Mark Carolin

Most recently I have been bombarded with offers from various credit card issuers for insurance programs that are “free” for the first thirty days, but you have to sign up right then.

Disability Insurance – I have heard both sides on this issue and it may or may not be something you want to consider depending upon who you work for. The disability insurance will pay minimum payments on your credit card if you are ill or unable to work for at least 30 days. (Check your policy offer for details.) If you keep a low balance-to-limit ratio this insurance might not be a bad idea. If however, you are running close to your credit limit, since the insurance only pays the minimum payments, that plus the charge for this insurance coupled with the accrued interest may cause you to go over your credit limit incurring even more costs and causing credit issues – which is what you were trying to avoid in the first place. This type of insurance might be alright if you think layoff or disability is a real threat in your life but on the average, the industry pulls in millions and most consumers never use the insurance. On the other side of the coin, all insurance is a gamble, you bet you need it and the insurance companies bet you don’t.

Life Insurance – If you don’t take any of the other insurance that is offered, you might want to at least consider this one; depending on the balances you carry.  If you should die, the insurance will cover the balance on your bill as long as it’s up to date and not over your credit limit.  Without insurance, your creditors will attach a lien to your estate that will have to be paid before your survivors receive any of their inheritance money.

As always, check with your financial professionals before signing up for any program that impacts your financial future.

Bad credit is one of the main reasons for bank loan denial. A credit score lower than 580 will most likely ruin your chances for a business loan. Multiple credit checks also lessens your chances for approval. And of course, a recent file for bankruptcy will ensure denial on your request.

Fortunately, there is no reason for despair if you belong to this group of people. There are now available alternatives for getting a small business loan, regardless of your bad credit. It is important, however, that you understand your circumstances before jumping into these alternative means for a business loan.

You can opt for an unsecured personal loan in such cases. But before you do, consider these factors first. One, how much do you need as a business loan? Factor in the numbers and come to a close estimate of how much you really need. Two, how much can pay each month. You have to note that personal business loans often have higher interest rates per month and if you’re not careful, you might become more in debt than you actually were, before the business loan. And three, will you be making minimum payments? Avoid making minimum payments because it actually costs more in the long run.

A business cash advance is also one way of securing the money you need. A small business loan through cash advance is  relatively an easy process to go through as compared to borrowing money from a bank. Most small business, even if they do have good credit, have often little asset and property. This is what makes business cash advances a good alternative for small entrepreneurs in need of immediate money. The only important thing your business should have is access to credit card services (i.e. you accept credit cards for transactions). You just need to have your business’ credit scores established. The best way to do this is to separate your personal credit from your business credit. It is recommended that you control most, if not all, of your business credit needs from only one of two credit card service providers so you have better chances at getting approved quickly. Lastly, your business will need to have gained $2,500 to $4,000 as minimum credit card sales per month.

Most cash advance providers base the amount of business loans by average monthly credit card sales, and of course, your actual need for capital. A business cash advance as a business loan is recommendable because the processing time for approval of your business loan can be as short as 3 days. Since newly opened small  businesses encounter a lot of time constraints with suppliers and clients, easy and immediate access to additional funding is always a plus. Furthermore, cash advance as a small business loan now comes easy with the help of the internet. You can apply for a business cash advance online and have it approved the next day. The business loan will be directly deposited into your account once it is approved.

Use your small business loan to purchase new equipment, marketing, pay debt or taxes, or pay the payroll. Banks and big lending companies are now not the only way of getting a small business loan for your immediate business needs. Fast, online cash advance is now the new means of making your business grow and compete in whatever market you are thriving on.