Like any financial option, the cash advance serves consumers well when used properly. We reveal the best ways to manage the cash advance in our previous posts about when to use it and strategies to pay it off.

While a cash advance can help you keep your computer, car or apartment, some use a second cash advance to pay for the first and then get caught up in an ever increasing interest rate and fee cycle. This habit erodes your long-term financial health.

When you get your very first cash advance, to ensure you can pay it off, try to make these lifestyle changes:

1. Check your credit card statements every month: too often, what an online service told you would cost $1, ends up having a subscriber fee of anything from $9 to $99 per month. They disguise this fact adeptly.

2. Pay yourself automatically with automatic transfers from checking to savings or retirement IRA. Money left in checking is far easier to spend on unnecessary items.

3. Schedule a time to take a “money minute:” monitor expenditures for the day. Check each account each day.

4. Establish an effective spending “mantra.” This can be “I spend only on essentials” or “I treat myself with walks, books from the library or time with friends. . . not new clothes or furniture.” When we articulate our values, we feel guilty when we do not abide by them. Create a specific spending mantra to remain in control.

5. Let a friend know about your money goals. Go an extra step and ask them to check in with you about how well you’re meeting these goals. Knowing you’re accountable will help you avoid spending.

While the cash advance does come in handy in many situations, before applying for a cash advance, make sure you can answer the following questions positively.

1. Can you pay the money back at a designated date?

2. Is the cash advance your best or only alternative?

3. Do you really need what you want to buy or pay for (like cars, living arrangements, computers that keep you earning?)

A+ Rated First Financial Gets You Money without Eroding Your Credit

When considering personal loans, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing cash advances for borrowers of all types, even bad credit borrowers. Just fill out some forms, upload documents and get the money in your account in a matter of days. The Better Business Bureau rates First Financial A+ because we make customer service our highest priority.

As much as we want to believe the future is bright, many Americans still struggle to get ahead.  Saving enough for a home down-payment or credit card consolidation can seem daunting.

Renowned online financial planning publisher Bankrate explains that that more than three in four Americans are living paycheck to paycheck and 76 million Americans struggle to keep food on the table. Believe it or not, 80% of American adults are in some form of debt. Even though the majority of us depend on debt to maintain our current lifestyle. Many depend on the cash advance to repair cars and computers or pay the medical bills that keep us earning.

The largest online marketplaces include:

CraigsList: while you set the price, people will still offer less. Still, you stand to get more on craigslist than selling to a pawn shop because you’re selling direct to the end consumer. There’s no middle man needing his or her cut.

Close5:  the reselling newcomer in App form, Close5 only lists people with items within 5 miles of you. Like CraigsList, you can set the price, but buyers will try to haggle.

eBay:  unlike CraigsList, eBay operates on an auction system where you set a starting price and hope it moves up from there. You can also choose to not sell if you don’t get the amount you want. An eBay account is very simple to set up. Keep in mind that you will pay shipping.

Pawn Shops:  the best place if you need cash fast. Managers have certain prices and set margins they must stick to, however, leaving less for you.

Those who looking to escape debt or pay off credit cards or a cash advance should look to the items in their homes they no longer need. This step not only brings down your interest payments, it declutters your home. Review this list for good items to sell and the best outlets to sell them:

• tools: CraigsList, pawn shops
• phones: gazelle.com and a GameStop near you
• video games: GameStop, especially if you’re buying new games or Amazon’s Trade In program, now an eBay company, also takes used video games
• music, videos and DVDs: Second Spin is the largest re-seller of used DVDs, Blu-Ray and videos. DeClutter and com are other possibilities
• sporting equipment: A Play It Again Sports store near you. Otherwise, CraigsList, Close5 and pawn shops.
• appliances: CraigsList, Close5 and pawn shops
• books: bookscouter.com (especially for text books) and Amazon’s book buyback program
• clothing: high quality, gently used clothing is best turned over to a consignment store. Popular lines get the best return on eBay or CraigsList. There’s also the new ThredUp which sends you a bag in which to send your old clothes. This outlet tends to prefer designers like Ann Taylor, Calvin Klein, etc.
• kid’s toys: especially when put together in age-appropriate bundles and sold on eBay, Close5 or CraigsList
• jewelry: estate jewelry shops and consignment stores. Get appraisals first!
• music instruments: Local music stores, but they will want a slice of the profit. With Close5 and CraigsList, you sell directly to the parent.
• furniture: consider Close5 and offer to deliver. Shipping costs for big items will cut into your selling price. If that doesn’t work, look around eBay to see what your piece may be worth and try to get that at a yard sale.
• cameras: Keh Cameras still takes film cameras, but better prices are for the DSLRs. It also takes vintage cameras for higher prices. Otherwise eBay. Again, look around to see where the better prices are.

Steps to Start Generating Cash from Your Forgotten Items

1. Check unused rooms, basement, attics, trunks of cars and garage. List all of it and beside the list, write the marketplaces you’ll try first and second.

Don’t let your emotional response guide you. If you know you don’t need that item anymore, let it go. It will be of much use for others. Family members, living and dead, will be proud of you for getting your finances in order.

2. Set up your accounts on sites like eBay and Craigslist.

3. Take pictures of the items you are about to re-sell. Remember, make it appealing. Try many angles of the picture so the customers can check every side of the item. Borrow a friend’s DSLR to get the best shots and Google how to light items correctly.

4. Check the shipping costs at usps.com so that so you won’t lose money when shipping an item.
5. Finalize the list and check the complete list of items you have. Explore how much similar items are going for on eBay, CraigsList, Close5 and others. If you’re selling jewelry, silver or gold, make sure to get an appraisal first.
6. Create listings for every item. There are many ways to simplify this process, but some find listing on Saturdays or Sundays keep them on track better.
7. Check messages once in a while. Buyers will have clarifications or questions regarding your product and their messages will come frequently. If you have more bidders, higher prices in the end.
8. If you already sold and shipped a product, immediately leave feedback for the buyer. Ship the items immediately as possible to avoid negative feedback and win good reviews.

First Financial helps Americans get the cash they need at the most competitive rates. In the digital era, we set up and help you manage your cash advance, business loan or merchant services 100% online. We specialize in products for all kinds of borrowers, including those with fair and poor credit. We’ve done the work to find appropriate lenders that keep you solvent!

An Atlantic article in May, 2016 caused quite a bit of buzz by claiming: “Nearly half of Americans would have a hard time finding $400 to pay for an emergency.” The article, entitled, “The Secret Shame of the Middle Class” went on to explain that The Federal Reserve Board, in its annual survey of the financial condition of the American populace, found:
“ . . . 47 percent of respondents said that either they would cover [a $400 emergency] expense by borrowing or selling something, or they would not be able to come up with the $400 at all.”

Many turn to pawn shops when they have a financial emergency. The number of U.S. pawn shops has grown from 6,400 in 2007, at the start of the Great Recession, to more than 10,000 today. Before trading in your treasures or family heirlooms, consider that pawn shops may not be your best option.

Getting a Loan from a Pawn Shop

Of course, there’s also the option of giving your valuables to the pawnbroker for a loan. Typically, people come in at the end of the month, once their paycheck hasn’t stretched far enough and they need to buy food or pay the gas bill. The pawn shop manager makes a loan against the item and puts the it in storage. Many come back at the beginning of the month, once they’ve gotten their paycheck to get the item. Still, they have to turn over the legally-capped 22 percent interest rate in addition to the monies borrowed. So if the pawn shop values your diamond necklace at $500, you can get it back, but pay $610 (500 + 110) for the privilege. If you don’t come back that month or the next, the pawn shop manager is legally entitled to sell the necklace. A third way is to “roll over” the loan, where you pay just the interest or $110 and leave the necklace at the shop. The next month, you’ll have to pay $720 to get the necklace back.

Keep in mind that pawn shops make their bread and butter from “repeat” customers who come in every month and pay only the interest.

Pawn Shops Have the Power
The desperate need on the individual seller’s side means that pawn shops make very low offers. Generally, pawn shops have strict pricing rules dictating that they won’t pay more than half of what they think they can get for an item. One exception is higher priced guns and jewelry, which provide them more profit. With sales goals they need to meet every month, pawn shop managers know they need to keep cost of goods low in order to keep their jobs or even win a bonus. When they negotiate price with you, they’re considering their own survival. It’s not unusual to get $5 for a chainsaw, $50 for a bicycle or $25 for an SLR camera . . . and all must be in good working condition.

Your Treasures’ Value Are Subject to the Whim of the Markets

Like real estate and stocks, jewelry, gadgets and old silver fall victim to market gyrations. For example, the value of pearl necklaces and earrings has plummeted because suppliers have flooded the market. No matter how lustrous and lovely the piece, its value on the market is constantly checked by pawn brokers. Similarly, diamond shapes go in and out of fashion. Where ten years ago, the marquis cut was all the rage, now the pear-shaped diamond wins the highest prices. Buyers consider the marquis cut out-of-date.

Instead of selling something that may not be all the rage right now, why not wait until its value returns? A cash advance on your paycheck keeps your valuables at home until market conditions return to your favor.

When a Cash Advance Is a Better Option

The cash advance, money fronted to you based on the value of your paycheck, works differently from the sale to or loan from the pawn shop. First, cash advances typically stick to $500 or $1000, based on your proven income. The cash advance lender doesn’t negotiate with you on the value of your paycheck. It is what it is.

The advantage here is that the $500 you get for your diamond necklace can end up costing you. If you first look at eBay and see that similar necklaces are getting $2,000 and the pawn broker only offers $500, time pressure could push you into selling it for $1,500 less than you could get if you just had more time. In addition, you end up paying that $110 in interest. Your eventual money loss amounts to $1,610 just because you had to have $500 in a day or two.
The cash advance, on the other hand, gives you the time to find a better buyer on any number of websites or local estate jewelry shops.

First Financial Offers the Cash Advances that Keep Your Treasures at Home

When you need to:

• avoid getting low offers for your heirlooms
• avoid bounced checks or credit impacts due to non-payment
• keep cars and computers running so you can get to work
• avoid expensive late fees

. . . turn to Better Business Bureau A+ rated First Financial for a cash advance. America’s leading source of short-term personal loans for people with low or bad credit scores, First Financial makes sure customers can transact all cash advances from the comfort of home. Just upload some documentation and once you’ve filled out the final page of the form and submitted, you’re cash lands in your bank account that evening. Apply here to find out how much you qualify for!