How to Supplement Your Income With A Side Gig: The Essential Guide

In today’s side gig economy, many people are looking for ways to make extra money on the side or to replace the income they’ve lost due to being laid off or underemployed. After all, unemployment rates are at an all-time high. But the good news is that now more than ever, there are many ways to supplement your income or make some extra money. Here, First Financial shares some ideas to get you started:

Offer Freelance Services

If you have a skill or talent that others need, consider offering your services freelance. The gig economy in the U.S. is booming, so this is the best time to get started. There are many websites and platforms, such as Fiverr, Upwork, and Freelancer, where you can market your services and connect with potential clients. The best part about freelancing is that you’ll be able to use your pre-existing skills or experience to get started. For example, if you have a keen eye for detail, organization, and problem-solving, you could offer freelance interior design services. You can enhance your credentials (and earning power) by obtaining interior design certifications when listing your services. This certification, for example, will show potential clients that you have mastered specialized interior design skills.

Start Your Own Business

Starting your own business is an excellent option, as this will ensure you make money and the hours you need on your own schedule. When doing so, do your due diligence on the ins and outs of running your company. You should research selling and marketing strategies and deeply understand your niche and demographic. Another essential element is business structure. Forming an LLC for your business structure has several advantages, such as tax benefits, limited liability, and reduced paperwork. States have different regulations around LLC formation, so check out the rules in your state before moving ahead. And if you’d like to avoid the hefty lawyers’ fees and legwork, you can use a formation service to simplify the process.

Potential Side Gigs

In addition to the options mentioned above, there are so many more side gig opportunities out there! You could also utilize talents you may have that you didn’t know were marketable. Let’s see some ideas below:

• Pet sitting services: If you’ve always been good with animals, you could start your own pet-sitting empire.

• Social media marketing: Always been good at handling socials and have a prowess for organization? Social media marketing may be calling your name!

• Create an online course: If you have specialist knowledge in specific topics such as traveling tips or healthy cooking, you may want to sell an online course or ebook.

Finding Work

There’s no one answer for how to find work you love. The important thing is to keep exploring and trying new things until you find a career that suits you. Talk to people in different fields, take on internships, and volunteer for organizations you’re interested in. Once you have a better idea of what you want to do, research different companies and look for job openings that match your skills and interests. Don’t be afraid to apply for jobs slightly out of your comfort zone – you never know what you might end up loving. The most important thing is to stay positive and keep exploring until you find your perfect career.

Ready to get started on making that moola with a side gig? Whether you’ve been laid off or just looking to supplement your income, remember that there are so many options out there! No matter your skill, experience, or preference, you’re sure to find the work you are looking for.

For more informative resource guides, check out First Financial for articles and content.

What Happens if You Don’t Pay Back a Loan? The average American has $90,460 in debt, so most adults are familiar with loan repayments. These are usually manageable amounts paid monthly to chip away at debt slowly.

Considering that loan amounts are huge, it’s not unusual for it to take years or even decades to make repayments in full. And when something takes this long, it’s common for slipups to happen from time to time. You might accidentally pay a week late, or worse yet, completely forget a payment.

What happens if you don’t pay back a loan though? Read on to find out everything you need to know about this topic.

What Happens if You Don’t Pay Back a Loan?

If you don’t pay back a loan in only a few days, then it’s considered delinquent. If your payment is late by at least 30 days though, then it’s considered in default (more on this later).

Here are some consequences if you fail at paying a loan back.

You’ll Need to Pay Late Fees

If there were no late fees, then borrowers wouldn’t be motivated to make payments on time. So if don’t pay back a loan, you’ll have something extra on top.

Every lender will set their own late fees, so check your loan terms or the lender’s website to find out exactly how much you’ll pay.

Your Credit Score Might Take a Hit

You can be reported to the credit bureaus if you miss payments. But the good news is, if you miss one by just a few days or a week, it’s not likely it’ll be reported.

Don’t make a habit of late payments though. Just one might be reported, which can damage your credit score. And if a few get reported, this can really sink your score.

Either way, the blemish can stay for up to 7 years on your credit report! This means it can take a while to rebuild your credit score, so you want to avoid this at all costs.

You’ll Default on Your Loan

A loan default happens when your monthly payment is over 30 but under 90 days overdue. The exact days will depend on the type of loan you have and what the terms are.

Once you default on your loan, it’ll go to collections, which can be in-house or a 3rd party. Both will try to contact you to receive the leftover loan amount, so expect them not only to call you, but also to text and email you.

If you have a secured loan, then the lender might seize the collateral. If it’s unsecured, then they (either the collector or lender) might take you to court or place a lien on something like your house (if you own it). It’s also possible for them to have your wages garnished.

If you had a co-applicant for the loan, then they should be aware that they’re responsible to pay should you default on your loan.

What Should You Do if You Can’t Pay Back a Loan?

Making a payment late is better than not paying at all, so you should schedule a payment as soon as you can. If this isn’t possible within 30 days of the due date, then here are some things you can do.

Speak to Your Lender

If you already know you can’t make a payment on time, contact your lender.

Many will work with you so you’ll stay with them as a client. For example, they can temporarily suspend payments or defer them.  You might also be able to negotiate lower monthly payments so they’re easier for you to budget.

Borrow Money From Your Friends and Family

Those who have good support networks may have some friends and family members who will want to help. Borrowing from your loved ones is the best solution since there are typically no interest rates involved and repayment terms are much more flexible.

Financial matters can cause tension in relationships though, so it’s understandable if you don’t want to ask your social network for money.

Use a Payday Loan

If you’re employed, then consider getting a payday loan to make a loan payment on time.

However, you should only save this for emergencies, as payday loans come with the highest interest rates around. But they can help you in a flash since the application process, approval, and loan disbursement all happen within 24 hours.

Consolidate Your Debt

Debt consolidation is when you combine all your debt into one loan, usually a personal one.

Not only does this cut down on stress since you only have 1 monthly payment as opposed to multiple, but it also cuts down costs. When you transfer all debts to one loan, you typically end up with an overall lower interest rate to pay.

Do note that while this doesn’t eliminate your debt, it does make it easier to manage.

Make Sure You Pay Back Your Loans on Time

So what happens if you don’t pay back a loan? Several things can occur, and they can all be detrimental to your future.

It’s important that you’re diligent with repayments, as a single late one can negatively affect your credit score. But life happens sometimes, and you don’t have the funds to cover everything.

If you have a poor credit score and/or need money fast, and can’t wait until your next paycheck, then consider a cash advance. This fast money can cover unexpected expenses to lessen your burden immediately.

Find out more about cash advances today. You can apply for one and receive money within 24 hours if you qualify.

Get up to $5,000 in as little as 24 hours!*

What are payday loans? Select get started and enter your state to see available offers.

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On average, adult Americans have between $11,200 to $57,800 in their savings accounts. That may sound like a lot, but 56% of Americans aren’t able to cover an unexpected $1,000 bill.

If you’ve had a huge expense come up and aren’t prepared for it, then you might be panicking. Where are you supposed to pull all that money out from anyway?

Personal loans might take too long to get. But did you know about payday loans?

What are payday loans? How can you use them, and what are the pros and cons that come with them? Read on to find out!

What Are Payday Loans?

Payday loans are also known as cash advance loans. As the name suggests, you’ll need to have a source of income to get this type of loan since your paycheck is used to repay the amount once your employer disburses the money.

These loans are considered a type of short-term loan since they’re usually repaid within a few weeks or a month (whenever your next paycheck is due). Whereas with a traditional personal loan, it can take years to repay in full. Because they’re short-term loans, payday loans also tend to have lower amounts.

Do note that not all states allow payday loans.

What Do You Need to Get Payday Loans?

Besides having a source of income, there aren’t a lot of requirements. You’ll need to be at least 18 years old, have an active bank account, current residence, and valid ID. Some lenders also require a minimum monthly income.

This means that if you have no or poor credit, you may be able to borrow money.

How Can You Use Payday Loans?

The beauty of payday loans is you can use them for anything you want. There are no restrictions, so whether you use the cash for groceries, rent, gas, or anything else, you won’t be limited.

Pros of Payday Loans

If you’ve got some loan choices available, then you might be wondering what the benefits of payday loans are. Here are some of the main pros.

You Can Apply in Person or Online

You can apply for payday loans at a brick-and-mortar lender. But if you don’t want to leave the comfort of your house, this is possible too.

There are lots of online lenders you can browse without wasting time or gas. And once you find one you like, you can apply for online payday loans right on your computer.

The Application Process Is Fast

The application isn’t long and complicated, so you don’t need to spend much time filling it out.

More importantly, it won’t take long for the lender to get back to you. In most cases, you’ll usually hear back faster than traditional loans.

With traditional loans, it can take several days to weeks for lenders to give you a decision.

You’ll Get Money Fast Too

Not only will you receive quick responsives from lenders, but you can also get the funds fast. If there’s an emergency, once you accept the loan offer from a lender, funds can be deposited in as little as 24 hours

This can ease your burden and stress, especially since traditional loans take a while for approval and disbursement.

There Are No Credit Checks

If you have bad credit or none at all, then you might already know how difficult it is to get approval for personal loans or lines of credit. It can feel impossible to secure much-needed funding.

What’s great is payday loans for bad credit are available. So long as you have a steady paycheck, it’s pretty easy to get.

You Can Roll Over Your Loan

If your next paycheck is smaller than expected and you can’t cover the entire loan amount, you may be able to roll over the loan. This means you just pay some fees and you can use your next paycheck to cover the rest of the payday loan.

Otherwise, repayment is a one-and-done situation. So there’s less stress when compared to monthly payments with a traditional loan.

Cons of Payday Loans

Payday loans certainly come with a number of benefits, but there are also drawbacks. Here are the main ones you should be aware of.

Interest Rates Are High

If you think credit card interest rates are high, then wait until you see the ones attached to payday loans.

Some states don’t have rate caps; for example, before one was introduced in Ohio, payday loan rates stood at 677%! In the state of California, the typical interest rate is 460%.

But if desperately need money and are certain you can immediately pay off the loan with your next paycheck, it can save you in a pinch.

Rollovers Can Add Up

While rollovers are handy when you can’t pay back your advance in full, they can quickly add up. In addition to the fees, you’ll need to pay the high interest amount, which will only grow the longer you extend repayment.

Are Payday Loans Right for You?

The answer to the question “what are payday loans” is they’re a quick and easy way to get fast cash when you’re in a bind. However, they’re not without their pros and cons, so make sure you carefully weigh them up before you get one.

If you do decide they’re right for you, then the next step is to take out a loan from a reputable company. We at First Financial are here to give you the options you need fast!

Ready to get started? Then apply for a payday loan now!

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Financial Strategies to Help Young Veterans Transition to Civilian Life in San Diego, CA

Financial strategies can help with adjusting to civilian life can be challenging for young veterans in San Diego, CA. Many of these challenges are related to finances, which may include managing basic needs, such as housing, and obtaining medical care once provided by the military. Fortunately, there are financial steps you can take to ease your transition.

Set a Reasonable Budget

While in the military, you may have qualified for incentives, subsidies, and tax exemptions. Once you transition to civilian life, most of these benefits may no longer be available for you, which means your income may be substantially less. Examine your expenses to determine which are a priority and which ones you can do without. For example, review your auto insurance plan and remove the coverage you don’t need.

Avoid Debt Pitfalls

If you have existing debt, focus on paying that before taking on additional debt. Factor it into your budget to make sure you don’t accumulate interest. If possible, avoid high-interest loans and credit cards to minimize the chances of getting into debt.

Find a Job or Start a Business

Ex-military members have talents and skills that are highly valued in most workplaces. Finding a job in San Diego can help you complement your income. Sometimes, it can be challenging to find a job, which can be financially constraining. In this case, you may consider starting your own business by using your savings, taking a loan, or partnering with someone else.

Pursue Education

Sometimes, you might have to go back to school to boost your earning power or get your dream job. Many degree programs in San Diego, CA, offer you the flexibility to keep a regular job and spend time with your family. For example, you can go online to earn your teacher certification and obtain a teaching license, letting you apply for more jobs. Some states may require you to submit transcripts, pass entrance exams and skills tests, and complete a background check before getting a teaching license.

Decide on Housing

Housing can be pretty expensive in San Diego. You can save up money to buy a home, eliminating the monthly housing expenses, and it’s a great retirement plan. There are also special VA home loan programs, which allow qualifying veterans to purchase a home or refinance the mortgage on their current homes. Take advantage of these loans, as they typically have no down payment, no private mortgage insurance, and their interest rates are generally low.

Take Advantage of Discounts and Benefits

There are many kinds of benefits and discounts available to former military members. For example, you can apply for GI Bill benefits if you decide to apply for graduate school or college. You can also take advantage of military discounts offered by various San Diego or online stores, helping you save a significant amount of money.

Take Command of Your Financial Life

You don’t have to face financial constraints as a new veteran transitioning to civilian life. Use the above tips, and if you decide to go back to school or start your small business, contact First Financial® in San Diego, CA, to get the funds you need.

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Getting Through an Economic Downturn

When the economy is in economic downturn, you may be feeling discouraged as it becomes more expensive. It can be difficult to take care of yourself and your loved ones in San Diego, CA. If you strategize, you can make this process more bearable and make it easier to get through to the other side. This requires budgeting and strategic spending, exploring new and alternative income opportunities, and dealing with any financial difficulties proactively.

Budget

Despite the difficulty California households face in recessions, many don’t create budgets. Using a spreadsheet or another type of document to manage a monthly budget creates accountability and also enables you to see where your money is going in a thorough way. Having a budget on paper forces you to be accountable and empowers you to plan your spending better, avoiding wastefulness.

Deal With Debt

Even in a recession, it’s important not to let your debt get out of control. Paying down high-interest debt is advantageous in the long run. Otherwise, it just compounds and becomes more difficult to address as it snowballs. Getting rid of some of this debt can also ease anxiety around your income. It can help you to deal with any uncertainty you have about the economy.

Meditate

Don’t let yourself be overcome by worry or frustration. If you need to meditate, take walks, go to a therapist in San Diego (look for free therapy), or exercise more, do so for your own health and your family’s sake. If you don’t take time for yourself and become overwhelmed, it becomes even more difficult to care for yourself and your family. You can also try group meditation.

Consume Consciously

When you have limited money and products are more expensive, it’s smart to scrutinize the purchases you do make. If you aren’t sure about the quality of a product or service, check reviews on pet items, home appliances, and more. Be honest about whether you need an item now or if you can wait. If you buy something costly on credit, pay it back as quickly as possible. Paying additional interest can be particularly problematic in a time of economic uncertainty. For instance, continue buying essentials for your pet, such as food and medicine, but perhaps you can delay or space out purchases of toys or other frivolous items to save money.

Switch Jobs

If you’re having a hard time keeping the household afloat and could use more money, consider a job switch or a full-blown career change in San Diego, CA. Switching companies is often the fastest way to increase your income, and this is easier to accomplish with a quality resume. If you haven’t updated your resume in some time, consider using a free online resume template. An assortment of professional resume templates appropriate for a variety of industries is available at your fingertips. These templates allow you to customize the format, colors, and overall look of your resume and even add images to it.

Get Through It

A recession is a disheartening experience that can affect you physically and emotionally, but you can’t be discouraged. Smart financial planning, a willingness to change jobs, addressing debt, and dealing with anxiety are the keys to weathering an economic downturn. For access to an array of personal credit and financial services, visit First Financial.