TAX SEASON IS UPON US, DON'T SETTLE WITH AN IRS PAYMENT PLAN!
Many people struggle with paying taxes especially when the relevant authorities have not made it a straight forward process. The Internal Revenue-Service offers different forms of payment plans; which are ways that offer more time for people to settle their balances without incurring any penalties.
If an individual is short on funds but is expecting some in the near future, then the best option is to go for debt consolidation loans. Debt consolidation loans are loans taken to settle different and often more expensive debts.
Here some reasons why debt consolidation loans are convenient:
The IRS charges interests and penalties on a monthly basis to the unsettled balance. Eventually a tax payer will have paid more than the original remainder.
Making use of debt consolidation loans will save a taxpayer from paying more than they have to in the long run. These loans assist in building a good credit history and boosting credibility of an individual.
Debt consolidation loans will save a tax payer from incurring the fees that come with the IRS payment plans. These IRS fees may seem insignificant but with time they become quite burdensome for the low income earners.
An individual will take out the loan to quickly settle their IRS debt and therefore will have no need to incur any IRS interests and penalties.
You will avoid a federal tax lien. Using debt consolidation loans to pay off IRS debt will nullify the possibility of the government seizing your property.
"Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones." -Benjamin Franklin
Let’s avoid the repercussions of the not paying the IRS
The IRS issues a lien once a debt accumulates to more than ten thousand dollars. The issue is a form of warning of a possibility that the government can lay claim on your personal property for not settling a tax debt. If you ignore this warning, then the IRS will come after your bank account and other assets. They will have a right to sell your personal possessions in order to recover your tax debt.
For a debt consolidation loan, you won’t need to disclose all of your financial information. If your tax debt is more than fifty thousand, then applying for an IRS payment plan will require additional financial information.
It may seem logical but this is a complex system designed to get debtors hooked. Once you are in the system and you cannot settle your debts you will then become burdened with a large percentage of your future income going directly to the IRS payment plan.
To avoid all of this, it is best to seek out debt consolidation loans. Many of these lenders follow the revenue based loans model which does not require comprehensive financial information from a borrower in order to approve an application.
The advantages of an IRS payment plan include fast approval for debtors that have an amount that is less than ten thousand dollars. The taxpayer will have a maximum of about five years to settle their debt. Unfortunately, by that time the interests and penalties will have accumulated to a significantly higher figure. In retrospect, between the IRS payment plan and taking out debt consolidation loans then the latter is a more suitable path to follow.
Credits: AHR - Education Loan Consolidation American Hope Resources
Why Consider Debt Consolidation Loans?
These loans can be considered as a form of a personal loan that does not require security. When you take out the loan, all of your debt owed to the IRS will be paid off. After which you will start settling a monthly bill that contains the interest of the loan plus the debt amount.
Please note that the secured debt consolidation loans come with a lower interest rate than the unsecured ones. The main disadvantage of taking out a secure loan is the possibility of losing the attached asset.
Here are the advantages of taking on debt consolidation loans that are secured:
o You Can Secure A Bigger Loan
This is dependent on the value of the collateral you will be willing to attach. It is possible to secure a minimum of 80% of the value of an asset. The more valuable the security the larger the amount you can receive.
o Interest Rates Will Be Low
The rates are low in comparison to other options such as unsecured types. A lower rate will be an average calculation of different factors that make up the loan. These are not limited to your location and your available credit score.
o The Qualifications Are Not As Strict
The availability of a valuable collateral eliminates the need for high qualification requirements. The lenders become more flexible on the credit score which leads to individuals with lower scores to be approved for debt consolidation loans.
o Accommodating Terms of Repaying
The monthly bill for loans will eat up a significant portion of the budget and make life difficult for a debtor. This is why lenders can extend the repayment period to several decades. The adjustment will lower the total monthly amount a taxpayer is obligated to pay and therefore making it possible for some funds to be put to use on other things. Reducing the burden is a psychological incentive for a borrower and they will in turn have measures in place to settle the debt at a faster rate. Unsecured debt consolidation loans are somehow the opposite of the secured ones. The main advantage of these loans is that collateral is not required for a loan to be handed out.
Here some disadvantages of the unsecured debt consolidation loans:
o The interest rates: The rates are higher in comparison to the secured loans. The loan providers will raise the rates because they look at it as risky from their perspective because of lack of collateral.
o Limiting credit requirement threshold: Credit score is necessary to determine the ability to repay the loan, this may or may not affect your outcome. Debt consolidation loans are usually given out to people that cannot get assistance from the traditional financing channels.
These disadvantages can be avoided if a debtor focuses on the disciplines of repaying debt. These are advices that can be gotten from certified financial advisers.
Always make sure to consult certified professionals because it will save you the guess work that will increase your debt instead of solving it. Also lenders range in the different loan types available that may be more suitable to your needs. Having a well-versed lender comes to your advantage in giving the availability of options that others may not have available. Please contact My Alpha Loans (the experienced lender) towards getting your quick approval and receiving all of the options available in the market today.
There are many other alternatives to an IRS payment plan. You can opt to borrow from your savings plan providers. These may include your insurance and a retirement plan provider.
Many kinds of lenders who can help:
My Alpha Loans can do it all, however here is a breakdown.
· Unsecured loan providers
One example is a peer to peer lending service, where individuals get to lend among themselves and the platform facilitating the service gets a share of the interests incurred.
The larger the amount you get the longer the repayment period you get. The typical repayment durations range from two to five years depending on the amount borrowed.
Some services can fund up to forty thousand dollars as long as the borrower has a great credit score. They are a great alternative to loans that depend on paychecks.
· Traditional debt consolidation loans providers
The most common place to get a loan is from a bank. The secret to getting a larger amount from a banking institution is to maintain a flawless credit score and history. They are known to stay away from individual with poor credit scores that are below the recommended threshold.
A bank’s maximum repayment duration of five years and they are notorious for repossessing properties of uncooperative debtors. Their rates will range from between eight and ten percent. Banks are great lenders but majority of people have had a negative experience from them.
These are non-deposit taking financial institutions. The qualification requirements are not as limiting as with other lenders. They are the very definition of the characteristics of debt consolidation loans. This is where all of your debt is settled and then you get a manageable monthly repayment plan.
Looking Out For The Best
One of the all-encompassing debt consolidation loans providers is MyAlphaLoans.com. They will hold your hand through the confusion and chaos of the IRS payment plans this tax season.
Any credit type is qualified to apply for debt consolidation loans that have no registration fees and no collateral required. A loan will take about three days to be processed and the amount can be up to five hundred thousand dollars.
The rates start at five percent with a payment term that can stretch to seven years. Unlike with other lenders this form of transaction will not reflect in your future credit report.
The firm has more than a decade of experience in this niche financial market. The positive reviews from previous clients support the ability of My Alpha Loans in being the most appropriate alternative to the IRS payment plan.
The IRS payment plan reads like a good deal but as you think twice click here to apply for MyAlphaSolutions.com
Have a question? Call Toll-Free (877) 781-0910
LET'S TAKE A LOOK AT REVENUE BASED LOANS
Revenue Based Loan/Financing for Small Business Owners
In the new economy, it can be very difficult or impossible for a small business owner or entrepreneur to find capital to support the development of new ideas. Historically, small businesses and entrepreneurs have sought capital through "Angel' investors and lending institutions and these options are increasingly unavailable to even well-established businesses. The revenue-based finance model sometimes called the royalty-based finance model (RBF), is a financing plan that was introduced over 50 years ago and is gaining popularity today. The RBF model provides unique benefits to both the small business and the investor.
What is Revenue-based financing (RBF)?
The RBF model is a non-dilutive system in that the small business owner does not lose any ownership in the company, this factor tends to be the most important and desirable feature of the RBF funding system to small business owners. Additionally, the investor's payout is capped to a specific amount that is paid out of the revenue the company earns within a specified time period. Business owners benefit by receiving investment dollars to build their business without losing ownership and investors benefit by receiving payouts as soon as revenue is made by the business. The investor has purchased the rights to the revenue earned by the small business, but they have not purchased any other ownership of the business. The terms of the RBF model are typically negotiated to allow some time for revenue to accrue before payouts need to be made, and typically there is a time period limitation and a payout limitation that is included in the negotiated terms. These kinds of buissness loans are great for expanding businesses that need funding to support their cashflow and needs as they grow.
This model is now used by many investment companies across the nation including even local and state government agencies. Notably, not all small businesses or investors will benefit from using this model. Investors who agree to RBF terms need to accept the 'capped' earning potential of the investment. Businesses with low-profit margins and limited flexibility on pricing should careful negotiate the terms of any RBF financing plan to make sure their revenue stream can support a regular deduction and payout to investors.
The monthly loan payment is based on a percentage share of the client's monthly gross revenue, similar to royalty payments. If revenues drop, so do payments, and vice versa. Maturity of the funding is tied to the time when a predefined total repayment cap is reached, usually 6 to 60 months, depending on a client's needs. Some RBF investors offer modified short term financing, 3 to 12 months with fixed monthly payments and fixed maturity. The key qualifying requirements for a potential client are a generation of monthly recurring revenue (MRR), high gross margin, low customer/revenue churn rate and cost of acquiring a customer, just to mention a few.
Normally, Revenue Based Financing investors/ lenders do not ask for collateral or personal guarantees.
They rely on the financial performance of the borrowers, instead. However, there are instances when personal guarantees may be required, particularly if the borrowing company is a start-up or financially weak. Some RBF investors may require to register a 1st lien on the borrowing company's assets such as patents, domain names, and trademarks. This is usually done to ensure that the debt is categorized as a senior debt in case of foreclosure.
What are the advantages?
The RBF model can give a revenue stream for any business and may offer a mechanism for funding both well-established business institutions and upstarts, equally.
The borrower benefits from easy access to capital without diluting equity or giving up personal or business assets for collateral. The finance is pricy but it is worth it given the benefits and the circumstances of the borrower.
What does MyAlphaloans currently offer?
MyAlphaLoans.com understands the capital needs of today’s small business and they are here to help. Their committment is to provid you with the best possible financial solutions the marketplace has to offer, with none of the hassle and long wait times associated with seeking financing through traditional lenders. Let MyAlphaLoans.com Solutions get you the capital you need to take your practice to the next level.
Why this may be a great opportunity for you?
MyAlphaSolutions.com simply offers benefits not every average lender would be able to provide. They continuously do their research with loan options in the market and understand the needs of businesses at all levels. Where the opportunity lies is with knowing that every business can truly flourish with the right capital and right people to work with.
Let My Alpha Loans help make your dreams a reality. Apply Today
Have a question? Call Toll-Free (877) 781-0910
SHOULD I GET A BUSINESS LOAN FOR MY BUSINESS?
So you wanted to open a business? The problem is.... you have insufficient funds in your bank account to start with.
Well, you’re not alone.
There are a lot of individuals out there have the same concern as yours. But there’s really nothing to fret about.
Buissness loans do exist to meet the needs of hopeful entrepreneurs like you who wish to jumpstart their dream business but cannot move forward due to the lack of capital.
There are various sources of buissness loans
You can utilize loans from commercial banks, credit unions (?), and other lending companies near you. However, there are a few things to keep in mind when making bisness loans. First, it can be costly and risky for a company. Also, applying for loans for startup businesses can be more challenging since you need to convince your lender on your ability to make profits and operate successfully, Therefore, you need to be fully prepared before submitting an application. Regardless of these small challenges, debt financing can be very helpful for your business operations.
4 important ways business loans can help your business:
Use Business Loans to Acquire Equipment
At a certain point, you will need to buy equipment for your business. You have a number of options when it comes to equipment acquisition. You can either buy it or rent it. Taking out a loan to purchase your equipment can have several advantages, including.
• A tax write-off amounting to $25,000 that you can take on the first year you obtain your equipment
• Depreciating the rest of the equipment over its economic life since its yours
• Continuous use of the equipment as long you want or need it
• Selling the equipment for a salvage value when its life has ended
Use Business Loans to Buy Inventory
If your business is in retail and offers seasonal products, you may need to buy additional inventory for the holiday seasons. Taking out loans can help finance these additional purchases from which can assist in your cash flow problems that you may be encountering.
Additional Business Working Capital
You need working capital for your daily operations. When your business is just new, additional working capital helps it get underway, grow, and become stable. To make things happen, you can have loans cover the working capital needs of your business.
Use to Business Loans to Purchase Commercial Real Estate for expansion
Say your business has been around for years and is growing steadily. When will you need to acquire loans? Usually, it’s when you plan on expanding your operations and need to buy real estate. Expansion is a positive signal to lenders that your business is making profits. This, in return, increases the chance of your loan application to be approved.
Whether your business has just started or is ready for expansion and requires financing, AlphaLoans.com can help you get a loan instantly without any hassle. They specialize in helping small to mid-sized businesses grow by providing short-term loans for working capital financing. Their services are exceptional and free of charge. For more details and to find out if you qualify, visit their website on www.myalphaloans.com today.
If you’re into business, borrowing money is unavoidable. Sometimes you run out of cash but need to buy new equipment, purchase additional inventories, or having some emergencies. Obtaining a loan, however, through traditional banks have become more challenging these days. Most have strict requirements that borrowers must satisfy to get approval.
What you need to know when applying for a 10k loan:
Regardless of your purpose, it’s important that you’re prepared when applying for a loan. This facilitates your application and increases your chance of getting approved. Before approaching a lending company, you must know already where you’re going to use the money. This helps determine the specific type of loan that’s right for you. Some lenders offer loans only to certain types of industries and under specific circumstances.
Understanding your options and the type of loan that’s right for you.
Here are the main types of business loans you must be aware of.
Business Term Loan. This type of loan can be used for any purpose and does not require any collateral. With it, you can get a lump sum of money between $1,000 and $500,000. The average interest rates are between 7% and 30% and repayment is between one and five years. Your business credit score, average monthly or yearly income, and overall financial status will be checked to know if you’re qualified. Business term loans can be approved within a couple of days.
Small Business Administration (SBA) Loans. These loans are partially backed by the United States government, but they’re offered by commercial banks and online lenders. You can borrow an amount between $5,000 and $5 million for any business purpose. The interest rates are relatively lower, between 5% and 13%, because of the government backing.
SBA loan has a few different types: Microloans are offered up to $50,000 and ideal for new businesses. SBA 7(a) loan is up to $2 million and can be used for various business purposes. CDC/504 is best for purchasing major assets. Repayment terms for these loans are six years for microloans, 25 years for SBA 7(a), and 20 years for CDC/504. Borrowers must have a strong credit history to qualify. Also, the application process can take between three weeks and several months.
Business Line of Credit. This works like a credit card. It allows you to withdraw any amount within your approved credit limit anytime. Once you’ve paid the money, you’ll be able to withdraw more. You’re required to pay interest only on the portion of money borrowed. The rates are between 7% and 25% and you can repay your loans between six months and one year. Missed payments are subject to high penalties. Businesses with lower credit ratings can apply for this type of loan, but you may need to provide collateral.
Merchant Cash Advance. If your applications for other types of loans failed due to your poor credit scores and short trading history, this loan is best for you. The amount you can get is up to $250,000, depending on an agreed percentage of your daily credit card transactions. Usually, an MCA client pays back 20% - 40% of the amount borrowed. This percentage, which is called a factor rate, can sometimes be higher. Repayment terms are not fixed. You can continue paying your loans until the total amount is paid off. Approval is fast, usually within a day or two.
Equipment Financing. This is open to businesses with poor credit ratings who wish to buy certain equipment. The purchased equipment will be used as the collateral against the loan. Borrowers can get an amount equivalent to a certain percentage of the equipment’s value. But it can go up to 100% of the item’s cost. The average interest rates are between 8% and 30% and repayment terms are typically around five years or more. Loans can be approved within a couple of days.
Invoice Factoring. If you need cash immediately and have unpaid invoices, you can sell them to a third party and get an advance of up to 90%. Your invoice will be used as collateral on the loan. The invoice factoring company collects the unpaid invoice amount from your clients. Then pays you the balance of the paid invoice less the fees. Repayment terms are typically 16 months for those who repay a full advance. A fee of up to 12% is applied. You can easily get approval because your credit rating and business history will not be considered.
Revenue-Based Loan. Revenue-based Loan is sort of small business loan wherein your monthly payment will increase and reduces based on your revenues. Lenders price a hard and fast amount for this growing capital, which typically tiers among 1.35x and 3x the quantity borrowed. Loan sizes usually range from 5k to 3 million.
The Easiest Way to Obtain a $10 000 Business Loan
When trying to get a $10 000 loan, MyAlphaloans.com gives you the best offer. Their expertise is focused on helping small businesses grow and thrive by providing them with the right and ample opportunities.
With their revenue-based business loans, you can get funding between $5,000 and $1 million, without going through a rigorous process. Plus, you’ll get to enjoy multiple perks like a low interest on your loan, no penalties for late repayment, and no hard collateral required. Funding can be made available on the same day you applied and payable for up to 24 months.
Funding is necessary for you to grow your business and $10 000 business loan is a start. Check out their website on myalphaloans.com to learn more about their innovative services.
Apply in minutes today. No cost to qualify or hard credit checks.
BENEFITS OF A HAVING A BUSINESS LOAN WHEN OPENING A PRIVATE PRACTICE
Starting a medical private practice does not differ from opening any type of a small business. There are certain requirements to fulfill and of course, a startup capital is a must. The latter is often the greatest hindering factor for many health care practitioners in launching a private practice career. This is not to mention the changing health care environment with all the increasing standards governing the medical practice. Despite the challenges involved in opening a private practice, it is seen as one of the most rewarding achievements a medical professional could ever have.
Why should you open a private practice?
For a medical degree holder, being able to practice their profession in a prestigious health care institution is a great privilege. However, it is not for every medical practitioner. Some clinicians aspire to become self-employed physicians because of the opportunity to build their decision-making power and ability to provide treatments that directly impact the standards and quality of care given to patients.
Additionally, a medical private practice enables the physician to build a respected and trusted business. Providing specialized health care and customized services can lead to a higher patient retention rate. Also, it allows the self-employed physicians to gain sufficient business knowledge and entrepreneurial skills while practicing their medical profession. In return, this can translate to greater revenues and endless possibilities.
The greatest obstacle to starting a private practice:
The considerable costs involved in starting a medical practice contribute to the decline in the number of physicians operating their own practices, according to the American Medical Association. Doctors graduate with huge medical student loans. That means their liabilities outweigh their assets, limiting them from saving sufficient funds to start a medical practice. However, physicians who know how to plan well, secure proper financing, and are able to adjust to the changing health care landscape, are likely to succeed in the private practice profession.
How a business loan helps in opening a private practice:
Given that starting a medical private practice is expensive, the need to borrow money seems to be the best solution for clinicians. Medical practice financing will ease the burdens of setting up a new clinic, acquiring medical equipment and supplies, and other initial purchases required. The costs of starting a medical private practice vary depending on different factors such as the location, specialty, and plans of the practitioner. In most cases, the start-up costs will cover the following:
Office space (renting/leasing, renovation/improvement)
Consultants estimate the cost of opening a primary care practice to be between $70,000 and more than $100,000, covering the above mentioned aspects. Obtaining a business loan ($10 000 loan +) is the best way for aspiring physicians to start their dream private practice.
Most startups will find it more difficult to qualify for a medical practice loan than the established businesses. However, the health care industry has relatively lower risk compared with other industry startups such as restaurants. This means that medical practitioners have higher chances of getting approved when they apply for a business loan.
Moreover, most lending companies favor loan applicants from the health care industry because of their high earning potential. With it, loan providers are more confident that these clients are likely to pay back their debts consistently. This explains why doctors will not run out of borrowing options.
Types of medical practice loans
Primarily, physicians have two types of medical practice loans to choose from—SBA business loans or alternative business loans.
· SBA business loan.
This type of loan is ideal for doctors who are looking to start a private practice and consider a long-term financing solution. SBA business loans usually have the lowest rates and longest repayment terms. This provides more flexibility for the borrowers. However, since they are offered by traditional lenders, the application process is quite longer. Usually, it will take from 30-90 days before the funds are available.
· Alternative business loan.
The other type of funding available to doctors is alternative business loans. They are short-term financing solutions with higher interest rates and shorter repayment terms. Newly graduate physicians with large medical school loans can easily qualify for an alternative business loan to start a medical practice.
In general, doctors who are looking to operate their own practice have plenty of options for financing. This makes opening a medical private practice a lot easier for them.
My Alpha Loans exists to meet the needs of major borrowers such as physicians looking for medical practice financing. They are committed to helping every physician push through their ambitions of opening their private practice by making health care loans accessible to them. With Alpha Loans, every doctor should not be holding back from pursuing their dreams. Their specialization in medical loans for doctors eliminates the hassles involved in applying for a business loan. Partner with them now to get instant medical loan approval without credit card checks and cost to qualify.