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The Pros and Cons of Cash Advance Loans Online

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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.

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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, there is no hard credit check.

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.

Since no credit check or collateral is needed, you don’t have to worry about how a cash advance online will affect your credit score. 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 with cash advance loans online. 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 of online cash advance loans 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 of cash advance loans online 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

Girl holding credit card debt consoladation

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

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.

Computer on bed giving financial health tips.

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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.

  1. 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
  1. 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.

  1. 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
  1. 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!

The Complete Guide to Choosing Auto Loan Providers: Everything to Know

The Complete Guide to Choosing Auto Loan Providers: Everything to Know

Doing research is important when choosing auto loan providers Unfortunately, there are over 6 million car accidents each year in the United States. Not all of these are minor, either. It’s not uncommon for people to deal with significant pain after auto accidents.

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The good news is that many of these accidents are preventable by exercising safe driving habits and using a reliable vehicle. More often than not, buyers find themselves applying for auto loans so they can afford the car that’s right for them.

Choosing auto loan providers, though, isn’t always as easy as it seems. We’ve put together a brief guide that details how you can narrow down your potential loan provider options.

Let’s dive in.

Check Out Their Online Reviews

You’ll want to make sure that you’re reading online reviews as possible.

This includes scouring through the provider’s website, social media platforms, and any other independent review sites. You should also check out the Better Business Bureau’s (BBB) rating for the provider.

All of this research will give you a good idea of what other customers have experienced with the provider in terms of customer service, loan options, and repayment terms.

Look For Red Flags

When you’re reading through reviews, be sure to look out for any red flags that may pop up. These can include complaints about hidden fees, difficulty getting in touch with customer service, or a lack of transparency when it comes to the loan process.

If you see any of these red flags, you’ll want to move on to another provider.

Get Quotes From Multiple Providers

Don’t just settle on the first auto loan provider you come across.

Instead, take the time to get quotes from multiple providers. This will give you a better idea of who can offer you the best interest rates and repayment terms. Be sure to compare these offers side-by-side so you can make the best decision for your needs.

Read the Loan Terms and Conditions Carefully

Once you’ve chosen a loan provider, it’s essential that you read the loan terms and conditions carefully. This includes the interest rate, repayment schedule, and any fees or penalties that may be associated with the loan.

Unfortunately, many buyers neglect to do so when looking to secure financing. This can lead to a large number of complications in the future, such as being stuck in an agreement that you cannot comfortably manage.

Is It Possible to Get a Loan if I Have Bad Credit?

If you don’t have good credit, it may be difficult to get an auto loan from a traditional lender. However, there are still options available to you.

There are a number of subprime lenders that specialize in providing loans to buyers with bad credit. These lenders will typically offer higher interest rates and less favorable loan terms. However, they can still provide you with the financing you need to purchase a vehicle.

Keep this in mind if this situation applies to you.

What Is the Typical APR of an Auto Loan?

The typical APR of an auto loan will vary depending on a number of factors, such as your credit score, income, and the amount you’re looking to borrow. However, the average APR for an auto loan is around 4%.

If you have bad credit, you can expect to see an APR that’s closer to 10%. The good news is that you can likely refinance your loan in the future.

How Long Does It Take to Get Approved For an Auto Loan?

It typically takes around 24-48 hours to get approved for an auto loan. However, this timeline can vary depending on the lender you’re working with.

If you need financing quickly, be sure to communicate this to your lender so they can expedite the process. Oftentimes, buyers run the risk of missing out on purchasing the vehicle they want if they take too long to secure financing.

Can I Pre-Qualify For an Auto Loan?

Many lenders will allow you to pre-qualify for an auto loan. This means that they’ll give you an idea of how much you’re eligible to borrow based on your credit score and income.

Keep in mind, though, that pre-qualifying for a loan is not the same as being approved for a loan. Once you’ve found a vehicle you’re interested in, you’ll still need to go through the formal loan application process.

What Is the Average Term For an Auto Loan?

The average term for an auto loan is around 60 months. However, this timeline can vary depending on the lender you’re working with.

Some lenders may offer loans with terms as short as 24 months, while others may extend the term up to 84 months.

How Much Should My Down Payment Be?

The size of your down payment will vary depending on the amount you’re looking to borrow and the terms of your loan.

However, most lenders will require a down payment of at least 10%. If you have bad credit, you may be required to put down 20% or more. If you have stellar credit, you may be able to put down less than 10%.

Choosing Auto Loan Providers Doesn’t Have to Be Complicated

Although choosing auto loan providers might seem difficult to understand at first, it’s much easier than people think. Ensure that you keep the above guidelines in mind when moving forward so you can avoid mistakes.

Looking for other info about how we can help you out in the future? Feel free to reach out to us today to learn more.

Common Personal Loan Application Mistakes and How to Avoid Them

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Common Personal Loan Application Mistakes and How to Avoid Them

Personal loans grew by 19.2% in the first quarter of 2019.

With more people than ever applying for and using personal loans, there are also more people making avoidable personal loan application mistakes. Mistakes that cost borrowers more in the long run!

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If you’re looking to join the many people applying for personal loans then it’s important that you avoid these mistakes so you can get your loan with the minimum amount of stress and extra costs.

In this post, we’ll go over some of the most common mistakes made in the personal loan application process, and how to avoid making them.

Keep reading to learn more.

Not Shopping Around

One of the biggest mistakes borrowers make is to not compare different lenders before applying for a personal loan. Different lenders will all have their own loan fees and penalties as well as different basic requirements for approval. Compare the various:

  • Interest rates
  • Origination fees
  • Payment schedules
  • Prepayment penalties

While it can be very tempting to go with the first option that you find, this can wind up costing you more over the life of the loan in interest and fees. Be sure to compare local banks, national banks, credit unions, online lenders, and different types of loans.

One of the things you should pay close attention to when choosing your personal loan provider is their lending practices and any kind of predatory actions. These are things such as abnormally high-interest rates or late fees, rushed approvals, and encouragement to lie on the application.

Not Paying Attention to the Details

When it comes to personal loans, there are so many little details that it can be easy to get overwhelmed and ignore them, but this can majorly backfire. It’s critical to pay attention to what the application, origination, late payment, and returned check fees are, not just what the monthly payment will be.

If you’re not aware of these fees then it can be easy to make a mistake that you’ll be penalized for. For example, if your loan has a prepayment penalty, you could be charged extra for paying off your loan early. This is something you need to be aware of but could easily overlook.

This also applies to reading the fine print on closing documents. These include important information regarding how interest is calculated, what forms of payment they accept, and the payment schedule. While these may seem like small details in the grand scheme of things, they can make a big difference in how you pay back your loan.

Stretching the Truth

Some people consider getting a personal loan a last resort. This means that when they do apply for one they may feel desperate that they need to be approved. But no matter how desperate you’re feeling it is crucial that you don’t stretch the truth or outright lie about your current financial situation.

Lying on a loan application is illegal and can come with massive consequences including fines, being barred from ever applying for a loan again, and even jail time.

There are lenders out there that will work with people with poor credit, low income, or other financial issues. Just be honest.

Not Having a Budget

One of the first things you should do when considering applying for a personal loan is create a budget so you know exactly how much loan you can afford. If you jump into a loan without considering whether you can really afford it then it can put a great financial strain on you when it’s time to make your payments.

You need to be sure that you can afford the monthly payments because if you can’t and you miss even one payment, it can negatively impact your credit score, and cost you even more in missed payment fees. While you may feel like you’re solving one financial problem with the loan, you could be creating another even worse problem down the road.

This budget should also include an emergency fund so that if something should happen to you like an injury or loss of income you’ll still be able to make your payments.

Borrowing Too Much

Just because a lender is willing to lend you more than you asked for, does not mean that you should accept that larger amount. While more money can sound like a big bonus it also comes with more principal to repay, more interest, and higher fees that are sometimes based off of a percentage of the loan itself.

If you take out a larger loan than you need and miss any payments it can have negative consequences for your credit score and your future borrowing power.

Avoid making this mistake by taking out only the amount you need, not more. Don’t let predatory lenders convince you to take more.

Assuming You’ll Be Approved

A pre-approval does not necessarily mean you will be approved for the actual loan. This can cause a lot of problems if you move forward and begin spending money before you’ve actually been fully approved for the loan.

Pre-approval doesn’t include all of the details in your credit report that will be found during the actual loan application process. If something unexpected comes up and your application is denied you can wind up in great financial distress.

Be sure to avoid spending like you have the loan before you actually have the money in your account, and make sure you have a backup plan for what you’ll do if your application isn’t approved.

Avoid These Personal Loan Application Mistakes

A personal loan can be a powerful tool for financing important things in your life, but it can also be very expensive and complicated. Be sure to avoid making these personal loan application mistakes to keep the process as smooth and cost-effective as possible.

If you’re in need of a personal loan fast, we can help. See what you’re qualified for today!

How To Keep Your Small Business Bank Account Full

Small Business Owner Looking at Computer Cash Flow

How To Keep Your Small Business Bank Account Full & Ample Cash Flow

According to a study, poor cash flow management contributes to 82% of small business failures. Even businesses that bring in more money than they spend over a year can run into financial trouble if they don’t manage their cash flow well. These tips can help you ensure that you always have a positive balance in your bank account.

Set Your Business Up for Success

One of the first tasks new business owners must complete is to choose how to organize their business. Forming a limited liability company protects your personal assets from business-related lawsuits and provides tax advantages. Even if you have already been in business for a while, you can change your company to an LLC; however, each state has different regulations that you must follow to avoid legal issues. Do your research or consult with an attorney before you proceed.

Send Invoices Promptly

The faster you send invoices to your customers, the earlier they are likely to pay you. The invoice serves as a reminder to the client to send their payment. It also provides the customer with a deadline to meet. Consider using software that automatically generates an invoice when you make a sale to improve cash flow.

Provide Incentives for Early Payment

Many businesses offer customers 30 days to pay an invoice before the payment is considered late. However, if you can get customers to pay earlier than that, your cash flow will improve. One way to encourage early payments is to offer a discount. For example, you could offer a 1% discount to customers who pay invoices within 10 days. The discount should be small enough that the benefit of the early payment exceeds the loss of revenue, but large enough to compel the customer to pay early.

Increase Revenue

You can boost your cash flow by increasing revenue as long as you aren’t spending more money than you bring in to produce the increase. One of the best ways to boost sales is to improve your marketing.

Creating a professional-looking logo is a cost-effective way to build your brand, make a good impression on customers, and set yourself apart from the competition. You can save money on your logo design if you try a free logo creator online. These tools are easy to use. Pick the style you want. Choose an icon. Add your text and then adjust the fonts and colors.

Another good way to boost revenue is to expand the payment methods you accept. The more options you provide to customers, the more sales you are likely to make. Additionally, offering more ways to pay tends to result in faster payments. So, work with a bank like First Financial that can provide the type of merchant services you need.

Maintain Accurate Financial Records & Cash Flow

It is nearly impossible to improve your cash flow without accurately keeping track of your finances. Without accurate records, you don’t know where you are and you can’t tell if you are improving. The right accounting solution can provide you with insights into your cash flow that can help you make better decisions about running your business. Accounting software can automatically generate profit and loss statements and balance sheet reports so that you always have instant access to your financial information.

Effectively managing your cash flow is critical for the success of your business. Following these tips will help you ensure that you always have the financial flexibility you need to grow your business.

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