Borrow money – USA Prime Loans http://usaprimeloans.com/ Fri, 23 Sep 2022 16:41:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://usaprimeloans.com/wp-content/uploads/2021/10/icon-10-120x120.png Borrow money – USA Prime Loans http://usaprimeloans.com/ 32 32 Can you borrow money from your 401(k)? https://usaprimeloans.com/can-you-borrow-money-from-your-401k/ Fri, 23 Sep 2022 16:41:08 +0000 https://usaprimeloans.com/can-you-borrow-money-from-your-401k/ Note: Investing regularly for the long term is the best way to ensure you have funds for retirement. Getty Images/iStockphoto If you have a decent amount invested in your 401(k) and need a short-term loan, you may be considering borrowing from the popular retirement vehicle. There are many things to consider before taking out a […]]]>
US currency and an egg with '401K' on it
Note: Investing regularly for the long term is the best way to ensure you have funds for retirement.

Getty Images/iStockphoto


If you have a decent amount invested in your 401(k) and need a short-term loan, you may be considering borrowing from the popular retirement vehicle.

There are many things to consider before taking out a loan from your 401(k), including potential penalties, taxes, and the possibility of a small retirement nest egg.

Before making many important financial decisions, it may be a good idea to consult a financial adviser who can explain the impact to you.

Can you borrow from your 401(k)?

If your plan allows it, you can borrow up to $50,000 or half of your earned balance, whichever is lower, according to the Internal Revenue Service. Many 401(k) plans, which are administered by employers, give borrowers up to five years to repay the loan – with interest.

There is one exception: if your 401(k) has a vested balance of less than $10,000, you can borrow up to $10,000. However, the IRS does not require plans to include this exception, so check with your plan administrator.

You’ll also want to check that borrowing from the 401(k) plan is an option (your plan may require your spouse’s approval). Again, speak with a financial advisor to see if this way of accessing funds is right for you.

Can you borrow from your 401(k) without penalty?

According what your plan allows, you can withdraw up to 50% up to a maximum of $50,000, over a 12-month period. If you repay according to the terms of the loan, you will not be penalized.

But beware: if you lose your job and don’t repay by that year’s tax deadline, the IRS considers your loan a withdrawal. This means that if you are under 59.5 you may have to pay the 10% tax penalty for early withdrawal.

You can also do some rough calculations on early withdrawal costs using a 401(k) calculator.

How to borrow on your 401(k)

You must apply for the 401(k) loan and meet certain requirements, which may depend on the plan administrator. Typically, a 401(k) borrower must repay the loan within five years. Most plans require payments at least quarterly or every three months.

There are a few exceptions – again, it depends on the administrator. For example, if you use the 401(k) loan to purchase a home that will be your primary residence, the five-year repayment requirement may be waived.

Advantages and disadvantages of borrowing from your 401(k)

Expert rating invest regularly for the long term is the best way to ensure you have funds for retirement. So it’s a good idea to carefully consider the pros and cons of borrowing from your 401(k).

Advantages

  • A 401(k) loan does not trigger a “meaningful” credit check from credit reporting companies and does not appear on your credit report.
  • Interest rates are set by the plan administrator and may be lower than other types of loans.
  • The interest on the loan goes back to the 401(k). You pay your own account for the loan.
  • If you miss a payment on a 401(k) loan, it won’t impact your credit score
  • If you use the loan to pay off high-interest credit cards and pay off the 401(k) loan on time, you could reduce the overall amount of interest you pay.

The inconvenients

  • If you lose your job, you may have to repay the loan in full.
  • Likewise, if you lose your job and don’t repay the loan by that year’s tax deadline, the IRS may consider your loan a withdrawal. If you’re under age 59.5, you’ll likely owe a 10% early withdrawal penalty tax.
  • You may end up with a smaller retirement nest egg. It’s because investment gain will build on a smaller base while your loan is in progress.
  • If you stop contributing to the plan while on loan, you may miss the matching funds offered by some employers.

Other options

  • A “difficult” withdrawal from your 401(k): There are a few exemptions from the penalties typically associated with withdrawing a 401(k) loan early, although the the requirements are strict. For example, under the CARES Act 2020, you can withdraw up to $100,000 from a pension plan to pay for COVID-19 related issues. Check the terms carefully, as there are often penalties for withdrawing 401(k) funds early and withdrawals can be considered income, which means you will pay taxes.
  • Personal loan: If your credit score is good and you have room in your budget for payment, a personal loan may make more sense than dipping into your retirement funds. Learn more about personal loans here.
  • Home Equity Loan: If your home is worth more than the current mortgage on the property – known as equity – you might consider this type of borrowing. Typically, home equity loans, or HELOs, have lower interest rates than other loans because your home serves as collateral.

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1 in 5 people borrow money to cover funeral expenses https://usaprimeloans.com/1-in-5-people-borrow-money-to-cover-funeral-expenses/ Wed, 21 Sep 2022 07:04:23 +0000 https://usaprimeloans.com/1-in-5-people-borrow-money-to-cover-funeral-expenses/ A funeral costs thousands – are you ready? With the cost of living rising at an alarming rate, it is perhaps unsurprising that one in five people also have to borrow money to cover this shortfall. New research shows families struggle Sun Life Cost of Dying Report – the longest-running study of funeral prices – […]]]>
A funeral costs thousands – are you ready?

With the cost of living rising at an alarming rate, it is perhaps unsurprising that one in five people also have to borrow money to cover this shortfall.

New research shows families struggle

Sun Life Cost of Dying Report – the longest-running study of funeral prices – revealed this year that the average cost of a funeral is now estimated at £4,054.

But a third of people did not arrange for their funeral costs before their death. It’s no surprise, then, that some families reported having notable financial concerns when it came to covering the cost of their loved one’s funeral.

How do people find the money to pay?

Of those who had to make up the shortfall, more than half had to borrow money to cover funeral expenses. They have turned to borrowing from friends and relatives, some have used credit cards and others have taken out personal loans to help. 1 in 5 are still surprised at the sky-high funeral costs, with 25% saying the overall funeral cost was more than they expected – which is why so many people struggle to afford it when the time comes.

How people are cutting funeral costs

Funeral planners recently gave SunLife tips on how to save on costs, while keeping the send-off meaningful and personal. The most popular advice was to choose a cheaper casket and spend less on flowers, followed closely by planning the wake at home.

Another tip that came up time and time again was to shop around. Less than 1 in 5 people obtained more than one quote when organizing a funeral. But talking to multiple funeral directors means you might get more for your budget.

Many people have also opted for simple, personal touches to say goodbye to their loved one. Digital photo montages, playlists of their loved one’s favorite music, and light dress codes were all popular choices. (Football shirts, Hawaiian shirts, and feather boas have all made an appearance!)

How to get funeral expenses covered

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Latvian PM admits country will have to borrow money to support residents during energy crisis – Baltic News Network https://usaprimeloans.com/latvian-pm-admits-country-will-have-to-borrow-money-to-support-residents-during-energy-crisis-baltic-news-network/ Wed, 14 Sep 2022 07:45:44 +0000 https://usaprimeloans.com/latvian-pm-admits-country-will-have-to-borrow-money-to-support-residents-during-energy-crisis-baltic-news-network/ The Latvian government will probably have to borrow funds in order to offer support activities to residents to overcome the energy crisis, Prime Minister Krišjānis Kariņš said in his interview with LTV program Rīta panorāma on Wednesday September 14. The politician pointed out that the government had already approved a large package of support measures. […]]]>

The Latvian government will probably have to borrow funds in order to offer support activities to residents to overcome the energy crisis, Prime Minister Krišjānis Kariņš said in his interview with LTV program Rīta panorāma on Wednesday September 14.

The politician pointed out that the government had already approved a large package of support measures. However, this may not be enough and some form of price cap may be set. Beyond this cap, residents’ payments for energy resources will not increase. Instead, the additional costs will be covered by the state budget.

According to the Prime Minister, the government is awaiting estimates from the Ministry of Economy in order to implement the caps appropriately.

According to Kariņš, while funding for support measures is taken from the budget surplus, funding for broader support will have to be borrowed.

The Prime Minister explains the favorable budgetary situation with strong exports. The Ministry of Finance, meanwhile, admits that budget revenues are benefiting from the rapid growth of inflation.

Kariņš mentioned that the country’s debt has fallen to 43% of GDP. This provides some leeway for the government to borrow money.

Although the support measures will be extended, it will not be possible to liquidate all the consequences of the Russian war with a single government decision, Kariņš said.

When asked to explain if Latvia has enough gas to survive the winter, Kariņš replied that yes, there is enough gas.

According to him, the total volume of gas that Latvia needs to get through the winter season is estimated at 6.9 TWh. He said the volume of gas currently stored in the Inčukalns gas storage facility exceeds 7 TWh. Kariņš also said that Latvia continues to procure gas.

The problem is the price of gas, not the availability of gas, claimed Kariņš.

As for Latvijas gāze, which claims that there is not enough gas to meet residents’ needs because part of the gas stores have been sold to other users, the Prime Minister said that Latvijas gāze has the duty to supply mainly gas to residents.

Read more about this topic: Authorities to investigate Latvijas gāze’s decisions regarding the creation of gas reserves

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Need to borrow money? Here’s what you need to know https://usaprimeloans.com/need-to-borrow-money-heres-what-you-need-to-know/ Wed, 07 Sep 2022 19:01:00 +0000 https://usaprimeloans.com/need-to-borrow-money-heres-what-you-need-to-know/ Borrowing money can sometimes be a necessary evil. Sometimes we have no choice but to borrow money and that’s okay, but like everything, it pays to shop around. It’s all about interest rates. Borrowing €5,000 at an interest rate of 6.99% over two years will cost you €372.17 in interest compared to an interest rate […]]]>

Borrowing money can sometimes be a necessary evil. Sometimes we have no choice but to borrow money and that’s okay, but like everything, it pays to shop around. It’s all about interest rates. Borrowing €5,000 at an interest rate of 6.99% over two years will cost you €372.17 in interest compared to an interest rate of 11.9% for the same loan at €643.21.

Joey Sheahan, head of credit at online brokers MyMortgages.ie, said whether or not to borrow money is a decision people should pay close attention to, whether it’s a small or a large sum in question. Getting a loan can be easy and a nice lump sum will be tempting, but there’s also a long road of repayments to consider.

“Your ability to repay should play a vital role in your decision-making process. Regardless of the amount, if you cannot maintain repayments, it will negatively affect your credit rating and you will also end up paying a lot more interest and possibly late fees and penalties,” Mr. Sheahan said.

There are many banks and credit unions offering personal loans and it is important to do your homework. Banks and credit unions are both regulated entities, which provide borrowers with the highest level of protection.

“Money lenders, on the other hand, are often unregulated and charge exorbitant interest rates and should, in the vast majority of cases, be avoided,” Mr Sheahan said.

The type of credit you take out will also have a big impact on your cost of borrowing. For example, credit cards are a very expensive form of credit. Personal loans can offer much better value and interest rates can range from around 2-3% on a mortgage to 8-9% on a car loan or 15-18% on a credit card.

Everyone’s personal situation is different and each decision to borrow or not must be assessed individually.

According to the Banking and Payments Federation Ireland (BPFI), the value of personal loan levies increased 20.1% year-on-year in the second quarter of 2022 to €414 million. The figures show that €141 million was drawn down in home improvement loans during this period, which is 12.7% more than during the same period of 2021. personal loans for automobile financing fell by 0.4% year-on-year to reach 128 million euros. while the value of loans for other purposes, which includes loans for education, holidays and weddings, increased 59.2% year-on-year to 146 million euros.

Mr Sheahan points out that while borrowing for a mortgage can be justified as a necessary financial commitment to own your own home and put a roof over your head, borrowing for “non-essential” things like vacations, furniture and appliances should be avoided in many cases. case because you will end up repaying more than the cost of those goods.

“Having too many lines of credit can become overwhelming and unmanageable and can leave people in a precarious financial situation,” he said.

It is definitely worth talking to your bank or credit union before borrowing and checking the rates they offer. Many will offer discounted “first loan” rates that will be lower than their general loan rates.

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Who does the government borrow money from? https://usaprimeloans.com/who-does-the-government-borrow-money-from/ Wed, 07 Sep 2022 15:51:36 +0000 https://usaprimeloans.com/who-does-the-government-borrow-money-from/ UK energy bill plans, coupled with tax cuts, set to increase government borrowing under new PM The UK government is borrowing money to fund public spending (Image: Getty Images) These policies will almost certainly force the government to increase the amount of money it borrows. But where does the UK borrow money from – and […]]]>

UK energy bill plans, coupled with tax cuts, set to increase government borrowing under new PM

The UK government is borrowing money to fund public spending (Image: Getty Images)

These policies will almost certainly force the government to increase the amount of money it borrows.

But where does the UK borrow money from – and what does borrowing mean?

What does borrowing mean?

Each year the government raises funds through taxes which are usually set in an annual parliamentary event, the budget.

He uses this money to finance public services, invest in infrastructure and pay for the welfare state, among other things.

If he spends more money than he earns from taxes and other income, he must “borrow” to cover the deficit, i.e. the difference between the money he has and the money he needs.

Government borrowing tends to be financed by the private sector (Image: AFP/Getty Images)

If a deficit appears repeatedly on the public balance sheet over a period of time, it becomes known as the national debt.

While you will often hear politicians compare the finances of the nation to the budget of, say, a business or a household, they operate in a different way.

For example, debt can be very long term – up to 55 years – and can sometimes be cheap, meaning a government will borrow more to pay off old debt.

The International Monetary Fund (IMF) describes it as “an important means for governments to finance investments in growth and development”.

Public spending is usually financed by a combination of taxes and borrowing (image: AFP/Getty images)

Running deficits and going into debt can also be politically useful, as a government could become unpopular if it raises taxes too much.

And, if a recession occurs – an event that can reduce the amount of money provided by taxation – a government is likely to increase borrowing to fund public services.

The problems mainly arise if a country defaults on its debt, that is, it cannot or does not want to repay it.

Who does the UK borrow money from?

The money the UK borrows comes from the private sector, usually from financial institutions like pension funds and banks.

It raises this money from bonds – also known as gilts.

The Bank of England sometimes finances government borrowing through quantitative easing (Image: AFP/Getty Images)

These are essentially promises to pay money to the lender over a period of time, with most of that money being repaid on the final date of the obligation.

Payments before the end of the life of the bond generally consist of interest.

Overall, the private sector views these loans as a low-risk investment vehicle.

Indeed, they guarantee regular repayments to the investor/lender over an often long period.

But they carry a certain risk, because inflation can wipe out the interest if the bond is not indexed.

Similarly, on the government side, issuing bonds (i.e. borrowing) becomes more expensive if inflation is high because investors will want to make a return in exchange for their money.

The index-linked bonds it issues are also likely to become more expensive when inflation is high.

According to Reuters, debt interest for these bonds rose by £19.4 billion in June due to record inflation.

Sometimes the Bank of England (the government body in charge of Britain’s currency) buys them through a process known as quantitative easing – essentially money printing – aimed at stimulating spending and investment and therefore to increase British economic output.

What do Liz Truss’ spending plans mean for borrowing?

We don’t currently know the exact details of how Liz Truss will tackle the cost of living crisis and the looming recession.

But in his speech to Tory members during the election campaign, his speech from Downing Street on September 6 and Prime Minister’s Questions on September 7, we got an indication of his plans.

Ms Truss wants to cut taxes – especially for businesses – to promote economic growth.

Former chancellor Rishi Sunak warned that such a move would worsen inflation.

New Prime Minister Liz Truss wants to borrow more money to fuel public spending (Image: Getty Images)

“The problems with this are twofold,” he told The Times.

“It’s extremely expensive and a lot of money goes to people who don’t need it, and [secondly] if you hold prices constant, supply weighs in, increasing the risk that you will end up with shortages.

As the government will generate less revenue through taxation – with corporate tax and national insurance cuts in sight – it means the country will likely have to rely more on borrowing.

This marks a major shift from previous Conservative administrations, which pursued various policies of “balancing the books” – i.e. reducing the deficit and the national debt – rather than shaking off what they previously called “the magic money tree”.

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Francis Ngannou reveals he had to borrow money for LIVE, says he won’t sign new UFC contract https://usaprimeloans.com/francis-ngannou-reveals-he-had-to-borrow-money-for-live-says-he-wont-sign-new-ufc-contract/ Tue, 06 Sep 2022 12:05:22 +0000 https://usaprimeloans.com/francis-ngannou-reveals-he-had-to-borrow-money-for-live-says-he-wont-sign-new-ufc-contract/ UFC heavyweight champion Francis Ngannou reveals he had to borrow money to LIVE…518,000 in his last fight Francis Ngannou says he won’t sign new UFC deal until certain conditions are met The 36-year-old also revealed he’s had to borrow money to live on for the past few years Ngannou has strongly criticized the lack of […]]]>

UFC heavyweight champion Francis Ngannou reveals he had to borrow money to LIVE…518,000 in his last fight

  • Francis Ngannou says he won’t sign new UFC deal until certain conditions are met
  • The 36-year-old also revealed he’s had to borrow money to live on for the past few years
  • Ngannou has strongly criticized the lack of security his previous deal gave him
  • The heavyweight champion has previously criticized the way fighters are rewarded

UFC heavyweight champion Francis Ngannou has said he won’t sign a new contract with the UFC until certain conditions are met and revealed he had to borrow money. money to live on for the past two years.

The 36-year-old hasn’t fought since January, after suffering a torn MCL while retaining his UFC Heavyweight Championship against Cyril Gane in what was believed to be the final bout of his UFC contract.

And the Cameroonian star has now claimed he will not sign an extension to that previous deal.

Francis Ngannou says he won’t sign new UFC contract until certain conditions are met

He said MMA hour: ‘No, I have not signed a new contract. First of all, I have a champions clause and I tried to press but I’m not signing a new agreement.

“That’s basically the issue that’s causing all this trouble because I don’t want to sign a new deal on certain terms that don’t work for me because I don’t feel protected on those terms.”

Despite earning £518,000 in his last fight, the Cameroonian star went on to highlight the lack of security provided by his previous contract and made a startling admission about the impact it had on him.

He added: “In the past two years I have fought twice and then I have to borrow money to live!”

The heavyweight champion has revealed he's had to borrow money to live on for the past few years

The heavyweight champion has revealed he’s had to borrow money to live on for the past few years

UFC President Dana White has previously hit back at fighter pay hikes

UFC President Dana White has previously hit back at fighter pay hikes

‘Nobody cares. I have no guarantees that year and I have no protection, so based on that experience I want to get something better on my contract and obviously what I deserve.

This isn’t the first time the Cameroonian star has spoken out about how he and his fellow MMA fighters are poorly rewarded.

Last month, he took to Twitter to talk about UFC uniform policies amid the debate over fighter pay in the organization.

In a series of tweets, Ngannou explained that he believes the fighters are currently being “ripped off” by the promotion in terms of sponsorships.

The debate surrounding fighter compensation has intensified in recent weeks and months, fueled by comments from UFC President Dana White during a recent interview in which he claimed that an increase in compensation “will never happen” during his time at the helm of the promotion.

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Buhari can borrow forever; America and Britain are also borrowing money: APC Chairman Adamu https://usaprimeloans.com/buhari-can-borrow-forever-america-and-britain-are-also-borrowing-money-apc-chairman-adamu/ Tue, 16 Aug 2022 08:57:32 +0000 https://usaprimeloans.com/buhari-can-borrow-forever-america-and-britain-are-also-borrowing-money-apc-chairman-adamu/ It doesn’t matter how much President Muhammadu Buhari borrows to continue ruling Nigeria because countries like the US, UK and France borrow from the World Bank, APC National Chairman Abdullahi Adamu said. Former President Olusegun Obasanjo had condemned the regime’s borrowing as “senseless and criminal”. “I remember vividly telling you, and I thought you believed […]]]>

It doesn’t matter how much President Muhammadu Buhari borrows to continue ruling Nigeria because countries like the US, UK and France borrow from the World Bank, APC National Chairman Abdullahi Adamu said.

Former President Olusegun Obasanjo had condemned the regime’s borrowing as “senseless and criminal”.

“I remember vividly telling you, and I thought you believed me, that I have nothing against government borrowing problems. The government can borrow from here until eternity,” Mr Adamu told Trust TV in an interview on Monday. “What I argue is if the money is not used for a purpose. The infrastructure that we develop across the country comes from these sources.

When reminded of the worrying debts racked up by Mr. Buhari’s regime, Mr. Adamu justified the borrowing spree by saying, “The US government is borrowing. (The) Canadian government borrows. The UK borrows. France borrows money from the World Bank and other institutions. Nigeria is no exception.

Labor Party presidential candidate Peter Obi has advised Mr Buhari to limit the country’s borrowing to 5% of the country’s revenue in the previous year.

“As a matter of urgency, Nigeria must stop borrowing for consumption, but borrow only to invest in regenerative development projects and other productive ventures,” Obi said.

Nigeria’s debt profile reached over 40 trillion naira in March under Mr Buhari’s watch, according to the Debt Management Office.

The APC presidential aspirant at the time, Stanley Osifo, had pledged to revamp the Nigerian economy which was said to have been damaged by Mr Buhari’s borrowing during the campaigns ahead of the party’s presidential primary. He missed the mark.

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The best time to borrow money for your business is now https://usaprimeloans.com/the-best-time-to-borrow-money-for-your-business-is-now/ Mon, 15 Aug 2022 10:07:41 +0000 https://usaprimeloans.com/the-best-time-to-borrow-money-for-your-business-is-now/ MATHIEU STERN-UNSPLASH AApplying for a business loan is not the best experience for most Filipino small and medium enterprises (SMEs). Many SMEs complain about the lengthy application process, extensive documentation requirements, and reduced likelihood of obtaining funding approval. Rather than jump through these hurdles, business owners prefer to dip into savings or borrow directly from […]]]>
MATHIEU STERN-UNSPLASH

AApplying for a business loan is not the best experience for most Filipino small and medium enterprises (SMEs). Many SMEs complain about the lengthy application process, extensive documentation requirements, and reduced likelihood of obtaining funding approval. Rather than jump through these hurdles, business owners prefer to dip into savings or borrow directly from family and friends.

However, if your business needs additional funds to grow, the best time to get a business loan is now. The money available means you can prepare for – or even take advantage of – a mix offlshareholder pressures and business opportunities to come in the following months.

See the following reasons why a business loan now rather than later is the best decision:

Another round of interest rate hikes will make borrowing more expensive.

Inflation is on the rise worldwide – not just in the Philippines – largely due to multiple international factors that have impacted the domestic economy. This pushed the interest rate on loans up to 3.25% in July.

Furthermore, the Bangko Sentral ng Pilipinas (BSP) did not rule out further interest rate hikes at its next policy meeting on August 18. IfIf financial institutions look to BSP rates as a benchmark for loan and credit card rates, another interest rate hike will make loans even more expensive in August.

You’ll get the most out of your business investments now rather than later.

Although nothing is certain, the government fully expects the nationalflRation rates on the rise – even raising the forecast for 2022 to 4.5%-5.5% in July. Based on this data, you better make major purchases as soon as possible.

This is explained by the concept of “time value of money” in economics, which simply means that the value of money decreases over time. 1 million peso financing will buy more today than if you waited another six months. Also, the sooner you invest that money in your business, the sooner you will get returns. Since inflation will also lead to a future decline in economic and consumer spending, these returns may offset a possible decline in sales.

Once you have a loan, what business investments should you focus on? Real estate is perhaps the most obvious, as it’s a good hedge against inflation – but if it’s not benefiting your bottom line over the next few months, don’t force it. Instead, focus on spending and investing that will increase your business’s revenue and its relevance to customers. It could be increasing gear, technology, or inventory to prepare for your busiest seasons; close business leads; or streamline your business operations and processes to increase overall productivity and efficiency.

You can secure your business against further inflaction shocks.

Financing assistance and tax breaks may have been offered to SMEs during the worst of the pandemic-related lockdowns. But if inflation continues for the rest of the year, SMEs will not be able to enjoy the same benefits, even if they are the ones who will suffer the most due to rising prices for raw materials and labor. work, declining incomes and the need to increase wages to retain employees.

Thus, it is in every business owner’s interest to secure their business now, especially if you have a foreseeable cash shortfall in the coming months. If you wait a few more months to borrow, that need can only become urgent – ​​and you’ll align yourself with other borrowers who are also experiencing the same inflationary pressures on their business. This means you will also wait longer for your loan to be approved.

The good thing about getting a business loan now is that it doesn’t have to cost you anything. Instead of a term loan, consider a revolving line of credit: once approved, you have a pool of funds to draw from whenever a business need arises. You’ll only have to pay the amount you’ve used plus interest, making it a no-obligation way to secure your business.

A business loan is a big step forward, and it’s not always necessary to move your business forward. It requires a lot of thought, research and business planning to ensure that your funding will bring you more benefits.Ifts only headaches.

However, if you are already in the business market Ifnancing – and you get it to protect or grow your business – then take the next few days to review your finances and narrow down your business loan options. Waiting longer will cost you more.

This article reflects the personal opinion of the author and does not reflectIfsocial booth of the Management Association of the Philippines or MAP.

Benedict S. Carandang is a member of MAP. He is vice president of external relations for First Circle, a fintech provider that helps SMEs grow through long-term partnerships, flexible funding, and free tools to help them find government opportunities. This article is co-authored with Jess Jacutan, Content Marketing Manager at First Circle.

map@map.org.ph

Benedict@firstcircle.ph

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We didn’t ask you to borrow money to pay us – ASUU responds FG https://usaprimeloans.com/we-didnt-ask-you-to-borrow-money-to-pay-us-asuu-responds-fg/ Sat, 13 Aug 2022 13:45:50 +0000 https://usaprimeloans.com/we-didnt-ask-you-to-borrow-money-to-pay-us-asuu-responds-fg/ The ASUU accused the government: Disclose this, ASUU President, Professor Emmanuel Osodekeaccused the government of remaining committed to improving the education sector in the country, arguing that – contrary to propagated suggestions – the FG has money to fund its demands. He said Nigerian tertiary institutions have suffered great setbacks over the years and it […]]]>

The ASUU accused the government: Disclose this, ASUU President, Professor Emmanuel Osodekeaccused the government of remaining committed to improving the education sector in the country, arguing that – contrary to propagated suggestions – the FG has money to fund its demands.

He said Nigerian tertiary institutions have suffered great setbacks over the years and it is high time the authorities take responsibility.

Osodeke’s words: The president of the union said, “Who asks them to borrow? They (the federal government) have the money. If they can release 400 billion naira for traders money, have they borrowed that? Is merchants’ money more important than closing universities?

“If they spend 200 billion naira on feeding children in school, which we don’t see; if they can consider a plea bargain with someone who stole 80 billion naira, they should let Nigerians know they are not interested in education rather than give lame excuses.

“We are not asking the government to borrow; we say they should fund education.

What happened: The ASUU President’s comment comes amid remarks made by the Governor of Ebonyi State, David Umahiwho argued that the federal government cannot afford to borrow N1.1trn to meet union demands.

“There is no way the country is going to borrow N1.1trn to meet ASUU’s demand. It is completely unreasonable. Are their demands sincere? Yes, but we can start small,said the Governor during the Nigeria Police Trust Fund Board Members Reception in Abakaliki, the state capital.

Previously, the Minister of State for Labor and Productivity, Festus Keyamomade a similar comment.

While asking questions during a television interview, Keyamo argued that ASUU’s demands are unrealistic and unsustainable for the government.

ASUU disagrees: Reacting to Umahi’s comment, the ASUU President said, “Is he the spokesperson for the government? We will not answer him.

NPTAN reacts: Meanwhile, President of the National Parent-Teacher Association of Nigeria, Mr Haruna Danjuma, also disagreed with the Governor, saying he was speaking from his own perspective.

He said, “I believe that is Umahi’s view and he does not speak for Mr. President or the federal government. We also have a Minister of Education. So I guess that’s his point of view.

“Parents are not saying that the federal government should borrow such an amount to equip our university and I don’t think ASUU has told the federal government to borrow money to fund the universities. It’s up to the government to borrow or not.”

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How to borrow money from a friend without ruining the relationship https://usaprimeloans.com/how-to-borrow-money-from-a-friend-without-ruining-the-relationship/ Thu, 11 Aug 2022 20:30:00 +0000 https://usaprimeloans.com/how-to-borrow-money-from-a-friend-without-ruining-the-relationship/ Photo: Ollinka (Shutterstock) Times are hard. If you are in a financial situation Jam, you consider approaching a trusted family member or friend to ask about borrow money to help you get revived. Or maybe your younger brother asks you for a loan to get them to their next payday. Proceed with caution: You may […]]]>

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Photo: Ollinka (Shutterstock)

Times are hard. If you are in a financial situation Jam, you consider approaching a trusted family member or friend to ask about borrow money to help you get revived. Or maybe your younger brother asks you for a loan to get them to their next payday. Proceed with caution: You may remember Shakespearean proverb“Neither a borrower nor a lender is”, and I’m pretty sure he was referring to loan or ready money to your loved ones.

Borrowing money puts you in a sticky situation where you feel guilty if you are unable to pay the other person return on time (Where at all). Lending money to a friend or family member can also lead to feelings of resentment on both sides – you want your money back, and they get upset that you harass them for the money. In other words, commit money and you risk a rapid sourness of your relationship.

For these reasons, bor row or lend money in a friendly or family setting relationship is the best considered a last resort. However, there are ways to prevent things from going sideways..

Get everything in writing

Before any exchange of money, Laura Adams, a personal finance expert with Finder.comadvises to think like a bank, and put everything in writing: how much money changes handsand the repayment terms.

“When making a major financial transaction with a family member or friend, never be so casual that you skip creating a formal promissory note,” she says. “When you want to borrow money from a friend or relative, put the details in writing first, offer to pay a reasonable interest rate and make sure they are comfortable with it. what you ask. Properly documenting the details is essential to avoid any potential misunderstandings in the future. »

Treat the loan like any other bill

Christine Lukealso known as Financial Dignity Coach says it’s important for the borrower to treat a loan from a friend or family member like any other bill. “Pay it on time and pay extra if possible to pay it back sooner than expected. Communication is also essential. If you can’t pay on time, don’t avoid the person. Be honest and see if you can rework your agreement to get back on track.

Adams suggests, if money is scarce, establish a budget for your income and expenses that ensures you have enough money to repay your financial obligation to family or friends. “You can include an initial grace period in your agreement, such as starting payments several months after receiving the funds.”

Do not lend the funds if it threatens your own financial security

Sometimes we want to help our loved ones so badly that we can lend money that we don’t have, or an amount so large that we threaten our own financial security. Jthat’s a big no-no. “If you can’t afford to give your friend money, then you can’t afford to lend it to him,” Luke said. “Not only are you risking the relationship, but you are risking your own financial well-being. You also cannot afford the emotional and relational consequences of a potentially bad loan.

Luke points out that by giving money you don’t have “it’s not just stressful for the person making the loan; it’s also an emotional burden on the person borrowing the money,” and it will undoubtedly hurt your relationship. “If you cherish your relationship with this person, you should either lovingly explain to them that you cannot risk your own financial health to help them or give them money,” she says.

Do not lend money to anyone a history of financial irresponsibility or substance abuse

Although you no doubt want to help your friend or family member, if the idea that he owes you money, or that he never returns it, is harming your relationship, it is better not to not go there. This means that if they have been financially irresponsible in the past, and particularly if they have a history of substance abuse which contributes to their financial instability, it is better not to get involved.

“I know it can be tough when someone tries to guilt you into giving them money,” Luke says. ‘Unfortunately, some people will resort to emotional manipulation to achieve their ends. We have to remember that someone else’s irresponsibility is not our problem.’Nope’ is a complete sentence. You don’t owe the other person an explanation.

Do not do it

However, if you know you might be likely to give in to someone’s bloody history for financial help, Luke recommends establishing a personal policy of never lending (or borrowing) money to. friends or family members. “When someone asks, just say, ‘It is my personal policy never to lend money to friends or family. My relationships are too important for money to come between us.

At the end of the day, It is essential to keep in mind that whether you are the borrower or the lender, your relationship may seem strained until the loan is paid off. “If you have another alternative, like borrowing from your bank or credit union, this might be the way to go,‘ said Luke.

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