olchem.org http://www.olchem.org My WordPress Blog Tue, 16 Apr 2019 16:10:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.1 Non-payment of a Business Loan: What are the Penalties? http://www.olchem.org/non-payment-of-a-business-loan-what-are-the-penalties/ http://www.olchem.org/non-payment-of-a-business-loan-what-are-the-penalties/#respond Tue, 16 Apr 2019 16:10:04 +0000 http://www.olchem.org/non-payment-of-a-business-loan-what-are-the-penalties/

 

If you have hired a personal loan but, for work, medical or personal reasons, you have not been able to cancel the fees and you are facing a situation of default it is important that you know what can happen to you and the sanctions that you will have to face. Let’s review each point in the next article. Criticism at http://www.jj-technique.com/banking-puts-obstacles-to-the-financing-of-80-of-smes-according-to-the-cameras/

When hiring a personal loan you always do it with the idea that you can assume the fees agreed in the agreement, however, the different circumstances of life often prevent you from fulfilling your responsibilities.

In this case, what happens if you can not cope with one or more of the monthly payments on your bank loan?

1. The call of the bank

1. The call of the bank

The first thing you should know is that as soon as you stop canceling one of the installments, the bank will contact you to inform you of the situation. Given this, we advise you not to try to hide the situation in which you find yourself and face it with all sincerity. No banking entity likes that its clients “disappear” after they have stopped paying.

Once you have contacted the bank, the responsible person or your account executive will explain the different economic sanctions that you will face.

2. Economic sanctions

2. Economic sanctions

Although the penalties will depend on the bank where you have contracted your loan and the specific conditions of the contract, you should know that these exist for all those people who have unpaid fees and represent the first way of solution by the entities.

Remember that depending on the amount of debt and the time you have not paid, the economic sanctions may be the following:

Delay interests

Default interest are those that the bank can apply from the first day of delay in the payment of a fee for a bank loan. These interests are fixed by Law and can not exceed the agreed interest rate by more than two points.

Claims Commissions

This commission is generated at the moment in which the bank must give notice to a client that has a pending or unpaid debt. In general, the commission of debtor positions usually ranges between 25 and 35 euros, however, each entity manages its own values. Remember that all these commissions will accumulate to the initial debt until the moment you get up to date on the payments.

3. The delinquent file

3. The delinquent file

This point is very important, because you should know that from the second unpaid installment, the bank has the right to enroll you in a delinquency list. The most popular file in Spain is Asnef, but there are also others such as Rai or Experian.

And, although this measure is not an economic penalty, being part of a file of defaulters means that it will be almost impossible to access new financial products in the future. The only solution will be to get a lender who agrees to grant you a bank loan or directly apply for a loan with Asnef.

4. The judicial way

4. The judicial way

If the problem is more serious than you thought and you accumulate three or more unpaid fees, the financial institution can carry out legal proceedings against you to recover the money owed.

Generally, banks do not act alone and hire specialized collection companies. In case the trial continues its course you will have to pay all the accumulated debt plus the commissions for delay.

5. The embargo

5. The embargo

In case you do not have the money that is requested, you will resort to the last stage of the process: the embargo. In this case, if your loan had a specific guarantee, it will be executed by seizing all those assets. However, in the case of a personal loan or if there is no particular guarantee, you will have to respond with your present and future assets (without the need to specify any in particular).

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What Aspects Should You Take Care of to Obtain a Credit? http://www.olchem.org/what-aspects-should-you-take-care-of-to-obtain-a-credit/ http://www.olchem.org/what-aspects-should-you-take-care-of-to-obtain-a-credit/#respond Thu, 04 Apr 2019 15:57:40 +0000 http://www.olchem.org/what-aspects-should-you-take-care-of-to-obtain-a-credit/

There are certain aspects that you must take care of so that you can obtain a yes when asking for a loan. For many or most financial institutions evaluate with greater importance the way in which you manage your finances and those of your business. All this in order that you can represent being a good client to obtain a loan or financing.

Next we will tell you what are those aspects to take care of and some tips so that you can keep them under control to obtain a yes:

Credit bureau

Credit bureau

Belonging to a credit bureau does not always mean something bad, on the contrary you are there because you have requested different types of credits at some point. For example, bank cards, departmental or mortgages. What represents a bad aspect is that your credit score is inadequate. This is possible if you have not managed to properly manage your financings. That is, if you do not pay in time and form or if you have any outstanding debt.

What you can do is establish a plan to pay on time and another to liquidate those debts you still have. It is also important that you only have the amount of credits you really need, because many times when you have enough it is difficult to generate adequate control.

Financial health

Financial health

Financial health is paramount so that you can get a yes when you ask for a loan, because it gives information about how you manage your business finances. And especially if you have enough financial skills that are needed to carry a proper handling for a loan.

In order to maintain good financial health, you must constantly monitor the performance of your business. Some aspects within this are the income and expenses, which can be improved if you identify what you are spending more on and can decrease them to have a higher percentage of income.

Payment capacity

Payment capacity

The ability to pay can be identified as the amount of money you can spend to pay debts thanks to your income. Well, it’s not about ending up with the profits of your business, but because you have an adequate payment plan management you can have the liquidity to pay off these debts.

The best thing you can do to improve or increase your ability to pay is to reduce unnecessary expenses. You can also encourage your income through appropriate strategies that achieve it and above all avoid generating more or more debts. Limit yourself to what can really solve your business.

Now that you know the aspects that you must take care of to obtain a yes when asking for a loan, you can request it without any fear. Just implement those small tips to improve the perception that you will generate before the financial institutions that possibly grant you the credit that will make your business better.

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Difference Between a Loan for Business and Staff http://www.olchem.org/difference-between-a-loan-for-business-and-staff/ http://www.olchem.org/difference-between-a-loan-for-business-and-staff/#respond Fri, 29 Mar 2019 15:14:39 +0000 http://www.olchem.org/difference-between-a-loan-for-business-and-staff/

 

With the existence of different types of credits we can economically face certain needs that arise. But in addition to personal credits there is a type of credit for business. This has been created specifically to be able to help owners of small and medium enterprises.

But maybe you wonder: What really makes them different? Many entrepreneurs choose to use personal loans to finance their business projects and continue to pay for their expenses.

Purpose for which they have been created

Purpose for which they have been created

The main difference is that each one has been created or designed for different purposes. The personal credits can help you for some unforeseen familiar or to acquire some product of relatively high cost. For example, you have had an accident and you need to cover the hospital bill. You can use a credit card to pay the bill.

While a business credit, it is intended to help cover very high cost projects. Well, SMEs or businesses are managed based on a capital that allows to grow the value of the company. Here, an example may be that you have achieved a production order that exceeds your monetary capabilities. A financing for business can help you to solve the expense so that you can achieve more money.

Requirements

Requirements

Another difference is the requirements you need at the time of requesting either of them. For a personal one, it is essential to have a good credit history, open a bank account with the same institution, proof of income as well as address and official identification. And logically go to the branch and wait your turn.

To apply for a credit for online business you only need the RFC with which you make the invoices of your SME, an official identification and documents of your business to scan.

Amounts, terms and interests

Amounts, terms and interests

According to the purpose of each one, the amount they can offer you is totally different. If what you want to do is grow your business, an amount from a personal credit can be very limited. On the other hand, one for business can offer you an estimated amount according to the size of your company and what you want to do with it.

In terms of interest and terms, since personal loans are for minor expenses, the institutions estimate a short term to liquidate. With high interest according to the risk they calculate when lending you the money according to your credit bureau.

Advantages of using the right one

Advantages of using the right one

Now that you know what the differences between these two types of credit are, you can decide to use the right one. A business needs to have the capabilities provided by a loan specially designed for it. Well, when you submit an offer, they identify the needs and they adapt to your SME as well as to the project you wish to carry out.

Always thinking about the possibility that you manage to boost your business and at the same time liquidate your credit. In addition to that it is possible that you obtain certain benefits to be handling properly the loan depending on the institution.

But do not worry if until now you have financed your SME incorrectly. Today there is the possibility of obtaining financing for a business that liquidates your personal debts that have been generated. Konncentra, is a product that we have launched so you can transfer all those outstanding balances that your business generated.

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Are Online Credits Secure? http://www.olchem.org/are-online-credits-secure/ http://www.olchem.org/are-online-credits-secure/#respond Fri, 15 Mar 2019 15:07:03 +0000 http://www.olchem.org/are-online-credits-secure/

The wave of Financial Technology companies that have been created in recent years in Mexico and Latam, have revolutionized the processes and financial tools we knew. For this reason, it is very possible that as a user you ask yourself how reliable and secure the credits are online and the answer depends on the financial institution where you request it.

The number of Saera (Multiple Purpose Financial Companies) that exist so far in the country, constitute 5.6% of the credit market. That’s why Before applying for a credit online, I recommend that you take into account the following points to avoid and detect fraudulent companies.

Validate the reliability of the institution

Validate the reliability of the institution

The institutions that offer online loans are also regulated. Come to the Conseaq or the National Banking and Securities Commission and verify the legality of the company. Sometimes it will not appear with the trade name but with the company name, do not be scared! For example in Konfío you can find us as a Red Friend DAL. Another way in which you can validate the company is knowing the opinion of other clients who requested a loan.

Check the privacy policy

Check the privacy policy

The online process allows Financial Technology companies to accelerate the online credit process and offer personalized amounts and terms. When filling out an application it will be necessary to enter personal or business information. Quiet! If the financial is regulated, your data will be protected. It does not hurt to review the privacy policy to know how your data will be treated and the rights you are granting to the financial institution. You can find this commonly on their website or in the contract that will be given to you.

Make sure you have a contact form

Make sure you have a contact form

Although the procedure is 100% online, it is good that you know the address or telephone number of the institution. If you have questions or modifications about your credit, you can go directly to the company. At Konfío we have advisors who will help you solve all your doubts during the online credit process. In the same way you can investigate if in addition to an email or telephone they have social networks, since nowadays they have become a new channel of direct communication.

Do not make deposits in advance

Do not make deposits in advance

Asking you for money before credit is approved online is a bad sign, no financial company should ask you for advances. There are usually commissions at the time of requesting a credit, both in the traditional way and online credit. For example, the commission for opening, which covers administrative, management and IT costs necessary to provide a loan.

These tips will help you when applying for secure online credits. Do not be fooled and take some security measures.

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How to Use a Loan to Expand an SME http://www.olchem.org/how-to-use-a-loan-to-expand-an-sme/ http://www.olchem.org/how-to-use-a-loan-to-expand-an-sme/#respond Sat, 09 Feb 2019 16:55:42 +0000 http://www.olchem.org/how-to-use-a-loan-to-expand-an-sme/

Many small and medium-sized businesses reach a point where their business becomes stable and really works. That’s why some entrepreneurs take the decision to expand their business to cover a larger number of customers and really grow. But the best way to take advantage of a business credit to expand an SME is by creating a strategic plan that allows you to fully visualize what you must do to achieve your goal.

This will make your project very well guided and raise the chances of it being a success. It will also help you to realize the expansion on a large scale and under an adequate standard of quality that your clients will notice.

Below we will tell you specifically in what you can use it and what you should include in your plan so that when you start the search for financing, it will be easier for you to choose the one that suits your company and what you want to do in it.

How can you use business credit to expand an SME?

How can you use business credit to expand an SME?

Open a new store

Opening a new store and equipping it properly is the most common way in which SMEs begin by expanding their business idea. If you want to start like this, you can use your loan to open a store in the place where you have already found a new market that also likes your products or services. This will not only help your presence but also help your brand to be reinforced and become known by more people.

Distribute to a larger territory

Maybe the idea of ​​expansion depending on your business and industry is to make your products or services reach even more people. That is why you can also use your business credit for the necessary thing that will make you reach the farthest corner of the country and also grow at an exponential level. Here your strategy and the use of financing should focus on the distribution and logistics model you need.

Hire more employees

Another situation in which you may find yourself may be that your business is working and growing at a good pace, but that you need a little more help. Here you can increase the liquidity of your business with the help of the loan, using it to pay for human capital expenses and for your financial health to remain stable.

Create new products

Another way in which we can talk about expansion is innovation or creation of new products and services. Being the vanguard and always offering the most appropriate for your customers, will make your business continue to survive but at the same time grow. Equally here you need an adequate amount of capital to be able to do this project, because the idea that arises from your creativity has to become real and materialize it.

Promote your business

A form not so visualized by the owners of small and medium-sized companies as an expansion strategy is promotion. Since it is thought that it is totally a marketing issue, even if it is, the result is fully reflected in the expansion. Well, when you invest in advertising or campaigns, the knowledge of your company reaches more people, generating a higher return on the expense you could make.

Strategic plan to take advantage of business credit

Strategic plan to take advantage of business credit

To begin to put together the plan that will make you take advantage of the business credit to expand a SME correctly, you should keep in mind that it is also necessary to include the specific management or use that you will give to the credit, in order to continue having a good liquidity and financial health in your SME.

Strategies for expansion

Goal and objectives

Setting goals and objectives may sound like something very unnecessary since you have in mind why you are doing all your project. But we want to tell you that by writing them you will notice many details that you had not contemplated before. As the estimated time you have to finish it, for whom you are directing the strategy and for what purpose. But above all they serve to keep you motivated until you fulfill it.

Budget

It is extremely necessary that you establish a budget in which you include each of the things you need to acquire in order to expand your business. For example, if you open a store, write down how much the monthly rent costs, the permits you must process, the interior design, etc. Do not forget the least bit since having the correct number will allow you to evaluate which institution can offer you what you need.

Strategies for credit management

Use according to the budget

We know that sometimes certain unforeseen situations arise that deviate a bit from what you had already established from the beginning. But it is important that you maintain the use of credit only for what you requested. That is, use the exact amount for each thing you had planned, because only then you will see that the credit will really have a good performance.

Payment plan

Many entrepreneurs have the correct solvency to handle credit payments without problems, but forget the payment date, which little by little generates interest arrears. Or in the same way, they do not prevent payment control both for normal business expenses and for credit, forgetting to allocate the fixed amount to liquidate the financing on time. That is why by including the plan in which you always have in mind your date and amount to pay will help you have a greater benefit.

Now that you know how to take advantage of a business credit to expand an SME and how to use it, you can continue to request one. We recommend that apart from the amount they can offer, compare interests, deadlines and the time it takes to grant it.

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SME Financing Sources Which One to Choose? http://www.olchem.org/sme-financing-sources-which-one-to-choose/ http://www.olchem.org/sme-financing-sources-which-one-to-choose/#respond Wed, 06 Feb 2019 16:56:52 +0000 http://www.olchem.org/sme-financing-sources-which-one-to-choose/

When a small or medium business needs a boost to be able to continue growing and achieve the projects that arise, it is good to know the SME financing sources that exist. But above all know which one to choose, because not all projects are of the same level or large scale. That is, there are projects that are very easy to capitalize and carry out.

That is why here we will tell you what are the types of financing in Mexico and how to choose the loan according to what you want to do.

Fund and savings of family and friends

Fund and savings of family and friends

This type of financing is the one that you can have more at hand and immediately, but the disadvantages are greater. Well, when you have to ask for money from people close to you and who initially trust in the use you will give them, there may come a time when the loan conditions change from one day to the next. That is, it is very common that they want to see more benefits than just having helped you carry out a project for your business.

Crowdfunding

Crowdfunding

Crowdfunding is a newer type of loan for certain very specific projects. Well, you need to register on a platform, present your project and wait for investors to contribute a certain amount. In return you would be paying their contribution monthly. In the end the liquidation process is the same as a traditional credit.

Risk capital

Risk capital

This could be an option that not many SME owners wish to use. Well, you receive a quantity in exchange for certain shares of your company, since the investors expect from your business that this money will actually double or triple favoring you loved parts. But do not be scared, the pressure is not so much, an advantage is that in addition to the capital, they offer a support to guide your project towards a correct planning and execution.

Government financing

Government financing

The government is interested in growing the economy in the country, therefore it has opened the doors for entrepreneurs to have access to SME financing. In the same way in this type of loans you must present your idea and based on that you will receive the support.

Traditional banking

Traditional banking

This is a type of credit that works in a traditional way, but has emerged thanks to the growth of SMEs. You must carry and physically request the entire process to obtain it. But here the disadvantage is that banks give preference to projects of more consolidated companies, that is, to large businesses and give an important weight to your credit history.

Fintech

Fintech

The Fintech are companies that use technology to improve the processes of requesting and granting SME financing. Many focus on facilitating access to credit for entrepreneurs and owners of small and medium enterprises, so they can boost their business. The advantage goes even beyond the ease of response, since the requirements they request are minimal. You can feel safe because although everything is through the internet, these institutions are regulated by both the Condusef and the National Banking Securities Commission and can also make offers as large as traditional banking.

But which one should you choose?

But which one should you choose?

Project size

The first point to determine which one to choose is the size of the project you want to make. That is, there are projects that need a smaller amount than others. For example, through crowdfunding and the different platforms that operate in Mexico under this scheme, you can get up to 25,000 pesos. While with an SME financing from a Fintech you can get up to 3 million, that’s why you should choose the one that can offer you what you really need.

Granting time

You may really need the money in the shortest possible time to continue production in your labors or cover a business offer with a new client. The best thing, in this case, is to approach the source that gives you an immediate answer about the credit. The Fintech have the facility to answer immediately, the traditional banking in a few months as well as a government loan. And with a crowdfounding or the help of people close to you could take even more.

Terms of the offer

As you can tell, these types of financing are distinguished mainly from where the money is obtained, so the conditions of the offer vary. You must choose the one that suits you and above all suits your business. For example, your business may be profitable but your way of managing it could stall it, so it is feasible that you request a venture capital in which business advice is included and is an extra backup. But if on the contrary you want to remain the owner of your business, any of the other types work. You should only compare the amount offered, the terms and interest.

Now that you know more about SME financing, you can make the decision that will make your business grow and improve. Discover in 10 minutes how much you can get from one of the best Fintech in Mexico and meet your goals.

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What Banks Evaluate When You Apply for a Loan http://www.olchem.org/what-banks-evaluate-when-you-apply-for-a-loan/ http://www.olchem.org/what-banks-evaluate-when-you-apply-for-a-loan/#respond Mon, 21 Jan 2019 16:31:34 +0000 http://www.olchem.org/what-banks-evaluate-when-you-apply-for-a-loan/

 

 

If you are thinking about applying for a credit for your business this post is for you. Understanding what banks or financial institutions evaluate will help you increase your chances of obtaining financing.

The process to apply for a loan in traditional banking is still complicated and can take up to 2 months to be approved. If you are going to apply for financing in a bank, these are the requirements that you must have at hand:

Documentation

Documentation

Most banks will ask you for at least 12 months of account statements to evaluate the way you handle the finances of the business.

Some banks may ask for up to 24 months of account statements. Additionally, they ask you for all the annual and partial declarations that you have made.

Warranty and guarantees

Warranty and guarantees

To apply for a business loan, you will be asked to have an endorsement to support your debt; in addition to some real estate that serves as a guarantee. This is a limitation for most small and medium businesses that are starting.

Bank account

Bank account

When you apply for a loan or credit at any bank, they will ask you to have an account at the institution so you can process your credit. In case you do not have one, you will have to open it to start the process.

In addition to taking months to respond, the requirements become a limitation for SMEs to access financing. Today there are online credits, which facilitate the process and are completely safe.

Why is it easier and faster to ask for a credit online?

Why is it easier and faster to ask for a credit online?

 

Evaluation in minutes

Financial technology companies (fintech) use digital information to give you an immediate response. They carry out an evaluation of your credit bureau to evaluate the risk of lending to you. In addition to review the turnover of your business, which gives us an idea of ​​your ability to pay and make a good offer to know what you really need.

Few requirements

When applying for a credit online, it is not necessary that you have any guarantee or guarantee, as well as any advance. With your credit history, the RFC with which you invoice and your SAT password you can complete your request and receive a response in minutes.

Online credits have become an ally to reduce the lack of access to finance that small and medium enterprises face. If you are going to apply for loans online, look for institutions that are registered with the Condusef.

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