Business Online Journal
 
FICC Business Loans & Your Business
By: Bizop Team
Published: December 20, 2016, 2:51 am

FICC Business Loans & Your Business

Many years ago, the United States took actions to ensure that government securities and mortgage based securities could be settled systematically. In doing so, the government effectively created the Fixed Income Clearing Corporation, or the FICC. The agency’s sole purpose is to deal with settlements, confirmations and deliveries of fixed income assets. This agency commonly offers loans to mortgage companies, investment managers, mutual fund traders, and commercial brands.

Before attempting to secure a loan with the FICC, it is essential you get informed with the process and then proceed with caution. This is true regardless of the loan type you’re interested in getting.

Let’s talk a little about how to keep yourself safe when borrowing money.

Always Shop Around

Foremost, it is pertinent to shop around as much as possible. Different lending agencies will offer much different terms. When evaluating each of your options, it is essential to look at the annual percentage rate. This will help you figure out precisely how much you will be required to pay during each payment term. One bank may attempt to entice you by insisting they offer the best rates, but you should not just take their word for it. Instead, carefully research every one of your options.

Consider PPI

PPI or payment protection insurance might have received a lot of criticism during the past few years, but it can still be thoroughly beneficial for many consumers. This insurance can provide you protection in the event you’re unable to make your payment on time. Again, shop around extensively until you find the best PPI provider with rates that are agreeable to you. Ask questions and make sure you are aware of any policy exclusions before you sign on the dotted line.

Always Look at Your Credit Rating

Before trying to secure any loan, it is essential to examine your current credit rating so you know what you are dealing with. A poor credit rating will ensure you will pay a higher interest rate. Get your credit report and take steps to fix erroneous information and pay absolutely everything on time in order to bring up your score. If it is possible to put off your loan until your score comes up, do so. If not, you may just have to live with paying a higher interest rate.

Don’t Be Afraid to Borrow More

Initially, it might seem like borrowing additional funds could put you in a detrimental situation. Keep in mind that there can also be benefits associated with taking out a larger FICC direct loan. Believe it or not, securing a much bigger loan will help to decrease the interest rate. By borrowing a tad bit more, you may be able to save money – but make sure this makes sense for your specific situation.

Overall

Securing a loan can be a big undertaking. Be sure to take your time, read the fine print and carefully research your options. With that…you can make the best decision possible for your business funding needs.

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