GoFaxer Blog

With the economy slowing, interest rates are dropping. Which means it may be the right time to do a prudent and smart loan. Whether that means buying a new house or getting a small business loan, the next few months will be a prime time for excellent rates.

My rule of thumb that I follow on credit, is that you should only go into debt on things where you’ll see a return on your investment. Homes, student loans, and small business loans are all examples of smart uses of credit.

An article at Businessweek.com points out that small banks are the best places to approach right now for loans.

“Subprime mortgage defaults have hit banking giants (BusinessWeek.com, 1/15/08) like Citigroup (C) hard, but most smaller banks don’t face the same losses. ‘Community banks have very solid balance sheets and liquidity. They’re not having to do the large writedowns for the subprime mess because they’re traditionally more prudent lenders,’ says Paul Merski, chief economist at the Independent Community Bankers of America, a trade group. ‘They have money to lend.’”

Of course, when you get your cash you will want to spend the maximum amount as possible on things that will actually make you money, like marketing and strong new employees. Don’t spend your money on more office supplies. So kick the fax machine and convert to Internet fax as soon as possible, and your new loan will have a maximum advantage.