Archive for July, 2012

Entry 072: Short Term Financing

Tuesday, July 31st, 2012

National Payday Scholarship 2012 Official Entry SealBy: Megan Bishop

Short term financing is beneficial to anyone looking for financial help. If someone is looking to take out a loan, taking out a short term loan is the smartest choice to make. The normal time frame for short term financing is about a year, but some last for as much as five years. If done right, short term financing can be very beneficial to anyone whether it is for personal financing or financing for a small business because it involves less uncertainty, has more of an availability, helps quickly increase credit scores, and is, in most cases, less costly.

Short term financing can make your life easier and more successful. Short term financing has less uncertainty due to its shorter time period to be paid back. The shorter time period gives it more stability in the market and with the bank. It is less likely to increase dramatically during a short term than a longer term of financing would thus making the payments more stable and easier to fulfill for the individual or business. This makes the loan business much less stressful and easier to keep up with. The certainty of short term financing helps diminish worry over payments and encourages the loan receivers by making their credit scores higher when they meet their payments.

Another encouraging aspect of short term financing is its ability to help raise credit scores when the loans are paid back on a timely basis. If a person or business’s credit scores are lower, they can take out a shorter loan and doing so will help raise their credit scores faster than if they were to take out a longer term loan. Many people do this, and it greatly improves their scores thus giving them the ability to be more likely accepted to take out bigger loans as time goes by. Even if the credit scores are not low or even close to being terrible, taking out short term financing can still help improve credit scores. Who does not want a higher credit score? If it is not beneficial to you now, it probably will be at some point in time in your life.

The availability of short term financing is another aspect of this type of loan that makes it so appealing to individuals and small businesses alike. Banks and other loaning businesses make short term financing readily available to those who need it and can pay it back during the expected time frame. Without this availability of short term loans, our economy would suffer greatly and more than likely completely crash causing a major depression comparable to the Great Depression of the 20s if not greater due to our current economic situation and the age during which we are living.

Financing your personal affairs or business affairs in short term loans can also save you money in the end. Let’s face it. Who does not want to save money? Everyone loves having extra money to do with as they please. This form of financing helps you to do just that. By taking out a short term loan, you are cutting your interest rates down. Over a longer period of time, interest rates will pull more and more money out of you than you really would like, thus taking away from your extracurricular money funds. Short term loans do not normally do that. The interest is lower and more reasonable, and before you know it, it is all paid in full. Long term loans can sometimes take a lifetime to pay back, and you have all that interest to take care of as well, but short term loans are not that money hungry. They make it easier on your wallet and your time.

Listed above are only a few of the advantages of taking on short term financing. If you want more money in your wallet, high credit scores, easier availability, and less uncertainty, short term financing is the only choice for you. Its pros outweigh its cons. Now you see how truly beneficial short term financing really is to anyone whether it is for individual purposes or business transactions. It is for anyone who wants to improve their finances.

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Entry 071: Short Term Financing

Tuesday, July 31st, 2012

National Payday Scholarship 2012 Official Entry SealBy: Morgan Pitman

Everyone knows, well unless you live under a rock, that today’s economy is what most like to say, “in the toilet”. Many, ranging from young adults at the ripe age of 18 to those getting ready to, or at least hoping to, retire at 65, are left asking themselves how they are going to make ends meet and how they are going to make it through their current financial troubles. Short-term financing can greatly benefit the lives of these people. You see these current problems affecting young adults preparing for college. I know this through the process of finding ways to help pay for college, the same way most of you reading this also know and can relate. Just the financial aid offered to people is a help. Some people receive a lot of aid while others receive close to nothing (the majority of those/us currently attending college). It may not be much but it can help many people obtain better lives for themselves. Even though I personally did not receive much through financial aid it did help bring down my college bill.

I have also seen it help others improve their credit, improve their homes, or get a car. Both of my parents have had to file bankruptcy and since then I have watched my mother try to build her credit back up. Each time she tries something, it is through some form of short-term financing and it has helped. Her credit is not great but she is slowly getting herself back to the point that she may one day own a house again. I have also seen my father improve our home through short-term financing. After my parents divorce my father got a new home and slowly began to renovate it to fit our average-sized family in own not-so-average-sized house. Whether it was improving the bathroom, building a new bedroom in the basement he was always improving and making our living situation a little more comfortable. Without his short-term financing that would never have been possible.

Short-term financing could also help a parent that is unable to cosign for a loan for their child contribute to their college education. Because short-term loans are for less money and a short-term loan period there is a greater chance of a person receiving one and therefore opens up more opportunities for parents that want to help their children but do not necessarily know how. Consider this, a single mother loses her job, which led her to losing her car, and therefore cannot adequately provide for her children in the area she lives in. She also has no means to go look for a new job due to losing her car. However after a rough couple of weeks a friend of hers wants to upgrade his or her vehicle and offers to sell their old beater to her for a low cost but she doesn’t have the money to put up front. However after talking to her bank she is able to get a short-term loan and the car, successfully look for a job and try to continue living her life and overcome a brief rough patch. Even though this is just a hypothetical situation I have a pretty strong gut feeling that it is one that occurs often. Whether the person in the situation is successful in receiving the loan or just successful in learning about the type of loan, it is a situation many different types of people find themselves in everyday. A situation that short-term financing can help them find their way out of.

It can also help firms get the things they need immediately versus saving up their money and then getting what they need. For example if a firm was not making enough money to make ends meet and were short by a marginal amount then they can apply for short-term financing which will help them cover their immediate costs and they can pay the loan off within a few months. With the economy the way it is short-term financing is the best option for many people. Those who borrow must still pay interest but since it is for a short amount of time its not a large amount.

With so many Americans in debt, bankruptcy, and having bad credit, short-term financing is an alternative for many people to consider to help them “get out from under” their financial troubles. Many expect the economy to come back out of the gutter the same way it has in the past, based on the idea that history repeats itself. However the question is when. When will the economy bounce back? When will gas prices drop? When will my pay freeze end? People everywhere are asking these questions and hoping that the answer is soon. But how soon? Asking these questions just leads to more questions, not answers. So until the American people get there answers there are some solutions, included in that are short-term loans.

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