logotyp.info http://www.logotyp.info My WordPress Blog Sat, 27 Apr 2019 14:42:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 Good situation to finance your projects with the loan http://www.logotyp.info/good-situation-to-finance-your-projects-with-the-loan/ http://www.logotyp.info/good-situation-to-finance-your-projects-with-the-loan/#respond Sat, 27 Apr 2019 14:42:50 +0000 http://www.logotyp.info/good-situation-to-finance-your-projects-with-the-loan/ Read More

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100,000 new workers thanks to the return of employment due to the fall in unemployment in France. It is a new category of consumers that is born. The economic situation is favorable to carry out projects related to the daily life by contracting a credit to the consumption.

The types of credit available

The types of credit available

Consumer credit ranges from 500 euros to 75,000 euros depending on your project.

The personal loan is the most prominent. Your lender gives you the money you need, without proof of use, by bank transfer. You can use it freely for your desires: holidays, purchase, works, studies.

The assigned loan is secure. It is related to your project. Like buying a car or repairing a roof. If the project does not succeed, the loan will be canceled.

Leasing with the LOA option is an opportunity. You rent a car of your choice for a fixed period. The contract includes the purchase option at the price of its residual value.

The revolving credit is practical. Called also revolving credit, this loan is a reserve of money, at rather high rate however, given by a lender, bank or department store, for its daily purchases. He goes with a credit card.

Good credit, better rate

Good credit, better rate

The interest rates offered on the loan market vary between 1.50% and 10%. You must choose for your loan, always the lowest rates.

You can do this by comparing rates according to the Annual APEG Total Effective Rate which includes all fees and the credit rate called nominal rate. Rates vary depending on the type of loan, project, term, amount borrowed and fees and margins taken by banks.

Required credit simulation

Required credit simulation

You must absolutely proceed to the credit simulation to have a good loan that is to say the measure of your financial situation including the actual repayment capacity. The shorter the duration, the larger the amount awarded, the lower the rate.

The borrower insurance is optional in the consumer credit.

Never settle for a credit offer

Never settle for a credit offer

Thanks to the simulator, you will have several credit offers. Several simulations are needed to get the best deals. You must never be satisfied with just one offer. Evaluate the offers and compare them with the help of a broker for an important project.

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What is the assignable margin of a loan? – Low interest http://www.logotyp.info/what-is-the-assignable-margin-of-a-loan-low-interest/ http://www.logotyp.info/what-is-the-assignable-margin-of-a-loan-low-interest/#respond Wed, 03 Apr 2019 15:19:34 +0000 http://www.logotyp.info/what-is-the-assignable-margin-of-a-loan-low-interest/ Read More

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Truth be told: it has never been easier to take out a loan as it is today. Banks and financiers have understood that credit, if well structured, becomes an attractive product for a growing share of Brazilians seeking additional money.

There are so many ways and means of contracting available (online credit via application, with property or car as collateral and minor interest for example), one of them continues to be attractive among many credit modalities available: the payroll loan.

Payroll: low-interest credit and longer maturities

Payroll: low-interest credit and longer maturities

This type of loan is quite usual in the market, and for several reasons. The differential is the form of concession, which is necessarily linked to people who have employment, public servants, active military or retirees of the INSS. Therefore, it is a type of credit that is granted only to people who possess “right income”, that is, source of regular and monthly income.

One way that banks have found to grant credit with more assurance that they will get back the borrowed money, since the payout of the payroll loan is “separated” in payroll and forwarded directly by the payer’s payer to the lender, without the person needs to pay the benefit directly; the installment is deducted from their maturities.

This form of credit, which guarantees the borrower’s own income as a guarantee, allows the bank to offer lower interest rates and longer repayment terms, in order to guarantee a more secure return. After all, there is an expectation that default will not occur, comparing credits granted in other ways.

However, there is an important component in this type of loan that aims to take this type of credit: the consignable margin.

Margin assignable: the necessary limit

Margin assignable: the necessary limit

But what is the consignable margin? It is a limit imposed by law on how much you can commit from your income to repay a loan. In the case of payroll loans, this limit is 30% of the person’s monthly income. That is, it is not possible to contract a payroll loan whose value of the benefit is above 30% of its monthly income.

This “lock” prevents you from unbalancing your monthly income and affects even your other expenses in the month, such as food, transportation, housing, etc. The banks and financial institutions work with credit simulations within this limit, considering the contractor profile of the loan, among other things.

Not all banks offer a settable margin of 30%, and there are institutions that have a lower limit to marginize the payroll loan. So, be aware of the conditions of granting a paycheck loan because the banks calculated their exact margin (how much you can hire) in time to simulate your loan.

If you want to stay inside more tips on the best loans available in the market, compare and find the best loan for you and still keep an eye on our recommendations not to fall into scams, follow our publications, enjoy our social networks and leave your comment here below!

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What is a Subsidized Loan? http://www.logotyp.info/what-is-a-subsidized-loan/ http://www.logotyp.info/what-is-a-subsidized-loan/#respond Tue, 02 Apr 2019 05:16:04 +0000 http://www.logotyp.info/what-is-a-subsidized-loan/ Read More

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Subsidized loans

Subsidized loans

Subsidized loans are student loans that allow students to fund an education while attending a college or university. Students can choose to make interest payments while still in school or capitalizing interest and making payments after completing their education. As a rule, interest on a subsidized loan begins to accumulate as soon as the loan amount is paid.

It is possible to get a subsidized loan from a number of different financial institutions. The student usually has to meet some kind of criteria to command the best interest rate. However, even students who are considered to be at high risk due to the financial situation of the family can usually obtain a subsidized loan at a higher rate.

A subsidized loan does not provide any of the benefits of a subsidized loan. With subsidized loans, the interest rate is covered by the federal government prior to the commencement of repayment of the loan balance. This scheme means that the student does not have to worry about interest payments while still in school or dealing with capitalized interest after graduation.

Nevertheless, a subsidized loan may be the best option for some students. This is especially true if the average averages are not high enough to meet the interest rate loans. In addition, the student may not meet the requirements for the need for financially associated with a subsidized loan. As the requirements for obtaining a subsidized loan are less stringent, students whose families have an annual income too high to qualify for subsidized loans can still obtain a subsidized loan to help manage educational expenses.

Applying for a subsidized loan is a relatively simple process. Many colleges and universities will help students find loans of this type and help with the application process. There are also many banks, credit unions and loan companies that are equipped with a student loan program that is composed of several different subsidized loan options.

Care should be taken to assess any subsidized loan program before accepting the loan. There is a great variance between different programs, making it necessary to compare several different options before making a formal application. While lending of this type does not include the same benefits as subsidized loans, it is possible to find more subsidized loan programs that are competitive interest rates and allow for some degree of maturity flexibility.

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Payroll loan simulation – How to do it? http://www.logotyp.info/payroll-loan-simulation-how-to-do-it/ http://www.logotyp.info/payroll-loan-simulation-how-to-do-it/#respond Wed, 27 Mar 2019 15:09:59 +0000 http://www.logotyp.info/payroll-loan-simulation-how-to-do-it/ Read More

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The payroll loan is much publicized nowadays for retirees and pensioners of the INSS. Although its greater fame and public are within this list of consumers, the banking system also makes this type of loan available to employees of companies that have contracts with financial institutions. One of the biggest advantages of this type of loan, due to the low default rate, are lower interest rates, since with the security of discounting direct rates from the source of income, the bank then guarantees that it will have the money in hand and partially manages the risks of the loan.

Even with a lower interest rate, it is still high compared to other places around the world. Just like any other type of loan or personal credit, the payday loan is only interesting in the short term or for the payment of higher interest debt, such as credit cards, special checks, transfer of loans and financing, etc.

Retirees and pensioners should take special care with small businesses providing this type of loan, with many good and tempting facilities and promises. Be wary of all of them and research hard before making a financial commitment. Always remember that in desperation we make many bad decisions and that can do us much harm in the near future.

Loans with better rates

Loans with better rates

The payday loan is a smaller interest option for those who only have interest options on cards and special checks. The rates are lower, but not so low that they compensate for a more consistent use.

Take the contract to a lawyer for technical reading and especially when it comes to acquiring consumer goods. Research and compare the best interest rates before acquiring the payday loan.

The best way to get this loan is always from solid financial institutions such as banks and credit unions renowned in the market. In this way, you are ensuring that your money is not being stolen by people who are acting in bad faith. Now, another important thing is the comparison of the interest rate to the Total Effective Cost, or CET, as denominated by the Central Bank of Brazil.

In all the institutions in which you seek the loan, you must seek all the costs and values ​​for the loan to be made, including here IOF and the interest rate itself. Remember that the company can not charge a credit opening fee as it goes against the consumer’s defense code.

You should note all these costs, installments and interest in order to compare them with calm at home. Do not accept the first proposal you receive. Access the internet and enter a virtual calculator, such as this site. Take the total values, the CET, compare and see if there are any benefits even. Go back to all the stores with the best offer you could get and renegotiate. Thus, you will get the best rates and conditions for your money.

Labels: How to calculate payroll loan How to payroll loan?, payroll Loan Advantages of payroll loan

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What is a loan amortization plan? http://www.logotyp.info/what-is-a-loan-amortization-plan/ http://www.logotyp.info/what-is-a-loan-amortization-plan/#respond Sun, 10 Mar 2019 14:26:13 +0000 http://www.logotyp.info/what-is-a-loan-amortization-plan/ Read More

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Loan amortization plan 

Loan amortization plan 

Loans are part of many people’s lives. The typical loan, especially the mortgage type, amortization period, which means that the main balance is paid down through payments throughout its lifetime. A loan amortization schedule is a common tool that borrowers use to keep track of how much of the primary balance they have paid so far. Some people make their own schedule using computer programs while others get one from the internet or from their lender.

A few crucial details are needed to get an accurate result on a loan amortization schedule. The loan amount, annual interest rate, and number of years that the loan will last are typically the first numbers set in. Payment frequency and compound period, both typically monthly, are also needed. Most amortization schedules also provide room for users to notice the months when they pay an additional amount towards the principal.

The typical loan loan settlement offers a summary of the interest paid, and the number of months left of the loan, to name a few information. Many amortization schedules allow users to put in numbers for non-standard loans. For example, some schedules work on loans paid every two months, quarterly, weekly, or some other frequencies, rather than just monthly. There are so many forms available that most borrowers can find what they are looking for quite easily regardless of their situation.

Some people use a loan amortization plan before they even get the loan, which can allow them to see how quickly they can pay it off. This is due to the fact that many depreciation everyday allows the numbers that are input to be manipulated. Borrowers can find out how longer term, every two months, payments, and additional payments on the principal can affect what they pay in interest over the long term. Of course, other factors can usually be changed on timetables as well.

Most people can get a loan loan from their lender while others may find online calculators that offer the same or other features. Some borrowers prefer to make their own either through special computer software or with templates for use on standard spreadsheet programs. For them to create their own schedules, formulas that can produce accurate results can be found for free online. Since many formulas are difficult for the average borrower to follow and apply, however, it is often easier to find a reputable schedule on a lender’s website.

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A Quick Payday Loan to Pay Invoices http://www.logotyp.info/a-quick-payday-loan-to-pay-invoices/ http://www.logotyp.info/a-quick-payday-loan-to-pay-invoices/#respond Mon, 18 Feb 2019 17:06:23 +0000 http://www.logotyp.info/a-quick-payday-loan-to-pay-invoices/ Read More

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A quick payday loan to pay invoices

A quick loan to pay invoices

You must pay the invoice as soon as possible? Can you no longer delay settling your obligation? You do not have enough of your company account at the same time? The solution can be a quick payday loan that you can get today even on the internet. How to choose the best offer and how to reduce the risk associated with such situations?

Many entrepreneurs, especially micro-enterprises and those operating in the SME sector, ie small and medium-sized enterprises, have problems with timely payment of invoices. Often, only a few days of delay in paying the invoice from the contractor or the customer will lead to a payment congestion, ie the accumulation of debts and the transfer of them to subsequent related entrepreneurs.

At the same time, the lack of regular invoice payments may cause difficulties in running business due to the inability to obtain the goods or services needed from contractors to whom the entrepreneur owes money.

Therefore, it is best that every entrepreneur running a business pay invoices on time. Unfortunately, this is not always possible. What can be done when the repayment date is fast approaching, but we do not have the means to do it?

How can a company get additional funds for invoices?

How can a company get additional funds for invoices?

The financial situation of an enterprise is the result of a number of decisions made, but also is related to the business environment and the current market situation. Therefore, it often happens that the entrepreneur is not responsible for his unstable financial situation, because he has no direct influence on it.

This situation is primarily exposed to micro and small companies, as well as new economic activities, for which there has not yet been a large financial savings cushion, and they do not have so many contractors and clients to earn more than large players on market. In this case, the company is more at risk of bankruptcy at the very beginning of its operations.

So what can an entrepreneur do to get additional funds to pay off invoices? There are several ways to get financial support quickly when your company account is empty.

Methods for obtaining funds for the repayment of invoices:

Methods for obtaining funds for the repayment of invoices:

  • savings in the company – reducing costs, for example by temporarily reducing orders, switching to a cheaper subscription, moving to a cheaper place, using outsourcing services instead of creating your own departments and employing employees
  • sale of owned goods – faster sale of owned goods, even at a lower cost, in order to quickly obtain money, sale of company equipment that is not necessary for operations
  • incurring a company loan – thanks to it you can get additional funds for various purposes, including the repayment of liabilities

The quickest way to get additional funds to pay off invoices is to take advantage of loan offers, because the company can then receive money in just one day and does not have to delay paying off its debts. So, what is worth knowing before choosing the best loan for this purpose? We answer all the most important questions!

How to choose the best loan for the repayment of company invoices?

How to choose the best loan for the repayment of company invoices?

Will the bank or non-bank offer be a better choice?

It is better to take out a one-off loan or choose a bank loan line?

What conditions must be met?

Can a loan for the repayment of invoices be made online?

How to choose the amount of the loan and its repayment period?

What can a company be threatened if it fails to pay its due date?

How can the company’s situation be improved so that borrowing for the repayment of invoices is not necessary?

What loan for the repayment of invoices will be the best?

What loan for the repayment of invoices will be the best?

Basically, a lot depends on the amount to be repaid on the invoices. Is it just around PLN 1,000? Or maybe a dozen or so thousand zlotys? Depending on the amount of the loan, we can then choose an offer that will be the most advantageous for the company.

Currently, entrepreneurs have at their disposal a number of various offers that allow them to quickly acquire the necessary funds for practically any purpose. They can apply for bank loans and those offered by non-bank loan companies. They can also get a loan for a payday or a loan to pay installments. It is also possible to choose the repayment date by yourself, and thus determine the amount of installments.

A good loan to repay invoices should be:

A good loan to repay invoices should be:

  • available immediately – thanks to this you do not have to wait for funds to be received
  • cheap – this way the entrepreneur does not bear high loan costs
  • on favorable terms – it does not require the delivery of a number of documents or security
  • easy to pay – it should have installments in a convenient amount and allow repayment ahead of time
  • safe – it should not expose the entrepreneur to additional risk or inconvenience

These requirements are still met by a number of loans offered by banks as well as by non-bank loan companies. So what should we pay special attention to when looking for the best offer?

Better in bank or bank?

Better in bank or bank?

Currently, entrepreneurs can get a loan for their activities both at banks and non-bank lending companies. The place of making a commitment is of special importance here because it affects the parameters and terms of the loan.

Most entrepreneurs decide on loans offered by banks. This is due in particular to habit, because it is these institutions that are chosen when financial support is sought. However, it is worth pointing out that also non-banking loan companies have an attractive offer competitive for banks, thanks to which it is possible to obtain the necessary funds quickly, comfortably and safely.

In loan companies, we can also receive payday loans, i.e. loans for a short period – usually one month. They are not available at banks. However, a much better choice is installment loans – both banking and non-bank loans, because they allow for an easy repayment of obligations in installments without bearing as much risk as paying in one installment after a month.

Therefore, it’s best to compare different offers and choose the one that will be the most attractive in terms of terms and costs. Many entrepreneurs are surprised that it is just non-banking that they can get money as easily, much easier than at banks.

A one-off loan or a credit line?

A one-off loan or a credit line?

An entrepreneur wishing to take out a loan to pay off invoices may choose essentially one of two offers – a one-off loan or a credit line. What are the differences between these two proposals and what is worth choosing?

Credit line

Credit line

We will use the credit line in banks – to have it, you must also have a company account, that is a bank account for the company. The credit line allows you to gain access to additional cash by increasing the balance limit on the account – the entrepreneur can then make an additional debit, that is, pay even if it is below 0 zlotys on the account. The repayment takes place when the money is credited to the account – the repayment is automatic in the part corresponding to the amount of the influence.

A credit line is convenient because it does not generate interest when it is not used. They are paid only on the used line amount, which may amount to up to PLN 500,000 for large companies. The amount of the limit depends on the creditworthiness of the company, which is meticulously examined by the bank. Therefore, it can mainly be counted on by companies operating for a long time in a good financial situation.

Unfortunately, it must be remembered that although the entrepreneur does not have to pay interest on the unused limit, the bank still charges an annual or monthly fee for the granted credit line.

The advantages and disadvantages of the credit line for the repayment of invoices:

The advantages and disadvantages of the credit line for the repayment of invoices:

  • available only at the bank
  • allows you to make a bigger overdraft on your account
  • does not require every time to apply for funds
  • thoroughly tested creditworthiness
  • a flexible form of repayment
  • no costs if you do not use your debit
  • a fee for using the credit line is calculated periodically

Corporate loan

Corporate loan

The second option is to use an ordinary company loan. It can also be obtained on convenient terms both at banks and non-bank lending companies.

Thanks to the company loan, we can finance virtually any expense related to running business – including invoicing. When making a commitment, we do not have to indicate what we want to spend on. We obtain them on a one-off basis, not in the form of a bank account limit, which also has its advantages, because after paying off the liabilities, we do not expose ourselves to additional expenses.

The downside may be the fact that in comparison with the credit line we must each time apply for a loan. On the other hand, if the company is already in a good financial situation, it will not have to use this option so often. It is also worth noting that the same procedure for applying for company loans is now simplified – we can get them without providing a number of documents and completely online, as is the case with Asperlu.

Advantages and disadvantages of the company loan for the repayment of invoices:

Advantages and disadvantages of the company loan for the repayment of invoices:

  • available in banks and non-bank
  • allow you to get access to the selected amount for a given period
  • they require a request for funds every time
  • repayment follows schedule
  • easier to obtain from a credit line
  • fees in accordance with the contract – interest rate, commission, other costs

Therefore, when a company does not have a stable creditworthiness built yet, it works in a short time, the most favorable choice for it will be a quick and easy to obtain loan for the repayment of invoices.

Can a loan for the repayment of invoices be made online?

Can a loan for the repayment of invoices be made online?

Today, to get a company loan, you do not have to leave the company – you can also apply online. Such a loan for the repayment of invoices can be obtained both at banks and non-bank lending companies.

Obtaining an on-line loan is easy and quick – for this purpose, the entrepreneur must submit an application on the bank’s or loan company’s website. It is worth noting that in the case of bank loans, it is usually necessary to have a bank account for a certain period of time. Thus, the bank’s regular customers can count on the fastest loan – those who do not have their own account can usually submit an online application, but it is still necessary to go to the facility to confirm the data or wait for the courier to sign the contract.

In non-bank loan companies, an on-line loan can be obtained more easily, because it is then available to anyone interested – also for new companies that have just started their business. Such an offer is also available at Asperlu – it is a fast and convenient online loan from the first day of running a business!

Procedure for borrowing for online companies:

Procedure for borrowing for online companies:

  • indicate the amount and period of loan repayment on the website
  • fill out the loan application on the page
  • go through the verification procedure as a new customer
  • Wait for the decision to grant the loan – most often you will receive it within one hour
  • after confirming the willingness to obtain a loan and signing the contract, the loan is activated

What conditions must be met?

What conditions must be met?

In order to get a company loan for the repayment of invoices or for other business purposes, you do not have to meet excessive requirements at all. Of course, a lot depends on what amount of loan is required by the client – the higher it is, the more conditions will have to be met in order to prove creditworthiness.

When you need a loan for a fairly low sum, for example up to PLN 10,000 to pay overdue invoices, then you can get it most often without even sending additional documents.

At Asperlu the main conditions for obtaining a quick payday loan are:

  • economic activity registered in Poland
  • no negative entries in the registers of BIG debtors such as InfoMonitor, ERIF or KRD
  • permanent address of residence in Poland

You do not have to provide registration, banking or accounting documents to obtain a loan at Asperlu. Security is also not needed, including sureties. This means that the installment loan from Aasa is easily available to almost every interested entrepreneur – from the first day of running a business.

However, if the entrepreneur wants to apply for a higher amount, then it may be necessary to submit the indicated documents in order to thoroughly examine the financial situation of the company. Sometimes, you also need additional security – a surety, mortgage on your property.

How to choose the amount of the loan and its repayment period?

An entrepreneur wishing to get a loan to pay off invoices should always accurately calculate how much money he will need for this purpose, and for how long the loan is to be drawn.

It is best not to borrow too much, unless it is justified and the entrepreneur anticipates that in the near future he will need additional funds related to the business.

It is also important to choose the right repayment period because it affects the amount of the installment. The shorter the repayment period, the installment will be higher, but on the other hand, the loan will be associated with lower costs. With a longer repayment period it is the opposite, that is, the installment will be low, but the borrowing costs will be higher.

When choosing the right repayment period, it is best to calculate the amount to which the enterprise can afford. It should not be too high, so as not to disturb the stability of company finances, because it may bring further problems related to insolvency.

What can threaten a company when it fails to pay the loan on time?

If the company does not repay its obligations within the time limit set in the contract, it may be exposed to considerable problems resulting therefrom.

Even a one-day delay may result in charging contractual interest for late payment, as well as sending paid reminders reminding you that the deadline has been exceeded. The cost of one prompt can be up to several dozen zlotys!

If the company still does not want to settle the obligation, other consequences also appear in addition to the growing interest and penalties. They include mainly:

– debt collection by vindication companies – the debt collector reminds the debtor personally, by e-mail, by phone and by post on settlement of the obligation

– entering BIG, BIK – list on the list of debtors – the company on the list has not only difficulties with taking out new loans and credits, but also is less credible in the eyes of clients and contractors

– bailiff enforcement – after the court hearing in which the creditor wins, the bailiffs may be executed, i.e. taking money from the company’s account, as well as taking over and auctioning of its movable and immovable property to repay the debt

Therefore, when a company wants to make a commitment, such as a loan for the repayment of invoices or for other purposes, it is always necessary to respect the repayment date. Otherwise, this can lead to serious business problems that can even lead to bankruptcy.

How do you protect your company from payment bottlenecks?

Of course, it is best that the entrepreneur does not borrow at all for the repayment of invoices, if it is not necessary. You can avoid this necessity when the company is properly prepared for it. Even a new small company that does not yet have high profits can protect against payment bottlenecks and pay invoices in a timely manner.

Savings

First of all, the entrepreneur should have a financial cushion allowing him to get quick access to funds in emergency situations. Therefore, saving in the company is also of great importance – putting aside a small amount allows you to reduce the risk associated with your business. As a result, the company does not have to borrow every time if it is in a worse financial situation.

Control of contractors and clients

It is also very important to choose the right contractors and clients – thanks to this, you can reduce the risk of cooperation with a company that will not regulate payments on time, and thus may lead to payment bottlenecks. You can then use data from debtors’ databases. Reliable contractors and clients paying invoices on time are a significant reduction in the risk associated with their business operations.

factoring

Entrepreneurs may also use special tools to support the repayment of invoices. The most popular of them is factoring, which consists in the purchase by the company providing the factoring service of not-overdue liabilities of the company due to their contractors. As a result, the company does not have to worry about overdue payment dates of invoices, because it receives funds from a factoring company that then makes payments from the debtor.

Preventive seal

The reduction of the risk related to delays in the payment of invoices may also be the commencement of cooperation with a debt collection company and the purchase of a special preventive seal, which is also referred to as a debt seal. It is nailed on invoices and indicates that if the invoice is repaid after the deadline, the customer or contractor exposes itself to debt collection. Thanks to this, you can reduce the risk of late payments and also minimize the risks associated with the company’s operations.

Summary

If the entrepreneur needs funds to pay the invoice, but does not have them on his account, a quick and convenient solution will be to take out a loan – you can get it also non-banking, completely online. All you have to do is fill in the appropriate online loan application, and even the same day you will be able to receive the necessary funds to settle your debts.

However, it is best to protect yourself against such situations, so as not to expose your company to the risk associated with payment bottlenecks. Adequate savings, the selection of reliable and reliable customers and contractors, as well as prevention will help keep the company’s finances in check.

  • loan to pay invoices
  • loan to pay bills
  • loan to pay tax
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Private loan – how the contract should look like http://www.logotyp.info/private-loan-how-the-contract-should-look-like/ http://www.logotyp.info/private-loan-how-the-contract-should-look-like/#respond Mon, 11 Feb 2019 06:20:44 +0000 http://www.logotyp.info/private-loan-how-the-contract-should-look-like/ Read More

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As shown by various types of statistics, we more and more often borrow money from private individuals. Sometimes they are members of our family, sometimes our friends, but more and more often completely foreign to us. Private loans, they treat as an investment that is supposed to bring them a certain profit. However, regardless of whether we borrow money from people we know or not, we should draw up and sign a loan agreement. Thanks to her, there will be no problems in the future with resolving any disputes, of course if they happened. Let’s see what each loan agreement should be.

How the contract should look like

How the contract should look like

Each contract we sign, and therefore a loan agreement, must clearly specify the parties to the contract, so in this case, the data must be contained in the borrower and the lender. The most important data include name, surname, address. Often, the contract also includes a PESEL number and ID card number. In this way, both parties can be identified in a precise manner.

Another important element of the loan agreement is its description. So it has to find in it the amount we borrow and the time after which we must return the money. It should be clearly defined, so it is best in the contract to provide a specific repayment date. We can not forget that the loan agreement should include all costs related to it. Of course, the lender may not charge any fees for the loan, but this should also be included in the contract. All costs should be described separately, so a possible commission, preparation fee, interest costs, insurance costs, etc. should be specified. Equally important, these costs should also be summed up and given as the total cost of the loan. Do not forget about the total repayment amount, which includes the loan along with all its costs.

An important matter that we can not forget when preparing a loan agreement is to determine the detailed repayment terms. We must state whether it will be repaid in installments (if so, in what amount and on what dates) or once. We also have to state if the refund will be made to the account (in this case, please enter the bank account number), or whether the money will be returned “on hand”. If the loan is to be returned in another way, it should also be specified in the contract.

The obligatory point of the contract is also the form of securing the debt. The collateral must be clearly described and there should be situations in which the lender will be able to use collateral. This is a delay in repayment or a lack of repayment. Therefore, it should be clearly stated in the contract how the money will be enforced and what are the costs associated with it (overdue interest, costs of warnings, etc.).

Each loan agreement should also clearly specify what in the case of early repayment of debt and determine whether it is possible to extend the debt repayment period. It should be recorded in it, whether there will be any charges for this reason, whether interest will be reduced, etc.

According to the applicable provisions, each borrower has the option to withdraw from the contract within 14 days of its conclusion. The terms of this withdrawal should be clearly defined in the contract.

The last point of each contract should be signatures, made by both parties to the contract, i.e. by the lender and the borrower. Only when they are deposited on the document, the contract takes legal effect.

There is not one specific loan agreement template. We can find them a lot on the internet, we can also prepare such a contract by ourselves. We can check its content with a lawyer who will suggest what we should change in it, what to add to it, so that it meets all the standards that apply in our country.

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