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Need Money Now? Here Are 7 Ways You Can Gather Small Cash Fast

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Need Money Now? Here Are 7 Ways You Can Gather Small Cash Fast

Running short on your monthly budget? Don’t worry, we have you covered.

This article will provide you with 7 of the best quick money options to get you out of your small cash binds. Obviously, when you need money and that too urgently, a small personal loan seems like the best way out. There are no obligations, other than repaying the loan, and also the money is completely legal.

In this article, you’ll find everything, including short-term personal loans and other money-making tricks to satiate your financial needs.

So, stay with us and keep reading to know more.

Online Installment Loans

As already mentioned short-term personal loans are one of the first thoughts to cross many minds when they need urgent money. However, most don’t really know where to look and what to look for in a short-term personal loan.

A rather convenient way to access these unsecured loans is going through an online money lending network. Of course, accessing lending options online reduces the paper-tussle and also speeds up the process.

Typically, taking out an installment loan from a private lender or a bank would require you to visit their corporate office. On the contrary, the online process eliminates all these hurdles.

All you need to do is fill in some basic details, choose the term and amount of the loan, and submit your application. It would usually take not more than 2-3 minutes. Plus, you stand a better chance of receiving an economical loan and that too without having to share your credit history or score.

Payday Loans For Ultra-Short Fund Needs

An alternative to installment loans is a payday loan. While installment loans, as the name suggests, are to be repaid in parts, payday loans are to be repaid one-time.

Notably, these loans are most suitable when you need a very small amount of money. For example, accessing a payday loan for a $500 loan is wise, but when you need more money, it would be better if you look for installment loans.

Although, many lenders offer payday loans up to $5000 or even more, you should only choose these loans when you know you can repay in time and without fail. The biggest issue with payday loans is the processing fee and comparatively high-interest rates against conventional loans.

Liquidating Your Assets

The aforementioned loans are mostly for those who do not have any assets to liquidate or mortgage against. Of course, when you have no savings or investments, you can presume to have no backup. And you’re left with no other option than seeking a short-term personal loan.

If you already have some investments, let’s say, mutual funds, it is better to sell them off rather than taking out a loan. The benefits of liquidating your assets are you need not to pay any interest. But instead, you also get access to your earned profits, in terms of dividends.

That being said, there is also a catch to this option. It is only advisable to liquidate your assets if they have reached maturity. In some cases, your bank or your financial manager won’t let you sell funds.

Mortgage Against Your Property

Another alternative to liquidating your assets is seeking a mortgage against them. While most commonly, a mortgage is offered against an immovable asset, such as a piece of land or a house, but you can also access a mortgage against other high-value assets.

For example, you can seek a mortgage against your mutual fund’s policies, or you can also place your insurance policy as collateral.

The benefit of seeking a mortgage against your assets is only that you still own your assets. They are only being placed as collateral and will only be redeemed if you fail to repay your debt.

Organizing A Garage Sale

Quite possibly you’d have a lot of stuff at your home or your office that you don’t use anymore. There could be endless reasons for it including you may not need them anymore.

It is a good idea to sell them off to make some money when you know you don’t need them anymore.

Organize a garage sale for the stuff that you don’t use or need. Not only will it bring you the necessary funds but also help you get rid of all the clutter from your place.

Take Up A Side-Hustle

One of the best ways to make some quick money is by taking up a side-hustle. In fact, according to a survey, nearly 63% of Canadians have a part-time job apart from their regular stream of income.

Taking up a part-time job will solve your financial problems once and for all. Many part-time jobs are available either on a contract or hourly basis. It means you can expect to receive the payment for the work you do as soon as you complete and submit it.

It is noteworthy that you have endless options to choose from when it comes to taking a part-time job. You can take up freelance graphic design projects, or content writing orders. Or you can also take up a waiter’s job at a nearby diner. All you need is to know that you have the necessary skills needed to perform the task you take up.

Loan Against PF or 401(k) Account

Most of the time, financial advisors opine that withdrawing from PF or 401(k) accounts will harm a person’s credit score. And, as a matter of fact, this is true to some extent.

Despite the fact, there could be situations where you may find no other solution to your financial crunch.

But, still, it is rather best to seek a loan from your 401(k) account. The benefit is, your PF is still secure and all the interest that you pay adds up to your savings only. However, there’s a catch to this as well. When you take out a loan from your PF account, it is rather important that you pay it off in time. Otherwise, it may reflect as a distribution of payments and you may have to pay a penalty on the amount you borrow.

Facing a cash crunch is no ordeal. It could happen to anyone. What’s rather important is steering out of this financially troubling situation the most efficient way. You need to find a solution that not only fulfills your needs but also protects your financial future.

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3 Things to Do If You Want a Career in Business Management

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Career in Business Management

Many ambitious people are eager to work toward a successful career in business management, and they work hard to get where they want to be. If this is something that you would love to achieve, it is important to think about the steps you need to take in order to make your career dreams into a reality. There are various ways in which you can boost your chances of success, and by planning ahead, you will find the whole process far easier.

Getting into a career like this is not always easy, and it can present a big challenge to those with minimal management skills and experience. However, one thing you can do with greater ease these days is to turn to modern technology to boost your chances of career progression. From providing you with job opportunities to giving your access to better resume tips, there are many ways in which you can benefit by going online. In this article, we will look at some of the things you can do if you want a career in business management.

Some Steps to Take

There are a few key steps you can take online if you want a career in business management. Some of these are:

Improve Your Skills and Qualifications

One of the things that you may need to do in order to boost your chances of success is to improve your skills and qualifications. In the past, this might have meant disrupting your current schedule and commitments to go to college, but these days, you can do this in your spare time and from the comfort of your own home. There are many online learning facilities that provide you with access to courses and training, and this can make it easier to earn the qualifications and gain the skills that you need.

Try to Gain Experience

Another thing that you should do is to try and gain some experience, as this is something that will look good on your resume and means that you will be able to impress interviewers. If your current job does not give you any opportunities to do this, you can always contact charities to see whether they need any volunteers in management positions. In addition, you can contact local businesses to see whether they are able to help with any work experience opportunities that you can undertake in your spare time.

Register Your Details for Relevant Jobs

Naturally, when you want to get into a management position in the world of business, you need to be on the ball when it comes to finding relevant opportunities. One simple solution to this is to register your details for relevant business management jobs online via the various jobs agencies that are in operation. You can then be informed of new opportunities automatically, which saves you time and inconvenience.

These are some of the things you should do if you want to boost your chances of a successful career in business management. 

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Business and Finance

Tax & Accounting Startup TaxBit Raises $130M Series B at $1.33B Valuation

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Tax & Accounting Startup TaxBit Raises $130M Series B at $1.33B Valuation

TaxBit, the leading tax and accounting software provider for the digital economy, announced today a $130 million Series B funding round at a $1.33 billion valuation. The round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano. In conjunction with the financing, Tom Loverro, General Partner at IVP, and 2021 Forbes Midas List awardee, has joined TaxBit’s Board of Directors.

This investment comes just five months after the company raised a record-breaking $100M Series A. Since that time, TaxBit has tripled headcount while launching HQ2 in Seattle, deployed services with the IRS, and entered into partnerships with many leading digital asset platforms. Dozens of financial institutions are deploying TaxBit’s Tax Center Suite technology. Many of these platforms will be announced throughout the remainder of the year as 2021 tax season approaches, with FTX US revealed today.

FTX CEO Sam Bankman-Fried commented, “FTX US is excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools, and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”

TaxBit will use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors. The company plans to double headcount by the end of the year and continue to open new offices in the USA and UK to fuel international expansion.

“Tax reporting requirements make TaxBit a ‘must have’ for both crypto-native companies as well as traditional financial services companies as they increasingly embrace crypto,” said Tom Loverro, General Partner at IVP. “TaxBit has emerged as the clear market leader in its offering to enterprises and tax authorities. It is a privilege to partner with Austin and the TaxBit team on their next phase of growth.”

“TaxBit is pioneering a comprehensive suite of cryptocurrency tax products, and is poised to capitalize on incredibly strong industry and regulatory tailwinds,” added Ajay Vashee, General Partner at IVP, who will join the company as a board observer.

Nikhil Sachdev, Managing Partner at Insight Partners, will join the company as a board observer. “The tokenization of our global financial system is underway, and our current tax, accounting and ERP software infrastructure isn’t equipped to manage this shift. TaxBit has emerged as a leader in the industry and the platform helps everyone from consumers, exchanges and government to enterprises easily manage tax compliance and financial reporting on crypto transactions. We’re thrilled to be part of this next chapter of TaxBit’s rapid growth.”

Digital asset adoption continues to quickly go mainstream as institutional investors and global payment providers offer cryptocurrency alongside traditional assets. The digital economy’s need for tax and accounting software grows with the industry as regulators require more formal reporting practices.

“We are living in a time where everything is going digital, including traditional assets,” said Austin Woodward, TaxBit CEO. “As we’ve built and deployed modern tax and accounting software tailored to digital assets, it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”

About TaxBit

Designed by CPAs and tax attorneys, TaxBit is the leading tax and accounting solution for the digital economy. TaxBit’s customers include the world’s top exchanges, institutional investors, governments, and individuals. As the first and only company to build real-time ERP accounting software for commodities, equities, and other digital asset investments, TaxBit provides enterprise clients with seamless end-to-end solutions including core accounting suite, customer management suite, and form issuance. TaxBit Consumer makes filing taxes on digital asset investments simple and painless, while equipping them with real-time directional insights 24/7, 365. TaxBit connects all digital asset transactions across every exchange so that individuals and enterprises can accurately file their taxes, manage their portfolios, and make tax-optimized trades, all through TaxBit’s seamless & secure software. TaxBit has HQ in Salt Lake City and Seattle.

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Business and Finance

Will I Lose My Business After Filing Bankruptcy? Understanding Your Options

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Will I Lose My Business After Filing Bankruptcy?

Bankruptcy does not necessarily mean going out of business. Many companies, even major national and international brands such as General Motors, Marvel Entertainment, Six Flags, and Texaco, have used bankruptcy to reorganize their debt and other obligations. This reorganization allowed them to continue business operations – leaner and meaner, so to say.

This article lays out your business bankruptcy options and the consequences of filing business bankruptcy.

Chapter 11 Bankruptcy – Business Reorganization

A business intending to continue to operate, but with debt obligations, it cannot meet, can file Chapter 11 and reorganize its debt. A Chapter 11 bankruptcy begins with filing a petition and disclosure statement listing all assets and debts, including an income statement, and either a proposed plan for reorganization or the intention to file a plan. The owners of the business then become the “debtors in possession” and continue business operations while the Chapter 11 case is pending.

The reorganization plan will include all creditors’ claims organized by class, and each class will be treated separately. Some classes may have claims paid in full, others’ claims may be “impaired,” which means modified in some way, often paid less than what is owed. The creditors whose claims are impaired vote by ballot on the plan, the ballots are tallied, and the court holds a confirmation hearing to determine whether to confirm the plan.

The Chapter 11 Plan Must Be Feasible

Creditors want to be paid, and they often argue to the court that the proposed plan is not “feasible,” meaning, your business cannot hope to pay and perform under the plan considering its past performance, current finances, and anticipated future finances. This is a strong and persuasive argument, so if you are considering filing Chapter 11 be sure to craft a plan that will restore your financial situation and that your business can and will execute.

Once a plan is confirmed, the business operates as usual but pays creditors or performs its modified contractual obligations according to the confirmed plan. Once the plan is fully paid and performed, the business is discharged of liability for the unperformed or unpaid obligations.

Chapter 13 Bankruptcy – Sole Proprietor or Single Member LLC Reorganization

If you are a sole proprietor, a single-member LLC, or a married couple owning a business as a partnership or LLC, in most cases, you can file a personal Chapter 13 bankruptcy petition rather than Chapter 11, Why would you want to? Because tax law recognizes you and your business as one entity, not separate entities, you can use Chapter 13 to reorganize and discharge both personal and business debts and obligations.

Chapter 13 has many other advantages over Chapter 11. A personal Chapter 13 filing is a less onerous, more streamlined process and the filing fee is much less than Chapter 11. The attorney fee will be much less as well, as Chapter 13 has far fewer administrative requirements and requires fewer court appearances than Chapter 11.

How to File Chapter 13 and Reorganize Business and Personal Debt

If you decide to file Chapter 13, you (or you and your spouse) will meet with an attorney and craft a Chapter 13 petition and schedules, disclosing all income, expenses, assets, and debts, both personal and business. Once you take the online Credit Counseling course, your petition and schedules along with your certification of completion of the course will be filed. You will also file a proposed Chapter 13 repayment plan.

Using the Chapter 13 plan to Reorganize and Discharge Debt

Your attorney will also help you craft a three or five-year repayment plan that will allow you to do any or all of the following:

  • Catch up with a mortgage, auto loan or lease, and business loan arrears;
  • Catch up with any unpaid support obligations, such as alimony or child support;
  • “Strip off” second mortgages, third mortgages, or HELOCs if the value of the property is less than the amount owed on the first mortgage;
  • “Cramdown” any outstanding auto loans to current market value, and pay them off through the plan at prime plus 1-3%.

Regular Income is Required for Chapter 13 Bankruptcy

You must be able to show that you will have enough income to fund your plan and pay your ongoing expenses. If you do, the court will confirm your plan and in three or five years when you’ve completed your plan payments, you will be discharged of all unsecured debt and you will have reorganized your finances, both personal and business.

Chapter 13 for small business owners can achieve the same thing as Chapter 11, without the expense, time, and creditor oversight, but with the added benefit of dealing with personal debt and discharging any personal guarantees on business loans.

Chapter 7 Bankruptcy – Business Liquidation

If there is no reasonable possibility of continuing business operations even if some debt is reorganized, then Chapter 7 bankruptcy may be the only option. In a Chapter 7 business bankruptcy, the Trustee sells all business assets, if any, for the benefit of creditors of the business, and the business closes its books and ceases operations.

Chapter 7 bankruptcy is an opportunity to discharge all debt obligations of the business, which may include pensions, unperformed contract obligations, and business loans. The downside of Chapter 7 business bankruptcy is that if any individual personally guaranteed a business loan, that individual is still liable. The upside is that business owners walk away free of debt and contractual obligations, and may start another business in the same or a different field.

Chapter 7 for Sole Proprietors or Single-Member LLCs

If the business in question is a single-member LLC or a sole proprietorship, or a married couple owning it as an LLC or partnership, in most cases the business owner(s) could file a personal Chapter 7 case and have both personal and business debts discharged, inclusive of personal guarantees for business loans.

Business bankruptcy can get complicated, especially with the varying laws governing business structure state-to-state and the myriad ways a business can obtain financing. Before making any decisions, you should consult with a business bankruptcy attorney, who can provide you with an analysis of your options based upon your unique financial situation.

About the Author: Veronica Baxter is a legal assistant and blogger living and working in the great city of Philadelphia. She frequently works with David Offen, Esq., a busy Philadelphia bankruptcy lawyer.

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