Starting Your Own Check Cashing Business 0 Apr Introductory With Balance Transfer Option What Are The Consequences Of Filing For Bankruptcy Best Money Market Account
If you are currently thinking about starting your own check cashing business, there are things that you first need to consider. The path leading from conceptualization to realization can be a scary and uncertain route, and it is difficult for most people to know the proper steps to take. In this article, we will give you the information that you need to know before starting your own check cashing business.
The first and often most difficult hurdle in starting your own check cashing business is the initial investment. On average, the start-up costs for a check cashing business can range anywhere from $50,000 to $150,000, and unless you have a substantial savings, you will need to have solid credit in order to secure financing. In addition to paying for a location and having funds available to actually cash checks, there are many other expenses that you may not think of initially. For example, you need to figure in the cost of computers, furniture, monthly expenses (electricity, heat, etc.), employees, insurance, rent, advertising, licenses, and fees just to name a few. In addition, by the very nature of dealing with money, a check cashing business needs to have certain security measures in place to keep both your assets and employees safe. This may require hiring the services of a check-scanning company (such as TeleCheck), security cameras, alarms, and special glass to protect your workers. As you can see, your start up investment will play a large role in determining future success.
The second thing that you must do before starting your own check cashing business is to acquire all of the proper licenses and permits. It is advisable that you check with your local and state authorities to make certain that you possess all the necessary documentation needed to operate a business. It is also worth mentioning that you will have to comply with the federal and state government’s usury laws, which are in place to prevent financial outlets from charging exorbitant interest rates.
Let’s say that you have cleared these first two obstacles; what step should you take next? You should now turn your attention towards hiring responsible, and more importantly, honest employees. It is crucial in a check cashing business to hire only the most trustworthy of people, so you should take any safeguard necessary to ensure this. This step should include an extensive interview as well as background and credit checks. Do not rush this part of the process just so you can open up your doors to the public. This is one instance where your patience and sound judgment will definitely pay off, and it could end up saving you a lot of money that could otherwise be lost to employee theft.
Starting your own check cashing business is a difficult and involved process. By covering all of your bases and following through on the information provided above, you should find yourself well on the way towards operating a successful and profitable check cashing business.
The Christmas Holiday Season brings retailers 25% and more of their yearly sales. It’s safe to assume the month of January most likely shows the highest consumer credit card balances. As impulse buying often times is the culprit in charging more than we planned, it’s easy to see how one could get carried away during the ‘season of giving.’
Now it’s January and those bills have started coming in. Two or more credit cards with high balances can take a bite out of your budget. The easiest solution for many consumers is to apply for one of the many 0% APR introductory credit cards with balance transfer options. This could lower their payment by consolidating their bills and at 0% interest to boot!
When you’re looking into all the offers of 0% Introductory credit cards that allow you to transfer the balance from other cards, you need to compare offers carefully. Be sure you read the fine print. We often times get into the habit of getting excited with the hype and fail to read the details.
When you’re considering a new 0% APR credit card, look into how long the introductory period is. It varies from card to card. It can be six months or twelve months with some newer offers up to eighteen months. How long is it going to take you to pay the balance down to where you’re comfortable with it?
Then there’s the issue of the balance transfer. Is there a fee for the balance transfer? Some cards do not charge a fee to transfer and others charge as much as 3%.
The 0% offers usually apply towards any amount you transfer over from other cards; but, does it apply to new purchases? This feature also varies. Sometimes it’s just the ‘balance transfer’ amount and other times it includes ‘new purchases’ as well.
Another thing consumers should be concerned with when applying for a 0% APR introductory offer with a balance transfer feature, is what is the interest rate after the introductory period is over? This really can vary by several percentage points. Is it comparable to the competitors?
Last but not least, individuals need to be aware that if they should become delinquent prior to when the twelve month period is over, that 0% APR is gone. The offerers can now charge as much as 32% in some instances when your account is not kept up with the terms of the card. This could put quite a dent in the balance owing and the monthly payment as well.
The 0% APR introductory offer can be a great help to your financial situation. Just be sure to read the fine print. Know that you will be able to keep the terms and that the additional features of the card, including rewards offered, is what you’re looking for.
Bankruptcy may be your quickest way of getting relief from your unbearable debt, but it is also the most damaging action to your credit ratings. Let us review the consequences of filling for a bankruptcy before your make up you decision to go for it.
1. Hard to Obtain Credit
Bankruptcy restrictions apply from the moment the bankruptcy order is made and it is a criminal offence to break them. These restrictions will make it difficult, if not impossible, to obtain credit. If you wish to buy a house in the future, there will be a two-year waiting period after the Chapter 7 case is discharged before you will be deemed eligible for a home loan. When a Chapter 13 bankruptcy case is involved, the waiting period is twenty-four months after the debts are paid off in full. During that two-year period, you will need to have been employed steadily, have no negative entries in your credit file, and kept debt under control.
2. Negative Impacts If You Are In Business
You will not be able to be a director of a company or hold certain offices. You will also have to inform any people you do business with the name in which you were made bankrupt; this may has negative impact on your company's reputation and may discourage your potential customers to do business with you.
3. Lose Your Assets
You may lose your assets which include your home and anything of value. And some percentage of your income will be paid to creditors for 3 years. A poor credit rating due to bankruptcy will follow you for 7 to 10 years. The bad credit stated in your credit report will cause you hard to obtain a mortgage.
4. Family Relationship Impacts
Financial strain alone is enough to break a relationship. The majority of couples failed in their marriage due to money. Bankruptcy may cause negative impacts to your family relationship if your spouse can't accept the fact of bankruptcy.
5. Health Impacts
You may blame yourself on bankruptcy incident and regret on your action. This may affect both your mental and physical conditions. It may cause you to have financial phobia and fear to manage your finances in the futures.
6. Higher Loan's Interest Rate
Bankruptcy filling has the most damage on your credit record if compare to other debt solutions. Your bad credit record will remain on your credit report for 7-10 years and if you are getting any loan after your bankruptcy discharged, your loan's interest rate will be higher than normal.
Not all are apparent when considering bankruptcy and not all will apply to you. It is certainly worth familiarizing yourself so that you can make an informed decision when choosing whether or not to go for bankruptcy filling. And it is worth to get consultancies and advices from finance experts to see whether the bankruptcy is your only option; who know, you may find alternatives to this option and bankruptcy can be avoided.
Best Money Market Account
When you are looking for a good safe way to invest your money you should look into a money market account. They are a great way to maximize your savings potential without any risk. Many people don’t understand the way money market accounts work and therefore they don’t know how to choose the best money market account for their financial situation.
What is a Money Market Account?
A money market account is an account that works like both a checking and savings account. They offer you the ability to earn a much higher rate of interest then a standard savings account. This is because you only have the ability to withdraw money from your account six times a month, this is standard and every financial institution has the same rules. You can either write a check or a debit card to access your money.
What to Look for in a Money Market Account
One of the first things you should find out when searching for the best money market account is if the financial institution that you are going to use is FDIC insured. This is basically saying that the federal government is insuring your money, so if your bank, for whatever reason, goes out of business your money is not lost, you will get it back.
Another important factor is monthly maintenance fees that some financial institutions have. Many of them will waive all monthly fees if you keep a certain minimum balance each month and if you look around, especially on the internet, you can find many of them that have no fees and have require no minimum balance requirements. This is especially helpful if you are just beginning to start saving, the last thing you need is having your savings eaten up by fees.
Opening balances vary from institution to institution. Almost every money market account has a minimum opening requirement. However, they run the gamut, many require only $50 to open an account but as you get the better interest rates you will often have higher opening balance requirements, in fact several of them get up to the $5,000 mark.
Where to Find the Best Money Market Accounts
Until recently the only place to open a money market account was to go to a local bank. With the internet becoming so prevalent in society, lending institutions have begun to use it to recruit new customers. Some of the best money market accounts are available by internet. They don’t have the high expensive of having lots of buildings to maintain so they are able to offer higher interest rates.
The only real difference between using an internet bank and a local branch is how you make your deposit, you will make your deposit two ways you can have your employer do a direct deposit or you can mail them a deposit. It is recommended that when you mail your deposits you send them certified.
Having a money market account is one of the best ways to save your money with no risks like stocks or bonds. You keep your money liquid and earn a great interest rated so take some time and find the best money market account for you and your financial circumstances.
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