Connect with us

Business

Time of Repayment Should Determine which Type of Installment Loan One Should Opt For

mm

Published

on

Mortgages, Auto loans, student loans, Personal loans are examples of installment loans. Often, Point-of-sale financing offers and “no credit check” emergency loans are set up as installment loans too. When money is borrowed and paid back through fixed monthly payments over time, it is termed as an investment loan where the interest is part of the payments. From few months to 30 years, the loan can be repaid completely according to the time determined.

One can choose to apply for the installment loan with the bank or credit union of their choice. There are online lenders like Lightstream, SoFi, Avant, too that issue loans to people.

There is also a possibility of taking an installment loan directly from the company from where a product is bought in case of auto asset buying. The auto dealership or furniture store or real estate builders issue loans to their customers.

The borrowers can borrow the sum for short-term emergency too and pay it by installment. But the payday lending stores are really expensive and are considered one of the most notorious places for borrowers to get emergency cash. Payday loans often charge interest rates of 400% or more.

Always consider the interest rate before applying for any loan and definitely check if the rate is fixed or variable. With variable rate loan it might start at lower initial rate but will go up over time. When one needs emergency cash one cannot look back. One can though definitely consider taking the from local credit union first using the Payday Alternative Loan (PAL) application as these PALs cap interest rates are 28% and never charge more than $20 in fees.

But it depends on how soon one repays the loan. If the repayment is going to be at the earliest then the variable-rate installment loan serves just right as it will save money but if the repayment is going to take some time then it is better to opt for a fixed-rate loan.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

WorldCC’s Certification Programs: Elevating Standards in Contract Management

mm

Published

on

Photo credit: WorldCC

By: Andi Stark

World Commerce & Contracting (WorldCC) is widely recognized for its leadership in commercial and contract management.  For over two and a half decades, WorldCC has transformed the discipline, developing comprehensive online certification programs based on rigorous research and industry best practices. These programs equip professionals with the skills to navigate complex contracts and commercial relationships.

With over 75,000 members from 180 countries, WorldCC is the foremost global body advocating for commercial and contract management excellence. It offers certification in Commercial & Contract Management, at four ability levels —Fundamentals, Practitioner, Advanced Practitioner, and Expert—providing a clear progression path for professionals looking to deepen their knowledge and advance in their careers​.

A Structured Path to Mastery

WorldCC’s certification framework is designed to meet professionals at various stages of their careers. For those just entering the field, the Fundamentals of Commercial & Contract Management program is a strong introduction, offering essential knowledge about the contract lifecycle, from drafting and negotiation to post-award management. This certification covers core principles that underpin successful commercial relationships, enabling newcomers to gain a practical understanding of contract management.

The Practitioner level, one of the most popular offerings that has been refreshed for 2024, dives deeper into specialized areas such as negotiation strategies, risk management, and contract design. The curriculum, which runs through six essential courses, emphasizes the importance of balancing legal, operational, and strategic considerations to optimize contract performance and gain better outcomes. As contracts become increasingly complex, the Practitioner level equips professionals with the skills necessary to handle multi-faceted agreements and large-scale projects​.

“We’ve designed our certification programs to be flexible and rigorous,” says WorldCC’s Global CEO Sally Guyer. “The goal is to build both technical proficiency and strategic expertise, preparing professionals to handle the evolving demands of contract management.”

Navigating Advanced Challenges

For professionals at a more senior level in commercial or contract management seeking to tackle more complex and high-stakes situations, WorldCC offers Advanced Practitioner and Expert certifications. These programs address advanced topics such as cross-border contracting, dispute resolution, and strategic supplier relationship management. The focus here shifts from operational contract management to leadership in contract strategy, providing insights on how contracts can serve broader organizational objectives.

At the Advanced Practitioner level, professionals are trained in leadership and business acumen, and they are shown how to manage performance, oversee contract implementation, and handle change management. These are all key skills as contracts increasingly involve multiple stakeholders across jurisdictions. The curriculum includes case studies, workshops, and interactive elements that challenge participants to apply their knowledge to real-world scenarios.

The Expert certification is the highest level of WorldCC’s offerings. It is designed for seasoned professionals who lead contract management teams or play a strategic role within their organizations. Experts are asked to transform their learning into business value with a syllabus that supports the creation of a business case. The purpose is to drive innovation in contracting practices, ensuring their organizations remain competitive.

Tim Cummins, president of WorldCC, notes, “The Expert certification reflects a holistic understanding of the role contracts play in achieving business outcomes. Contracts today are not just legal documents but strategic tools that influence performance, governance, and corporate responsibility.”

Professional Impact and Industry Recognition

WorldCC’s certification programs have garnered widespread recognition, not just for the depth of their content but also for their alignment with industry needs. The certification process has been shaped by ongoing input from WorldCC’s research and benchmark reports, which highlight emerging trends and challenges in commercial management.

According to WorldCC’s latest Benchmark Report, 65% of organizations now use contract management software, and 47% employ advanced contract analytics—a trend driven in part by WorldCC’s advocacy for digital transformation​. These innovations have reshaped contract management, making it more dynamic and data-driven, and WorldCC’s certifications ensure that professionals are equipped to use these technologies.

The organization’s Most Negotiated Terms (the latest of which has been launched October 224) and Benchmark Reports, published biennially, provide a critical resource for contract managers. These reports highlight common sticking points in negotiations, such as liability and payment terms, helping professionals identify areas where they can gain competitive advantage. Certification holders often report enhanced career prospects, with many moving into senior roles within legal, procurement, and finance teams due to their demonstrated mastery of these topics.

Addressing Global Challenges Through Education

WorldCC’s certification programs are particularly relevant as contract managers face challenges due to globalization, digitalization, and regulatory changes. The organization’s focus on relationship management, a recurring theme across all certification levels, helps professionals balance risk mitigation and collaborative partnership. As supply chains become more complex and businesses engage in cross-border contracts, the need for skilled contract managers to ensure compliance and performance is critical.

The global reach of WorldCC’s certifications is evident in the diversity of its membership, spanning much of Europe and Africa, in North America, and a growing contingent in India and the Middle East​. In fact, they have members across 180 countries.

“Contracts are the backbone of modern economies,” says Cummins. “Our certification programs are about much more than compliance—they are about fostering trust and collaboration in commercial relationships across the globe.”

A Focus on Lifelong Learning

Another key feature of WorldCC’s certification programs is their commitment to continuing professional development. As contracts evolve in response to technological and regulatory shifts, WorldCC ensures that certified professionals remain at the lead of industry developments. The organization offers a range of resources, including webinars, market insights, case studies, and networking opportunities, to support ongoing learning. Professionals are encouraged to participate in these events to stay current on best practices and emerging trends.

WorldCC’s certifications are globally recognized, with many organizations mandating them for senior roles in contract and commercial management. By combining academic rigor with practical application, these programs have made the company a thought leader in the field. Guyer emphasizes the importance of this: “Contracting is no longer just about minimizing risk; it’s about creating value and building relationships. Our certifications equip professionals to manage contracts not as legal obligations but as opportunities for strategic growth.”

WorldCC’s certification programs set the standard for commercial and contract management excellence in an environment where contracts govern complex and often high-value relationships. You can access the full suite of learning programs via their website. They are currently running an online guided learning program at the CCM practitioner level, with learners beginning on 18 November 2024. You can register to join here – https://info.worldcc.com/ccmp_guided_learning 

Continue Reading

Trending