Things To Consider Before Applying For A Small Business Loan

7303255278_7ccd3fc0d6_bWhether you require financing for home improvements or to purchase a new home, banks and credit unions are available to lend you money.

Of course, not everybody qualifies for a loan. Getting a loan is often determined by the applicant’s credit score and income.

Before walking into a financial institute and completing a loan application, it is important to educate yourself on the best options for obtaining a small business loan. This can enhance your chances of being approved for a low interest rate loan.

Credit History

Before you apply for a loan, get a credit report and use the information in the report, to identify factors that may cause the loan to be denied.

Your credit score determines if a lender will extend credit. In addition, a low credit score attracts higher interest rates. It’s also important to maintain a decent payment history.

Finances
In addition to assessing your credit history, lenders consider your personal income and finances.

They will request employment information, and if you do not have a steady income or employment, you may not qualify for financing.

Having few or no debts makes your loan application appealing to lenders and makes you look reliable, and having a personal savings account and down payment can also enhance your chances of approval and help you obtain a lower loan rate.

Collateral and Co-signer

Lenders may ask for collateral. This is an asset that you can use to secure a loan. To qualify, the dollar value of the collateral must match or be comparable to the dollar value of the loan.

Lenders require different types of collateral including, vehicle titles, jewelry, electronics or equity.

If your credit score makes it difficult to obtain a loan, consider using a co-signer. A co-signer is essentially somebody with great credit who guarantees to pay your debt if you are not able to satisfy the contract.

In other words, they assume full responsibility for the debt. This is a risky situation for the co-signer. However, it helps individuals who are not able to gain financing by themselves.

Loan Application Process

Select a lender. The first financial institute to contact should be the one with whom you have an established financial relationship. Local financial institutes prioritize their clients when processing loan applications.

Itemize your expenses for the small loan. For example, give an itemized breakdown of the machines you wish to purchase for a home improvement project. Give precise totals and estimates for each expense.

Grant the lender permission to acquire a copy of your credit report from one or several credit reporting bureaus. Small personal loans may not require an asset as collateral. However, lenders treat applicants who are creditworthy favorably.

Fill in required paperwork. This includes an application for a small loan. Check the accuracy of the information provided in the application forms before turning the application over to the lender. When applying for a small loan, you must include your legal name, Social Security number and year of birth.

Inquire the terms of your small loan. One such term is the repayment period of the loan. Work with the lender to come up a repayment plan that works for your budget.

Six Tips For Saving Up For A Big Purchase

Saving MoneyIt takes careful planning and strict discipline to save up to make a purchase on an expensive item such as an appliance, a car, or a home.

Even if you take out a loan for such an item, you’ll probably still need to make a down payment that will require more money than you typically have in your wallet at any given moment.

Simplifying the saving process

Many of us assume that saving up money is always difficult unless you’re earning an enormous salary. However, those who make this assumption fail to factor in small expenses that sabotage their efforts at constantly enjoying a comfortable balance in their savings account.

The following are some simple tips that will help you save up the money for an imposingly priced item that you nevertheless need:

1. Be patient

Don’t let yourself get frustrated by expecting things to happen too quickly. The first step to saving up is realizing that your savings will grow gradually.

You can’t speed up how quickly those paychecks come in, so be realistic concerning how soon you’ll be able to make your purchase.

2. Sell things you don’t need

You might have a lot of unused items lying around your home that you can use to put yourself in a better situation to make a large purchase.

Before you even start saving, you should consider what you might be able to sell. If you have a lot of fairly valuable possessions cluttering up your home, you might be able to finance your entire purchase by selling them.

3. Budget

Laying out a budget will help you figure out how much you can afford to put aside every week. When you set out a detailed budget, you’ll be better able to see where you might be wasting money.

While you should set out as strict a budget as possible, you should still realize that you’ll still need to accept certain expenditures to keep yourself going.

4. Drop bad habits

Most of us spend a great deal of money on bad habits like eating out and smoking.

Consider dropping such habits not only to make saving up easier, but also to improve your health and lifestyle. Simply quitting smoking can save you $100 a week or more.

5. Do some research

Saving money is like anything else: the more effort and time you put into it, the easier it will become. Take some time to look at money-saving offers and special programs that can help you to cut back on spending or purchase items you need at a lower cost.

Don’t only look for ways to save money on your big purchase, but also seek out everyday savings on things like groceries, medications, entertainment, and more.

6. Consider buying used

If you’re contemplating a large purchase, you can probably cut costs in half by buying used.

Seriously consider cheaper ways of making your purchase if you need to buy an expensive item as soon as possible.

Checks Are Ideal for Small Business Owners

Every time you use your checks, you are making a written record of each purchase. This may not seem like a big deal to the average person, but, when you own a small business, records are everything. You may not be thinking too much about tax season, right now, but the truth is that it is right around the corner. In just a few months, you and millions of other people will be scrambling to gather receipts and other records for tax purposes.

With the use of a checkbook, you can eliminate a huge part of your tax woes. Checkbooks make it easy to keep track of all purchases for a small business. They also make it easy to monitor expenses, as well as income. Any time you make a business-related purchase, pay a business-related bill, or receive business income, your checkbook will reflect a written record. When tax season rolls around, all you have to do is gather your checkbooks from the previous year, and you will have a big portion of the necessary records for your accountant.

Here at checkworks.com, we have a wide assortment of checks for business use, as well as checks for personal use. We also carry a variety of checkbook accessories. These include check registers, calculators, checkbook covers, and business cards. With the right accessories, it can be even easier for you to keep track of business income and expenses in your checkbook.

Times may be changing, and technology keeps advancing — but checkbooks are still used widely, and for many reasons. One of the primary reasons for using a checkbook is for the written record. Whether you are a small business owner or just an individual looking to keep better track of your finances, a checking account can help. CheckWorks is here to make sure you have all of the necessary checks and accessories you need to keep your business finances in order, as well as your personal finances.

Contact us today to learn more about our wide selection of products and how they can help you stay organized, especially with tax season approaching.

Get Your Checks and Accessories in One Place

Finding a good place where you can order cheap personal checks can be tough. There are lots of companies out there that are ready to take your money — in exchange for inferior checks. That is why you should only shop with a trusted company like checkworks.com. Here, you will find a wonderful assortment of checks from which you can choose, and our prices are quite competitive, especially when compared to the prices your bank charges for a box of checks.

In addition to selling quality, personalized checks, we offer a wide range of accessories to help keep your finances in perfect order. Our check registers provide you with a detailed record book for keeping track of all of your purchases. Whether you are buying a basket full of groceries or paying for car repairs, you can make note of it in your register. Then, at the end of the month when it’s time to balance, you will know exactly where your money went at a glance.

Our other accessories include checkbook covers and calculators. The covers are handy, stylish additions to have in your purse. They keep your checkbook, register, and other items, such as a pen, handy and secure in one place. The various styles make it easy for you to find one that matches your personal tastes. You can keep it simple with a solid-colored cover, or you can jazz things up with a vivid design.

Our calculators are super handy, too, especially when it comes to shopping. With our calculator, you can keep track of how much you are spending as you grocery shop. Knowing how much is spent makes it easy to see if you are going over your budget before you get to the checkout line. You can also easily fit our calculators inside one of our checkbook covers, so it is always within reach for your next shopping excursion.

Here at CheckWorks, we strive to provide our customers with quality products and a secure ordering process — something that is very important when it comes to giving out your checking account information. Contact us today to learn more about our selection of checks and accessories.

Business Accounts and Personal Accounts

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Are you thinking about starting your own business? It’s not a bad idea; small businesses are the backbone of the United States, so entrepreneurialism is more than encouraged. In fact, even in many of our country’s urban sprawls you’ll see unique mom and pop shops, specialty stores, independent coffee shops, start-up tech companies, and beyond. No matter the size of the company, be it a one man operation or a restaurant with over 40 employees, each and every business needs to be equipped with business checks as well as a business checking account. This is no matter of method or opinion, either; businesses are in a better legal positioning if they have their very own business bank account.

One of the silliest mistakes that a business owner can make is to operate a business out of a personal bank account. Outside of plain ignorance, there is little excuse as to why you wouldn’t have a dedicated business account, especially since most banks offer free business checking accounts. While starting a small business bank account can sound like a headache, it’s actually pretty easy. That is, of course, if you have all the proper documentation necessary.

Why Should You Keep Your Personal and Business Accounts Separate?

The answer is simple. It doesn’t matter whether you’re running a limited liability company, a corporation or a partnership—nor does the size of your company matter—if you’re legally conducting business and have separate accounts, then the courts will look at your business as a separate entity from yourself as an individual.

Checkworks Image 2Let’s use a hypothetical scenario in order to illustrate the point: if you were to have a lawsuit brought against your business, then only your business could be sued; not you as an individual. However, if your personal bank account and business bank account are one in the same, then the courts will see you and your business as the same entity. A scenario such as this has the potential to get extremely messy and deal immense damage to your personal finances, so do yourself a favor and set up a separate business bank account right away.

By maintaining a business banking account separate from your personal finances, you will be able to handle your taxes in the most beneficial way possible. The IRS will require that you file your personal and business taxes independent of one another. Having to go through a single account and separate the business expenses from the personal can be an arduous undertaking that can easily be avoided by keeping these two accounts separate to begin with.

Many believe that doing the small things early on, such as starting a dedicated business account, will help business owners to develop good business habits which will only help them later down the line, especially when it comes to finances. Another major benefit a business account offers is the ability to accept credit card payments. This is obviously a big reason to go ahead and set up an account since you run the risk of putting your business at an immeasurable disadvantage if you can’t accept debit and credit card payments

With a business account, you are also able to order business checks online from the convenience of your office or home. Also, business checks will help to give you the appearance of a professional, legitimate business. In the business world, there are few things more questionable than receiving a personal check from a business. When a customer, employee, or vendor sees a check with your company’s name on it, they gain a strong sense of professionalism, trustworthiness, and stability. If they see your personal name on the check instead, they may develop a few personal ideas about your company’s image, and when it comes to small business, reputation is everything. Avoid this pitfall by ordering both physical and online business checks.

How Do You Actually Open Your Own Business Checking Account?

The next step beyond understanding all of this is to actually put it into action. It’s extremely important that you actually do what is required by the local, state, and federal governments in order to set up a business account.

To get started, you will want to know your business structure inside and out. Are you running a limited liability corporation, a partnership, or a sole proprietorship? Knowing your structure will help you to set up your accounting situation, which will ultimately help you to know whether you need a business bank account or a credit card and merchant account services. While there are numerous options to choose from when deciding what type of business bank account you will need, it’s good to know that many banks also offer free business banking accounts as well. Although they may lack the special services and perks of one of their signature accounts, starting with a free account can be your first step toward something much greater.

Keeping Your Finances in Order Month-to-Month

When you order personal checks from your bank, you probably don’t give it much thought. You choose a color and style you like, place the order, and get on with your day. You don’t think about the price, because you don’t realize that you can order your checks from other vendors, including checkworks.com. When you order your new checks from us, you can still choose the style and color you want — you just won’t have to pay so much for the privilege.

Here are some tips from CheckWorks to help you keep your finances in order:

  • Write checks instead of using your debit card. When you write checks, you think more about the purchase. Let’s face it — swiping a card is easy. It is also easy to forget that purchase, which could lead to an overdrawn account. Writing checks forces you to think about the purchase and make a record of it.
  • Create a budget that separates your necessities from your non-necessities. Avoid spending money from your rent budget for that unexpected night on the town. Instead, allot yourself a certain amount of money each month for extras. When that money is gone, bite the bullet, stay home, stick to your budget, and, maybe the next month, you will be able to afford to go out.
  • Balance your checkbook every month. It may be a chore, but reconciling your checkbook with your bank statement can help you find any unusual discrepancies. If you use some of our handy accessories, like our detailed check register or our useful calculators, you can take some of the hard work out of balancing your checkbook. The time devoted to making sure your records match will pay off when you catch that one suspicious charge.

Life is hard enough without having to deal with the stress of financial worries. These worries include the smaller details, such as ordering new checks. Checkworks.com is here to help relieve some of the stress from your life, so contact us today and place your order.

Keeping Your Checkbook in Check

You have a bank account and a checkbook, but having isn’t everything. Do you know how to properly write checks and balance your checkbook? In a time when so many people are getting used to their debit and credit cards, checks still have an important place in the world. Countless people still write checks in order to pay rent, bills, and to make large purchases. There are many benefits to using checks that no other form of payment can really offer, so it’s great to always have a supply of checks on hand.

In your pursuit of becoming a financially stable and responsible person, learning how to balance your checkbook will do you wonders. By keeping a balance of your accounts, you will have a finer grasp on your finances than ever before. Most people these days rely on electronic banking systems to track when and where their money is coming in and going out. While this is a reliable method for the most part, even computers are prone to error. Also consider that we’re living in a time where identity theft is more common than ever. For these reasons, it is good to place some reliance on ourselves to manage our own finances, or at least to keep a watchful eye on things.

To get started, understanding the anatomy of a check is essential. Understanding this will help you to know what information goes where on the check itself. Armed with a checkbook register, deposit slips, paystubs, receipts, and banks statements, you’ll be well-equipped to watch your own back in order to ensure that your finances are straight.

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Useful Checking Accessories for Your Business

When placing your next order for new business checks with checkworks.com, make sure you order a new check register, too. Our check registers are designed to help you keep track of business purchases with ease. They also feature a handy calendar, so you can see at a glance particular days of the year.

We also have other checkbook accessories to help you run your business efficiently and stay on top of your finances. These accessories include:

  • Address labels — these handy labels make it a snap to add your business address to business correspondence. These labels provide a much more professional appearance than a sloppy, handwritten address — they are also much easier to read.
  • Business cards — you can’t have a business without keeping plenty of business cards on hand. These cards make it easy for you to spread the word about your business. You can choose to include as much or as little text as you want on the card. Just be sure and include pertinent contact information, so future customers can contact you.
  • Checkbook calculators — these easy-to-use calculators make balancing your business checkbook fast and easy. You can quickly add and subtract numbers right there in your checkbook without having to dig out paper and pencil to write out your calculations.
  • Financial organizers — we offer several organizers to help you keep both your business and your personal finances clear and concise. These organizers include handy tips and advice to make financial management easier to understand.
  • Checkbook covers — our stylish covers provide you with an easy way to organize your checks, register, calculator, and any other related product. Staying organized is one of the best ways to keep your business finances in order.

Here at CheckWorks, we strive to provide our customers with everything they need to balance their business budgets, as well as their personal household budgets. Before you order more checks from your banking institution, consider placing an order with us. Our wide selection of products, easy ordering process, and affordable prices make checkworks.com a great investment for your business. Contact us today to learn more about our products.

How to Create a Budget You Can Stick To

When it is time to order checks from your bank, don’t make a hasty decision! Before you pay an expensive price, consider visiting checkworks.com, and letting us fulfill your checking account needs. We offer a wide selection of both personal and business checks that are ideal for the regular consumer and the small business owner. In addition to checks, we also offer various checking account accessories to help you stay on top of your budget.

Speaking of budgets, how is your monthly budget looking? Creating a household budget is fairly easy, but sticking to that budget can be difficult. Here are some tips to help you stick to your monthly budget with ease:

  • Take your time when creating your budget. If you try to make one in just a few minutes, you are more likely to break the budget. You need to take your time, so that you can fully evaluate your monthly expenses and purchases, and find areas where you can make reductions without suffering. A well-designed budget that accommodates your necessities will be easier to incorporate into your lifestyle.
  • When making reductions, choose areas that are non-necessities, first, such as entertainment or eating take-out food. Avoid cutting corners in areas such as groceries and fuel for your car. Otherwise, you might wind up eating hotdogs and walking to work at the end of the month.
  • Set aside some of your budget for emergencies. Only use this when absolutely necessary. Emergencies include unexpected car repairs and medical expenses. At the end of the year, you may just have a nice, little nestegg saved.
  • Make sure you include your savings account in your budget. A great rule of thumb is to always pay yourself first. So, set aside a specific amount each month for savings, and never get into that money. Save it for situations such as a job loss or extended leave of absence.

Once you have created a workable budget, after a few months, you will find it is much easier to stick with it. Checkworks.com can help with our selection of checks and accessories to keep you organized and on top of your finances. Contact us today to learn more about our products.