5 Golden Rules to Always Borrow Loans Like a Boss

In an ideal world we all would like to have enough money for each of our requirements; wherein there is never a need to visit a lender to meet the cash gaps. It sounds too much of convenience and happy living. Isn’t? However the reality is not that sweet and most of us have little choice in the financial matters. We have a multibillion lending industry thriving on the vast gap between the consumer needs for credit, after all.With the advent of FinTech industry it has become easier than ever to borrow the required funds, say, in a matter of few hours you can avail loans of your choice. Many lenders even boast off to extend the financial assistance instantly (within a minute) too! The service and processing is as hassle free as it can get today.Although the channels for borrowing have mushroomed to abridge the walls between lenders and borrowers, the basic rules for applying a loan are broadly the same. You should never borrow more than what you need; and ensure loan affordability at the same time. Here is a quick list to state 5 absolute rules for choosing a right loan so that you are never enslaved by a debt in your lifetime.


1. Borrow according to your repayment capacity Whether you are a Christian or not, it is not about a belief in faith; it is pragmatic to not borrow beyond your means. Always raise a loan after assessing your repayment capacity. Borrowing more than permissible credit limit or borrowing more than 50 per cent of your income hurts your credit score and credit worth.In the present time it is not uncommon to borrow despite a low score as a lot of loan offers are always available. Irrespective of loan availability you must strictly borrow if you need one.2. Try to borrow for short-term; do not borrow for longer term unnecessarilyWhile it always advisable to ensure the affordability or ease of payment of the loans, you must at the same time ensure that you are not extending the payment duration simply to keep the instalments low. For, larger would be the tenure; greater would be the cost of loan. While raising a loan you must try to save as much on the loan interest as possible. In case you have temporary fund hassles, you can begin the loan with small instalments; and later on, either prepay or refinance the loan to save the additional payment of loan interest amount.3. Be disciplined in loan repaymentsOne of the most common reasons to destroy one’s credit score is to delay the credit bill repayments. A lot of people realise the mistake after a loan rejection. It is thus advisable that the sooner you automate the loan repayments and credit bills the better it is for your credit health. Also you may deliberately align the same repayment date for a number of accounts so that there are lesser hassles to manage the repayment date. Always keep in mind: A single day delay is same as a week’s delay. It is thus important to pay before the deadline lapses.4. Try not to borrow for investment or unaccounted risksLoans should not be directed to pay for investments or volatile risky payouts. For, it is a liability that must be returned on time with loan interest amount. So loans are not meant to fund your fixed deposits or equity funds. Also, it is important to think critically about the loan purpose as a debt should always be used for significant reasons in life.


5. Keep a tab on your credit reportOnce you apply for a loan, it is important to keep a strict vigil on your credit report. You must look for ways to increase your score. In case you are running a rolled over credit bill for a few months, you must first of all clear the balance on this card. It would save enough on the interest component.Similarly if you have multiple loans running simultaneously consider consolidating your debts and reduce your monthly debt burden. Herein you can also consider using an experienced loan broker’s advice to use cheaper loan alternatives such as a secured loan against property or a homeowner loan to reduce your monthly debt repayment burden.Keeping all these factors in mind, as you assess your credit health and apply with confidence, your loan application is bound to be accepted, making you a boss of your own financial decisions!

The Importance of Employee Management Software in a Modern Office

Former chairperson and CEO of Xerox Corporation, Anne Mulcahy, once said,

“Employees are a company’s greatest asset- they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission.”

If you are an organization that uses the Internet for everyday business practices, then there should nothing stopping you from going one step further and applying technology provided on the Internet to employee management.

Under piles of workloads, appointments, and meetings, it often becomes understandably difficult for a manager to give employees the time and attention, encouragement and stimulus that they deserve.
Making use of a company’s greatest assets – its human resources – to their fullest potential sometimes means adopting technology that efficiently tackles time constraints, management challenges, a employee dissatisfaction.

Has it Ever Worked? Yes!

Ever wondered what goes into making candy? The answer should be a large number of very satisfied workers. Or at least that’s what the Jelly Belly Candy Company of California believe.

The family-owned company takes its employee performance and job satisfaction very seriously.

They recently decided to make the switch from its antiquated talent management process to a far more modern and automated system that uses an employee management software to provide accurate performance appraisals.

The result?

The new automated employee management system has allowed for a more standardized, organized, and formal evaluation process at the Jelly Belly Candy Company.

Greater accessibility between employees and managers, better training programs, and more efficient performance appraisals have all allowed the company to reach its business objectives without compromising on employee satisfaction.

The Different Tools of an Employee Management Software

1. Maintain a database for all your former and current employees

Complete, searchable, and secure records that includes information such as the employee’s personal details, bank details, emergency contacts, and even a record of his/her sick leaves.

2. Reduce the paperwork

An efficient employee management software will allow employees to request time off, submit timesheets or documents and allows employees to audit or approve submissions or requests.
This negates the need to work with HR or submit unnecessary pieces of paper.

3. Keeps track of time and attendance

Employees and managers have an instant record of absenteeism and the number of hours put into work everyday. This allows employees to be more responsible and stay on top of their punctuality and absenteeism rates before it becomes in issue.

4. Total Rewards

Some employee management software apps allow managers to provide their employees with rewards (financial or non-financial) for good performance.

Employees can access their total reward statement through the software, and this often becomes a powerful way of keep individuals motivated and driven.

5. Expense Management

An incredibly useful feature of most employee management software is that it allows staff to scan or photograph and upload receipts onto a database, therefore allowing managers and employees to keep a permanent account of all expenses.

6. Payroll

A simple app can process payroll on individuals online based on the number of hours they have put in with just a click of a button.

7. Asset Management

When an employee leaves the company, managers can keep track and monitor the return of any equipment that was provided to the employee by the organization.

8. Shift Planning

In an organization that depends on perfect timesheets for its smooth functioning, a tool that schedules the staff, eliminates shift conflicts, and notify employees of work shifts automatically can prove to be extremely convenient.

9. Track progress of the company

Information is constantly being constantly being collected on the employee management software, making it easy to gauge the company’s progress.
Instead of having to spend time putting together reports to see how the company is doing, a quick look at the information on the software should allow managers to constantly and accurately track the company’s progress.

The Benefits: Employee Engagement and Satisfaction

1. Providing constructive feedback

Neither managers nor employees look forward to performance reviews, often a once-a-year event that makes an employee feel like a school kid receiving a report card.

Surveys have shown that employees dread annual performance reviews and are therefore less likely to respond in a positive manner to the feedback that is given.

An employee management software allows managers can control how frequently and in what format they would like to provide feedback to their employees.

Performance appraisal reports can be replaced with configurable dashboards and messaging systems, resulting in feedback that is constructive, efficient, and perhaps flows better with the rest of the company culture.

2. Setting goals and motivating employees

An employee management software makes it easy to remind employees of their goals and drive them towards developing skills and meeting deadlines.

This structure also allows employees to work more independently instead of being micromanaged by a manager or HR professional.

3. Better accessibility and communication

Time constraints, clashing schedules, and increasing workload makes it difficult for employees and managers to communicate.

This can foster resentment and misunderstandings, with managers sometimes being too harsh in their judgement of employees and employees sometimes feeling like they have been judged unfairly.

Employee management software avoid help companies avoid such issues, and can help managers clearly communicate their expectations from an employee.

4. Better employee-manager relationships

Employee management software takes away some of the pressure, anxiety and stress that is often observed between managers and employees.

It allows for an environment that encourages low stress communication and help employees and managers work together towards meeting organizational goals.

To summarize, an employee management software provides an organization with a plethora of tools for better management, while simultaneously focusing on employee satisfaction and engagement.
If used correctly and to its fullest potential, employee management software provides a company with an automated, efficient management system and a healthier work environment.