideas to the latest craze. You’ll see them on Instagram with thousands of followers, and they are literally the talk of the town. Even established hotels have to think outside the box if they don’t want to lose their edge.

It’s time to rethink your marketing ideas if you haven’t read the news lately. Do you think you need an update? These ideas will help kick things into gear.

Offer Royal Treatment

With the upcoming highly-anticipated wedding of Meghan Markle to Prince Harry, hotels are jumping on the opportunity to offer wedding packages that treat their guests like royalty.

Brides-to-be get the special treatment they will never forget, but for you to afford the facilities to match their requirements, you’ll need some renovations.

Fortunately, hotel business loans from institutions such as ARF Financial can help with the expenses you need to grow and prosper.

Give Gift Baskets

It’s not enough to leave basic toiletries for each room. You’re in the business of accommodating customers and giving them a night (or several) of comfort that they will associate with your hotel. To give a lasting impression, leave gift baskets in their room to welcome them, complete with a sincere note from management.

Add a personal touch by handwriting the note yourself. It only takes a couple of minutes, but it will be rewarding to see the smiles on their faces.

Have a Cafe

It’s one way to boost sales, and it’s also a way to make your hotel more competitive. Guests want a place that can offer them everything they want, and if you have a cafe to host their informal meetings or to help them unwind in the afternoon, you’re ticking more boxes on their checklist.

You don’t even have to do a complete renovation. You can convert an open space in the reception area with the addition of tables and chairs, and that’s it.

Running a successful business means adapting to change. For your business, that means going with timely marketing strategies when they matter.


4 Tips to Improve Your Personal Financial Security

Categories: Finance Online
Comments Off on 4 Tips to Improve Your Personal Financial Security

pig figure wearing glassesIn the world of personal finance, you can never be too confident. At one point, you may be riding high and earning a lot of money. But just a small decline in the economy can disrupt your momentum and could lead to financial troubles.

This is why any smart person should make sure he or she is financially secure to avoid losing or falling into turmoil. Here are four tips that can help you have better personal financial security.

Get a house

A real estate property is one of the smartest ways you can be financially secure. A home is among the first steps a family can do to build wealth. The purchase of a house benefits a homeowner and their family in the end as it gives them more leverage and buying power.

In difficult times, they can also decide to sell off the house. But for now, what a person has to do is to take on a home loan. Look for companies that offer home loans in Ogden such as Wasatch Peaks Credit Union.

Start investing in college

When it comes to investing, starting early is an important rule. If you can, start in college as it is when that you can start a little money.

Have random assessments of your portfolio

In an increasingly volatile investment climate, it is essential for people to always reassess their portfolio. What works in one month may no longer be effective in six months. This is why you should always look out for major changes.

Diversify your investments

Spread around your investments. This will lessen the financial risks of these investments.

A person who is financially secure is more likely to survive a major financial problem successfully. With an erratic world economy, this should be the priority of anyone who has a lot of investments.


2 Innovative Business Areas for Budding Entrepreneurs

Categories: Finance Online
Comments Off on 2 Innovative Business Areas for Budding Entrepreneurs
happy entrepreneurs

happy entrepreneursInterested in entering the world of business but want to do so in innovative fashion? If this is the path you want to take but you’re still struggling to come up with ideas, here are two business areas for innovative entrepreneurs.

1. 3D Printing

The surge of 3D printing has opened a lot of opportunities for entrepreneurs. If you’re in the vicinity of good suppliers, such as 3D printing filament manufacturer Keene Village Plastics, this area of business is definitely on the rise. Here are some specific ideas:

  • Customizing Existing Items. From toys to jewelry, you can take advantage of 3D printing technology to make better versions of existing items in the market.
  • 3D scanning. People want everything personalized. Some people want to have smaller versions of their houses 3D printed or maybe even their pets! You can take advantage of this by offering 3D scanning in conjunction with printing.
  • Prototyping. Want to run a business that helps other businesses as well? Many business owners have the knack for designing products but can’t make the leap to investing in their own 3D printing setup. You can make a profit off of supporting these types of entrepreneurs.

2. Remote Work

The future of work is very interesting, and the main component of that, which has rapidly grown in popularity in recent years, is remote workers. As a result, many business opportunities emerged. Here are some ideas:

  • Coworking Spaces. Coworking spaces address the need of remote workers for reliable internet connection and comfortable workspaces while having the opportunity to network with like-minded individuals.
  • Online Courses and Training. While remote work is growing in popularity, many companies are still not as open to it as employees and contractors would like. Online courses that offer skills training and techniques to get remote work opportunities have really gained ground recently.

Remote work and 3D printing are two of the most innovative areas of business today. Take advantage of the changing business landscape and win big!


Doctors See an Increase in Patients Who Don’t Pay

Categories: Finance Online
Comments Off on Doctors See an Increase in Patients Who Don’t Pay

doctor with patientThe Affordable Care Act has brought healthcare to more people but also caused an increase in patients who don’t pay their bill. Offering more finance options and using revenue cycle management can ease the problem.

The Affordable Care Act was passed to do exactly that, bring access to healthcare to lower income families. The law made it a requirement to obtain insurance and a marketplace of affordable policies was set up for consumers to choose from. However, those policies typically have higher deductibles compared with plans prior to the act. The cheaper the premium, the higher the patient’s out-of-pocket expenses will be.

While Affordable Care Act assistance has seen an overall increase in revenue taken by hospitals and clinics, there has also been an increase in the number of patients who cannot pay their bills. High deductible plans have been popular since the change in law, due to their affordable premiums, but they have increased out-of-pocket expenses by more than 200%.

Managing Patient Finances Professionally

For doctors who don’t want the headache of chasing unpaid bills, they can hand over the financial management to a revenue cycle consultant, leaving them free to get on with caring for their patients. A revenue cycle consultant can:

  • Improve patient access to services
  • Improve patient financial services
  • Manage revenue.

Revenue Cycle Management Explained

Revenue cycle management puts in place effective booking systems so that all the patient’s details, including their insurance provider are taken down before their appointment.

It’s also about verifying the patient’s eligibility for treatment on their particular insurance plan. If this is done prior to making a claim, it can cut down practice expenses. Rejected claims cost around $25 per claim.

Providing the patient with an electronic breakdown of their treatment and cost will improve compliance with bills. It’s convenient and most patients like to know what they will have to pay in advance. Offering payment by installment online, over a longer period will also help struggling patients pay their medical bills and reduce unnecessary practice losses.

More patients are accessing medical services due to the Affordable Care Act, but care is still not affordable to some because of increased deductibles. Using a revenue cycle management system can reduce unpaid bills and improve the efficiency of medical practice.


Here’s Why Your Small Business Will Fail

Categories: Finance Online
Comments Off on Here’s Why Your Small Business Will Fail
Frustrated businessman

Frustrated businessmanAt present, there are more than 17,000 startups in the U.S. About 90% of them, however, are bound to fail. While you may blame the economy for this statistic, how about you consider businessmen, too? Yes, hardworking entrepreneurs fail as well, and below are some factors why they do:

Poor leadership

Anybody can start a company, but not everyone can lead. Poor leadership typically result in bad business decisions, which ultimately puts a company in jeopardy. If you think you’re a good leader, hone your skills constantly to take your business forward. If you’re terrible at leading, hire the right people who can drive your business to success.

Failure to understand market

Many small businesses discount the importance of a good marketing research. Knowing your audience and their habits are essential, so you can sell your product or service effectively. Identify your market at the onset so you can reach them, sell to them, and make your business profitable.

Inadequate cash reserves

Salt Lake City-based bankruptcy lawyers explain that small businesses could go bankrupt if they fail to keep enough cash that will carry them out for six months or before their business starts making money. Remember that putting up a business is a risk; you’ll never know when you’ll earn so it’s important to have an emergency fund to keep your venture running.

Poor human resource

Knowing what to hire, when to hire, and who to hire are vital in every organization. Hiring too many people can lead your business to bankruptcy. Being undermanned, on the other hand, can burn out your employees and lead them to resignation. Be careful in situations like this one. Make sure you’re hiring enough people.

Putting up a business is exciting, but doing it hastily will only lead it to failure. Slow down and rethink your decisions as they may affect your business in the long run. You’ve got plenty of time to succeed anyway.


4 Easy Steps to Give your Savings a Boost

Categories: Finance Online
Comments Off on 4 Easy Steps to Give your Savings a Boost

teenage girl posing with piggy bankAre you tired of living from paycheck to paycheck and literally having 0 dollar in your savings account? Well, today, we are going to change that up, as we are giving you four easy steps to do so that you can turn your life around, save lots of cash in the future, and finally get to put them in your chosen CT bank.

Step 1: Track your Spending

List every little thing that you spend on and keep track of it regularly. Yes, that includes even the smallest things – pens, gasoline for your car, clothes, shoes, and even candies!

Being self-aware of your spending and seeing where your hard-earned money is going will help you be more conscious of your spending habits.

Step 2: Keep your Budget Realistic

Setting a very small amount of budget each week or month will only frustrate you and make you want to spend more money than planned. Instead, make sure to compute all of your bills that you have to pay, your daily spending, your wants and needs, and make a budget around that.

The extra money that you will have on hand you can contribute to your savings account.

Step 3: Invest your Money

Instead of spending all of your money away on things that you do not actually need, why not invest it somewhere worthwhile? Investing your money is a great way to double, or even triple, your savings. You just have to make sure to invest in all the right things – research is definitely the key to this.

Step 4: Keep it in the Bank

Get a savings account for yourself and ask your bank never to allow you to withdraw it until a certain time (which should both be decided upon by both parties). Keeping it safe in a bank of your choice will force you to keep putting money in, as well as prevent you from withdrawing it anytime you want.

Added bonus: you get a certain amount of interest on your money!

Saving money may not be fun, and it can be difficult, but once you reap its benefits after a few years, you’ll be thankful that you did it!


A Look at the Different FHA Loan Types

Categories: Finance Online
Comments Off on A Look at the Different FHA Loan Types

an fha loan contractA mortgage is one of the most important deals you will enter in your life. No wonder there are various mortgage deals from both private and government-backed agencies. One of the most popular ones is from the Federal Housing Authority (FHA).

Below are some of the most common types of FHA loans in St. Louis. See which loan type will suit your financial standing and needs.

Conventional fixed rate

As the name suggests, this is one of the most common types of loan where the borrower pays a fixed amount for the whole duration of the loan.

Conventional adjustable rate

Like the fixed rate, adjustable rates are also payable for a certain period. The only difference is various fluctuations in the market determine the rate of payment. This means the amount you pay every month varies. A fixed amount is paid on the first three to five years of the mortgage.

Hybrid mortgage

A hybrid mortgage is pretty much like a conventional adjustable. The difference is that instead of having a fixed rate for three to five years, borrowers who have hybrid mortgages have a 10-year fixed period.

Balloon mortgage

Blowing air into the balloon will make it expand larger and larger. Balloon mortgage payments are also the same. Borrowers initially pay small payments at the beginning of the mortgage and increase the amount, or pay the totality of it in the future. This mortgage type is best for people who are certain that they will have a huge amount of money to come.

Relocation mortgage

If your existing home is for sale, and you are looking for a new one to move at while it is on the market, then relocation mortgages are the right type for you.

Understanding the different types of mortgage can help you better choose the right mortgage type to avail.