In layman’s term, EOS happens to be one popular contrarian play, designed for crypto investors. It is perfect for those who are betting right on the long-term value. Some traders might compare the functions of EOS with that of Ethereum and even note the discrepancies in market cap. When comparing these two options, you will realize that EOS is here to offer better growth opportunities.
Ways to buy EOS:
There are four simple steps, which will help you to beli eos with ease. Make sure to go through the steps in detail and understand their points before making the final call on it.
At first, you need to find information on an EOS wallet, which you are planning to use. You need a proper place where you are likely to put them. So, make sure to find the best one in turn and there are so many options available lately.
Once you have come across the best EOS wallet, it is time to start working with the exchange. You need to find one that works with EOS that you can easily purchase it.
Now, the time has come when you need to put money into your current account. Funding your EOS account is very important and you need to be very careful regarding the moves to take.
For the last step, you have to make your necessary purchase. Read more to find out about the exchange and even all the possible wallet recommendations. You need to find the pros and cons of purchasing EOS before making a move.
Best ways to sell EOS:
If you are on the other side of the coin and planning to sell EOS, then there are some simple steps for you to follow as well.
At first, you need to sign up at the given altcoin exchange and start funding your account with EOS. You can even try to load EOS into Bitcoin ATM, if the need arises, which help you to cash out faster.
Now, you can sell EOS for Ethereum or Bitcoin, whichever platform you prefer the most. These two are the most widely accepted platforms for cryptocurrencies. It becomes a lot easier for you to access these sources for higher liquidity and volume.
For the next step, you have to transfer the Ethereum or Bitcoin to the main wallet after you have signed up and verified your usable account. Just click on the “funding” option available online and then follow instructions for Ethereum or Bitcoin, whichever one you are planning to fund with EOS.
Now, you can easily sell your Bitcoin for fiat currency, like Canadian dollar or Euro using some quick trading options. It just takes few clicks for you to sell the crypt currency with ease.
When you are done transacting, you can withdraw Euro or the Canadian dollar amount to your back account directly through the EOS wallet you have chosen. The “Withdraw” option is available online as well. Just click on it and then follow the given instructions to find the best result.
Ways you can trade EOS:
In this current market, there are practically two options while trading in the cryptocurrency market. You can either purchase actual cryptocurrency on exchange like purchasing EOS on exchange like Binance to own EOS on your own. Or, you can try to trade a contract for difference or CFD on any particular cyptocurrency and start working on the price difference. CFD is one proven financial instruction, which works more like a contract between broker and investor.
If you want, you can hold the long term position or the short term one. It is mostly considered as short-term investment as CFDs are widely used within a shorter time zone. So, for trading EOS CFDs, you need to speculate on the USD or EOS pairing.
Get the experts for help:
You need professionals to help you explore the world of EOS and help you to trade, buy and sell the EOS coin according to your will. Make sure to learn about this platform and then shift your gaze towards the perfect EOS wallet to choose from. The result will always work out for you.
Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.
What does it take to live debt-free lives? It’s not cutting up your credit cards or refusing to use credit at all. Credit can be a useful tool at times for building the life you want to live. But there are certain habits that people who never carry a credit card balance tend to practice.
To get debt-free lives here're few essentials to flesh a glance over:
#1 They Pay Their Bills in Full
One of the best things you can do for your finances is to pay your credit card bill in full every month. The same goes for utilities and other expenses, but your credit card is usually the only one with the option to pay less and carry a balance.
You’ll save yourself hundreds (if not thousands over a lifetime) by treating your credit card like any other bill and always paying the full balance.
#2 They Make Long-Term Plans
People who live free from debt have long-term goals, and that gives them the motivation to save more. It’s much easier to delay immediate gratification because they have a greater goal in mind.
It’s not about refusing to ever treat yourself; it’s about balancing your present wants with your future wants. You’ll be more likely to save when you can clearly see what you want to do with that money.
#3 They Get Help When They Need It
The first habit of people who want debt-free lives is getting out of debt in the first place. The smartest way out of debt isn’t always to pay it all back yourself. High-interest rates are expensive and cut into your payments.
Don’t be afraid to get help with your debt so that you can save more money and pay it all back sooner. You don’t have to be stuck with debt for years to come.
#4 They Automate Their Savings
If you want to make sure you’re saving, put it on automatic. It’s easy to set up automated withdrawals from your bank account into a savings or investment account. Set it up with every paycheck, monthly, or on whatever basis works for you. When you automate everything, you won’t even be tempted to spend the money.
#5 They Have an Emergency Fund
Too often, people wind up in debt because they faced an unexpected expense and didn’t have the money for it. An emergency fund is what bridges the gap. These are some of the best reasons to use an emergency fund:
Bridging a period of unemployment;
Paying for car repairs or medical expenses that you didn’t expect;
Emergency home repairs;
Essential travel that you weren’t expecting;
Other unanticipated situations.
It’s important to note that it shouldn’t be for recurring expenses. Those should be built into your budget.
#6 They Live on Less Than They Make
One of the toughest things you can do for your finances is to cut your expenses. It’s easy to get used to a certain lifestyle, whether it’s a bigger or more central apartment or dining out a certain amount.
It’s much easier to never get started in the first place. The next time you get a raise or a new job that earns more money, put all or most of the new money into your savings without changing your lifestyle. Otherwise, you get what’s known as lifestyle creep.
#7 They Say No
Sometimes, debt-free lives mean passing down opportunities, especially the most expensive ones. Whether it’s a dinner date at a restaurant outside of your price range or a destination wedding you don’t have the money for, sometimes you have to say no for your own benefit.
Read Also:
Debt Management: Why It Pays To Seek Help From The Experts?
Dealing With A Debt Relief Officer For A Better Assistance
Debt consolidation plans for your debt relief
There is no other global industry that is experiencing the AI revolution as much as the banking and financial industry. These two sectors are projected to benefit the most out of Artificial Intelligence and machine learning algorithms, platforms, and software. The use of Artificial Intelligence in the banking and financial industry is a rising trend and it is creating a huge impact.
Also, this impact can be seen in the Artificial Intelligence job market. So, for grabbing the upcoming job opportunities you must enroll for an Artificial Intelligence Course, Online Training and Certification Course.
This technology has completely transformed the traditional methods of handling our money deposited in the bank. At the same time, artificial intelligence in the banking and financial sector has changed the way industries are solving traditional banking problems. The solutions are already widely deployed by several top banks and it has enhanced the banking experience by leaps and bounds.
The use of Artificial Intelligence in banking and related industries is more than chatbots. It is a fast-evolving technology that is becoming better and smarter day by day. Due to its numerous benefits, the banking sector remains one of the first adopters of technological innovation. Here is why and how artificial intelligence is contributing to the development of the two industries. But first, let’s understand what is Artificial Intelligence?
Artificial Intelligence - All You Need To Know
Artificial intelligence is one of the greatest technological innovations by mankind. It is a rapidly developing technology that has emerged as the trend to fulfill the needs and desires of humans to create machinery that could mimic human abilities and perform tasks to reduce human efforts. AI, also known as machine learning, is an offshoot of the field of computer science that uses several other branches of the scientific field to develop AI platforms. Some of the commonly used processes in the development of AI software are learning, reasoning and self-correction. And some of the commonly used applications are knowledge engineering, machine learning, natural language processing, machine vision, expert system, deep learning, robotics, automatic programming, virtual personal assistants, internet of things, translation, simulation modeling and more. The list is huge to list it out here.
So far, the technology has successfully able to demonstrate impressive human capabilities such as speech recognition, language recognition, decision making, problem-solving, Q&A, manipulation, and recording of data and objects, learning, planning, reasoning, and mathematical calculations. All of this and more helps in accomplishing redundant, complicated and repetitive human tasks without human intervention and a greater level of accuracy.
With the advent of AI in banking and finance, financial institutions are able to serve their customers at a reduced operational cost due to the automated processes. At the same time, the banking procedures that were once considered time-consuming and laborious have become far more convenient and efficient.
The automated processes have opened up new avenues that allow banking and financial leaders to explore new management styles. With the help of AI, industry experts are able to analyze a huge amount of data and gather insight that is imperative for the improvement of the business. Data-driven management decisions were once considered a tedious task has now become an effective tool for management-level problems.
Banks and financial institutions are most vulnerable to cybercrime and fraudulent behavior. With the adoption of AI, using a predictive approach, they provide a safe and secure environment to financial services and banking institutions. With a large amount of information and a detailed understanding of human psychology, such scenarios can be prevented. Also, AI in finance and banking ensures better and stricter compliance of regulatory policies and standards.
Meanwhile, technology ensures convenient banking methods for clients. It empowers customers to use voice assistants or chatbots to perform complex banking procedures efficiently. With the help of natural language processing, this technology can provide answers to the questions of the clients and help them make better decisions with customized solutions. Improved customer service is one of its many great benefits experienced by both employees and customers.
Application of Artificial Intelligence in Financial Services:
The application of artificial intelligence in financial services have benefited the industry massively. This has led to the rise of bionic advisory the latest trend that used machine calculations and human insight to provide much more efficient advice.
Risk assessment in financial sectors is another key segment of banking and financial services experiencing many benefits of the use of Artificial Intelligence in banking. Risk management is one of the most complex fields in financial services which is simplified by machine learning and its intelligence.
AI can combine knowledge of market trends, consumer patterns, and potential risks to develop an intelligent solution and perform a risk assessment of various financial services and products. The predictive and proactive analysis can help in the smooth processing of the entire procedure.
It is apart from the above-mentioned contributions of AI technology in the banking and financial sector, the technology largely contributed to the most recent revolution, the digitization of bank. With the help of Artificial Intelligence platforms and machine learning software, banks were able to move through the elaborate and complicated process quickly and easily. It allowed the massive shift without disrupting the existing structure and records.
Future of Artificial Intelligence in Banking and Finance:
Implementations ofAI in banking and finance have benefitted in many ways and it has brought a revolutionary change in the industry. All in all, it offers efficient and customized solutions to the problems related to individuals’ personal fortune. Technology is evolving every day. Scientists and experts have made some devoted efforts to explore the potential and learn and relearn the patterns of AI that can contribute to the banking and financial sector.
Due to which, AI has led to the massive development of these two sectors and made some valuable addition to the industries. There is a progressive evolution that is expected to take the experience of banking and financial services several notches higher. Studies suggest that AI can contribute nearly $1 trillion to the Indian economy by 2035. Therefore, many industries including banking and finance are investing in technology in a big way.
Read Also:
Using Short-Term Loans To Help Rebuild Your Credit Score
How Financial Trading Can Give You The Life You Want
The Importance Of Saving: The Bedrock Of A Bright Financial Future
Planning to investigate some small business loans? What are the best options out there?
Most importantly, how can these loan options help you?
Contrary to popular belief, it is more complex than filling out a form and getting your loan approved. That too from the very first source!
There is eligibility, which you must fulfill from your end, and criteria that the small business loan providers must ensure.
These are subjective to individuals and the business they are trying to build.
For example, which provider should you go for when you need a quick loan of a larger or smaller amount?
So, without any further ado, let’s get into the blog post
What Are Small Business Loans?
What are exactly small business loans? The criteria? Is it different than other forms of business loans?
Small business loans are classified under money lending for commercial purposes Like any other business loan.
There are several reasons why you would consider lending. Do not worry if it is for operational expenses and you fall short!
Not everyone accesses such loans just for their initial business investment or to extend their business to new grounds. In fact, it is common for people to underestimate their expenditure margin when they are starting their business.
In fact, in 2020, 56% of all small business loans were to manage operational costs. While only 31% of loans were for expansion opportunities.1
The Best Small Business Loans
Here are the best small business loans to investigate:
1. SBA 7(a) Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of Acceptance SBA 7(a) Loan680+Two years$100,000+$5 million5-10 business days
This government-backed loan program offers competitive rates and long terms for various needs.
Pros:
Low interest rates
Long repayment terms
Cons:
Lengthy application process
Strict qualification criteria
2. Kabbage Business Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceKabbage Business Line of Credit640+1 year$50,000+$250,000 Same day
This is a revolving line of credit with a quick application process for managing cash flow.
Pros:
Fast funding
Flexible access to funds
Cons:
High APR
Limited revolving credit line (although that is how they advertise).
3. OnDeck Term Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceOnDeck Term Loan600+1 year$100,000+$250,000 24 hours
This loan offers short-term loans with quick approval, which is ideal for fast access to capital.
Pros
Fast Funding
Discounts for repeat customers
Cons
High interest rates
Frequent repayments
4. BlueVine Business Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceBlueVine Business Line of Credit600+Six months$100,000+$250,000 24-72 hours
Flexible line of credit with fast approval, useful for managing cash flow.
Pros
Quick funding
No early repayment fees.
Cons
Higher rates for lower credit scores.
Limited to revolving credit.
5. Fundbox Line Of Credit
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceFundbox Line of Credit600+Six months$50,000+$150,000 As fast as the next business day
It provides a simple, quick line of credit ideal for immediate cash flow needs.
Pros
Easy qualification
Quick access to funds
Cons
Lower Loan Amounts
Shorter Repayment terms
6. Lendio Loan Marketplace
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceLendio Loan Marketplace550+Six months$50,000+$5 million On the loan amount
This type of loan is a great help to small business owners. Rather than just one loan, this is a marketplace that connects businesses with multiple lenders for various loan types.
Pros
Wide range of loan options.
Easy comparison of the offer.
Cons
Can receive multiple calls from lenders, which can be irritating.
Not all lenders have favorable terms.
7. American Express Business Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceAmerican Express Business Loan660+1 yearNot specified$50,000 3-5 days
This fixed-rate loan is available only to pre-approved American Express Business Card members.
Pros
Fixed rates
No origination fee
Cons
Only available to pre-approved members.
Relatively small maximum loan amount.
Therefore, if you plan to get a small business loan in the foreseeable future, getting an American Express Business Card is better.
8. Accion Opportunity Fund
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceAccion Opportunity Fund550+1 yearNot specified$250,000 1-3 weeks
Offers loans to underserved small business owners, including minorities and women.
Pros
Focus on underserved businesses.
Personalized support
Cons
Longer approval process.
It may have a higher interest rate.
9. Credibly Small Business Loan
LoanCredit ScoreMinimum YearsMinimum Revenue (Yearly)Maximum Loan AmountTime of AcceptanceCredibly Small Business Loan500+Six months$15,000/month$400,000 24-48 hours (about two days)
Provides working capital loans and merchant cash advances with flexible terms.
Pros
Fast funding
Flexible repayment options
Cons
Higher cost of financing.
Frequent repayments
Small Business Loans With Separate Criterions
Now, we will be delving into the different criteria and which small business loan provider would be best!
1. Startup Needing Initial Capital
"I just started my business and need funds to get it. What are my options?"
Best Loan: Fundera by NerdWallet
Offers access to multiple loan options, including startup loans, even with lower credit scores and minimal business history.
2. Expanding An Established Business
"I’ve been in business for two years and want to expand. What loan should I consider?"
Best Loan: SBA 7(a) Loan
Ideal for established businesses needing significant funding for expansion, with favorable terms and interest rates.
3. Need For Quick Cash Flow Solutions
"I need quick access to cash to manage cash flow. What’s the fastest option?"
Best Loan: Kabbage Business Line of Credit
Offers quick application and approval processes, with funds available on the same day for urgent cash flow needs.
4. Managing Seasonal Inventory And Expenses
"My business is seasonal, and I need funds to purchase inventory before the busy season. What loan fits this need?"
Best Loan: OnDeck Term Loan
It provides short-term loans with quick funding, ideal for managing seasonal inventory purchases and expenses.
5. New Business Owner With Limited Credit
"I have a low credit score and a new business. Are there any loan options available for me?"
Best Loan: Credibly Small Business Loan
Accepts lower credit scores and offers working capital loans, making it accessible to newer businesses with limited credit.
6. Needing A Flexible Line Of Credit
"I want a flexible financing option. This is to cover unexpected expenses as they arise. What should I look for?"
Best Loan: BlueVine Business Line of Credit
It offers a flexible line of credit with fast approval. Plus, it is suitable for covering unexpected expenses.
7. Seeking Low Interest Rates And Long Terms
"I’m looking for a loan with low interest rates and long repayment terms. What’s the best choice?"
Best Loan: SBA 7(a) Loan
It is known for its low interest rates and long repayment terms. Therefore, it is ideal for businesses seeking cost-effective funding.
8. Socially Responsible Business Owner
"I want to support a loan provider that helps underserved communities. What are my options?"
Best Loan: Accion Opportunity Fund
Focuses on providing loans to underserved small business owners. In fact, it also includes minorities and women, with personalized support.
9. Looking For A Fast And Easy Application Process
"I need a loan. However, I don't want to go through a long application process. Which loan is easy to apply for?"
Best Loan: Fundbox Line of Credit
Offers a simple, quick application process with funds available before the next business day.
10. Needing A Small, Short-Term Loan
"I need a small amount of money quickly for a short-term need. What’s the best option?"
Best Loan: American Express Business Loan
It provides small, fixed-rate loans with a quick approval process, which is ideal for short-term financial needs.
Related: How To Use An SBA Loan For Business Purchase
Eligibility For Small Business Loans
You might find the best loan provider. However, when it comes to eligibility, rejection can be common.
Regarding personal loans, good mortgage lending (a property that you place as collateral when taking the loan) makes loan acceptance easier.
However, when it comes to business loans, the rules are a little different. The loan lender (bank or private) must closely investigate your business expenditure, cash flow, and profit margin.
If you do not have a steady personal and business credit score (unless you are building your business from scratch, in which case the rules will be different), getting your small business loan approved can be challenging.
Do not worry; this is not to scare you. However, ensure you take the time to investigate your and improve financial health.
Here are some of the absolute eligibilities when it comes to small business loans.
1. Your Business Needs To Be Nonprofit
Unfortunately, you cannot have a nonprofit organization and demand a small business loan. Your business must be making some profit through a steady income.
2. A Lucrative Business Idea, Aka The Cash-Flow
Since business loans do not depend on collateral submission, lenders are mostly concerned about the business idea.
Most importantly, is there a demand for such business in the market?
Will there be enough opportunities to build a steady cash flow?
Is there any stock market share for businesses with the same ideation?
The loan they offer you will depend on the potential profit you can make from that base. Plus, it must be backed by solid data.
3. Your Credit Score
Although we have already mentioned the credit score for each loan provider, you need to be serious about your creditworthiness.
Any loan provider will scrutinize your personal and business credit score. Any suspicious activity (including something as simple as an unpaid credit card bill) can put you under the radar. Eventually, it does not make you a good candidate for a loan.
In other cases, your business credit score also plays a crucial role.
What is your total business income?
Is it holistic with your business expenditure?
What is your business credit card transaction history? Are you able to balance your bills alongside your monthly operational costs?
...and many more.
You must submit all your financial documents, especially if you are planning to expand through different business locations and real estate. How your business funds are handled becomes crucial in such a case.
Secured & Unsecured Loan
Starting a business? Want a small business loan? Then, you should understand the importance of collateral in such a business.
Most importantly, do you even need to submit collateral to get your loan sanctioned?
Secure business loans will charge you some collateral (cash money, real estate property, gold bonds, etc.).
Meanwhile, unsecured loans do not charge any collateral.
Which is better as Small Business Loans
As someone just starting a business, I know the advantages/disadvantages of both kinds of loans will depend on your criteria and loan amount.
So, let’s discuss the overall pros and cons of both!
Secured Loans
Let’s begin with the kind of loans that require collateral.
Pros ConsLower Interest RatesLonger Approval RatesHigher Loan Amounts (because of the collateral)Risk of Losing AssetLonger Repayment Period (you can elongate your loan repayment term for two decades)Not everything can be collateral. It, after, depends on the bank.
Unsecured Loans
Now, let’s talk about loans without collateral.
ProsConsYou Need No CollateralAutomatically, the maximum loan amount is less.Quick Loan ApprovalHigher Interest RatesFlexible for all types of loansThe repayment period is a short
When Should You Get What?
For the ease of your own understanding, here is when you should get what!
Secured Loans Might Be Better If
You need a larger loan amount.
Can provide valuable collateral.
You want lower interest rates and longer repayment terms.
If your business has significant assets that can be used as collateral.
Unsecured Loans Might Be Better If
You do not have assets to offer as collateral.
Need funds quickly.
You prefer not to risk losing business or personal assets.
The business needs a smaller loan amount.
You can check the listicle above for a good idea of which secure/unsecured small business loans would be better for you.
Types Of Small Business Loans
These are the types of small business loans which you should investigate:
Term Loans: You borrow a set amount and pay it back over time with fixed payments.
SBA Loans: The government backs these loans, giving you good terms for your business.
Business Lines of Credit: You get access to a credit line like a credit card.
Invoice Financing: You can get cash based on your unpaid invoices.
Equipment Loans: This loan helps you buy business equipment.
Merchant Cash Advances: You get an advance on your future credit card sales.
Microloans: These small loans are often given by nonprofits to help you start.
Commercial Real Estate Loans: Use these loans to buy or fix up your business property.
Personal Loans for Business: You can use your personal credit for business needs.
Franchise Loans: These loans help you start or grow a franchise business.
The Final Note!
The choice between a secured and an unsecured small business loan ultimately depends on your specific needs and circumstances.
a secured loan might be more suitable If you have valuable assets and prefer lower interest rates.
On the other hand, if you need quick access to funds and prefer not to put up collateral, an unsecured loan could be the better option.
Always consider the terms and conditions carefully and consult a financial advisor to make the best decision for your business.
Things to remember before you get a small business loan:
Have a solid, chalked-out plan for how you will repay it. You wouldn’t want to lose your collateral.
Do not take hasty loans because you have fulfilled a business milestone. Remember, a loan is not a temporary fix; it is a debt for years to come. Therefore, be careful before sanctioning a loan.
Finally, be candid about your financial decision. Keeping it discreet to get a quicker loan approval will only cause you trouble later.
What do you think? Should getting a small business loan come after so many considerations, or should it be a little easier?
Do let us know in the comment section below!
Read Also:
Core Banking Solutions: A Game Changer?
Alternative Business Financing – What Is It And How Do You Do It?
Ways To Apply For A Personal Loan & The Reasons To Opt For This Loan.
