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Are you someone who is always struggling with money?
Do you need assistance and guidance of experts to help you with sorting out your monetary issues?
Well, scroll no further because you have come to the right place. We help you with all your queries, issues and problems related to finance.
Applying for an easy loan may seem to be one of the simplest things to do. In fact, if you do not read all the small print, and really know what you are letting yourself in for, it can be much worse than you expect.
That is why, before you apply for easy loans New Zealand, you should be aware about these things.
High interest rates — Make sure you know what the interest rate is going to be throughout the entire period of the loan. After all, not only are easy loans usually at a much higher interest rate than a more traditional loan, sometimes that interest rate can increase as the loan progresses.
Read the small print before signing up for a loan, so that you know exactly how much money you will be paying in interest over the term of that easy loan.
Penalties — There can be very high penalties for anyone that either makes a late payment or even repays the loan much faster than the company would like.
Find out about any and all penalties before you accept an easy loan, as you do not want to find out you are going to have to pay hundreds more dollars in penalties than you expected.
Shorter repayment terms — A traditional loan company may be able to give you a loan for five, ten or even twenty five years. Depending on how much you need and how long you need to pay it back.
A company offering you an easy loan, however, may have much shorter repayment terms. Repayment terms that are at very high interest rates as well.
Make sure you know exactly how long you have to repay that loan, and be sure you can afford that high monthly payment during the entire term of the loan before you take it out.
Hidden fees — Just about every company offering an easy loan will also have hidden fees you know nothing about.
This is why reading every part of that contract is key before you take out a loan, and asking questions about the elements in the contract that you do not understand. Otherwise, you could find yourself paying hidden fees that you had no idea would ever be part of a loan.
Monthly or weekly payments? — Find out what your repayment options are when it comes to the times during the year where each payment will be due.
Some companies offering an easy loan mandate weekly repayments. This can be difficult for many people, especially if they only receive their pay check once a month. It also gives you many more repayment times where you could end up being late, and thus having to pay a very high late fee.
Only choose a company that allows monthly payments on your loan, and you are far less likely to forget to repay one payment or simply not have enough money to do so.
Are you someone who has an incredible business idea in mind and looking for sources to finance your idea? Are you someone who is opting to set up a start-up but not sure where to start? Well, worry no more because we have compiled a list of sources, which you can consider when looking for a way to fund your start-up. Let us look at them one by one.
Getting a Bank Loan
For Entrepreneurs, Banks are supermarkets, where they can get finance for their business. Banks provide various packages or plans, which you can choose as per your needs or wants. Usually, the financing plans are of three basic types including short term, mid-term and long term plans. These plans contain finance for all things you need for your business including equipment, working capital, real estate and any other asset needs. Banks want you to provide them with some kind of security when you seek to get a loan to assure that you will pay back the money. Unlike other business options, banks provide you the most flexibility. You can choose the best-suited plan for your business and decide an appropriate time for paying the money back. If you want, you can always pay back the money earlier and end the contract.
Going for a Smart Lease
When starting a new business, you will need to purchase some property or space to set up your business. You may also need to buy equipment, machinery and other things as well. This can be very tough decision to make and a heavy burden to bear. In such a situation, going for a smart lease is a good option for you because doing large down payments will be difficult and painful for you. In this case, you have to pay the money back in instalments at regular intervals of time. The instalment amount, time interval and payment criteria are set before you sign the lease contract. There are, yet again, various options for you to opt for and many plans and packages to make it easier for you to pay the instalments.
Getting funding from friends and family
This is the most flexible and lenient option for you if you are lucky. You might not even have to pledge your property to provide assurance to them. Your family and friends are the people who have faith in you and they trust your abilities. If they are good investors, they can be the best option for you when starting up a business because while others might be looking at your initiative as a big bag of risks, your friends and family will be there to back you up, support you with your idea and help you to make it successful because they are the ones who personally believe that you have the potential to do so.