Studio Eastwood

When it comes to small business financing, too many fail to “think outside the bank.” Too many individual entrepreneurs in Sweden, for all the publicly acclaimed ingenuity of the class as a whole, can only conceive of their finances in very simplistic terms. For example, when it comes to operating expenses, many business owners can only think of borrowing money (from the bank, of course) and putting more equity in the business (also involving, typically, the bank). But business financing can be much more “creative” than that – and still remain perfectly legal – as this article will show.

Now, let’s take a look at a form of företagslån online financing that’s so incredibly simple and right under your nose. Yes, in fact, as a business owner you are more likely than not already a recipient of such financing!

This most powerful and almost cost-free financing is, simply, the credit that your suppliers currently extend to you. No, really! If you think about it, by allowing you to pay back later (usually by the end of the month), they are in effect financing a part of your operations until then! Such financing is interest-free if you pay back within the mutually agreed-upon period previously established, at the outset of your relationship with your supplier. Now, if you could figure out how much of a proportion is actually being financed by your suppliers, you should be able to manipulate the variables involved in your favor, increasing and maximizing that proportion so as to allow you to run your business on their credit lines!

With such a tough economy at hand, many find themselves needing an advanced payday loan. Nonetheless, like most loans, to get an advanced payday loan, one must meet specific requirements. Why? These requirements are usually not very much, and just about anyone who holds a job will qualify for an advanced payday loan. Below are the criteria that is most important when applying for payday loans. It would come in handy if you are looking out for a payday loan for your personal needs.

First and foremost, the applicant must be 21 years of age. Even if the applicant is below 21, and holds a very good job, they will still not qualify. They must be 21 years of age when applying.

Secondly, you must be a citizen of the Singapore in order to be approved for an payday loan – no exceptions to this rule. Those with Green Cards or Visas are not eligible for an payday loan.

Where the applicant is working, and how long they have been working there is extremely important. Generally, if the applicant has only been working at the same workplace for 2 months or less, they will not qualify for an payday loan. With this in mind, the longer the applicant has been employed at the same place, the higher the chances are of getting an payday loan. Someone who is in their first month on the job is likely to be rejected for the cash loan.

With most payday loaners, it is a requirement to have a checking account. Furthermore, the checking account must be under the applicant’s name, and at least a part of their salary must be put into the account every month. This is where most people go wrong and miss their chance of getting the much needed loan they are after.

Lastly, on a lighter note, the applicant should usually have an address of residency. This is not always a “written in stone” requirement, but it is generally quite important.

Given you meet all of the above requirements; you are almost guaranteed to be approved for an payday loan, no matter which lender you choose to go with. Needless to say, the economy is not at its best, and many people find themselves trapped, unable to pay the bills at the end of the month maybe just before the actual payday. Let’s face it – most of us have probably been there at one time or another. This type of loan is obviously short term, and must be paid back as soon as possible. Not doing so can result in interest fees, penalties, and so on. You should only take out an payday loan if you are completely sure you will be able to pay it back soon. If not, you may be better off asking a friend or family member to borrow some money to get through that month. Asking a family member or a friend for a loan is definitely the better option of the two for those who know they will not be able to make the payment. Why is it so important to make sure you can pay it back on time (aside from penalties and such)? Not paying back on time could potentially hurt your credit score. And I am sure nobody would like to gamble with their Credit scores, right?

A bank that could be considered to be smaller than many others, positions itself in the banking sector in such a way as to compete with the bigger, more traditional banks.

This kind of bank will therefore go out of its way to impress and ensure that it delivers all the services that the largest banks in the world are known for, and it will also ensure that it is known for exceptional service levels in order to compete with the more established banks. These banks are, among some of their features, known for their high levels of innovation and positioning themselves to what could be perceived as the future of banking.

Challenger banks are hoping to enjoy more of the limelight than they have in the past by becoming serious competition for the bigger, better-known banks. They want to, indeed, grow their own market share and attract clients from the established ones.

The typical challenger bank is still new relative to the established ones and may start out slowly, but because of their profile as a younger generation enterprise with all the latest developments in banking and the world of banking at their fingertips, they generally are in a position to make quick strides. This opportunity, of course, demands certain responsibilities. They have to prove to the market that they can compete with, and outshine, the traditional banks and financial institutions.

Challenger banks rely heavily on the use of modern technology such as the internet, the use of smartphones and advanced applications. They also understand that they are talking to a younger, more tech savvy client and therefore they advertise their services and products on platforms where they will find the clients who want to deal with technologically advanced institutions.

Many of them start out targeting SME’s (small and medium sized enterprises) and then, after their initial introduction and successes, spread their wings and start competing directly with the bigger banks. They use a variety of systems for their core banking platforms and digital capabilities.

Many challenger banks may decide initially to concentrate their efforts on a specific segment of the market, or on a combination of services, without necessarily offering exactly what the bigger banks offer. They may, once they have established themselves in a niche market, branch out to other sectors.

An example would be of a challenger that initially offers short term and SME lending, and then later takes on more segments of banking services. Some of these challengers may actually not be banks, or hold banking licences, but they compete with banks. One such example concerns those with an e-licence only.

Some of these challenger banks, of course, are bigger and more active than others and offer the services which traditional banks have been known for in the past. It all depends on how much help they get to start and the kind of support they enjoy. All of them, however, rely heavily on the latest technology to bring the client a fast and efficient banking experience.

The good ones understand that offering innovative products and 24-hour online availability may not be good enough; therefore they will ensure that they offer great service too by being available around the clock and answering questions as fast as they arise.

One of the advantages of the challenger banks, apart from their knowledge of up to date digital products and services, concerns the fact that they can start up fairly easily without the high costs that a shop front on the high street involves. They can build a good business by employing the services of the IT industry and save on expenses. And of course the immediacy of transacting, checking statements and real time banking experiences via a smartphone is, for many, a very attractive option.