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Monthly Archives: December 2016

Credit Card Benefits

Protection against price:

It is not uncommon for individuals to suffer from buyer’s remorse after purchasing items of great expense. The reasons for this remorse can vary, but one of the main reasons is better pricing. With the price protection feature, you can get a refund on the difference up to a certain amount. Additionally, you will need to make this application within a certain timeframe of the purchase.

Guarantee of returns

In some instances you may not be happy with your purchase. However, the retailer may not accept the item back. In this case, if you have paid with cash or a debit card, you may be out of luck. However, certain credit cards do offer a guarantee on such returns. You will need to file an application in order to get the refund you require, regardless of the store policy. However, you must ensure that you submit this claim within a certain timeframe of the purchase date.

Extended product warranty

Electronics and appliances are an expensive affair. Paying with your credit card for these items can help you collect reward points. In addition to this, you can also use this card to avoid paying extra finances for any extended warranty. Some credit cards offer an extension on the manufacturer’s warranty. However, there are certain terms and conditions that are associated with this factor, so you must read the contract before you sign up for it.

Purchase Protection

Your purchases, especially gadgets and electronic equipment has a high chance of getting stolen. If you purchased an item with a credit card that has a purchase protection clause, then consider yourself lucky. Through this clause, you may be offered a purchase protection plan from damages or theft, especially if the entire purchase is made on your credit card.

How Asset Finance Works

Asset finance is one of the useful funding arms extended to individuals and businesses when they are in need of funds for renewing or promoting business. What is asset finance and how does it work? Balance sheet assets such as inventory accounts receivable and short-term investments are used to get loans or borrow a sum of money, and security is provided by the borrower on the assets to the lender. The loan acts in conjunction with the laws of traditional loans and institutions, and the company or the borrower simply pledges some assets in exchange for money.

Any kind of loan secured by pledging assets is known as asset-based lending, and the conditions usually imply that the asset is to be retained by the lender if the borrower fails to return the loan within the agreed period and terms. You could say that a mortgage is also a kind of asset-based loan. However, the term asset based lending is only applied to big and small businesses and individuals who take a loan by pledging assets to a bank or financial institution.

Individuals can also avail themselves of this type of funding to raise short-term finance, and the small business sector tends to benefit the most from this kind of funding. Sometimes luxury cars, wine collections, or vintage articles are pledged in order for the individual to get access to asset based funding. Most of these loans go through without much scanning such as credit checks and usually the loans are disbursed by the asset finance company within a day or two. Asset based truck finance is a great funding model highly beneficial for a fleet, or individual owner as it would help to bring in good returns and a borrower has no chance of defaulting on the loan because truck businesses have great track records as money making instruments.

When all doors are closed for the borrower, asset financing companies stand as the savior as they don’t ask many questions and don’t scan your past records. You are likely to receive the loan within a very short period of time – sometimes just 24 hours, and you can carry on with your business without anything blocking your road to progress. The asset finance companies are non-conventional hence they don’t need to ask permission from other people to grant asset based funding to entrepreneurs. If you belong to the SME sector and need finance you will not find a better avenue than asset finance because it is easy to obtain, hassle free and you agree to repay the loan on your own terms and revenue cycle.

Financial Literacy

If we go by the dictionary meaning, then financial literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” Now, let us talk in simple words. Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day. We all make great efforts to teach children to read and write, but we don’t give their financial literacy the same attention. As a result, few young people know how to manage their personal financial lives. This problem is very widespread. You will see most of the teens who do are unable to answer basic financial questions or handle simple tasks, like understanding an invoice. However, there have been some improvements made in the past few years where the school curriculums have added personal finance classes. Now, just as students learn math and English, they learn financial literacy because it is also a basic skill that young people need. Although research on the effectiveness of financial literacy courses is mixed, it doesn’t matter since we all know how important it is in practical life.

One another aspect of financial literacy in India is that it is beyond personal finance. The public is faced with nearly two decades of struggling global economies, unemployment and the collapse of numerous financial institutions. Very few families have not experienced the fear of uncertain personal finances and felt concern about being financially stable and secure in their future. Yet, within the same time frame, changes in legislation for investment, saving, retirement and capital lending have provided the opportunity for individuals to acquire wealth through entrepreneurship and investing. Therefore, the definition of financial literacy encompasses more than just personal finance. To be financially literate, an individual does need to be fluent in personal finance, but also in global economics, entrepreneurship and investing, all on a platform of real-time technology.

I am sure that above-mentioned details on financial literacy must have opened your eyes to a new world of finance. So, let us make a move towards it and try and increase our knowledge on all relevant aspects of finance. This will certainly be helpful in making our future financially safe and better. Let us pledge to become and make everyone else a financial literate!

Way to Get SME Finance

Many of us would love the idea of opening up our own business. With future prospects set, anyone body would love to handle their own company, be the boss and do business that will benefit them in the long run. But we all know that starting a business of your own is no cakewalk. Although there are many self-help books available today, they will not give you the knowledge or make you understand the current market. Business loans are a great way to kick-start that dream but you need to understand different aspects to make sure that you are not taking the wrong decision.

Even a layman will understand when the market position is low. At such times starting your company can prove to be very fatal for your financial state. It would be like investing all our hard earned and saved money into an open drain. Business loans will thus help you to solve the biggest problem, right here. Finance is the major concern for most people who want to start business. You need a certain amount of capital with you to go ahead and begin a business. While you may be having your own money, loans are always the best way to go forward.

Today, the market is very stable for you to get a good loan for your business. There are so many banks that offer loans at competitive rates. There are many lucrative offers that banks are giving on loans like these. Even car loan in the UAE and house loans have such intense competition that you have more options than ever. As a company there are many reasons why you may need a loan. You may want to secure financing to maintain business operations, invest in equipment, start a new branch, or expand your business.

Some financial providers specialize in business finance solutions – offering start-up business loans for new businesses. If you are into start-ups this may be your ticket to getting a good loan for your business. Such loans can help with cash flow, and help you when times are tough by offering access to short-term finance. There are other loans where you can get the loan and return it over a period of years. There is a fixed interest rate that you have to pay along with that. In fact SME finance is the largest sector in loans.