Work Archives - Erica O'Brien https://ericaobrien.com/tag/work/ Recognized by Martha Stewart Weddings as one of America's top pastry pros, Erica O'Brien creates trendy designs and bakes with lots of butter and love Tue, 05 Apr 2022 12:23:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://ericaobrien.com/wp-content/uploads/2022/12/ericaobrien.com-favicon-150x150.png Work Archives - Erica O'Brien https://ericaobrien.com/tag/work/ 32 32 What are Micro Credit Loans and How Do They Work https://ericaobrien.com/what-are-micro-credit-loans/ Tue, 05 Apr 2022 12:23:50 +0000 https://ericaobrien.com/?p=1104 The world of finance and banking is a very familiar one to many people, but also a field that is basically impossible to know inside and out unless you are working in it. An average adult has a certain amount of contact with banks and other institutions that deal with...

The post What are Micro Credit Loans and How Do They Work appeared first on Erica O'Brien.

]]>
The world of finance and banking is a very familiar one to many people, but also a field that is basically impossible to know inside and out unless you are working in it. An average adult has a certain amount of contact with banks and other institutions that deal with money, like insurances or investment funds. They have their accounts and balances, monthly payments and bills, and the rest of the usual stuff we all know.

However, there are many other, less familiar aspects of loans, credits, and the overall economy both as a science and as an industry. For example, do you know what micro credit loans are and how they work? Have you ever heard of them and if so, do you know whether or not you can make use of them? Worry not as in this article we talk about what micro credit loans are and what they are all about.

What Are They?

Loans are probably the most widespread service that clients reach for with their respective banks. It is not always possible to buy something or pay off a debt with the money you make each month or even each week. Oftentimes, people require a loan in order to put a down payment for a home, buy a car, or afford some kind of a luxury like a trip or some new technology to make their lives easier. This is when they ask the bank for a loan and get money that is later to be paid back with interest.

Not all loans are favorable and there are many of them to choose from, but most work in the same manner. In the end, you pay back more than what you took but over a long period. If the loan is favorable enough, the clients do not even feel it. The longer the payback period though, the higher the interest, because the bank needs to make money too. So those are loans in general, but what are micro credit loans? The star of our article here is still a loan, but what is it that makes it a micro credit too?

Micro Credit Defined

Source: thebalance.com

In microfinancing, a micro credit is a very small, often extremely small loan that is given to an individual. It is most often issued to help the said individual with their work-related hopes and dreams as the micro credit allows them to either become self-employed or to grow their small business. Those who borrow money in the form of micro credit loans are more often than not low income individuals in countries that are less developed.

Actually, it was the country of Bangladesh where this practice originally comes from, or rather where it first became a thing. Micro credits are also generally referred to as micro loans, micro credit loans, or micro lending. Starting or expanding a small business is rough enough even when all the factors are favorable, let alone when the borrower is already struggling financially. Lucky for them, micro loans are there to help them.

How Does It Work?

Now that you know what they are, it is time to talk about how micro credits work. There needs to be some benefit for all sides involved, so what does the bank get in return? While the borrower gets a very low amount of money compared to regular loans, does the bank have any pros in this deal? The concept lies in the idea that skilled people who happen to live in underdeveloped territories where traditional banking opportunities is inaccessible still have a way to take loans.

The modern form of micro lending is attributed to Muhammad Yunus, an economist and Nobel Prize winner. His Grameen Bank and their model of micro loans started in Bangladesh back in 1976. The first borrowers were a group of women who only borrowed $27, which is $134 today. This was enough to help their business and they were able to repay it later without compromising the business. They originally lacked the finances to buy the equipment/materials they needed to make their product, which happened to be stools made from bamboo. The fact that they borrowed money as a group made things easier because it would otherwise be too risky for the bank.

Today, most micro loans range from as little as $10 to $100. There are larger loans that are still considered to be micro credits, but they rarely go over $2,000. Inherently different than traditional banking, the structure of micro credit arrangements is such that there is often no written proof at all. No written agreements are needed and in some cases the whole community was responsible for compelling the borrower to work hard towards repayment. Once the borrower(s) repay the original micro loan, they usually become eligible for larger loans and credits, more in line with what we all know as legitimate bank loans.

Terms and Conditions

Source: dogma.lu

The thing that is true for any type of loan is that there is always going to be interest involved. Payments are due at preset intervals and there are repayment plans involved. Lenders can ask the borrower to set aside a portion of their income and put it towards repaying the micro loan, or at least to serve as insurance. The reason why micro lenders tend to pool multiple clients together is due to the fact that solo applicants cannot offer any collateral. When they get the loan as a group, they also repay the debt together. This means that the success of the entire program depends on the contributions of everyone, and not just some of the borrowers.

Usually, it is the peer pressure or the sheer will to collaborate towards this common goal that helps everyone ensure the payment. In case an individual is struggling, they can look for help with their fellow borrowers and then settle things later, once the loan is repaid. Despite the individuals who make up the clientele of micro loans being very poor, the repayments as well as the amounts that are repaid are both higher than what banks experience with traditional loans. In 2016, the repayment rates were just under 99%, which is staggeringly high for anything related to banks and finance. The important thing is that it works just like it was intended and that it helps those who need financial aid the most while also improving their chances for the future.

The post What are Micro Credit Loans and How Do They Work appeared first on Erica O'Brien.

]]>
Do Likes Still Matter For Instagram Marketing – 2022 Guide https://ericaobrien.com/likes-still-matter-for-instagram-marketing/ Tue, 02 Nov 2021 14:39:06 +0000 https://ericaobrien.com/?p=600 In the last couple of months, most of our Instagram profiles have lost their old feature. Which one are we talking about? The exact number of likes underneath our pictures. At first, only some influencers were given this option to experiment with, but it seems now as if everyone will...

The post Do Likes Still Matter For Instagram Marketing – 2022 Guide appeared first on Erica O'Brien.

]]>
In the last couple of months, most of our Instagram profiles have lost their old feature. Which one are we talking about? The exact number of likes underneath our pictures. At first, only some influencers were given this option to experiment with, but it seems now as if everyone will get the exact same treatment. How do you feel about this? More importantly, how are Instagram’s likes going to impact bigger brands and overall marketing strategies? Keep on reading as we discuss this down below.

The Purpose of the Like Features

Before they were a vanity metric, a form of approval, support, and a source of income, Instagram used likes to understand better what users like & dislike on their social platform. If you had more likes, the more popular & relevant you were at the time. With the help of likes, the Instagram algorithm was able to see your preference and content that you like while successfully pushing it to your feed.

Nowadays, Instagram uses other metrics to understand what type of content we enjoy on social media. With the help of your watch time and hashtags that you use they can push your content to your feed.

What Happens as They Get Hidden?

Source: unsplash.com

If Instagram hides the number of likes, people will tend to scroll more and like less. This means that you will soak in and see quite a lot of content since all of your focus will be on consuming it. However, what happens when you finally like a piece of content, post a comment and it pops on the newsfeed for others to see it? Quite a lot frankly.

Do Likes Still Matter?

If you still get tons of likes during this era even where your name is not showing underneath your picture, you are a lucky one. Why? This lets Instagram know that your content is engaging. If your fans or your followers like what you have to offer, this social media platform will recognize that, while pushing all of it to the newsfeed. This means that the sooner you can get your audience to get used to liking your content, the more likely they are to do it even when this feature is hidden. Engagement is always the key performance indicator of how well your account is doing, and this new feature and option shouldn’t mess with your plans or your brand work & flow.

What Is the Point of Visible Likes?

Source: unsplash.com

For the longest time, one could see the likes counter under an IG user’s public post, which would automatically make him or her relevant and ”famous”. However, for businesses, likes have had a different purpose, such as:

  • Mass acceptance by consumers
  • Better influential opportunities
  • A chance to hold campaigns, contests, and giveaways using “liking” posts as an entry requirement

This is why brands and businesses will still need this feature (or some sort of it) for proper, fast, and reliable work through social media when getting exposure.

How to Get More Likes? The Top 5 Ways

If you as a brand or an agency want to get the right level of exposure and you want to get noticed, it is vital to interact with your audience. New and upcoming vloggers, YouTuber’s, streamers, models, etc will need to promote themselves the best they can. Push yourself to the feature page and get recognized only when posting frequently, talking with your followers, but also getting likes & new followers.

1. Get inspired by other brands and industries

Source: pixabay.com

Where do you pull your inspiration from? If you’re only following your industry or your circle of friends, you won’t find fresh ideas and a modern take on what you like and love. This is why you need to customize and cater your content to your audience and your agency. Go through some different hashtag options, do a bit of investigation and see what works well for others while asking yourself if it is a good move for your brand.

2. Run a contest

Source: unsplash.com

Some of the highest engaging content on Instagram is centered around sales and giveaways. If you can set something up that will get the user’s reaction, throw on a giveaway. Ask your audience to like the content & follow your account, but also tag a friend or two. This way you will raise awareness while getting the right level of exposure. Just make sure that your giveaway prize is a good one or at least something unique. No one wants old-school tablets or coupons.

3. Tag your post’s location

Source: unsplash.com

Especially relevant to travel and retail brands, as well as companies that work in different locations – this is a must-do. Tagging a location ensures that your photo comes up when people are looking at a location. People from all over the world could stumble upon your account and find you and your relevant content, leaving them to relate to you and give you a like and follow. Make sure that your picture shows the true beauty of your tagged location as well.

4. Invest some time in your captions

Source: unsplash.com

With the right tone and voice, your captions can be just as captivating as your photos. Your captions can say a lot about you, leaving them as practical as photos to get the right level of exposure and recognition. Show to your audience and your followers that you’re sentimental, open, as well as honest. No filter and no cap content nowadays does the best.

5. You can always buy likes

Source: unsplash.com

In case you need a solution that is effective and that can work immediately right on the spot, instant likes are your next big move! Depending on your needs they can help you grow your Facebook, Pinterest, Instagram, Twitter, Spotify, Linkedin, and Google+ accounts. Simply choose a package from 500 and up 100,000 likes. Get a solution that works for you and your company to get the recognition that you deserve in the shortest time possible.

The post Do Likes Still Matter For Instagram Marketing – 2022 Guide appeared first on Erica O'Brien.

]]>