Getting By This Pandemic With Invoice Finance

The aftermath of the recent pandemic has left many businesses in uncomfortable positions. Invoice finance is just among the options that entrepreneurs should look into to recuperate their businesses and avoid closing down. 

Unfortunately, with all this happening, some entrepreneurs are left with no choice but to explore options that are as drastic as firing employees or even downsizing just to stay afloat. 

With proper research, businesses actually don’t necessarily have to experience unnecessary distress as there are options that they can explore that don’t entail firing people to the very least. 

That’s where business loans come in. In particular, invoice finance is just one of these options that entrepreneurs can consider at this time of high uncertainty. 

Businesses that reach at least 3-5 million annual turnover, invoice finance can give them economic relief and stay in the business for the time being.  

What exactly is invoice finance?

As previously mentioned, it is a business loan that entrepreneurs who experience financial woes can avail of. It is a form of debtor finance that primarily aims to increase cash flow of a company without resorting to high-interest mortgages and the need to tie in a lot of directors' assets. 

While many consider this as a loan, it is technically a financial alternative that provides financial relief to businesses who have troubles staying afloat. It is also ideal for businesses who want to increase their cash flow.

How does it work?

It is undertaken by companies to increase cash flow by selling their receivable sales (invoices) to factoring or debtor companies on a discount.  

It is a form of financing that primarily targets businesses that experience economic problems related to their operations. 

This can also provide financial relief a means to finance important business operations related expenses from salary to day-to-day expenses of the business 

To avail, businesses can take out a loan with their receivable cash from issues invoices as the security. Upon submission of the required requirements, the company can have these issues invoices into cash within a day or two--depending on the lender. 

Since this facility primarily aim to address immediate finance-related concerns of small to medium-sized firms, the turnaround time is usually faster than other loans. 

###

Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He's been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today!

A Beginner’s Guide To Personal Loans

Personal loans are specifically designed to finance personal expenses.  It is popular among people looking at loan products to consolidate their debts. It can be used to finance different personal needs such as purchasing a car or cash to cover medical or educational expenses, among others.

Common types of personal loans include Car loans and Lifestyle loans.  Personal loans can be secured—requires the need of collateral to secure the loan—or and Unsecured—does not require a collateral, which can include real estate property (house and lot or land) or vehicles (cars/tractors/equipment).  

Why should you get personal loans?

The application process is easy, and some lenders can render same-day approval. It is a good way to get cash for various personal expenses-including consolidating his multiple credit card debts and his personal loan--and just one pay one loan instead.

One can also use personal loans to finance his personal expenses such as health, education, and even travel expenses, among others.

Other purposes of personal loans

Personal loans are a good option if you intend to consolidate multiple debts into one—for convenience purposes.  A source of cash to finance other personal expenses.

Who should get personal loans?

Only those who are in dire needs of cash for personal expenses that need immediate funding should get a personal loan. It’s easy to fall into a debt trap with personal loans.

Since many people fall into a debt trap with personal loans, only those with a stable and continuous source of income should get this loan or any other loan type for that matter.

Anyone looking at consolidating their debts into one loan

Personal loan process

Eligible applicants can directly go to lenders, but this gives him few options in terms of interest rates. Lenders differ on their requirements and interest rates, so it’s preferable to check with a specific lender that specialises in personal loans for better results.

That’s where Intellichoice Finance comes in, we specialize in personal loans and we have lenders that have been dealing with clients with successful personal loans applications in the past 18 years.  

###

Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a Brisbane-based mortgage broking company that was established 18 years ago. He was shortlisted as a finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. If you want to jump start your home loan application, please our online home loan application page today!