Month: April 2017

You want to start your own business, however, you would also like to avoid borrowing your initial fund from banks and other loaning establishments (either due to strict policies or requirements). After all, collaterals and interest rates are a risky part of every start up business ventures. No need to worry;  we listed down a few alternative ways to fund your own venture, may it be a small scale business or a large scale manufacturing unit. These may seem unusual at first, but take note that they are proven and tested to have been the providers of some of today’s successful business structures:

Angel Investors

They are usually a group of people or organizations who are always on the lookout for new and bright, business ideas. They would invest on your business, given that once it becomes successful; they receive a share of your profits. One such company that was funded by angel investors was Google, who started out from scratch and is now a multinational company with a net worth amounting hundreds of billions. Take note that angel investors and any related transactions must be registered with the Securities and Exchange Commission (SEC).

Venture Capitalists

They are very similar to angel investors, requiring a share of your profits once your business becomes a huge success, however, there is a notable difference that you should watch out for as well. Unlike angel investors (who would step aside once you are given the start-up amount), Venture Capitalists would prefer to have some control in how the company is handled, as they are looking to ensure profit on their investments as well. This would be most applicable if you wouldn’t mind having an extra hand or consultant in your business.

Crowdfunding

The advent of technology enabled everyone’s voices to be heard. We have social media that enabled us to speak out our minds, and in turn, receive reaction on those thoughts, may they be positive or negative. Crowdfunding websites have also been on the rise. These are websites for people who wish to showcase their business ideas, and in turn receive financial backing from around the world to start up those ideas into an actual venture.

Credit Card Stacking

Also known as “unsecured business credit lines,” this method allows you to use different credit cards which has a total credit limit that matches the amount of financing that you would need for your business. It may seem like a fairly inexpensive way of gaining your capital, however, there is a reason why this method is also deemed “unsecured.” With the negativities tied to credit cards, some lenders would allow you to do this for free. Take strong caution in undergoing this procedure to avoid any possible debt problems in the future.

Inventory Financing

This method is perfect for those who are looking to try out the retail business. The lender would provide you with funds so you may purchase items which would be sold at your business, much like groceries or the local second-hand clothe stalls famously known as “ukay-ukay.” Take note that this method strictly entitles the lender to only provide funds for a retail type of business, other options of entrepreneurial ventures are out of the question.

Friends and Family Loans

When all else fails and you are already out of options, one way to obtain money for starting your business would be to borrow from your family and friends. Unlike banks and other funding organizations, they would be more forgiving when it comes to deadlines. Of course, never forget to pay your interest (and on time) as to not rock any family relationship or friendship over money. This would also avoid any unlikely sense of gratitude that may occur once your business becomes a success.

With all of those unique ways in mind, you are motivated to push through with your business plan and finally decide to venture out. However, you are still looking for a much convenient and hassle-free procedure to acquire your initial capital. Well worry no more, as we at Cebuana Lhuillier offer Lucky Loans, a multi-purpose loan offered to SMEs such as restaurant and mini groceries, among other businesses.   So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy, and secure transaction.

Car owners are encouraged to get insurance for their vehicles so that, in an unlikely event such as an accident or theft, the insurance company will cover most,  if not all, of the expenses that the owner would otherwise have to pay himself. This saves car owners money, time, and energy.

Picture this scenario: You are in a three-car collision in a major highway. Your car got sandwiched in the middle of two other cars, so your bumper and trunk are badly damaged. Luckily, no one is injured. All drivers step out of their cars. Your driver takes photos in his smartphone while another driver calls the police to investigate what happened.

It seems that while in traffic, the car behind you didn’t brake in time, and crashed into you, while your car crashed into the car in front of you. It was a domino effect.

The first thing that drivers and passengers need to do is to stay calm at all times. No one wants any more accidents occurring after this event. If you’re the owner of the car, immediately call your insurance company and calmly tell them what happened. Provide them the time and location of the accident, as well as the other parties involved.

You’ll be brought to the nearest police station so that all parties can file a police report affidavit, which details who is at fault and how the cars were damaged. The process can take a while, but after a few hours of talking to the police and the other car owners who were in their respective vehicles, you all make deals to let your insurance companies settle this.

You again call your car insurance company and ask them how to claim your insurance. Over the phone, your account manager will tell you to submit the following:

• Copy of the Policy and Official Receipt of Premium Payment—This is proof that you paid for your policy so that you can claim your insurance.
• Police Report Affidavit—Details of how your car was damaged and who was primarily at fault.
• Photos—Print out or show through your smartphone the photos of the situation, the damaged parts of your car, and the cars and faces of other parties involved. Make sure that all license plates are visible in your photos.
• Photocopies of your driver’s license, receipt of your driver’s license, vehicle registration, and the official receipt of your vehicle registration. These should be within your person or at least inside the car at all times.
• Insurance claim form from the insurer—this is a legal written declaration of the accident. Many insurance companies have general forms for this.
• Repair estimate—the cost of damages covered by a comprehensive car insurance

Claiming your car insurance varies from company to company, but many processes are almost always the same. Remember to always to document the accident or any event, and be prepared with the necessary documents to ensure that unnecessary expenses are covered.

Pawnshops are places where you can loan cash in exchange for your jewelry. Sometimes, a person can’t get back their pawned jewelry because they can’t pay what they owe. These pieces will be sold to people who want to buy gold rings or necklaces at more affordable prices.

If you don’t have an issue of buying used jewelry, you can readily buy them at any pawnshop at your convenience.

WHAT CAN YOU FIND IN A PAWNSHOP?

If you’re looking to find some jewelry for yourself, but without spending so much cash, consider going to a pawnshop.

You’ll definitely find an array of vintage jewelry and hard-to-find pieces, often bequeathed to parent to child. There are jewelries bought from different countries, such as the Middle East, which travelers pawn or sell to pawnshops in exchange for cash.

Most pawnshops, if not all, only accept gold jewelry, but others can also accept silver, platinum, and other precious metals. These should be in good condition: no damage, no chipped stones, no missing pieces. They assess the price according to the weight and size, if it’s in mint condition or if it has damages.

But how do you know if the pawnshop you’re dealing with is legitimate and trustworthy? Here are five tips to ensure that you get the best price for the jewelry you’ve chosen.

TIP 1: Shop Around and Negotiate

The value of gold jewelry varies from pawnshop to pawnshop, so feel free to go around and see how much you can get for your ring. Of course, take note that because these pieces are more often than not one-of-a-kind, you might not find the same ring you’ll see in one pawnshop. Unless you trust the pawnshop due to your previous transactions, don’t settle with one. Until you find your dream ring, keep searching.

You can also talk to friends who have experienced buying from a pawnshop, or look around the internet for testimonials for the pawnshops you’d like to talk to. Take note of the positive and negative reviews on Facebook Pages, if they have, or check forums where people tell their stories about buying pawned items.

If you have a friend with a jeweler’s eye, bring them along, too. You’ll need all the help you can get to avoid getting a bad deal.

TIP 2: Test the Jewelry

When you’ve found the ring of your choice, ask the pawn broker to apply an acid solution to determine if your gold is indeed pure or if it has impurities (stainless steel may be sold as white gold if you’re not careful).

You can also see if the precious stone on the ring is authentic or a synthetic duplicate. For example, if you’re looking at a ruby-encrusted ring, you can check its brightness. It should look like a red-colored traffic light. If it’s much darker, it could be garnet. If it isn’t bright, it could be fake.

The best way to test the authenticity of precious stones is by scratching it with your fingernail or a coin. If you can scratch it, then it’s fake. Only diamonds can scratch a real ruby, emerald, or sapphire.

TIP 3: Check the Price

Upon testing the authenticity of your jewelry, check the price. Usually, there are price tags accompanying the jewelry pieces, but if they don’t, better be careful. They could raise the price, especially if you tell them what your budget is.

TIP 4: Read the Fine Print

Some pawnshops require you to sign a legal document, saying that what you’ve bought is authentic and that there is no return or refund policy. Read the policies carefully before making a commitment and spending your money. This document is to protect both you and the pawnshop from any unlikely event.

Buying jewelry from a pawnshop is always an adventure, so be sure to prepare in advance. Always do your research before going into pawnshops, and always choose to negotiate with notable ones, like Cebuana Lhuillier.

No matter how excited you are, it’s always good to have a skeptic mind before finally choosing your jewelry of choice. Be sure to have your jewelry scaled, tested, and appraised. You need to do this because you want value for your money.

With these in mind, the next time you want to add a unique piece of jewelry to your collection, you can buy from a pawnshop with ease and confidence.