Small Business Financing For Customers

Charles asks…

How do I calculate a monthly finance charge?

I’m starting a small business, and I would like to offer financing to my customers, but I’m unsure of how to calculate monthly finance charges based on APR.

For instance, if I financed $700 at 20% APR over 24 months, how would I calculate a customer’s monthly bill?

Any help is appreciated! Thanks.

admin answers:

Right…. Heres my best guess(es)…

1 – Employ the services of a financial advisor
2- Employ the services of a financial loan company to do it third party and i would imagine you get some sort of commission from every loan you run through them.

3- (this one is more likely to be a winner) Get some cash (hookey money/filthy lucre/moolah/bunse… Call it what you like), launder it thoroughly through an unlicenced gambling den and also employ three suitably malicious and aggressive chaps with shaved heads called Smasha, Diggsy and Nigel ‘horse-killer’ McVey.
Then, heres the clever bit, lend the loot out to the needy, give an extortionate rate of inflation, hastily thought up on the spot, and if they default on the payment terms or deadline then send the three afore mentioned spritely fellows round to their house and threaten to screw the individuals pelvis to a cake-stand.

I think i know which one is a proper good earner.

Hope this helped!!
Good luck.

William asks…

Which web hosting copanies offer net terms to business customers?

How can all IT companies get away with billing customers in advance? When our company starts vendors relationships with companies such as Loews, Staples, ULINE, PG&E, AT&T, etc. we are billed monthly with a small setup fee. Could you imagine if your phone company asked for one year worth of fees up front before even considering you as a customer? When is an entrepreneur going to open up a real web hosting company that treats customers right with net 30 terms and helps them by reporting to D&B??? Another example of IT and Finance NOT getting along… Isn’t the goal to help the customer anyway???

admin answers:

My answer would have to be
monthly rate at $19.98

Betty asks…

Companies that offer a personal line of credit for treatments?

We are a small business that offers beauty services to our customers. Several of our packages extend into the $2,000 range and our customers are looking for financing options.
Our treatments are not medical, but classified as cosmetic.
Where can we find a company that will finance our customers?

Thank you?

*note CareCredit is very close, except that it only works for medical treatments

admin answers:

My old company used GE-Capital. Lots of smaller companies use them for lines of credit. Sorry i don’t have the # anymore put i am sure you can google it.

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