It is inevitable for small businesses to require outside financing to grow. There are diverse funding options available such that it has become easy for individuals to get small business loans. Nevertheless, such variety of lending options can present a challenge in that it is hard for business owners to be sure of the choices they are making in terms of the best loan provider.
The following 5 tips will help you increase your chances of finding the best small loan provider that aligns with your needs.
1. Establish your needs
Knowing what you need will determine the type of loan provider you choose. Different loan providers have varying terms and conditions. Being aware of what you need will help you establish whether taking a loan from a funding company is worth the struggle. Additionally, establishing your needs should also guide you to focus on a loan provider that offers loans based on your expected terms and conditions.
2. Have all the information about your business
Prior to making any loan application, ensure that all important information about your business is ready. Usually financial documents are key documents that any loan provider would want to see. Other important and necessary information include the ownership of the business, employer identification number, taxpayer ID, as well as income information. Having this information increases your chances of getting the loan approved quickly.
3. Screen various online lenders
Nowadays, majority of online lending companies are engaging in predatory practices. If you are not careful, the chances of being conned are high. It is advisable to work with a loan provider that is comfortable offering loan terms upfront. Also, look for one who has security disclosures on their web pages as well as a physical address.
4. Carry out a true-cost analysis
Different loan providers have varying repayment terms, and APRs (the term that describes how much money you are subject to paying including the fees and interest rates). These two factors form the basis for comparing loans from different providers. If you are looking for a merchant cash advance, you should be ready to pay higher APRs, and a weekly or daily repayment terms. Online term loans are high in terms of APRs when compared to financing from traditional banks. They however; attract low interest rates than merchant cash advances.
5. Know the focus of lenders
Lenders often use different factors to measure a person's eligibility for a small business loan. For example, debt service coverage ratio (DSCR) is an element of consideration in the event you are looking for loans that are competitive in price, and are of better terms, and lower rates. Other lenders look for a strong personal credit score, and yet others focus on the property or inventory of your business.
While it is tempting to apply for a loan from any online lender available, taking the time to understand the terms and conditions can save you much inconvenience. As such, you need to take the time to research about the lender’s reputation, and read through the fine print before applying for your loan.
The idea of pulling in a little extra income isn’t something that most people need to be sold on. But then there’s that pesky question of how — it’s not always easy to fit in another job opportunity outside of your usual grind. And when you do, that opportunity runs the risk of feeling like a drain on your precious free time. How to get around these pitfalls, you ask? Going to a magical land called Rover.com that will pay to you to hang out with four-legged furry friends.
What everyone’s wagging their tails about
Rover, as you can probably guess, isn’t your average side gig. This pet-sitter network is knit together by the experienced pet sitters like you, pet owners who use Rover for a variety of coverage needs, and the trustworthy Rover specialists themselves who make sure the entire experience is marked by strong communication and clear expectations. As a pet sitter (once approved), you have the power to tailor your Rover profile in a way that best showcases your pet-sitting experience and passion for dogs and/or cats.
The Rover application
As a testament to their high quality standards, Rover’s sitter specialists approve about 20% of the folks who apply to become sitters. Applicants undergo a background check to ensure that all dogs and cats in the network are in trustworthy hands, plus Rover asks that you include testimonials on your profile that can speak to your sitting abilities. When approved and creating your bio on your sitter profile, you get the chance to tout your own experience and passion for pet care.
On the job
Rover sitting means that you work when you want, with whom you want, and how you want. You can watch dogs and cats for a weekend while their parents are away, provide drop-in visits for walks or general company, and so much more. The Rover profile also makes it easy to outline the kind of work you’re comfortable with and the animal breeds (and sizes) you have the most experience caring for. The Rover site gives you the agency to communicate with potential clients and get a feel for whether a job is right for you, so you never have to accept a job you don’t feel comfortable with or ready for.
And as for the best part of being a Rover sitter, we don’t need to tell you. Four-legged friends are the best aspect of most things, after all — and this incredible side gig opportunity is no exception.
Written by Casey Dickson, Rover.com community member. Rover is the nation's largest network of 5-star pet sitters and dog walkers.
No matter your reasons for wanting to find temporary and part time jobs, it is important to know that you have more options than ever before when it comes to landing the perfect retirement job.
Why Retired Workers are in Demand
More and more are opting to turn to workers with a more mature, loyal outlook on employment. Some of the reasons employers are gravitating toward retired workers to fill temporary and part time job positions include:
This shift in attitude is plainly seen in the steady increase of retired workers in the job force. According to the United States Bureau of Labor Statistics (USBLS), retired workers currently comprise over 8% of the workforce. This number is expected to increase to 11% by 2022. Additionally, recent data from the USBLS shows that as life expectancy continues to increase, so does the amount of older retired workers in the workforce. Specifically, since 1985, the number of retired workers over the age of 75 has more than doubled from 3.6% to 8% currently.
Why Temporary and Part Time Retirement Jobs?
Although some retirees decide to continue working a full time career into their retirement years, we feel this is a decision best left to your individual needs and situation. There is something to be said for allowing yourself to enjoy your retirement as you see fit. The responsibility and, many times, stress accompanying full time career occupations can become more difficult to successfully manage as we age. However, the job can accentuate and compliment your leisure time, and not take away from them in any regard.
Many temporary and part time retirement jobs allow you the freedom to make your own schedule, as well as the other benefits of employment we have discussed already. What is more, many temporary and part time retirement jobs allow you to help other people in various capacities, which is always a wonderfully effective way to be involved and feel great doing it!
You might be asking yourself how you can go about finding jobs that allow you to choose your own schedule, and provide you the opportunity to embark on employment that compliments your retirement living? Well, let’s discuss that right now.
Using Shiftgig to Find Part Time or Temporary Retired Jobs
Retired Brains has found a company that takes a uniquely effective approach to helping retirees find part time or temporary retirement jobs. Since 2012, Shiftgig has helped match businesses in the hospitality and service industries (so people-based businesses) with people seeking flexible, fun and fulfilling part time or temporary jobs.
Shiftgig helps make finding part time or temporary retired jobs easy. First, you fill out an application on their website. From there, a member of the Shiftgig team will reach out to you via email to set up an in person interview. If hired, you'll use their mobile app to browse available work and other specifics relating to the job you choose.
Shiftgig is currently located in 12 cities around the country: Atlanta, Chicago, Dallas, Houston, New York, Memphis, Miami, Milwaukee, Nashville, New Orleans, Phoenix and Tampa. However, their popularity means you should be on the lookout for them to put roots in your city soon. No matter where you look for and find part time or temporary retired jobs in your area, we hope that you find it. What is more, we hope it increases your quality of life by adding value to your retired years, while having some fun in the process!
*Retired Brains is not an employment service, and does not offer job counseling or personalized employment advice. We simply strive to help boomers, seniors and retirees of all ages find resources that help add value to their lives. Retired Brains is not affiliated with Shiftgig, but find their platform to be unique and potentially helpful when looking for part time or temporary retirement job opportunities. Therefore, we always recommend doing your homework to make sure the job resources you choose are a good fit for your wants, needs, situation and of course, technological abilities.