Tag: planning

Categories
Business Loans

Plan Your Business Loan With A Business Loan Calculator

Short Term Loans

Are you looking to take out a business loan? Do you want to have a ballpark of our debt service coverage? If so, using a business loan calculator can you help plan for the future of your business.

Business loans can be used to expand your trade to a new location, upgrade your facilities, or invest in other assets to increase the overall returns of your business. That’s why it is important to know the benefits and risks of taking out your loans. Would it be good for your business or are the risks not worth it?

Business loan calculator can help you if you want answers to the following questions:

  1. Which of my loan options is more suitable for my financial needs?
  2. How much will I pay for my business loan? It is important to understand the financial commitment of borrowing money before you sign the loan contract. Otherwise, you may be taking out an amount you can afford to pay for.
  3. What are my options? A loan calculator can help you compare your business loan options. If you can’t afford the payment terms, then you can think of other ways to make ends meet.
  4. Is my loan decision correct? It can educate you about the basics of a business loan, from monthly repayments to the total interest payable.

Australian Lending Centre has 4 types of loan calculators:

  • Loan comparison calculator: You can use the loan comparison calculator to compute the repayments you may have to make between two different types of loans. You can see how much you will be able to save if you choose one over the other.
  • Loan repayment calculator: How much will you repay every month?
  • Budget planner calculator: It helps you work on your budget.
  • Extra repayment calculator: It can show you how much you can save by making extra payments to your loans.

Second, while the calculation may not be accurate having a ballpark of your future financial obligations can help you plan your repayment and assess your capacity to do so.

For example, the budget calculator can help you come up with a workable budget to save more money, pay off more debts and invest more on assets to increase your returns on investments.

Businesses, even with the same size may not get the same amount of loan. One of the reasons for the discrepancy of the amount of loan is credit score. Lenders are not so excited to work with people who show signs of financial struggle because of the risk of not being paid back.

Third, it can help you decide if you need such lending product to build your business. If the interest rates and the lending structure do not match your capacity to pay; and other terms would be putting burden on your business, than liberate it, you can move on to another option.

Australian Lending Centre offers quick and easy-approval business loans to help you fund your business. Use our business loan calculators to help you make then right decision.

Call us and we will do our best to assist you!

Categories
Debt Consolidation

A Savings Plan That Works

short term loans

A savings plan should be a part of everyone’s life. It is not something you need to consider but something that you need to make a conscious decision on doing and sticking with. Just like everything else that you are serious about you should have a plan on how to do it. With no plan it can just be another fickle idea that can go down the drain and be completely forgotten.

Here are a few ideas on how you can develop a savings plan and tricks on how you can actually stick with the plan.

Savings Plan

Step 1: Keep track of your expenses

After every pay day, you feel the need to spend even on things you don’t need then you wonder where all your money went. So the first step in a successful savings plan is to keep track of your expenses. Do a budget list- write down all the bills you need to pay and things you need to buy. This way you can pay all your bills and you can cut off buying unnecessary things like extra lollies and snacks. Making a budget plan for your expenses will help you on the next step.

Step 2: Keep a part of your income for savings

After listing down your expenses and creating a budget plan, you need to decide now a reasonable amount for your savings. Allocate an amount that will still allow you to eat real food (not canned goods) and enjoy from time to time. But still, save at least a decent amount that will make you reach your savings goal in a short amount of time.

Step 3: Estimate how long it will take you to achieve the amount you need.

You can either check how long it will take you to save a specific amount of money or check how much you need to save to achieve the amount you need in a specific amount of time. You can use a savings goal calculator to know how long it will take you. If you’re saving for a large amount it may take you longer than you expect.

Step 4: Find a bank that offers high interest rate

An easy way to help you gain extra dollars is to have an account with a bank that offers high interest rate like 3.60%. With this in your savings plan it will help you reach your goal faster.

Step 5: Stick to your savings plan!

This will be the last step but the most important. Having discipline and sticking to your savings plan is the key to achieving your savings goal. Keep your money in a savings account to avoid spending it.