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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.

The Pros and Cons of Cash Advance Loans Online

If you are short on cash, finding the best option to cover unexpected expenses can be like finding a needle in a haystack. Going through traditional routes, such as getting a personal loan from a bank or credit union, can be lengthy. One way you can cover expenses is from online cash advance loans.

Get Cash Advance Offers With Good or Bad Credit

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While borrowing money always has some risk, cash advances have been a good option for those who need money quickly.

If you want to learn if cash advances are right for you, you’ll want to keep reading. Here are the pros and cons of cash advance loans online.

What Are Cash Advance Loans Online?

Before you dive into the world of payday loans or cash advances, it is essential to know what they are. Cash advance loans online can be as small as $100 to $1500, depending on your chosen lender.

Your next payday must repay the amount in a lump sum. The typical time frame is two weeks. Since they are for borrowers who need cash quickly.

This makes it a good option for borrowers who don’t have any credit history or who have poor credit. When you get cash advance loans online, you can use them for an unexpected bill or medical emergency when you are short on cash.

Cash advance loans can help alleviate short-term money problems. The key is to be mindful of how they can impact your financial situation in the long term.

The Pros of Cash Advance Loans Online

There are several pros to using cash advance loans online for short-term expenses. These loans are accessible, with some lenders providing funding in a few hours. Since cash advance loans online are easy to apply for, they give you access to the money much faster than a personal loan from a bank.

Once you have all your information, such as your pay stub, photo id, and banking information, you can start the application process.

You can quickly find lenders who provide cash advance loans online by searching for reputable companies that provide this service. Most applications take less than 30 minutes, and approval happens in seconds.

Unlike traditional funding, lenders don’t pull your credit report to process the loan.

If you have poor credit or no credit, this makes online cash advances loans an attractive option.

Take an auto loan or mortgage, for example. The lender can seize your property if you cannot pay. That is not something you have to worry about with a cash advance.

Yet, keep in mind that if you do not pay your debt, the payday loan lender can send your debt to a collection agency. They can also take you to court as well.

The Cons of Cash Advance Loans Online

As with anything, there are a few cons. The biggest drawback is the high-interest rates these loans charge. Given that you won’t have to go through the long process of a traditional loan, you will pay more for the money.

Some cash advance loans online charge fees up to 15% of the total borrowed amount, pulse interest. On top of that, the interest fees can be as high as 100% or more of the borrowed amount.

Another con to consider for payday loans is they are short-term. This means that you must pay them back within two weeks. If you cannot do so, you can receive substantial penalties, such as rolling the loan over.

If this happens, you will be subjected to paying even higher interest rates. When comparing cash advance loans online to traditional loans, borrowers have more time to repay their debt. After 60 days, some lenders will send your balance to a collection agency,

The short-term repayment periods on cash advances can make it difficult to pay the loan back without having a remaining balance. This is especially true if your paycheck covers living expenses such as rent and utilities. The truth is while payday loans are a good option for quick cash, they can put you in a debt cycle, making it hard to get out.

One last con to using cash advance loans online is they don’t help your credit score. When you open up any line of credit, making payments on time positively affects your credit score. But, since payday loans don’t use credit, they don’t help build your credit either. In contrast, it can negatively affect your credit if you cannot pay your payday loan.

Finding Reputable Lender Online

It is essential that when you are looking for cash advance loans online, you look for a reputable lender.

Most online payday lenders will forgo reporting to the three major credit bureaus: Equifax, Experian, or TransUnion. They also won’t ask you to pay something first to receive the funds.

Checking for reviews before selecting a lender can help avoid scams or fraud. It is a good idea to weigh the pros and cons for short-term money.

Do You Need Funds Fast?

Access to quick cash can make a difference when you need it. Understanding the pros and cons can help you determine if it’s the right option for you.

A good rule of thumb is to use payday loans only for short-term financial emergencies. You also want to research the online company providing the cash advances to ensure you won’t be a victim of fraud.

If you want to explore emergency cash funding options, let us help. Reach out to our dedicated team of financial professionals to get started today.

The Best Ways To Consolidate Credit Card Debt

When you have credit card debt, it can feel like you’re drowning in monthly payments. The truth of the matter is you aren’t alone. There are millions of other people who also deal with credit card debt. According to a GOBankingRates survey, 30% of Americans carry between $1,001 and $5,000 in credit card debt. That same survey reported that 15% of people surveyed have $5,001 or more in credit card debt. While about 6% of those people have over $10,000 in credit card debt. Finding a way to consolidate credit card debt can make you debt-free.

You’re in the right place if you are looking for the best ways to consolidate credit card debt. Here’s what you need to know about consolidating credit card debt.

Personal Loan

When looking at options to consolidate credit card debt, one tool that can help is an unsecured personal loan. You can use a bank, credit union, or an online lender that can provide money for you to consolidate your debt.There are a few benefits of doing it this way. Depending on the lender you choose, they can automatically make the payments directly to the credit card companies, so you don’t have to. Another reason a personal loan can be a good option is that, ideally, you will have a lower APR on your debt.Keep in mind that the lender you choose for a personal loan can also make a difference in your interest rates. For example, credit unions are considered not-for-profit lenders.

This means they can provide more flexible loan terms for their members. This could work to your advantage if you are a borrower with fair or bad credit (689 or lower on the FICO scale).

Banks and Credit Unions

The reason is that federal credit unions can only charge a maximum APR of 18%. Instead of using a personal loan from a credit union, you might decide to go with a bank. Banks could work well for those who have good credit. Especially if you are an existing customer. Choosing to get a personal loan from a bank can also give you access to more significant loan amounts. On top of that, discounted rates may be available too.You can try an online leader if you don’t want to use a credit union or a bank for a personal loan. With an online lender, you can check to see if you pre-qualify without it affecting your credit score.

The great thing about pre-qualifying for a personal loan is it can give you information about the loan amount, possible payment amounts, and interest rates.

Balance Transfer

Another great option is to do a balance transfer as you consider consolidating credit card debt. Also known as credit card refinancing, balance transfers move debt from one credit card to another. If you have a credit card with a high-interest payment, this strategy could help you save money. Most balance transfers offer a promotion period where they don’t charge any interest on the balance. This time frame is often between 12 and 18 months. For example, moving debt to a credit card with an introductory APR of 0% could help you pay off the balance interest-free.You can qualify for most balance transfer cards if you are a borrower with good or excellent credit (690 or higher on the FICO scale). You want to do your research before making a final decision on the balance transfer card. Some cards can charge a one-time balance transfer fee from as low as 3% to 5% of the total amount being transferred.

It’s a good idea to calculate whether the interest you can save over time will clear the cost of the fee.

HELOC or Loan

Another one of the best ways to consolidate credit card debt is by getting a home equity line of credit. Homeowners can benefit from this debt consolidation option because you can use the equity in your home to pay off high-interest credit cards. You can also consider using a home equity loan. It can provide a lump sum of money with a fixed interest rate compared to a line of credit with variable interest rates. Usually, in the first ten years, a HELOC requires interest-only payments. Which is known as the draw period. This means you must make more than the minimum payment to reduce the principal and pay down debt. With the loan being secured by your house, it’s a high chance you will get a lower interest rate than a personal loan or balance transfer credit card.

It is equally important to note that you could lose your home if you don’t keep up with the payments.

Debt Consolidation Plan

One last way to consolidate your credit card debt is to use a debt management plan. The great thing about this option is that it rolls all your debt into one monthly payment at a lowered interest rate. If you struggle to pay off your credit card debt but have bad credit, this option may work best for you. Also, a debt management plan doesn’t affect your credit score since you are not borrowing money or opening a new line of credit.

Consolidate Credit Card Debt Fast!

When you consolidate credit card debt, you give yourself more financial breathing room. Debt can stop you from doing the things you enjoy, like taking a vacation or buying an item you want. You should know that it is possible to eliminate your credit card debt and become debt free. You just have to take things one step at a time. If you do a balance transfer, get a personal loan, or use a HELOC, learning more about these options can help your financial future. If you are ready to start on your path to consolidating credit card debt choose a company that cares about your financial future. Need fast cash?

Reach out to our dedicated team of financial professionals to get started today!

The 5 Tips Young People Should Know To Protect Their Financial Health

Whether you just got your first job and are hoping to start saving up cash, or you’re about to graduate college and want to pay off your loans and set yourself up for a strong financial future, taking steps to protect yourself and your wallet from financial risks can be a smart long-term move. Young people who pay extra attention to their financial health can help ensure a stable and prosperous future.

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1. Boost Your Earning Potential and Your Career by Going Back To School

If you’re looking for a single move that can help you increase your earning power and boost your odds of a successful career, consider going back to school to get a degree. Having a degree can open numerous doors and may enhance your lifelong earning potential.

Even if you don’t have the time for an in-person program, online degree programs can allow you to reach your goals while still fulfilling personal and familial obligations and working full-time. When you start searching for online programs, make sure your selected school is accredited and has affordable, competitive tuition costs.

2. Find Creative Yet Stable Ways To Increase Your Income Over Time

According to one study, higher education levels are associated with higher income levels over time. However, earning a degree isn’t the only way to earn additional income and grow your income gradually. There are some creative and potentially stable ways you can earn more, either full-time or on the side. For instance, you could:

• Monetize a current hobby
• Sell unneeded items online or at a yard sale
• Pick up freelance or part-time work

3. Find an Affordable Home and Start Saving for Your Own House

One of the most effective ways to build long-term wealth is to purchase your own home, so it’s best to start saving for a down payment as early as possible. Every month, put away a small portion of your paycheck into a house fund.

If it comes time to purchase a home and you find you’re a little short on funds, there are financial assistance options that could help you make up the difference for your down payment. There are typically three different down payment assistance possibilities: tax credits, loans, and grants. Whether you’re eligible for these programs depends on your career and income, your location, and the type and cost of the house you want to purchase.

4. Master the Keys to Good Budgeting Early On

Having strong budgeting abilities is the key to healthy financial management. Learn how to make your own budget early on. Master skills such as:

• Paying the bills on time
• Tracking your spending
• Eliminating unnecessary purchases

5. Protect Yourself With Insurance, Good Credit, and a Savings Cushion

Finally, take a few measures to protect yourself and your long-term financial health. Make sure you:

• Purchase necessary insurance coverage
• Pay down loans and other types of debt
• Put money into savings every time you get paid
• Keep your credit utilization ratio low

When you’re just starting out your professional life, paying close attention to your finances can give you a strong foundation for the years to come. Young people looking to protect themselves – and their wallets – from risk and harm can take several key steps, from saving up for a down payment to finding clever ways to boost their income and more.

Looking for a loan? Turn to First Financial for fast and easy loan approval. Reach out today!