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About 33% of Americans now use cash advance apps.
You never know what life is going to through at you, and at some point, you might find yourself in a financial pinch. It’s good to have an emergency fund saved up, but if you need to get your hands on some money fast, a cash advance loan could be the best solution. They’re more widely available now than ever before, and easy for anyone to get.
In this guide, we’ll cover the basics of a cash advance loan, as well as the pros and cons of getting one. Keep reading for more.
A cash advance loan is a loan that you can take out quickly and easily. You can find them from online lenders, and they’re a great solution if you need cash fast.
When compared to traditional loans that banks offer, cash advance loans are often a lot smaller. They tend to also have shorter terms, so they need to be paid back relatively quickly.
People usually get these loans when they need a sum of cash but don’t have the time to go through a standard loan application. At First Financial, we offer loans of up to $5,000, and you can have the money in your account in under 24 hours.
Cash advances have become very popular in recent years. Depending on your current situation, there are various benefits that could make a cash advance loan an ideal choice.
The main benefit of a cash advance loan is that you can get the money you need fast. This is the main reason people tend to use them, and in most cases, you’ll get your money within a day of applying. A regular loan can take weeks or even months, so this is a much better solution if you need cash immediately.
This is another key reason that people go for cash advance loans. When requesting a loan from a bank or credit card issuer, they’ll want to do a credit check.
Not only will this affect your credit score, but they’ll expect your score to be a certain level. If it’s not high enough, they won’t approve your loan.
If you already have a low credit score, the last thing you need is to lower it further. Cash advance loans are less stringent, so they’re far more accessible to most people, and applying for one doesn’t harm your credit score.
On top of your credit score, traditional lenders will have various expectations and checks before approving your loan. This often includes things like:
When getting a cash advance loan, there are far fewer requirements. These can vary depending on the lender, and at First Financial, you just need a source of income (at least $800 a month), a bank account, and a valid email address. There’s no credit score requirement, so you just need to give us these details when you apply and we can get to work on sending you your loan.
Some people apply for cash advance loans for things like holidays or cars so they can quickly get the money they need. Another reason, however, is for something unexpected.
If you suddenly have issues with your car, or an appliance in your home breaks, for example, you might not have the cash on hand to deal with things. You can take out a cash advance loan to pay for any repairs or other issues straight away, which could be ideal in a difficult situation.
While there are several benefits to cash advances, they are also some downsides. It’s important to consider these when looking at different loan options.
Perhaps the biggest disadvantage of cash advance loans is that they generally come with a higher APR (annual percentage rate) than other types of loans. These can vary a lot for all kinds of loans, so make sure you take a look at the details of the different choices available so you know what they are.
When using your credit card, there are various rewards that you might be able to get. This includes things like points, air miles, or cash. Credit works similarly to a loan, but often comes with bonuses like these.
When getting a loan, you’ll miss out on these extras. It’s worth remembering, however, that these credit card rewards aren’t the reason you’re applying for a loan in the first place, so they shouldn’t have a huge impact on your decision.
Depending on the options available, some loans won’t add interest from the start. With cash advance loans, however, interest is immediately applied. This is part of the tradeoff of being able to get access to your money so fast.
They’re not perfect, but a cash advance loan can be incredibly helpful. If you need cash fast, have a poor credit score, or don’t want to go through a standard loan application, a cash advance is a great solution.
First Financial offers cash advance loans to anyone that meets our basic requirements. You can apply for up to $5,000 and may be able to access the loan within 24 hours of your application. There’s no credit check—you just need to give us some basic details and we’ll be able to transfer the loan to your bank account.
Take a look at our Cash Advance page to see more details today.
Long gone are the days when cash was the preferred form of payment. Around 33% of consumers use their credit cards to make a purchase. 38% of people opt to use their debit cards.
If you’re running an e-commerce business and accept credit/debit cards, you might’ve come across the term “high-risk merchant.” It can be intimidating if you discover that your company has been labeled as one. There are many reasons why a business selling a certain type of product might be considered a high-risk merchant.
This guide will discuss everything you need to know about high-risk merchants. We’ll also talk about what high-risk merchant accounts are and if your business needs one.
A high-risk merchant is a physical or online business that sells products that fall into specific categories. These types of companies have a higher likelihood of fraud or chargebacks. Online businesses can fall into this category because they can’t physically see their customer’s credit cards and verify their identity.
Some industries that fall into the high-risk category include:
Many characteristics might label a business as high-risk. In addition to the qualities we mentioned above, some other features include:
There isn’t a universal standard or set of rules when it comes to determining if a company is high-risk. Each payment processor and bank abides by its own set of standards.
High-risk merchant accounts are a type of bank account that’s set up by a payment processor. These accounts enable businesses to accept debit and credit cards even if they’re considered high-risk.
The money that gets collected during a transaction, minus processing fees, gets transferred to the business’s checking account. It typically takes 24 to 48 hours for the merchant to receive the funds.
High-risk merchant processing gives these companies the ability to accept debit and credit cards. If you fall into this category, you should explore payment processors that offer high-risk merchant services.
High-risk businesses have a higher likelihood of their application getting denied by banks or payment processors. However, some organizations have more relaxed standards when it comes to accepting businesses. They might also be more willing to work with you by enforcing additional measures low-risk businesses don’t experience.
Payment processors and banks have many ways they can reduce their risk when working with these types of companies. There are also big differences between regular and high-risk merchant accounts.
Some payment processing companies might charge around 0.3% for a standard business. That fee could be as high as 1.5% for a high-risk merchant. It’s important to understand their fees before you partner with a payment processor.
A payment processor or bank might ask for additional information when you apply for an account. They’ll want to use this data to look at your past finances. The bank might be analyzing your risk profile.
Other details they might want to review include:
Be as transparent as possible with the company. Show how much money you have moving through your business. Good cash flow can improve your approval chances.
Another thing to consider is that the payment processor might keep a reserve of a certain amount of cash for your business. Examples of this include:
You should get as many details about their cash reserve requirements before you sign a contract. You don’t want to have to provide a large amount of cash upfront if you’re not able to.
Some credit card processing companies might cap how many transactions you have. This is because they believe that they might encounter more risk if you have a high volume of transactions.
High-risk merchants might also have to pay chargeback fees when they process a refund. These fees may be higher to offset the risks the processor encounters with excessive chargebacks. These fees can range from $20 to even $100 each.
Don’t get discouraged if you’re considered a high-risk merchant. There are many things you can do to keep your business in good standing.
Many e-commerce businesses deal with a lot of chargebacks. This is especially true if you sell clothing or shoes.
Make sure your product description matches what you’re selling. Include a detailed size chart to ensure your customers purchase the right size. Reduce your chargebacks so you can lower the related fees.
Many banks and payment processors want to see that you have healthy cash levels. Having a high amount of cash on hand shows them that you’re financially stable. You’ll increase your chances of getting approved at a low fee rate.
As we mentioned earlier, being transparent is key. Give the payment processor all the documents and information they need during the application process. Doing so will show them that you’re a credible business that they’ll want to work with.
Being labeled as a high-risk merchant doesn’t have to be the kiss of death for your business. Being proactive and doing research will ensure you get approved by a reputable payment processing company. Look for payment processors that work with businesses like yours to ensure you receive tailored services.
First Financial works with high-risk merchants, providing them with financial and payment processing solutions. Should you need help applying for a loan or other banking matter, we’re here to assist. Contact us to learn more about our services.
A recent survey showed that 70% of retirees would have advised their younger selves to save money sooner. Investing for retirement can feel pointless when you’re building a career and living week by week. But everyone deserves to live out their older years with financial security and freedom.
Retirement planning gives you more peace of mind and helps motivate you to keep working towards a new chapter in your life. Plus, it’s essential to think about retirement planning, as unexpected health costs can arise as you get older.
No matter your financial situation, this article will give you tips to invest in retirement and protect your future.
Investing for retirement is the best way to calm your nerves about the unknown. No one knows what could happen several years from now, so the only way to prepare is to take preventative measures. For example, it’s impossible to work forever, so you need to think about a time when making an income is not feasible.
Even if you stay in remarkable health until old age, there are restrictions to your quality of life if you don’t plan ahead. You can lose out on new trips or treating yourself to nice meals.
By law, the government offers social security to people past a certain age. You’ll likely receive a small amount every week if you pay social security. This is typically not enough to survive on a high quality of life, and you want to think about putting money aside before then.
If you plan with your own money, you have more freedom over traveling expenses, household items, and making memories with loved ones.
For people with younger family members, the responsibility of covering expenses will go to them if you don’t have adequate retirement funds.
The best investment for retirement will vary from person to person. It’s important to consider your priorities and what you want in retirement. Then, you can assess the options and find a solution that works for you.
It’s never too late to think about retirement planning as long as you examine your finances and start a plan. Firstly, you should estimate how much money you’ll need for retiring and the timeline for reaching that saving goal.
Break down your income needs into two separate categories such as essential and non-essential costs. The essential section will include the living expenses like rent, food, clothes, heating bills, and general house maintenance. In the non-essential list, you must include hobbies, day trips, eating out, and leisure activities.
Even if your interests change over time, this estimate will give you an idea of how much you’ll need for this phase of your life.
If you want to retire in a different part of the world, it’s good to outline the cost of moving and other traveling expenses in your retirement.
Most people stop working as they reach their senior years, but it’s still possible to make money through passive income streams. This could be a real estate investment you made in your early 30s or a side business. Exploring the different investment options that can contribute to your retirement plan is good.
Some of the most common investment options besides real estate are stocks and bonds. But other options like Bitcoin can offer solutions to income worries.
A retirement IRA is a saving method created through traditional banking institutions. You can put money into these pots without tax and have a separate banking system for your retirement money. It’s an excellent way to keep track of your income when you’re young and avoids thinking about retirement.
Simply set up a retirement IRA and let the money build up over the years.
For people who want an alternative to traditional retirement IRA, you might want to consider a Bitcoin IRA. This allows you to invest in cryptocurrencies and maintain financial stability using technology.
After you’ve researched the methods of making money in retirement and assessed your lifestyle expenses, it’s essential that you pick a plan. Always put your financial goals as a top priority when looking for retirement options, as it’s important to have control over your income streams.
Ask employers for more information on your retirement scheme if you already have one. Or, look at resources online to find reliable and trustworthy retirement schemes. Reviews are a good place to look when assessing which company is the right choice.
Hiring a financial advisor is possible if you handle large amounts of money from several places. This gives you an overview of where to save and if there are areas worth more investment.
Starting is the most challenging part when you begin financial planning and have no idea where to start. You’ll discover more tips and tricks as you start looking over your income records. So, it’s vital that you take those first steps and focus on creating a plan.
Automating monthly savings into retirement accounts is a great way to minimize the time spent dealing with transfers and juggling bills. Instead of organizing savings and checking numbers, this system moves your money on the same date every month.
When you have a retirement plan, it gives you more time to spend living in the present moment. And when you retire, you’ll be happy you took the time to think about how you’re going to make the most of your older years.
Investing for retirement is the key to happy, long life. It avoids putting pressure on loved ones to cover your life expenses when you get older. And it helps you make clear decisions about your finances when you’re younger.
Being cautious about spending now means you have more funds to take adventures and make new memories in the future.
Our retirement IRA option is ideal for people who want to embrace technology and invest in their quality of life.
Find out more here about our retirement plans.
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You have had some financial mishaps lately and now you are in a bind. With a quick infusion of cash, you would be able to stabilize your finances enough to get back above water.
But how do you know if you are getting the best payday loans interest rate or not? Just because you are in an emergency situation doesn’t mean that you shouldn’t do your due diligence and try to get the best interest rates for your payday loan.
Keep reading to find out how you can do this.
Too many folks are a bit wary of getting payday loans from online vendors since they worry about unscrupulous lenders who are just out to scam unsuspecting people. But this could result in you dismissing the best payday loaners that are only available online.
If you only focus on the payday loaners who are situated around you in your neighborhood or city, then you could be doing yourself a disservice by not finding the best interest rates for your loan.
Remember that even a 0.25% difference in interest rates can make a huge difference in the time it takes you to pay back the loan and the amount of interest you pay through the term of the loan. Why pay hundreds of dollars more in interest charges when you don’t have to?
Online lenders are also sometimes more competitive than offline ones because there is so much competition in the online payday loan business that they have to have better offers to entice customers. They might give you better interest rates and also better loan terms in general.
Don’t forget that interest rates on payday loans aren’t governed by or affected by the Federal Reserve like mortgage rates or prime rates are. That’s why you get quite a variation in the interest rates presented to you by all the lenders on your shortlist.
You will be surprised at how much of a difference in interest rates you will garner just by shopping around a bit and comparing the various lenders available on the market.
Take your time with this. Even spending a few hours on this comparison shopping can result in a huge boon for you.
Yes, you might be in a rush to get a payday loan so you can stave off your creditors and other people hounding you to get their money back. But keeping a cool and calm head during this time will ensure you do the proper research and find the perfect payday loaner for you with the best interest rates.
This is another reason why you should be looking at online payday lenders as well as offline ones. It’s much easier to shop around for lenders online, as many of them are just a Google search away. And you can go on their websites and apply in a matter of minutes for a loan without worrying too much about fees or other issues.
No one ever reads the fine print or the terms or conditions included within contracts, right? Well, that might be true if you buy a $400 camera or a $1000 bicycle. But when it comes to getting payday loans, reading the fine print is crucial.
Don’t be caught unawares later because you didn’t read all the loan terms properly and then had to pay a heavy fine for some minor misdemeanor.
There are going to be lots of little details on the agreement that you will want to comb through and ensure you are fine with. For example, lots of payday loaners will charge you for paying back your loan sooner than the loan term dictates.
If you know that you have some money coming in soon and you can pay off the loan faster, then you want to get a personal loan that doesn’t have such a strict stipulation.
Other things to focus on when searching through payday lenders are:
Weigh all these options and pick the one that works best with your particular scenario. Everyone is going to be different in this regard, so what suits a friend or colleague of yours might not necessarily work for you.
Don’t get fooled by all the marketing gimmicks that online and offline lenders are always touting. Even if they say that they are the lenders with the best rates or the greatest deals, don’t believe them. They might be trying to sell a particular product to you that’s not suited to your specific situation.
As always, if a deal seems too good to be true, be wary and do a bit more digging into the fine print and the loan terms. There might be something you are missing or some important detail they are not sharing with you about the loan.
Better to stay away from such deals and go for something a bit more middle-of-the-road.
Financial troubles can make anyone’s logic go out of the window and result in bad decision-making all around. But if you don’t want to be stuck in a vicious cycle of loans and high-interest rates, then it’s important to find the best payday loans interest rate for you before committing to anything.
Find a company you can trust like First Financial and get a loan of $5,000 in as little as 24 hours. Don’t let a gap in funding result in financial strife for you and your loved ones. If time is of the essence, you can rely upon our personal loan services.
About 35% of Americans have some form of credit card debt.
This can be extremely detrimental to someone’s financial success.
This is why getting a credit card early and learning how to use it properly can offer a huge advantage for the rest of your life.
For instance, student credit cards have a lot of benefits and rewards. It’s all about leveraging those rewards as a student to make owning a credit card beneficial to you.
Ready to learn more? You can keep reading to learn more about credit cards and student finances!
If you have a student credit card, odds are you do not have a lot of credit built up yet. That is what getting a student credit card can begin to help with! But there are also many other reasons to get student credit cards.
Here are a few.
Using a credit card responsibly can help students build a positive credit history, which is important for future loans and credit applications. It is best to get started as soon as possible, so leveraging student credit cards is one way to do that!
When you get a student credit card, this is the first stepping stone to learning how to effectively manage your money. This means you’ll learn why it is so important to pay your balance in full every month, keep your credit utilization ratio law, and make sure you never spend more than you have.
Getting the practice in while you are a student can make you more responsible as you get older and spend more.
Some student credit cards offer rewards, such as cashback, points, or miles for purchases made with the card. This can be a great way for students to earn rewards for their everyday purchases.
From here, they can start to learn how to manage their money and also balance their spending with the rewards that they receive from credit card purchases.
As a student, it is quite normal to experience a few unexpected expenses that come up while you are in school. For instance, you may have a larger utility bill than you were planning for or you may have some really expensive textbooks to buy.
Whatever it is, having a credit card can buy you a bit more time before you need to pay it off. This means you have more time to make the money before you need to pay the card.
As you continue to pay the card off, your credit score will improve drastically!
Many credit cards offer fraud protection, which can help protect students from unauthorized purchases or fraudulent activity on their account.
This is great to have during the entirety of your life, but there’s no better time to get a credit card than as a student to start protecting yourself.
There are many things you need to do to get started with leveraging the benefits and rewards of a credit card. You first have to be educated on how to do so. Read on to learn more about this before you make the purchase!
The first thing you need to do is choose a credit card that is right for you and your lifestyle!
For instance, getting rewards for entertainment or gas may be more beneficial for a student than let’s say, a travel credit card.
You want to choose a credit card that aligns with your spending habits and offers rewards that you can actually use.
Be strategic about how you use your credit card to maximize rewards. For example, use your card for everyday purchases such as gas, groceries, and dining out to earn rewards on your regular spending.
This is more financially beneficial to you than using it on an expensive trip or flights to travel. While very cool and doable, this is not going to actually save you money when using your credit card rewards. It is best to use them for everyday expenses as a student.
Many credit cards offer promotional offers such as sign-up bonuses or 0% interest rates for a period of time. Take advantage of these offers to earn rewards or pay off debt without incurring interest charges!
This can set you up for financial success as a student.
Be sure to redeem your rewards before they expire. Many rewards programs have expiration dates or restrictions on how rewards can be used, so be sure to read the terms and conditions carefully and use your rewards before they expire.
Otherwise, you are not actually leveraging the benefits that your card offers you! While this doesn’t harm you since you’re spending the money no matter what, it is not actually going to benefit you.
Credit cards have so many benefits. However, if you use them incorrectly, you are not going to be able to reap those benefits.
So how should you use student credit cards? How do you reap the benefits of credit card rewards?
By following this guide, you’ll better understand how to use student credit cards to your advantage!
You can check out the different credit cards we offer here!
Buying Smart: Easy Finance Hacks for Homebuyers
When it comes to buying a property, knowing is half the battle. In fact, with the right tips and tricks. You can often save serious money on your purchase and ongoing rates. Today, First Financial explores a few of the lesser-known strategies to help you save money throughout the process.
Federal Housing Loans
Depending on your background circumstances it’s sometimes possible to receive support. Sometimes from the Federal Housing Administration (FHA) in the form of a loan. Unlike traditional lenders, FHA loans allow those with credit scores of 580 or above to pay as little as 3.5 percent on their down payment. FHA-approved lenders insure mortgages on single-family homes, multifamily properties, residential care facilities, and hospitals. Before applying, be sure to carry out research and ascertain the average down payment in your target area or percentage of homes that sell under their list price.
Seller’s Assist
When it comes to purchasing a property, many buyers aren’t aware of the option to ask the seller to pay a portion of the closing cost, and this can stretch to as much as 6%. This could allow you, the buyer, to save thousands of dollars on a purchase and increase your long-term ROI. To explore the option, check the seller’s assist option against your mortgage product – this is also a great opportunity to research the mortgages themselves and determine how much you can afford and which advantage you have. Typically, lenders will compare your credit score, current income, and employment against the amount you want to borrow.
Cash-Out Refinance
If you’re looking to lower your rate, cash-out refinancing could prove to be a viable option for you. This replaces your current home loan with a bigger mortgage, thereby allowing you to take advantage of built-up equity and access the difference between mortgages. This cash can then go towards any purpose, such as home remodeling or consolidating high-interest debt.
Tax Saving
It’s often possible to save money on taxes when purchasing a home if you offer less than the advertised home appraisal price. Via this method, you can often get your taxes lowered to match the purchase price rather than the appraisal price. Although you won’t save cash on the purchase itself, you will save on taxes per year. Just remember, when filing your taxes, interest and property taxes are deductible and can be claimed for savings.
Getting a Home Warranty
You should also consider protecting your home with a home warranty, which covers the repair costs to major appliances. You might be asking yourself, “Is a home warranty worth it?” Bear in mind that the cost of repairing a broken A/C can cost upwards of $5,000! So investing in a home warranty can definitely save you money in the long run, should any such repairs become necessary, whether that’s a busted A/C in the winter or a broken down furnace in the winter.
Side Hustles
Many home buyers are unaware that, when it comes to a mortgage application, having a part-time job (or a ‘side hustle’) can help you to qualify. Typically, the borrower must show two-years of history working all jobs simultaneously and will request W2s from each employer. Make sure, however, that you do not enter into a second job too close to the date of your application, as this may be considered a risk to your monthly mortgage payments.
Credit Score Tune-Up
If you want to secure the best rate possible, it’s important to enter into the process with a good credit score – this can save you thousands of dollars over the lifetime of your loan. In the lead-up to your application, you can boost your score by paying down debts, increasing your credit limits, disputing errors, and more.
For most of us, buying a house is amongst the biggest investments we’ll make in our lifetime. Regardless of if it’s your first time, it’s important to enter into the process armed with the right information and a few handy hacks to boot, whether that pertains to investing in a home warranty or monitoring your credit score.
First Financial is committed to helping our clients do more with their money and get more out of life while helping them protect their financial futures. Call 800-315-7791.
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