Money is the lifeblood of a business and sometimes you don’t have enough capital to start up a business. Hence, business financing was raised as a funding option for business owners. There are several types of business financing available from government loans to bank loans. It is worth noting that each type of financing has its advantages and disadvantages.
With that being said, business owners must heavily manage cash flow to ensure a fast return on investment (ROI). Some of the expense items as you start out include:
Supplies and inventory while waiting to get paid
Payroll and rent
Equipment and fixtures
Buying the business
This list can be overwhelming, but fear not, because there are a variety of options and techniques that you can use in your search for financial assistance for your business.
Learn how to find, negotiate and maintain sources of funding to help you start and grow your business.
With the pandemic, it can be challenging to find sources of income. It also seems to be much more challenging to borrow money. In many cases, we seek out help from family or friends, but despite good intentions, this can often lead to uncomfortable situations. As a result, quick loans are becoming increasingly popular among people.
Read more to learn about tips on how to apply for online, quick loans.
Decide how much to borrow
You have to keep in mind that when you borrow money, you also have to pay for the interest. Ensure that you can afford the payments on the amount you do borrow.
Think through and check if borrowing is necessary. Are you borrowing for the education of your children or simply to avail the latest phone? Overextending yourself financially is the worst thing you can do if it would have been better to wait for your finances to improve.
Check your local banks
Looking up the local banks online is the easiest way for you to land online loans. Once you have familiarized yourself with the existing local banks, view their website and the types of loans they are offering. You must also consider other factors, including the interest rate, repayment terms, collateral and guarantor requirements, approval time, and income requirements. Furthermore, read the terms and conditions for you to fully grasp the type of loan you are committing yourself to.
As you decide on the bank where you will apply for quick loans, you need to take into account the eligibility requirements. Aside from looking at the interest rate, you wouldn’t want to be hassled with getting various requirements especially if you immediately need the money.
Different types of loans have varying eligibility requirements. Hence, you must properly read all terms of the bank. There are some that will require you to go to the physical bank while for some, the whole process can be done virtually. With online quick loans, borrowers have more options than ever before, thanks to the convenience and ease of online lending. Even if you have bad credit, these sites offer the easiest way to get a loan online.
By following the above-listed steps and doing your due diligence in researching, you will be able to find the right quick loans for you.
In the case that you are not eligible for any quick loans from your local banks or your application was denied, you may opt to check out these options:
Try to identify the reason why your loan application was denied and offer to pledge something of equal or greater value than the loan amount to help secure the loan. This might help for your quick loans to get approved. However, you have to remember that this is going to be a big loss on your end if you fail to return the borrowed money.
If all else fails, you can bypass the traditional lending requirements by borrowing from your relatives. The best way to do this is by creating a loan agreement. Despite being related by blood, it’s best to see all terms on paper and not just through a verbal agreement. As mentioned above, the downside of this is that it can potentially ruin relationships in the event that you can’t repay the loan.
Grants and Scholarships
If the quick loans you are applying for are education-related, consider applying for grants and scholarships. Similarly, if you need funding for your business, check for grant programs in your local government.
Apart from the above-mentioned options, we’ve recommended in this guide, one of the best and most trusted available options for you to raise money for whatever you need is by using crowdfunding platforms.
Instead of applying for quick loans, you may create a project on any of the available crowdfunding websites. You just have to ensure that it provides support in your county. One of the available crowdfunding platforms that offer support to almost 200 countries is Airfunding.
A proof of how crowdfunding platforms work is the story of Mariz. Mariz created a project to raise funds for her Mama Leony’s hospital expenses. At the time of posting the project, Mama Leony was in the hospital for more than a month with a running bill of 2.3 million pesos. By the end of the project, their family was able to raise ₱76,990.50.
Several crowdfunding platforms are available online, making it difficult to decide which to use. In fact, according to Fundera’s 2021 report, there were 6,455,080 worldwide crowdfunding campaigns last year. All of these campaigns were published on different platforms with varying aims and audiences. GoGetFunding is one of the popular crowdfunding platforms in the Philippines.
Learn more about GoGetFunding and other crowdfunding sites which you can check that best suit your needs and aim.
There are always pros and cons to any crowdfunding platform. Take for example GoGetFunding. Listed below are some of its pros followed by some lacking features that you might probably find on other crowdfunding platforms.
Pros of GoGetFunding
Easy To Use Platform
The GoGetFunding platform makes it easy for people to fulfill their dreams and claims to help them start in just ten (10) minutes. By registering and connecting your PayPal or bank account to GoGetFunding, users will have instant access to GoGetFunding’s website, which makes fundraising for anyone who wants some help very easy!
Best for Entrepreneurs
If you have a business pitch or idea, GoGetFunding is the best platform for you especially since they have an assigned personal fundraising coach. Your vision will surely be turned into reality with the help of a coach. It is worth noting though that you can still use the platform for other types of fundraisers like medical, volunteering, relief operations, and many more.
Cons of GoGetFunding
Limited currency support
As of the moment, GoGetFunding only supports 23 currencies: U.S. Dollar, British Pound, Canadian Dollar, Euro, Japanese Yen, Australian Dollar, New Zealand Dollar, Swiss Franc, Hong Kong Dollar, Singapore Dollar, Swedish Krona, Danish Krone, Polish Zloty, Norwegian Krone, Hungarian Forint, Czech Koruna, Israeli New Shekel, Mexican Peso, Philippine Peso, New Taiwan Dollar, Thai Baht, and South African ZAR (conditions apply).
It can be quite challenging for other countries to support your cause if their currency is not supported.
Alternatives to GoGetFunding
If you are finding another platform that is best for creatives and entrepreneurs, Indiegogo is your best bet. With Indiegogo, people may support entrepreneurs and new technology from the earliest stages of development. With every campaign, people may choose to contribute at a level they can afford.
Similar to Indiegogo, Kickstarter is banking on creativity. It is a global crowdfunding platform based in Brooklyn with a mission to “help bring creative projects to life”. The odds are that 9 out of 10 campaigns that accomplish a 25% funding level at some point will actually hit or exceed their funding goal, regardless of official numbers. With these figures, Kickstarter is quite known for having meticulous standards for its campaign and successful campaigns must pay a fee back to Kickstarter.
Gava is a crowdfunding platform with over 21K total donors and 100 live campaigns since 2016. A noteworthy feature of Gava is that donations are transparent, secure, and traceable thanks to its integration with blockchain technology.
If you wish to raise a specific amount of money in a short amount of time, you may opt to apply for a loan at Blend.Ph. Blend.Ph is an online P2P platform for personal, franchise, salary, and other types of loans. The only downside for this is that you will have to think of returning the borrowed money after the launch of your project.
On top of these existing crowdfunding platforms, Airfunding can be your option since it caters to the Philippines as well. On top of this, it is not only limited to a specific niche. You may create a project for any cause – medical, disaster, personal, community, study abroad, animals, or even COVID-19 relief.
Furthermore, you can easily open a project. There are no fees to open a project in Airfunding. It only takes 5 mins to set your target amount and completion date, and then set an image and project title that best describes your situation. There are no hard to fill out and to fulfill requirements.
You may start your crowdfunding journey by creating your project here.
With the tough times that we are in right now, many families are struggling financially. Prices of necessities spike up and many jobs were lost. There are even other families who fall into financial difficulties due to expensive medical bills. This can take a toll on both the mental and emotional health of your family members.
However, it is a given fact of life that people typically turn to their loved ones and family members for support during times of adversity. Sometimes there are instances that well-meaning family members who wish to provide financial help also find themselves needing help in the end.
Check out these options to help your family members in financial trouble without hurting yourself in the process.
1. Use government assistance programs
The COVID-19 pandemic pushed government assistance programs to full tilt as many people who never needed them before did so now. The available government assistance programs usually have parameters and requirements. You may extend financial help by doing the research for them in your local government unit or via the website of different departments in your country.
By doing this, you have indirectly led them to a source of financial help. You may further help them by assisting them in acquiring requirements. The only disadvantage to this is the possibility of disqualification since different programs cater to different needs and the delay to the financial help with the long queue and waiting lists.
2. Borrow from an acquaintance
Another way to extend financial help is by using your network. If you know some friends or acquaintances who can lend, then you can refer your family to them. Simply create terms with your acquaintance. Clarify the following details:
The amount of the loan: The amount of money that will be borrowed
Payment terms: Whether there will be an interest or not and how is it going to be calculated. Whether the loan will be a lump-sum payment or done on an installation basis.
Payment due dates: This should be agreed upon depending on the payment terms.
Recourse: Just in case, you fail to return the borrowed amount, the legal action or interest charges must be defined.
The downside to this is the pressure of paying off in an instant since you do not want to cause inconvenience to the lender.
3. Borrow from consumer finance
If ever that you don’t want to personally find someone to lend you money, you may also opt to borrow from consumer finance. Common consumer loans are home mortgages, auto loans, credit cards, personal loans, student loans, home equity, and HELOC loans. You may choose whatever is appropriate to your situation.
If you have assets, you also have the option to apply for a secured loan. As the loan is backed by assets, the risk you might possibly face is reduced. For example, in the event that you are unable to pay the borrowed money, the lender would be able to take possession of collateralized assets and liquidate them to repay the outstanding amount.
If you don’t have assets, there are still consumer finances that allow unsecured loans. However, there is a shorter repayment period for this type of loan which may cause stress to you and your family.
If you want to save yourself from the burden and hassle of repaying, you may also choose to create a project or open campaigns on crowdfunding platforms.
Airfunding is one of the crowdfunding platforms available online.No qualifications are needed and all you have to do is to create a project in just five minutes. Only set your target amount and completion date, and then set an image and project title that best describes your situation.
You won’t have to worry about platform fees because there are no fees to open a project in Airfunding. A testament to how easy it is to get financial help in Airfunding is Maricel’s project residing in Pulilan, Bulacan, Philippines. Maricel is in need of financial help for the surgery of her craniopagus twins. She was able to collect $1,456 (₱74,334.33) after creating a project in Airfunding.
If you want to create a crowdfunding project , start with Airfunding now!
Being a college student on a shoestring budget, unable to afford books, supplies, or other necessities, can be an excruciating experience. Fortunately, there are several ways for you to earn money. You have probably stumbled upon these ideas upon searching how to earn money online for students, but you are still in need of a nudge to actually go for it.
As a student, it is overwhelming to see job descriptions and requirements to fulfill before actually earning. However, this shouldn’t stop you from trying because you will reap the rewards of the time and effort that you’re going to invest.
Read more about how to earn money online for students:
Become a tutor
If you’re good in a particular subject and enjoy teaching, then you may offer tutoring services at your school or even outside your school. Consider contacting local schools to see if tutoring is an option, or consider posting on Facebook groups. There are several parents who are ready to spend for their kids who need a little extra academic aid to keep them on track.
Another tutoring option for you if you are well-versed in the English language is to apply as an English as Second Language tutor online. There are several job openings with flexible time schedules which allows you to balance your time while studying.
Consider blogging to earn money if you’re online a lot and enjoy writing. This will require a lot of effort from your end at the start, but if you can come up with an approach that attracts readers then you can make money through Google Adsense and Amazon Associates’ affiliate program.
Another way to earn by writing articles is looking at Reddit, forums, and other job posting websites where people ask for favors to ghostwrite articles on their behalf. This is a fun way to expand your niche and skills.
Do some general cleaning inside your house and try selling clothes that no longer fit you or books that you’ve already read. Aside from saving space in your house, you also earn some bucks at the side.
Another way to do this is by finding a supplier of a specific trending product and resell it in your place.
There are several transcription jobs that accept students with no experience. If you can type fast, then this is the perfect gig for you. Many industries are looking for people to transcribe audio into text and it doesn’t require that much skill from your end. You just have to listen well and meet the deadline.
Create a YouTube Channel
You’ll have to be dedicated to making YouTube as an income stream because you have to hit 1,000 subscribers and 4,000 watch hours before applying for monetization. This won’t be a problem for you if video production and content creation is your passion.
You may also use your channel to work with brands as their influencer or affiliate. You just have to negotiate with them on your rates in exchange for content on your channel. Some brands or websites require minimal effort.Just by mentioning them in your video or simply adding links in your video descriptions, they will offer you money or a product in exchange.
Another option for you is to raise funds through crowdfunding platforms. The above-listed ideas take time to raise money. So, if you are really in need of immediate funds, crowdfunding may be the best option for you. You are basically relying on the help of family, friends, academics and strangers to donate towards a cause which is your completion of degree.
You just have to sign up on an online crowdfunding page like Airfunding and promote it to the public. Hopefully, you’ll be able to reach your financial goal with your crowdfunding project while you try out other ways to contribute in some way towards your target money.
If you wish to start a fundraisers for nonprofits with no frills, then create a project by clicking here.