Tuesday, 22 March 2016

How to get your personal loan approved

Personal loan is one of the many loans available to any bank and financial institution that a borrower can apply to. Loan involves borrowing a sum of money that is expected to be paid back with interest. There are also different types of loans depending on the borrower's reasons and needs such as salary or pay-day loans, mortgage loans, auto loans, personal loans, etc. When borrowing money, it is important to know what are the available options for you to assess your capacity to pay.

Personal loan is a loan that is used for any personal expense. Unlike the other types of loans, a personal loan does not have any particular or specific purpose. You can apply and use it for whatever reasons you desire.

Anyone who generates a steady income is qualified to apply for a personal loan as long as they can submit a proof that they have an existent income source. Those who are employed, self-employed, freelancers or even business owners can apply for it.  

Approval of personal loans is not that easy. Creditors are more strict and interested in knowing the borrower even more. On top of the borrower’s income, there are also other things that are needed to qualify for a personal loan.

Below are the things you need to know in order for you to get your personal loan application approved.

1. Complete requirements
All banks and financial institutions require some documents that are needed for the application of a personal loan. Aside from the form that you need to fill out, there are also documents that they will demand for you to pass such as IDs, pay slip, etc. Below are the required documents needed depending on the borrower’s occupation:
For employed/ Professionals:
ID or identification card with photo that is issued by the government such as Driver’s license, passport, TIN, PRC, etc.)
Latest pay slip

For Self-employed
ID or identification card with photo that is issued by the government, such as driver’s license, passport, TIN, PRC, etc.)
Audited financial statements
Latest Income Tax Return
DTI Business permit or SEC registration

Remember that incomplete submission of requirements leads to termination of your application. The effort of submitting complete requirements reflect the personality, especially the sense of responsibility the borrower has in paying back his debts.

2. Profile
Creditors will allow borrowers to fill out a form that requires personal information. Loan application is always subject for investigation, so make sure to put only true and real information regarding your profile. It is important for them to know the borrower's address, office address, contact number, etc.

3. Credit History
It is important to have a clean and excellent credit history. If you have a previous loan that you have already fully paid, it can increase the probability of your loan application approval. However, bad credit records can also decrease the probability of getting your loan application approved, and worse it can lead to its termination.  

4. Cash flow
When borrowing money, assess your capacity to pay; that is, apply for a loan with the amount that is realistic. Only apply for the amount that you can afford to pay. Always check your cash flow and assess how much you can afford. Remember that resorting to a loan is not always advisable, but with good planning, control and discipline, it is absolutely helpful when you need immediate cash.

Kash Martinez, understands the intrinsic attributes of making excellent content that suits the needs of every business especially when it comes to online financing. She can conceptualize and implement marketing plans, explores profitable B2B opportunities and then absorb Loan Solutions PH services.

Thursday, 3 March 2016

How Has Supply Chain Improved Due To Advancements In Technology?

Technology is used in many organizations for making significant improvements in the supply chain system and thus increasing its efficiency.
A complete supply chain begins where the product is manufactured to the point when it is present in the hands of the consumers. Previously, there were two methods of supply chain used in the business world, the push and the pull method. These two strategies of the supply chain are very different from one another, however, neither of them was a good option. Since there was a need for something more than these two strategies, technology was used for the purpose that eventually resulted in significant improvements in the supply chain system.
Technological Advancements As An Aid To Supply Chain System
Following are some of the major advantages of inducing technology in developing the supply chain system.
Availability Of Barcode Scanners
One of the ways through which technology has improved the overall supply chain system is through the availability of the barcode scanning system. The barcode scanners improve the total efficiency of the inventory management and eventually order fulfillment process also becomes well-organized. Previously, all inventory items were counted by hand and matched to the inventory,however, now it is not needed. Various errors were made prior to the introduction and implementation of barcode system. Many stocks were found in the wrong place, particularly because of the similar size. Eventually wrong items were packed together, which resulted in money and time costs. All the errors because of manual operations do not occur anymore consequently improving the overall supply chain system.
Tracking Of Packages Being Delivered
Tracking of products and packages to know where they are present in the supply chain helps in many different ways. If the retailer accurately knows where the products are, it is easier for them to have knowledge as to when the products will reach him. Similarly, service departments also benefit as they can schedule the maintenance accordingly, thus reducing the waiting time of customers. Businesses benefit greatly due to automated shipping as they can efficiently meet deadlines, reduce operational costs and much more!
Efficient Quality Control System
It’s due to technology that now it is easier and quicker to keep quality control check as well as to report if there is a problem in a product. Following are some of the vital information that a barcode keeps track of:
  • Identification and serial numbers of the product
  • Location of the product once it is dispatched
If a defect is found in any product, it is easy to track it through the above information and the batch can be reviewed for quality control purposes. The affected units of a particular batch can be identified and removed very easily due to the use of barcodes. Other purpose of using barcode includes recording the destination of the product to ensure quality throughout the supply chain process.
Undoubtedly, technology has made drastic changes in business operations and has helped the business work effectively and efficiently. Today there is a new meaning to supply chain due to technological implications. It is easier for manufacturers to track their products and maintain the highest quality and record accurate information of millions of items!
Author Bio:
Arabella Alice is a supply chain consultant in one of the reputed manufacturing organizations. She is also specialized in Information Technology and has spent more than 15 years of her career in the industrial sector looking at the supply chain operations of the company. She also contributes articles regarding business and technology at Websberry.com. You can find her on Facebook and Linkedin.