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Hong Kong may regulate credit rating agencies -media

HONG KONG, May 3 (Reuters) – Hong Kong’s securities watchdog plans to regulate credit rating agencies, a local newspaper reported, quoting a government official

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Hong Kong may regulate credit rating agencies -media

Originally posted 2010-05-02 21:38:03.

Tags: asia-emrg, bank-bnk, cn-asia, cpx-rtrs, emrg-fin, entertainment, exca-bank, Feeds, fin-regs, fins-invs, invs-bsvc, regs-exca, yahoo

Fannie Mae Backing Mortgages in Florida

Condo Vultures Founder Peter Zalewski on how Fannie Mae is making it easier to get a mortgage in Florida.

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Fannie Mae Backing Mortgages in Florida

Originally posted 2010-05-14 21:55:02.

Singletary: Consumers need free access to credit score

Why in the world would Congress provide some consumers free access to credit scores, but not others? This could happen under an amendment that allows free access to people whose credit scores were used to deny them credit or a job.

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Singletary: Consumers need free access to credit score

Originally posted 2010-05-26 16:42:03.

Tags: article, business-raquo, california, congress, copyright, Credit Report, entertainment, environment, information, news, rich-media, score, standard-graphical

Bad credit? GM wants you, but . . .

If your credit isn’t good, General Motors Co. still wants to sell you a car. The problem is, it can’t….

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Bad credit? GM wants you, but . . .

Originally posted 2010-05-16 23:31:52.

Tags: automaker, automotive, business, coming-up-for-air-rights, entertainment, Feeds, home, Loans, marketing, real-estate, sports

Merchant Advance – An Alternative Source for Obtaining Business Loans

Similar in nature to a small business loan, a Merchant Advance is working capital a entrepreneur obtains for various reasons that is necessary to be repaid within a six to eight month duration depending on how much working capital is received. Merchant Advances are becoming more and more used as traditional banks are toughening their required conditions for small business loan approval.

Dissimilar to traditional bank loans, Merchant Loans don’t stipulate for excellent credit. As a matter of fact, if you were turned away by the traditional banks and want access to money in a fast amount of time, a business cash advance may be a great solution. As a small business owner would expect, the stipulations put upon such cash advance programs frequently include more costly interest rates since the advance company is taking on a greater risk.

Most arrangements permit the entrepreneur attach the repayment schedule to revenue levels of the business. This is particularly useful to a small business owner that has significant changes in income from month to month. Payment is directly attached to Visa-MasterCard revenues, facilitating smaller payments during slow months. This feature is extremely useful to those small business owners who are seasonal in nature because a set payment each month is not required.

A merchant advance can be of particular use to those merchants who have not been open for long. To get a conventional bank loan or a loan from the Small Business Association, a small business owner may be required to give proof of collateral, an extensive business history and a credit report with perfect scores. When a merchant is just starting out in business, this may not be possible, especially in today’s economic times.

Still,being careful is advised when looking for a merchant advance. It isn’t unlikely to find rising payment programs, application costs and a required switch to a specific credit card provider. Reading the fine print of any arrangement is a must. For those small business owners who find themselves in need of working capital and have not many other options available, the business advance can be very helpful instead of to waiting months for a conventional small business loan you most likely won’t be approved for.

Compare and save with free quotes for a Merchant Advance, apply now!

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Tuition tax credit bill is signed by Gov. Brewer

Gov. Jan Brewer on Monday signed into law revisions of Arizona’s private-school tuition tax-credit program, adding accountability and allowing the maximum tax-credit donation to rise each year by the rate of inflation.

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Tuition tax credit bill is signed by Gov. Brewer

Originally posted 2010-05-11 01:54:26.

Tags: arizona, array, Credit, dating, financial, news, pets, phone, public-notices, real-estate

Guidelines to Follow for Credit Card Factoring Lenders

With the economy remaining on the ropes after the sub prime mortgage debacle, merchants are finding it harder than ever before to qualify for a normal bank loan. Credit Card Factoring may be a ideal option. A quick turn-around time, viable cash advance funds of up to $250,000, and a flexible repayment plan are all great points for traveling this alternate road for the working capital your business wants.

However, a merchant would do well to look at more than just the working capital they can acquire. The North American Merchant Advance Association (NAMAA) has a list of best business practices which they endorse for Credit Card Factoring agents. If the company offering you a business cash advance does not follow these guidelines, it is probably best to look somewhere else. The guidleines are as follows:

-Give clear disclosure of fees – NAMAA doesn’t condone closing charges as part of the application process of merchant advances but recommends that any of these fees be clearly explained and disclosed. The total payment amount should be entirely elaborated upon and determined prior to putting the final touches on the agreement.

-Demonstrate transparent disclosure of penalties – Basically, merchant advances are not considered loans; instead they are looked at as a purchase of future Visa-MasterCard sales. As such, the entrepreneur can be held personally in debt for any cash not returned if the merchant opts to violate the agreement.

-Be mindful of a entrepreneur’s business cash flow – A typical agreement involves that the small business owner repays a determined amount of Visa-MasterCard receipts on a daily basis.

-Marketing materials disclosure – All advertising materials should make it clear that the contract is one of factoring, not a loan.

-Keep tabs on your Sales Agents/Brokers – Merchant advance companies should make sure that their sales agents or brokers are appropriately representing the terms.

-Verified repayment of open Merchant Cash Advance Balances – if a entrepreneur opts to take another merchant advance with a new company the new company should immediately repay the previous balance instead of leaving it to the merchant to repay the remainder.

Compare and save with multiple lender quotes for Credit Card Factoring…Apply Now!

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Quick Business Loans in a Stagnant Market

Often the hardest part of small business ownership is acquiring capital to maintain and sustain steady growth. This is even true when you are looking for business loans. There is a mistaken belief that restaurants are more likely to fail than any other type of work; a ten percent success rate is often noted.

The fact is that at the 5-year mark restaurants have 40% success rates, virtually matching to  types of businesses. Nonetheless, it can be hard to acquire financing, especially from normal locations such as the local bank lender.

Restaurant loans can also be obtained from merchant services vendors as a factoring contract. These providers give working arrangements that range from a few $1,000 reaching to a quarter million dollars if needed. The business owner is basically selling their future Visa/MasterCard sales at a discount in order to get the cash they need within days.

The merchant cash advance is repaid with a credit card factoring based contract. A percentage of credit card receipts are paid back based on a “Daily Capture Rate” that is agreed upon prior to receiving the cash which means that on a bad business month the advance can still be paid without having to face repercussions.

When you run a restaurant it can be hard to anticipate when you will need to have additional cash on hand. Start up costs can be more than anticipated, and the first significant problem can be a “make or break” occurrence. Even if the business owner has excellent credit, it can take a long period of time for a bank loan to be funded; in the time being, business continues to hurt.

Restaurant Cash Advance options provide a much needed, fast solution for restaurants in need of working capital. Neither collateral nor years of paperwork are necessary to be considered for business loans when you work with a trustworthy financing company.

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It is Called a Merchant Cash Advance but is it Actually a Small Business Loan?

There are many ways to acquire working capital for your business, but not all of them involve a normal loan. A merchant cash advance is actually a type of factoring. Factoring is a method whereby a company sells its future credit card receipts to a factoring company – the factor – at a cheaper rate in exchange for cash with which to fund the business as soon as possible.

In today’s working situation it is no surprise that a large number of new businesses are having a very difficult time getting conventional business loans through a bank. The banks are very tight-fisted with their capital right now. Fortunately business cash advances through factoring agreements are still available and the requirements are considerably less stringent than those found at the local bank.

To get a business cash advance, most companies look for a business to have been open for at least a year and processing credit cards for at least 6 months. Since repayment of the financing is directly tied to credit and debit card sales, proof of this revenues is also necessary.

A piece of these future credit card receipts is agreed upon as the daily repayment capture, easing the financial hardship for the business during a slower period. Unlike a bank small business loan, the daily capture capability allows business owners to pay back at their own pace instead of being accountable for for set monthly payments that could result in the business going out of business.

Because there funds not obtained in a  normal loan, if the merchant fails to meet the stipulations of the agreement, for example, using different merchant accounts to process payments, they are still held personally responsible for the amount left over.

Nevertheless, for a lot of early businesses, this method of financing is still the best. Flexible repayment terms, quick access to necessary funds and easier acquisition of said financing, makes a merchant cash advance a great choice for many business owners.

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Business Loans – A Story of Long Ago?

The days of fast credit are going, going, going Gone! Also, business loans may just as well have gone the path of the Tooth Fairy. Maybe, some thousands of years in history there was some basis in fact for such a generous, although slightly unsavory benefactor as a Tooth Fairy.

The reality of current times, nevertheless, is that working capital has to come from some avenue, which most often happens to be from Mom’s and Dad’s pocket. Even with entities such as the Small Business Administration (SBA) looking at loan applications, banks often do not have the financial power, or the need, to participate in the SBA and other like programs.

This leaves merchants with less selections for avenues of funding for growing the business, or for short-term cash-flow issues. However, even if any collateral owned by you or your business already has liens against it, there is a method with which you can get the financing you want without the requirement for collateral, or the need to tie up any more credit, even if you can get it.

If you bring in a sufficient stream of Visa-MasterCard receipts, you can actually sell a percentage of your future receipts in order to receive a lump sum of money immediately. It is called a business cash advance, and since it is not a loan, but an advance on revenues that your business takes in every day, you do not need to go with hat in hand to a traditional lender.

Once a merchant cash advance agent agrees to buy, at a lower price, a portion of your future revenues, you can obtain your financing within a couple of working days. Then, during the normal course of operating your business you pay back the advance, plus an agreed upon fee, without having to be bound to a set monthly repayment schedule.

Business cash advances are not exactly similar to business loans, but they are not like that unsavory old Tooth Fairy either, and way more realistic.

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