Whether it’s a loan to purchase a small car for personal use or finance to acquire large-scale machinery and equipment, the decision to apply for and take on finance can be a major consideration. The significance of loans and finance is of equal importance regardless of the amount of the loan. It’s all relative to the specific circumstances of the individual or business and all should make decisions from a well-informed position. When seeking consumer loans or business finance there is information, resources, loan tools and professional services readily available to assist with the process.
To assist both individuals and business in the process of making informed decisions and securing affordable, cost-effective loans, we have prepared this guide to where information and help can be sourced. In order to achieve personal financial goals and be well-informed to interact with financial institutions, financial literacy is an important proficiency to be acquired.
Professional Finance Service Providers
The terms financial consultant, financial counsellor, finance broker and financial advisor are used to describe roles and services in the financial services sector. What assistance is provided with depending on the individual providing the services and their specific areas of expertise.
In general terms, a financial consultant may advise on general investment, funding and superannuation matters. A financial advisor can be another term for a consultant and they can offer a similar range of services.
A financial counsellor is a person that assists primarily individuals but also businesses that are in financial difficulties. They work with clients to seek solutions for problems, establish good budgeting practices and provide financial literacy education.
An accountant can provide businesses with advice on choice of finance products and in some cases may also be a financial advisor or consultant.
A tax agent is typically only involved with preparing tax returns.
A finance broker such as Jade Finance has the specific role of sourcing, negotiating and structuring loans and finance. Jade Finance works in both consumer loans and business finance with individuals and businesses. Some finance brokers may specialise in specific areas only.
Our services are available to all individuals and all types of businesses including those that are relatively new or just setting up. We also work with customers with credit issues to source workable loan solutions for their requirements.
Specialist resources may be required by those that have English as their second language. Reaching out to the relevant government department or body or a community group may be required to source the necessary resources in the language required.
Consumer Finance Information
Consumer finance is regulated by ASIC and lenders that offer finance or finance sourcing services to individuals for personal loans are required to be licensed under ASIC. Jade Finance is a Licensed Credit Provider.
Individuals can source information on personal loans, what to expect from a broker and other lenders, what is required in the application form and other details at the ASIC website.
Another valuable source of information on consumer credit and loans is MoneySmart. This is a Commonwealth Government website and has details on a wide range of finance topics. An important part of the loan application assessment process is the lender reviewing the credit profile or score of the applicant. Individuals can source information on how they access a free copy of their credit report at MoneySmart. It also includes steps that individuals can take to repair their credit score. This means removing any errors which may appear and taking steps to remove any outdated entries.
For individuals that intend to apply for loans at some time in their life, it is very important to maintain a good credit profile and score. Critical to this is making payments for bills, credit cards and other loans in a timely fashion. Banks, lenders and providers can report missed payments and defaults to credit reporting agencies and they can be noted on a profile.
Business Finance Resources
When considering business finance for the acquisition of vehicles and equipment a key decision for business owners is around which finance product to select. Each loan types offers a varying range of benefits depending on the set-up and objectives of the business.
The role of Jade Finance is to source the finance and negotiate with the lender while it is the role of the accountant or advisor to assist businesses with making a decision on the loan type.
The ATO website provides business owners with a wide range of information on tax rulings and other issues which may have an impact on finance.
Business.gov.au is another government website which provides a range of general information for business owners. It may assist those seeking a greater understanding of some aspects of the finance process.
Jade Finance provides a selection of loan tools which both individuals and businesses are welcome to utilise. As the interest rate differs according to the category of the goods being acquired and for personal loans compared with business finance, ensure you are using the correct calculator and/or interest rate.
Our finance calculators and interest rate comparison charts are free to use, available to all users and easy to operate. You can use them as often and for as many different makes/models of goods you like.
To assist individuals and businesses be confident in making decisions around loans and finance, we continue to add articles to our news and tips library to elaborate and explain key topics and current issues.
Contact Jade Finance 1300 000 008 for consumer and business finance.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.