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Seeking expert assistance is a wise move whether you’re planning for retirement, saving to send your children to college or just trying to increase your wealth. If you don’t wish to manage your portfolio on your own, Consulting with a registered investment advisor can help you put your money to work in a more effective way.
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Managing your money well is an important part of life. So don't trust that responsibility to just anyone. With Education First, you're more than a member, you are a part-owner! We're a not-for-profit financial cooperative that's uniquely structured to help you improve your financial well-being.
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When to Consider a Small Business Loan
Many entrepreneurs use personal savings and credit to cover their initial costs because it can be difficult to get a business loan for a startup without a proven track record and credit history. However, relying on credit cards with high interest rates and low credit limits is not a sustainable situation. Applying for a personal loan can help by providing more funds at a lower interest rate than a credit card. But there are significant advantages to having a business loan, so most entrepreneurs should not rely on personal loans indefinitely.
“The responsible use of business loans will help build financial credibility for your company, which will open doors for other opportunities that can help you grow and expand - such as higher lending limits, and trade credit with vendors and suppliers,” writes LendingTree.com contributor Ashley Sweren.
Figuring out how and when to transition the bulk of financing from your personal loan, credit, or savings to a business loan becomes much easier when you have built a strong relationship and work closely with your financial institution. The EFFCU Business Lending team can look at your business plans and finances and tell you what types of loans are available to you. It's possible you can currently get a business loan with a favorable rate and don’t have to delay. If you aren’t likely to qualify right now, Business Lending can help determine what steps you can take to become a better candidate in the future.
It’s important to note that you should not wait until you are in dire need of funding to begin your loan application. Obtaining a loan is not instantaneous, so don’t wait until a large piece of machinery breaks or you run out of inventory before beginning your application. Waiting could mean an interruption in business operations and a potential loss of income. If you aren't sure how much you need, don't worry - we have a business loan calculator available for you.
Furthermore, waiting too long could actually have a negative impact on your application.
“The truth is, it’s easier to secure a loan or a line of credit when you don’t need one rather than waiting until the situation is dire,” states Ami Kassar, CEO and Founder of MultiFunding.com and Guest Writer for Entrepreneur magazine. “If your business is doing well – you have accounts receivable, industry growth is strong, and you have good credit – now is the time to consider a loan or a line of credit.”
Small, community-based financial institutions like Education First are historically known to be more business-friendly than big, national bank chains, so they are a great place to go to discuss this issue further. If you would like to learn more about possibilities for your small business; reach out to Education First FCU's Business Lending Department to begin building a positive relationship that could lead to a more profitable future. If you're ready to get started, you can apply for a business loan today.
Interested in Cryptocurrency? Here's what you need to know.
Cryptocurrency is a word that many know but fewer understand. Survey data shows that 98% of people do not have a basic understanding of what cryptocurrency is. With so much information online and so many terms and concepts, it can be challenging to understand what cryptocurrency is, how you get it, and if these coins are safe investments.
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How to Save Money on Your Medical Expenses
Medical debt in the United States, as of August 2021, was approximately 140 billion dollars, and 45% of Americans state that they would find it difficult to pay an unexpected $500 medical bill.
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