To find out which loan is most appropriate for your case, visit a financial adviser to help you decide how much money you need and how to extract it. Most loans taken out by home owners taking their homes into account are secured loans.

What is a secured loan?

A secured loan is a type of loan in which the person borrowing the money uses an asset (in this case, a home or property) which acts as collateral for the loan. This means that the creditor has secured debt owing to them, and if the borrower defaults on a payment the creditor has the right to repossess the asset that was put up as collateral. This asset may then be resold so that the creditor can regain the amount of money lent to the borrower. If the sale of the asset doesn’t raise enough money for the debt to be paid off the creditor can claim what is known as a deficiency judgment calling for the borrower to pay the remaining amount.

In general, debt that is secured will come with lower interest rates than debt that is unsecured because the creditor is at less risk of losing their money in case of borrowers defaulting on payments. Essentially, secured debt is a win-win – creditors have a lower risk lend, and borrowers can take advantage of this lower risk through lower interest rates on the amount they borrow.

There are different types of secured loans, depending on the lending institution and the needs of the borrower.

Home owner loans

Most home owners have the option of taking out home owner loans that allow homeowners to obtain or access cash from the equity tied up in their home. This is easier to aquire than the original mortage, because the loan is considered a secure loan and has more favourable terms and conditions attached to it.

The amount of money you can borrow from the equity in your home depends on what the financial institution is willing to lend you based on a numberof factors such as other debts you have, the value of your property, and the amount of money outstanding on your mortgage or existing home loan.

Home owner loans can act as business cash loans for homeowners as the money from the loan can be used however you wish. This is one of the major advantages of home owner loans, as the loan doesn’t designate how the money should be spent.

Other advantages of home owner loans are that you can benefit from low interest rates, the loans are processed relatively quickly, and you can decide how you would like to pay the loan off. When it comes to paying off the loan, you can choose to pay the amount back early with higher monthly installments, or over a longer period of time with lower installments. Remember that the quicker the loan is paid off, the less interest you pay. As your business develops and earns a profit, you can choose to change your payment plan to a shorter time period.

Remember that although there are a number of advantages to taking out a home owners loan, you should avoid the dangers of overspending or being wasteful with the money lent to you. Although these secured loans are relatively easy to obtain, you must consider carefully before taking out a loan that you may not need and be sure not to take out more money than you actually need. Don’t forget that you can if you don’t plan and manage your businesses and personal finances properly, you are at risk of losing your home.

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The Department of Trade and Industry

This government department has launched a Competitiveness Fund. This fund aims to provide financial support to entrepreneurs that qualify for the grant. These grants can cover up to 50% of the running costs of the venture. Businesses registered as private sector companies qualify for financial assistance, but they should also state and objective to support competitive business practice.

Another grant provided by the Department of Trade and Industry is the Small Enterprise Development Agency (seda) that is targeted at supporting small businesses in South Africa. Seda was established in 2004 according to the terms of the National Small Business Amendment Act. The role of seda is to promote and support co-operative enterprises, particularly those in rural areas.

Other government initiatives facilitated by this department are: Ntsika Enterprise Promotion Agency, the Centre for Small Business Promotion (CSBP) and Khula Enterprise Finance. The Department of Trade and Industry recently signed an agreement with the European Union, which has agreed to donate R550 million to establish a risk capital fund for small businesses.

Another of the grants available for small business can be provided by Khula Enterprise, a small business finance association run by the Department of Trade and Industry. Small businesses who find it difficult to get bank loans due to a lack of collateral to set up as security can approach Khula Enterprise for Khula-guaranteed bank loans. For more details, you can contact Khula by calling (012) 394 5560 or visit the Khula website at http://www.khula.org.za.

Umsobomvu Youth Fund

This government-created fund was set up to promote job creation, skills development, entrepreneurship and skills transfer for South African citizens between 18 and 35 years of age.  This fund not only helps young people start their own businesses, but also helps to create opportunities for young people to find jobs, and acquire good career skills. Go to http://www.nyda.gov.za/ for more information.

Business Partners Limited

This company is one of the leading specialist financing companies for small and medium business ventures. The full service includes:

• customized investment solutions
• property broking
• technical assistance
• property management
• mentorship
• consulting
• ongoing business support

These businesses factors are integrated to make tailor-made solutions for entrepreneurs. For further details, go to http://www.businesspartners.co.za  or give Business Partners a call (011) 470 8700.

Real Enterprise Development Initiative (RED Door)

The RED Door is an organization that helps to build new businesses as well as develop and strengthen existing businesses. RED Door will be able to suggest means for you to get grants or financing to start up your business and help you develop a customized business action plan.

Khetani Business Finance

This non-profit organization assists small businesses who would normally have loan applications turned down by major financing institutions. To find out how Khetani Business Finance can help you, call (011) 781 7224.

The National Empowerment Fund (NEF)

This organization provided venture capital and acquisition funding to support black empowerment. For further details, contact (011) 772 8000 or visit http://www.nefcorp.co.za.

The National Productivity Institute (NPI)

This non-governmental organization has a number of subsidized solutions and programmed to help small business owners who would like to increase their productivity and profitability. They can be contacted on (012) 341 1470.

Proudly South African

This branding company aims to promote the buying and selling of locally produced South African products. Business owners can place a Proudly SA logo on their products. The stamp costs 0.1% of the sales their product, but products carrying this logo are promoted by the company. You can give them a call on (011) 327-7778 or visit http://www.proudlysa.co.za.

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1. Small Business Loans For Working Capital
2. Financing a Small Business Venture
3. Business Finance Applications
4. Short Term Finance For Business and Construction
5. Business Finance For Start Up Or Existing Businesses

To make money takes money, and raising capital to start a business is one the of most basic business activities. Because your business is just in the beginning, banks and other major lending institutions may not agree to handing out loans willy-nilly as they don’t know how successful your business will be. Here are some options to get you in the green:

Long Term Debt

Long term debt can be sourced from government sponsored programmes, commercial banks, private lenders and investment companies specialising in small businesses. A long term loan is one of the first avenues a new business should pursue to source capital for growth and development. Long term debt usually takes the form of a loan, with interest and the principal paid together in equal instalments over a long period of time until the balance has been paid.

Asset Based Financing

Asset based financing is a general term referring to a loan given out by a lender in exchange for accepting the assets of a business as collateral. This kind of lending has become more popular in recent years as an option of financing a small business venture. The assets that are set up as collateral against the loan are not usually inventory based, as these are more liquid assets. Rather, most loans that are asset based are financed against received accounts. Receivables are not susceptible to damage or other such problems and also liquidate in a relatively short period of time.

Venture Capital

Companies who provide venture capital are professional investment companies which gather capital from a range of sources before investing in new businesses, even those that may not have a proven track record and may have high-risk tendencies. A venture capital firm will offer you start-up capital for your business in exchange for equity in the company. Where banks use past performances as lending criteria before agreeing to finance a business, venture capital companies will look to your company’s future prospects.

Lines of Credit

To keep out of the red, a company can use short term funds provided by a line of credit loan. When funds become available over time the business will repay the loan. Many commercial banks will offer a line of credit service, allowing for a fixed available amount. The line of credit will be reduced when payments are made.

Angel Investors

Although their name may sound saintly, these investors will often demand high returns for the money they invest. Angel investors are private investors who are looking to make more returns on their investments than they would though traditional markets, such as public stocks or mutual funds. They will invest in your business in return for a degree of equity ownership. Compared to venture capitalists, these investors can be less demanding, depending on the individual.

To find a private investor, simply ask around within your circles and you can even approach the bank to ask if they have ay clients who may be interested. Professionals such as dentists, doctors and accountants often join occupational investment groups so be sure to enquire next time you go to get your teeth cleaned or your allergies cured.

Capital can be hard to hard to come by, particularly for small businesses, so be sure to approach a potential lender armed with a good business plan and business idea and use any connections you may have to spread the word seal the deal. Every business is a risk; but without risk, there can be no success.

Financing a Small Business Venture is an original post from: Personal Cash Loans

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1. Small Business Loans For Working Capital
2. Start Up Business Loan
3. Short Term Finance For Business and Construction
4. Business Loans
5. Business Finance For Start Up Or Existing Businesses

What does it mean if you are “blacklisted”?

If you are black listed, it means that you have a bad credit history and are not seen as a trustworthy recipient of money for loan.  You can even be denied a job opportunity if your potential employer accesses your poor spending and borrowing statistics through the credit bureau. You may find yourself on the blacklist if you have missed required installments on a loan, defaulted on credit payments or other money owed. This could include a range of credit purchases, such as mortgage, vehicle financing, credit cards, and cellphone contracts.

Major banks and other lending institutions may be loathed to lend if you have a bad credit history or you have been blacklisted. Before a bank will lend you money, they will look at previous defaults and late payments and they won’t grant you a loan if you have a poor credit record. However, there are smaller lending institutions which actually specialise in lending money to people who find themselves dirtied by the blacklist.

What loans are available to blacklisted people?

Unsecured loans: These loans are available to people who don’t have a home or any other significant assets to set up as collateral against a loan. As the name suggests, you don’t need any security to be eligible for a personal loan or debt consolidation.

• Personal loans: The amount of money you can borrow with a personal loan depends on the micro lending company who will provide it. This amount can range from R1000 to R20, 000. There are a number of criteria to meet before you can qualify for this loan.
• No Credit Check loans: These personal loans are granted for under R8000 and don’t require a credit check.
• Pay day/ Short Term loans: If you need between R500 and R8000 to make end meets before you get paid, you can get a convenient short term loan calculated according to how much you earn per month.

How do I qualify for a personal loan if I am blacklisted?

Although lending terms differ from institution to institution, there are some common factors that make you eligible for a personal loan:

• You need be to older than 20 years of age.
• You must have a regular income of at least R1500 per month.
• You must be permanently employed and have recent proof of you income (from at least the last 2 months).
• You must have a valid South African Identification document.
• You must have a South African bank account.
• You cannot be in the process of debt counselling or debt administration.

Who can give me a loan if I am blacklisted?

• Global Finance specializes in providing loans for blacklisted people and can give you a quote with no obligation in just a few minutes after you have contacted them. Global Loans can provide you with a personal loan of up to R100, 000. To contact Global Finance, call 022 715 3339 / 074 187 7812.

If you find yourself on the black list, this does not mean the end of your financial freedom. In fact, if you are responsible about paying back the money you take out in a timely manner, you can even work on cleaning up your credit record out of the black.

What Loans are Available to Blacklisted People? is an original post from: Personal Cash Loans

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1. Get Loans for Blacklisted People with Bad Credit
2. Blacklisted Loans and Finance for People with Bad Credit
3. Check Blacklisted People
4. Blacklisted Loans for People With a Bad Credit Record
5. Badcredit Loans for Blacklisted People

We live in an unpredictable world, and crises for which we need some extra funding can happen at any time, to anyone. If you are lucky, you may have friends or family to bail you out of hard times but others may not have the same access to filial funding.

When would I need an emergency loan?

Emergency loans can be necessary for a variety of personal reasons, such as accidents that need expensive medical cover, urgent travel plans, repairs to a car that you need to use, if one of your important household appliances has broken, wedding day costs, or a vast range of situations for which you don’t have the cash in your piggy bank.

An emergency loan can also prevent you from defaulting on other payments such as mortgages or insurance premiums. Rather than land yourself squarely on the blacklist, you can use and emergency loan to access the cash you need to pay your debts.

Where can I get an emergency loan?

The big institutional lenders have rather sticky loan procedures so getting a loan from them may take some time. Banks and other financial service providers do have emergency loan services, but there are other types of loans that can be approved much quicker, giving you almost instantaneous cash to get you out of the red with minimal paperwork and administration.

To get cash on the quick, one of the more popular ways to get your grasping fingers on an emergency loan is through credit companies. These companies can come up with a reasonable interest rate solution that will make your emergency loan easier to pay back once the problem has passed. Often known as “quick loans”, these loans can be offered at relatively low rates of interest with minimum fuss and administration work.

One institution that can loan you money when you urgently need and emergency loan is Credit Salvage (www.creditsalvage.co.za), a credit company who will consult you about your specific emergency to come up with a customised credit plan. You can find a range of emergency loan providers online by doing a simple search engine search. Other companies that provide money on the go are the appropriately-names QuickQuid Payday Loans or Cash Genie Payday Loans.

Am I eligible for an emergency loan?

Credit companies require some of your details and require that you meet certain criteria before they can cough up the cash. These can include the following:

• To qualify for an emergency loan, you need to be earning a salaried income that you have been earning regularly for over 3 months. The company usually just needs to see that you make enough money to be able to make the loan payments on time.
• You need a checking account where the loan amount will be deposited.
• You must be 18 years or older.
• You must provide a permanent address.
• You must provide proof of income.

The good news is that these loans are often offered regardless of your credit history, and the quick processing times means that you can pay your emergency dues as soon as possible. Also, you don’t always need so set up your house or other such property as security on your loan, meaning that the loan is offered on an unsecured basis.

A good broker will be able to devise an emergency loan plan to suit your needs and budget and will help you to receive this money as quick as possible.  This is a short-term loan provided at a competitive interest rate, giving you someone to turn to in a crisis and providing you with an umbrella on a rainy day.

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It was for this reason that organisations such as the National Stokvels Association of South Africa and the Stokvel Company arose as they felt that there was a need for certain stokvels to organise themselves in a more formal manner in order to safeguard their money as well as build it substantially.

If you are still unsure of what exactly a stokvel savings pool is, then Andrew Lukhele of the National Stokvels Association of South Africa defines them as follows: “A type of credit union, or communal buying group, in which a group of people enter in to an agreement to contribute a fixed amount of money to a common pool weekly, fortnightly, or monthly, to be drawn in rotation according to the rules of the particular stokvel.”

Now you may be wondering why these people pool their money like this, rather than saving their money individually. Well these stokvels were originally created in order to pay for funerals for members of the stokvels. However there are a number of different categories that are now in play in South African communities.

According to Wits Business School, the following stokvel categories include the following:

1. The contributions stokvel: Considered to be a traditional savings scheme whereby members of the stokvel contribute a fixed amount to the pool either weekly, fortnightly, or monthly. In this type of stokvel, each member will get paid out the total amount on a rotational basis for them to use however they pleased.
2. The basic stokvel: This stokvel differs from the contributions stokvel in that it can also function as a savings scheme that was only paid out for a specific event such as a death or marriage.
3. The grocery stokvel: This is a stokvel that collects coupons that members received from supermarkets thoughout the year and that are distributed at the end of the savings period of the stokvel.
4. The purchasing stokvel: Here a pool of money is collected in order to purchase big items that can be used by the group in order to generate an income.
5. The family stokvel: As the name suggests, this a stokvel where the money comes from the individuals within a certain family. This money is usually spent on purchasing homes and vehicles.
6. The investment stokvel: This kind of stokvel is used specifically to build interest. Members can contribute as much as they want and then when the investment is paid out, each member will get a percentage based on the money initially contributed.
7. The party stokvel: In the cases of parties or entertainment events, these kinds of stokvels will charge an entrance fee or something of that nature and then at the end of the event, the members will share the profits.
8. The borrowing stokvel: This is similar to that of a microlender whereby the stokvel gives out loans to members and submembers from its pool money. The interest rates for loans from the pool however can be extremely high.

As you can see, there are a number of stokvels that people can join and although these traditionally began in poor black communities in South Africa, they have now started to crop up in urban areas too.

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• Budget

As painful as doing budgets are, they are the best thing that you can do if you are in debt. This way you will be able to track your money. You will therefore be able to calculate your disposable income and allocate amounts to paying back your debt.

• Stop borrowing money

Unless it is a crisis and you absolutely have to borrow money, then do not purchase anything on credit. This way you will be able to manage the exact amount that you will have to pay back on your debt. Of your disposable income, you should allocate amounts to pay off your debt as well as savings. This way should there be a crisis, you will be able to take money from your savings to pay off any of the expenses associated with the crisis and will not have to loan anymore money. The best idea is to save enough to cover a few months expenses so that should you for any reason lose your job or have a serious financial expense, you will be covered.

• Investigate before you borrow again

If for any reason you do need to pay for something urgently, make sure that you compare loans offered in terms of the interest you will have to pay, the installment period that you will have to pay the money back in, and any other terms and conditions that may apply.  What is more is that you will often find deals that offer no interest or low interest and these attractive deals may sound like the best deal. However, these  deals terms and conditions are the tricky bit as they often have penalties and fees that can leave you in a worse situation than you were in before.

• Get a debt management plan

The easiest way to get in to trouble with debt is to let it control your monthly payments.  Therefore it is essential that you do not try and pay off  your debt fast so much so that you leave yourself without enough money for the month and therefore spend more on your credit card. One way to ensure that you aren’t paying too much is to develop a budget as mentioned above and make sure that you cover all your expenses so that you do not have to pay for anything on credit unless it is an emergency.  Finding that perfect pair of shoes, or that new electronic device, is not an emergency.  If you really want the shoes or the electronic device , then you will have to save for them as long as you are not taking money away from what you need to pay on your debt.

• Reduce the amount of debtors you have

One way to pay off your debt quickly is to get a debt consolidation loan. This way you can pay off all of your creditors at once and then only have one creditor that you have to pay each month. Although it might sound strange to take out a loan to pay off a loan, you will not be taking out the loan for more than what your debt is currently worth.  What is more is that you will not have to pay separate interest on the various loans, but rather you will pay interest on one amount which makes it more cost effective in the long run.

Video on Debt Consolidation Tips by Suze Orman:

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This is because hundreds of thousands of people lost their jobs and were unable to pay off their monthly instalments. As a result, these financial institutions have started offering bad credit loans to people as a means through which these individuals can get their credit ratings back to where they used to be. There are now a number of ways in which you can obtain a bad credit loan.

1. Private financial institutions

Private financial institutions not only offer bad credit loans, but do so with minimal effort on the part of the lender. Many of these institutions have online portals whereby individuals can apply for a loan via the Internet.

All you have to do is fill in an application form online and they will determine what size loan they are prepared to give you. There are certain factors that will help you obtain a loan such as having permanent employment. These financial institutions however do normally charge higher interest rates than you would obtain from a traditional bank as the risk for them in lending you the money you need is far greater due to the fact that your credit history is poor.

However, should you be able to afford the interest and the monthly instalments, you may be able to get back to a place where your credit rating is good again. It is important however that when you are searching through the private financial institutions that are offering you bad credit loans, that you check that they are registered with the National Credit Regulator as these institutions will therefore be governed by the National Credit Act.

Another important thing to realise is that as these types of loans are considered to be unsecured loans. This means that you do not have to use your house, or car, or anything else of value as collateral against the loan in order to secure it. Should you therefore be requested by one of these private financial institutions to do so, you can report them to the credit bureaus.

1. Family members

Need to get a loan with bad credit? Why not consider asking your family for help.

Although borrowing money from family can be tricky and is usually advised against, this may be one way of getting out of your financial rut. No one wants to see their family members going through a hard time and should you have family that have the means to lend you the money, then there is no harm in asking.

What is also great about these loans is that family will generally not charge you ridiculously high interest rates and this means that you will be able to pay back your loan. Should you however not be able to pay back a monthly instalment or the loan in its entirety then this could cause damage to your relationships so this is only advisable if you have a strong relationship with the family members that are providing you with the loan.

Having a bad credit rating or being blacklisted is not the end of the world. There are people that are willing to help you out. There are even lawyers out there who deal specifically in this area and can help you with debt consolidation so that you can pay off your debt in a responsible manner. There is hope for those of you who are blacklisted, you just need to do some research and find out what options are available to you.

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As mentioned above, there are a number of Bidvest Bank personal banking services on offer to you.

These include the following:

1. Bidvest Bank Account – This account offers you the opportunity to save on unnecessary fees as they charge up to a maximum of R72 on transaction fees. This bank account includes free cash withdrawals from any Bidvest ATM and free Internet banking. This is therefore the ideal banking solution for those of you who are looking to save as much as you can. The only catch to this account is that you need to have at least R50 in the account at all times in order for it to remain active.
2. Bidvest Call Account – This account offers you a great interest rate and an unlimited investment period. This means that you can leave your money sitting in the bank and let it do some work for you, without you having to lift a finger. Unlike other banks with similar types of accounts, you can access the money in the account faster. However you do need to deposit a minimum of R1000 in order to qualify for one of these accounts. The interest rate on the account is determined daily and then capitalised monthly depending on the amount of money sitting in the account.
3. Notice Deposit Account – This is the best account for short term investments as the interest rates on this type of account are adjusted in order to align with any changes in the Prime Lending Rate. As with the call account the interest is calculated daily and capitalised monthly, however access to the money in this type of account is different of that of the call account. Money is accessible after the notice period has lapsed however you can add money to the account whenever you feel like it. This account’s minimum deposit is a little bit steeper than its counterparts as a minimum deposit of R5000 is required in order to open this type of account.
4. Fixed Deposit Account – As per the notice deposit account, a R5000 minim deposit is required to open this account. In addition, this account is great for short term investors. The only difference is that this account offers a fixed interest rate. The only catch to this is that funds may only be invested for up to 12 months after opening the account. This is a great account to have if you have a large sum of money to deposit and only want to earn interest on it. Interest can either be accumulated and paid out in a lump sum upon closure of the account or it can be paid to the account holder monthly. So if you have ever thought of what you would do if you won the Euro Millions, this is a good idea for you as you could just live off of the interest and not actually spend the money in the account.
5. Foreign Currency Account – This is the perfect account for those of you who are looking to invest foreign currency in the country. Depending on the currency you wish to invest with i.e British Pound, U.S Dollars and any other currency for that matter, you will earn interest in that currency. If you however are looking to invest money internationally, this account will provide you with assistance in doing so and with the bank of your choice.

So if you are shopping around for a new bank because you current one doesn’t provide you with the service that you expect, why not visit a Bidvest branch today and find the perfect bank account to suit your needs?

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Now if you are thinking that this is the kind of company that you want to loan money from, then why not take a look at the Multilend personal loan products available to you. These include the following:

1. Short term loans of between R500 and R8000 and which have either a four or six month repayment option
2. Long term loans of amounts up to R15 000 and have a number of repayment options with the longest repayment period being that of twenty-four months
3. Bonds for new and existing properties owned by the employees
4. Building loans
5. Bridging finance

I think possibly one of the biggest draw cards of this organisation is that they have a wide variety of payment options which include salary deduction options as well as debit order options. This means that you can manage your debt repayment in a way that suits you best. This company is additionally very transparent and you can access all of the information that you could possibly need from their website at www.multilend.co.za. Their website is additionally linked to the organisations that they are registered with being those of the National Credit Regulator as well as the Financial Services Board. This means that you can not only view all that they have to offer online, but you can look and see for yourself that they are following the letter of the law when it comes to any agreement signed with this organisation.

Lastly, Multilend understands that more and more people have access to the internet at work and would prefer to deal with their transactions online as this is the faster option. As a result, Multilend have added links to their application forms on their website for your convenience. To top it all off, the application form is only a page long so there is no need to spend hours trying to figure out exactly what they are asking you for. Multilend is a service orientated micro financing company and realise that people cannot wait for days or weeks before they find out if their loan has been approved and therefore has a 24 hour application process. If your loan amount is approved, you will be able to access the amount immediately after approval of a salary deduction or bank debit order being set up so this really is a speedy process.

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