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Tracey Espinoza remembers the day in 2013 when she had to leave the home she loved due to foreclosure. As she was packing up her bedding, she thought, “Well, at least they can’t take my pillows. At least I don’t think they can.”
Like many Americans, Tracy and her family got caught up in the aftermath of the economic downturn of 2008 to 2011. By 2012 neither her nor her husband’s salary had increased and getting another job at higher pay wasn’t panning out.
Complicating matters, they’d had two children in the previous four years, and Tracy cut back work to part-time to care for them. When Tracy could not find full time work in her field, they were unable to keep up with mortgage payments and fell into foreclosure, ruining their credit. When her husband’s 8-year-old Toyota Acura needed a new transmission, they turned to a “bad credit” credit card to pay for it. He needed to get to work reliably—without missing a day—after all.
Even now in 2020, wages have not caught up with the stock market rebound. A Wall Street Journal article quoted the senior human resources manager of Ohio’s First Solar manufacturing saying, “Wage pressure? I don’t think we’ve necessarily seen that.” After all, at their last job call, 700 people showed up for 120 positions. They had their pick.
Surmounting the “Bad Credit” Stigma
“Bad credit” loans and credit cards suffer from a somewhat undeserved reputation. Where “good credit” typically starts at the 700 score and above, “fair,” “poor” and “bad credit” make up the tiers beneath. With over 50% of Americans now in these “subprime” categories, many turn to higher rate loans to keep their computers, cars and even bodies working so they can earn a living.
Where “Bad Credit” Loans Do the Most Good
These three situations prompt borrowers to gather their courage and get a “bad credit” loan to keep going.
Building Credit: If you’re in the subprime credit category, most likely you’ve learned that every credit card you apply for checks or “dings” your credit record. Every “ding” drops your credit score by 10 points or more. Ironically, those with the best credit use credit cards the least. They have the most “available” credit. Of the $30,000 that their banks, mortgage holders and auto lenders feel they can afford to borrow, they may currently be using $3,000 of it. We all should be there someday! Borrowers working to build their credit rating, on the other hand, can avoid incurring a credit check and subsequent credit “ding” by getting a bad or low credit loan. Typically, the lender requires no collateral and will not contact Experian, TransUnion or EquiFax, the three largest credit reporting agencies. It simply needs bank statements, pay stubs, proof of residency and limited other documents.
Keeping Income Earning Tools Functioning: Many Americans today are abandoning corporate careers for freelance work. In fact, software giant Intuit performed a study of thousands of American workers and found an interesting draw to an independent lifestyle. Their findings prompted them to declare that by the year 2020, 40% of the American workforce will be freelance. While the freedom and the endless pajama-wearing is great, freelancers have to pay for lots of things that don’t even cross the corporate employee’s mind. These items include: computer repair, subscriptions to SaaS services, and transportation. When any one of these breaks down, the time and the repair budget fall on the freelancer. With work mounting, rectifying issues as quickly as possible becomes paramount. If clients have not paid but bills are due, freelancers and other entrepreneurs often have to resort to credit cards. The start-up business may not even have a credit line established. Therefore, they fall into the “subprime” category. Should they give up on their business? Is THAT the American Way? The most successful freelancers work back channels and creative pathways to reach their goals. Many businesses have resorted to “bad credit” loans and even credit cards to stay in business until their breakthrough.
When Fees and Penalties Are Burdensome: A 5% late payment on a $2,500 rent runs to $125 of money-for-nothing. A bad credit loan, on the other hand, comes in handy when big payments come due. When an unavoidable fee or penalty comes within just a few days of a paycheck or accounts receivable avalanche of past due payments from clients, it makes sense to pay the expense and then quickly pay off the short-term loan.
First Financial Welcomes Bad Credit Borrowers
First Financial can find the right loan instrument, even for those with poor, fair or bad credit. Because more than 50% of Americans fall into the subprime category, enterprising alternative banks (with all the security the big, bricks and mortar banks offer) deliver affordable loans. Apply for a bad credit or low credit score in minutes here. Follow us on Facebook to get smart about building your fin
If you’ve just heard you can only qualify for a “bad credit” auto loan, know that you are far from alone. More than 50% of Americans today DO NOT fall into the “prime” or “excellent” credit category that wins the best interest rates. Many gasp upon hearing the word “bad” in the description of their only possible auto loan, but rest assured, the bad credit auto loan is simply another category of frequently approved loans.
In fact, in the first quarter of 2014, U.S. banks approved 44% more bad credit auto loans than they did in the same period the previous year. With the economy improving, banks are more willing to take on customers with less cash at hand. (First Financial’s bad credit auto loan has a 93% approval rate.)
With the negative power taken out of the term “bad credit auto loan,” the next step in getting a reliable, attractive car is convincing the spouse or parent who may be co-signing, helping with down payments or monthly payments. We’ve made sure to add all the statistics and links so you can back up your case.
Financial talking heads on television or radio can sour your significant other or another important family member on the bad credit auto loans. Sure . . . . those in the prime or “excellent” credit category get the lowest auto loan rates, but paying 7% to 10% or more for an auto loan still keeps reliable, attractive cars affordable.
Further, during some periods of the past 50 years, even those with excellent credit were paying over 10%. Ask a parent or grandparent what they paid for an auto loan at various times. Show them that you have proof that interest rates peaked in 1981 at 16% and only dropped under 10% as recently as 1997.
That you make payments on time monthly gets reported to the credit bureau, slowly raising your score over the next months and years. Once your credit inches up into the “fair” category and then even the “good” category, you can consider refinancing at a lower rate. And all that time you had a reliable car.
More, having reliable transportation to a job is a sure way to get the money needed to be a better bill payer. Many jobs even insist you have your own car. Stress to loved ones that you consider the higher interest bad credit auto loan a temporary fix while you work your way out of a negative credit picture. Maybe landing in the bad credit category taught you some important lessons, mistakes you don’t want to repeat.
Banks are now more willing to lend to those whose credit scores dropped below “prime” or excellent . . . 700 or higher at this writing.
Our fast and simple online auto loan application and mobile auto loan application can get you driving within days. Want to get tips on finding the lowest cost online auto, mortgage, personal loans as well as the loan industry?
When an unanticipated expense hits, financial institutions exist to make sure that families limit their losses. Cash advance and payday loans, which are short term, unsecured (no car or home collateral needed) and fast, keep people solvent until unsettling times pass.
Unexpected financial glitches happen to all of us. Stress and shame send some into freeze mode, but denial only causes late fees and creditor phone calls to mount. The cash advance option or easier cash advance app makes sense in several situations.
This is gathered in a short, online application you can easily fill out on your phone anywhere. Once the lender gets that information, it’s typically a matter of hours before you’re approved. The lender knows you’re probably in a dicey situation and works hard to provide an answer as soon as possible.
2. Late payment penalties are more than the cost of the payday loan. If your mortgage is $2,000 and you have a 5% late payment penalty, you’ll be out $100 if you don’t pay the loan on time. Many fees for non-payment are higher than the charges that come with a payday loan or cash advance.
3. The loan is required for you to earn an income. A broken down car or crucial computer malfunction can interrupt your earning hours dramatically. To keep income steady, getting both into working order is crucial. The payday loan or cash advance helps get you back to work fast.
Payday Loan Cash Advance Information
While home and car loans are amortized over years, typically the cash advance loan is repaid within a month, when a consumer’s next paycheck is deposited. After you fill out the application and sign forms, the money arrives in your checking account within one to two days. Similarly, the money plus the loan fees are then withdrawn at the end of the month when you are paid. It is also possible to extend the loan for another month if you need to. It’s smart, however, to have a plan to pay off the loan when it is due.
First Financial: Your Source for Fast, Trustworthy Emergency Credit
First Financial is a nationwide retailer of financial services. We provide home, auto and personal loans to applicants from every state. With an A+ rating from the Better Business Bureau, you can be confident that your transactions are safe every step of the way. Our system relies on trusted names like to get you money quickly with no glitches. Interested in checking us out for a while? Feel free to follow our Facebook page where we relate daily modern money tips.
By the end of 2018, United States Americans owed over $800 billion in credit card debt.
And the same source tells us that 48% of those credit card users make only minimum payments on their credit cards. Those customers typically have rollover amounts each month.
To keep up with friends, almost 40% of millennials spend money they don’t have. And 3 in 10 cardholders don’t even use their rewards.
If you aren’t financially aware, credit cards can be a detriment to your future earnings. But if you use them correctly, they can improve your credit significantly and help set you up for success.
Before you get your first credit card, make sure that you’re ready. Keep reading to determine when you’re ready and to learn some essential tips for being a responsible user.
Getting a credit card is an essential step in almost every person’s life. But before you get one, you should understand the way they work.
Plus, it helps if you already have a bank account. Understanding how to deposit, save, spend, and budget money is an integral step in learning about finances.
When you use your debit card that’s attached to your checking account, you’ll get practice for when you use a credit card.
Do you already have self-discipline? Do you prioritize? If the answer is yes to either, you’re one step closer to being ready for your first credit card.
You should know about how much money you have in your checking account at any given time.
Make sure that you don’t overdraw your account and can manage any regular payments before spending money on anything else.
Have you ever saved up for anything, big or small?
It’s good to be in the habit of saving up for things, especially when it comes to bigger purchases.
Don’t think of your credit card as a blank check. It’s a great idea to only buy things on your credit card that you could already pay for with funds from your checking account.
Using a credit card is an excellent way to build credit, especially if you pay it down regularly, and don’t max out your available credit.
There are a few different types of financial institutions that offer credit cards.
Your bank is a great place to get your first credit card. While it used to be harder for someone with no credit to qualify, there are now quite a few options for those with no credit.
And applying through a bank where you already have an account may significantly increase your odds of being approved.
Sometimes these cards are easier to get, as you can typically only spend money in the store for which you hold the card. However, many of those stores have different card options, some of which DO work in other venues.
If there’s a particular retail store you frequent often, try there, especially if you have no credit. These are easy to get approved for, but they generally have higher interest rates.
Lenders other than banks also offer credit cards. Some only offer to low to high credit, but some lenders who offer cards to those without any credit yet.
Getting your first credit card isn’t always easy. If you don’t get an offer on your own, you could always try enlisting a co-signer in your application.
Your co-signer’s credit history and income will be used to determine whether or not you are eligible.
A secured credit card is another viable option, and banks offer them a lot of the time.
The way it works is that you’ll put a deposit on the card first, and the lender may match those funds, or approve you for a certain amount.
It makes things less risky for the lender in choosing to trust someone with no credit.
There are a few tips and tricks that will make your first credit card adventure a success.
First and foremost, make all of your payments on time. Late payments will only lower your credit rating and put you further into the hole. Plus, there’s no sense in starting with bad habits.
If you can help it, don’t ever spend more than what you could pay in full. If you pay your balance in full every month, you’ll avoid significant interest charges and a lower credit rating.
Plus, when you purchase things you technically can’t afford, you’re borrowing from and making decisions for your future self.
Try to keep your credit utilization ratio under 30%. If the amount of credit you’ve used is not significantly lower than the credit you currently have available, you won’t be building good credit.
Before you get your first credit card, it’s in your best interest to open up and use a checking account with a debit card.
You must know how to manage your money and to put bills and essentials ahead of other purchases.
Plus, you must make your payments on time and make more than the minimum payments. And the lower you keep your credit utilization ratio, the better it is for your credit.
If you’re determined to better your credit, here are some life-saving tips that’ll boost your score quickly.
And if you’re ready for your first credit card or have any questions, give us a call.
According to reports by the Federal Reserve Bank of New York, 107 million Americans have auto loan debts. This data shows more Americans have car loans than mortgages.
Borrowers able to get auto financing at reasonable rates access larger and amounts than before. This sounds appealing to individuals with a solid credit history, but what if you are just starting off in the world of credit and have no history at all? The good news is that even with poor credit you can still get car financing by opting for a No Credit Auto Loan with First Financial.
But how can this happen? Read on to find out.
First, you need to understand the meaning of a No Credit Auto Loan. As the name suggests, this is a car loan extended to an individual with either no credit history, poor credit or limited history. Therefore, you can get an auto loan even without having a credit history, or with a bad credit history.
Below are the reasons why you need to take a No Credit Auto Loan with First Financial.
Can you get a car loan with bad credit? This is a question asked by many people and you might be surprised to find out that of nearly 50% of American borrowers have a tarnished or limited credit history.
In other words, their credit scores lie in the subprime category, which means they have limited options for accessing loans. This category of people will find First Financial their best option since they can place their application regardless of their situation, whether its bankruptcy, poor credit, or no credit.
If you want to make a major purchase like a car or a truck and your credit history is not appealing, then this is the best website to turn to. You will be able to access the loan in the convenience of your laptop at the lowest possible rates you can ever imagine. The process is easy and confidential and you are sure to get a quick email response to update you on the progress of your application
First Financial is an online lender which means it is accessible 24/7 anytime, anywhere. Some of the conveniences you are certain to enjoy:
First Financial believes that obtaining a No Credit Auto Loan should be hassle-free because this is a long-term financial decision you are making. You should not be under duress by auto-dealers whose main concern is the interest they get for every client they bring on board.
Working on your car loan from home will give you the freedom to check on different prices and options available so that you are sure to make an informed decision.
The requirements of getting an auto loan without credit on this website are so easy you may think it’s too good to be true. While the requirements are stringent enough to avoid liability to the borrower, they are also “loose” to ensure that most of the applicants get approved. The following are the only qualifications for auto financing:
Even if you have been declared bankrupt, you have a reason to smile because First Financial will sort you out. Such financial hurdles will no longer deter you from obtaining a loan for your vehicle or truck.
Members of the armed forces both on active duty or retired and struggling with bad credit may wonder how they may qualify for a car loan. First Financial has tailored made auto financing programs that helps them to obtain auto loans in spite of their poor credit scores.
First Financial understand the difficulties encountered by these military men and women in their effort to maintain safety and that is why they have specialized programs dedicated to them. Military auto loans are different from normal civilian loans because they are often offered on lower interest rates, require lower down payments and come with special discounts.
The rate of approval is high mainly because of the stability of their income. Military workers should not put off buying a car because of the demand of their duties but should embrace this enticing opportunity
As mentioned earlier, First Financial is an online provider of bad credit car loan that partners with hundreds of authorized and licensed car dealers. This site will allow you to shop for dealers while comparing prices and interest rates.
To crown it all, you will be able to get several preapprovals using only one application. So don’t allow yourself to be limited by the car dealers or the financial institutions in your area, browse through our website for an array of choices.
It may seem daunting at first but it is not impossible. A few tips will help you navigate the murky waters of credit even with no credit history to back you up.
Engaging a co-signer with an excellent credit history in your auto loan will increase your chances of approval. Also, a reasonable down payment will show the potential buyer that you are serious about buying a car despite your bad credit history and may serve to reduce the total cost of your loan. Finally, shop around to explore the options available in the market and compare various interest rates and the payment plans that suit your budget.
Remember, First Financial will offer you the best financial support irrespective of your credit history. Apply for your No Credit Auto Loan today in less than three minutes.
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