5 Reasons to Take a No Credit Auto Loan with First Financial

5 Reasons to Take a No Credit Auto Loan with First Financial

Applying for a Loan Approved

Did you know First Financial can offer you no credit auto loan options? Learn all about them in this detailed article.

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.

5 Reasons to Take a No Credit Auto Loan with First Financial

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.

1. Fast Approvals on All Subprime Cases

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

2. Able to Manage Your Loan in the Comfort of Your Laptop

First Financial is an online lender which means it is accessible 24/7 anytime, anywhere. Some of the conveniences you are certain to enjoy:

  • Deposit payments using your laptop or handset.
  • Read your statement anytime on your devices.
  • Update your account profile which includes changing your logins for better security.
  • Compare interest rates of different dealers in the site.

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.

3. Reasonable Qualifications for Auto Financing

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:

  • Applicant should be a U.S. or Canadian resident of legal age-18 years and above.
  • Gross monthly income of $1,500 if the credit score is less than 625.
  • If the applicant has filed for chapter 7 bankruptcy, he/she should have completed the “341 Meeting of Creditors.”
  • If the applicant has filed for chapter 13 bankruptcy, he should show an “Authorization to Incur Debts” from the trustee.
  • Commitment to buy a car from their various approved car dealer partners.

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.

4. Special Package for Military Personnel

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

5. Having Access to a Wide Range of Dealers

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.

Get a No Credit Auto Loan with First Financial

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.

 

What Is a Cash Advance and When Should I Use One?

What Is a Cash Advance and When Should I Use One?

https://www.firstfinancial.com/cash-advance/

cash advance

A cash advance lets you use your credit card to get a short-term cash loan. Learn all about cash advances and when to use them in this guide.

43 million Americans have bad credit, with the bulk of these being young consumers.

While student loans and tough economic times can be blamed for this, poor planning and a low comprehension of credit facilities are partly to blame as well.

Cash advance loans are very convenient and can be hard to resist, but they can also put you in trouble.

How do these loans work, and how can you ensure to get the most out of them?
Here is an in-depth cash advance guide.

What is a Cash Advance?

Your credit card lets you use your credit card to get a short term loan at an ATM or a bank. This is then paid back in the same way you pay for anything you put on your credit card.

In a way, this is like using your credit card to ‘purchase’ hard cash, which you then use to buy goods and services. In this way, you get to borrow cash against your credit card limit.

The same way you use your debit card to get cash from an ATM, you get cash from a credit card to be repaid with interest.

The difference between a credit card advance and a payday advance loan is that the latter is not dependent on your credit card.

When to Get Cash Advance

If you typically do not carry paper money for your day to day spending, you might run into trouble when you need to pay for something at a business that only accepts cash payments.

In such cases, being allowed to convert your credit card limit into cash becomes very convenient.

Advance Limits

Most credit card companies allow their clients to convert a percentage of their credit limit into cash, as opposed to the entire amount.

For most people, this translates into a couple of hundred dollars. This is therefore useful for smaller emergencies purchases and should not be dependent on for larger purchases.

Interest on Cash Advances

While getting a credit card advance is easy, the interest rates can be a bit high.
Here are some of the associated costs that make it so:

ATM or Bank Fees

These are determined by the financial institution that processes a transaction. This can be a bank or an ATM where you get your cash advance from.

If you use a bank outside your card issuer’s network, expect the fees to be higher.

Cash Advance Fees

These are determined by the company that issues your credit card.
These are charged in three different ways.

The first is by charging a percentage of the amount advanced. This can be as high as 5%.

The second way is by charging a flat fee per cash advance. For example, you can be charged $5 to $10 per advance, irrespective of the amount.

The third one is by charging the higher figure between the percentage or the minimum amount. An example of this is $5 or 10% of the withdrawal amount; whichever amount is higher.

Interest

To begin with, the interest charged on credit card loans is always higher than that charged on a credit card purchase.

Secondly, while you get a grace period with credit cash purchases, interest on cash advances starts accruing immediately.

Credit Card Advance Tips

It might be impossible to avoid this loan facility altogether.

For this reason, it’s key to know how to keep the costs low and avoid getting into unmanageable debt.

Here are a few tips.

1. Know Your Limit

The amount available for you to convert to cash is lower than your credit card limit. Exceeding this amount can result in higher interest rates and other over-limit charges.

Ensure to find out your card limit when you get a new card so you can adhere to a safe limit.

2. Understand your agreement

The key information to look out for is the one-off payable cash advance fee and the applicable APR as well.

If you are unclear on any terms of your contract, ensure to engage your service provider’s customer care representative.

3. Use It for Emergencies Only

Limit the use of this facility to emergencies you cannot use your credit cards on. It’s also important to create an emergency fund to draw from when needed.

If used without caution, credit card advances can spiral out of control making it difficult for you to make timely repayments. Consequently, this has the potential to lower your credit score.

4. Limit the Amounts

Aside from only using this facility as a last result, limit your withdrawals to only what you need.

Resist the temptation to take out more because the higher you take, the higher the interest you will pay.

While this might seem like much, these amounts add up to a significant figure over time.

Credit Card Advance and Credit Score

Taking out this facility does not directly impact your credit score, but it might have some indirect consequences.

The first one is that it raises your credit utilization ratio. This is among the benchmarks used to calculate your credit scoring. A high utilization ratio positions you as a high-risk borrower and may lower your scoring.

The other one is tied in with the costs of repaying a credit card advance. If you are not able to afford the high-interest rate, you may resort to late payments or even default.

When this information makes its way into the credit bureaus, it can negatively affect your scoring as well. As a rule of thumb, avoid making payments 30 days past the due date. Timely payment could help improve your credit score.

Ensure you understand all processing costs, the applicable APR and your ability to repay before taking out the loan.

Personal Loan Vs Car Loan: Whats The Difference?

Personal Loan Vs Car Loan: Whats The Difference?

Personal Loan Vs Car Loan: Whats The Difference?

personal loan vs car loan
Personal loan vs car loan
It’s important for an individual to distinguish between a personal loan and a car loan. We share how to tell the difference between a personal loan vs car loan.

An average new car in America will set you back $32,000. This amount is too steep for many to pay for in cash.

For most people, taking a car or a personal loan is the most viable option but which should you go for between the two?

To answer that question, it’s important to understand what each of these options entail. In this article, we shall make an analysis of personal loan vs. car loan to help you make the right choice.

Personal Loans

A personal loan is an unsecured facility that provides the borrower with funds from the lending institution. The institution is most often a bank.

The funds are advanced in a lump sum, and the borrower can channel their loan funds towards any venture they see fit. These loans typically range from $1,000 to $ 50,000.

A personal loan can also be secured, meaning you attach an asset of value to your loan. On default or inability to repay your loan, the lending institution can seize the property to recoup their funds.

However, most borrowers opt for the unsecured loan.

Interest Rate

Because of the risk involved, unsecured loans attract higher interest rates than secured ones.

Their requirements are also more stringent, with the borrower’s ability to repay and previous credit history being scrutinized.

It does not end there, the amount you qualify for, and the interest rate at which a lender advances your loan are both dependent on your credit rating.

Even though there are things you can do to improve your credit rating, you will have to contend with high interest rates if your rating is less than stellar.

Loan Term

Personal loans have a repayment period attached. The longer the repayment period, the higher the interest you will pay by the time the loan comes to term.

The reverse is also true; you pay less interest with shorter loan terms. However, you should go for these only when you are absolutely confident that you can comfortably pay the higher amounts.

Car Loan

These loans are considered a secured loan.

The security, in this case, is the car you intend to buy. If you default on your payments, the dealer repossesses the vehicle to recoup his money.

The borrower makes fixed payments over the duration of the loan. As the borrower, you take physical ownership of the vehicle, but the financier owns the asset until you make your final payment.

Interest Rate

Because the car you buy is also collateral for your loan, a car loan is deemed to be low-risk financing.

It, therefore, attracts lower interest as compared to a personal unsecured loan.
The interest rate is also fixed from the onset, cushioning borrowers from increases experienced with personal loans.

Loan Term

Most car repayment terms are under 36, 48, or 60 months. Again, the monthly payments are higher for shorter repayment terms and lower with longer repayment terms.

Conversely, the interest paid is higher for more extended repayment periods than for shorter ones.

Unlike a personal loan where your credit history features prominently, your credit rating does not significantly affect your car loan application.

Similarly, an unfavorable credit rating does not significantly impact your borrowing amount nor interest rate.

This means you can still go for a pricey car with a poor credit rating.

Personal Loan vs. Car Loan: Pros and Cons at a Glance

As already discussed, these loans have their similarities and differences. They also have their advantages and disadvantages.

Personal Loan

The merits or personal loans are two-fold.

The first is that you can use your personal loan for a car, or channel it to other uses, partially or wholly. As such, a personal loan also offers more flexibility in repayments.

Personal loans do have a downside, however.

Due to their unsecured nature, personal loans employ stricter eligibility criteria and requirements. Upon qualification, you also pay higher interest rates.
Personal loans also lock out people with poor credit scores.

Car Loan

Car loan applicants enjoy lower interest rates, with faster approval processes. If you need a car and have a poor credit history, a car loan might be the only financing option available to you.

This notwithstanding, you need to put up a deposit to get a car loan. The amount will be dictated by the total cost of the car. This can be limiting.

In addition to this, you do not fully own the car until you have made your last payment.

Tips for Shopping for Financing for a Car

Whether you go for a personal or a car loan, there are tips to help you find a good financing option.

1. Determine How Much You Can Spend

Determine how much you can afford to spend. A rule of thumb is that you should be able to repay the loan within three years.

This cuts down the amount of interest and prevents you from paying more than the real value of the car.

2. Make Loan Comparisons

Contact your local banks and credit unions to see if you can be pre-approved for a loan, and what the interest rates are.

Compare bank rates with dealership rates, and do your research on any discounts that can be offered to you.

Find out if setting up automatic loan repayments or switching banks will lower your interest rate as well.

All this information will point you towards the most affordable option.

3. Have Your Financial Information Ready

The pre-approval process may include producing proof of income documents.

Be ready with this information, as well as any other financial information that can help your loan be approved and disbursed faster.

4. Start Shopping Around

When you reach advanced stages of loan approval, you can get to the fun part, which is shopping for and test driving different cars.

A personal loan offers more leverage in terms of bargaining power on your car of choice.

Do not shy away from negotiating with a dealer either. Shop around and find out the going rate for the car you want.

If you have an older car, it might seem easier to trade it in. While this is one way to go about it, selling your old car independently will give you a better return than trading it in.

Which Should You Go For?

The key take away on the personal loan vs. car loan question is to understand the differences and measure either type of loan against your circumstances to find the best fit.

First Financial is a leading financial solution provider to people with a poor credit score. Contact us today if you are in need of a personal or a car loan.

An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

An In-Depth Guide on How to Take out a Loan for a Car

Money and business concept car
Money and business concept car
Taking out a loan can be beneficial in many ways. We share our in-depth guide on how to take out a loan for a car and the benefits it has.

Did you know that 107 million people have taken out an auto loan to help pay for their car or truck in America?

Purchasing a car can be a costly expenditure. Most people don’t have the cash on hand to pay off the debt of a car immediately, which is where auto loans and personal loans come in handy.

Discover our guide on how to take out a loan for a car and familiarize yourself with the process of buying a car.

What Are the Different Types of Loans Available?

If you have never dealt with loans and credit scores, it can be a very difficult thing to navigate and understand.

There are many different types of loans available. Some of which are great for buying a car, and some that aren’t as good for this type of purchase.

For example, the best types of loans are auto loans, bank loans for a car, or alternatively, you can use a personal loan to buy a car.

Personal loans for car purchases sometimes have costly interest rates, so some people prefer not to use personal loans when they are purchasing their car.

Research has found that car loans are typically cheaper because they are secured by an asset (i.e. the car, which the lender can repossess to cover the costs if you can’t pay your loan).

Federal Reserve found that in May 2018, a 24-month personal loan from a commercial bank had an interest rate of 10.31%, whilst a 48-month new car loan from a commercial bank had an interest rate of 5.05%.

How to Take out a Loan for a Car

Unlike buying a car outright with cash in hand, like you might have done for your very first car, taking out a loan for a car needs to be thought through.

These are the key things you need to do when you want to take out a loan for a car.

Calculate Your Budget

The very first thing you need to do when you want to take out a loan for buying a car is to work out your budget. Calculate how much you can comfortably pay off each month.

According to the Federal Reserve Bank of New York, a record of 7 million Americans are at least three months behind on their car loan payments. It is critical that you work out how much money you have coming in each month, and how much you can pay off.

The best way to work out what you will actually be paying for your car is by calculating how much you will be paying each month and for how many months. This calculation needs to include interest rates, too.

Check Your Credit Score

Whether you want a personal loan for a car or an auto loan for a car, you need to check your credit score and history.

Poor credit history might mean that you pay higher interest rates than if you have a good credit history. If this is the case, you might want to hold off getting a loan and focus on improving your credit score.

If you have a good credit score, you might be able to negotiate a better deal with your loan lender.

Find out how you can secure an auto loan without having previous credit experience or a credit score.

Research Your Options

Once you have an idea of how much you have to spend and what your credit score is, you can research your options. There are a number of loan lenders available, however, not all of them will be right for you.

You can get car loans from banks or credit unions, dealerships, or online lenders. Compare the different types of deals and payment plans each of them offer and work out which one is best for you.

Car loans typically come with 3-, 4-, 5-, or 6-year terms. The longer the payment plan, the more interest you’ll end up paying, so make sure you work out which plan is the most cost effective for you.

Get Pre-Approved for a Loan

Once the lender has given you a quote for the loan, you will be pre-approved, which doesn’t mean that it’s guaranteed. Once you have been pre-approved, you the lender will then check your credit.

Once you are pre-approved for a loan, the lender will give you a letter that you can take when you go car shopping. This letter can help you see if you can get a better deal from the car dealership.

Even though you have been pre-approved, it doesn’t mean that you need to sign up for the loan. It is still your choice whether you pursue this loan or you can choose another one.

You also can adjust the terms of your loan, for example, if you find a cheaper car and don’t need an as bigger loan, you can apply for a smaller loan instead.

Find Your Car

The final step is the most enjoyable one. Once you know how much you can afford each month, and you know what kind of loans you can get, you can go car shopping.

Make sure you do your research and find a car that is the right price and has the right features that you need.

Car Loans

Applying for a car loan doesn’t have to be complicated or confusing. Just follow our guide on how to take out a loan for a car and you’ll soon be driving away with a new vehicle.

Apply for one of our auto loans now and see how we can help you.

Alternatively, if you need help with your loan process, get in touch with our team and discuss your loan requirements.

How to Obtain No Credit Car Loans

How to Obtain No Credit Car Loans

Though good credit is valuable, is there a such thing as no credit car loans? Yes! Find out how to easily obtain an auto loan without credit experience.
How to Obtain No Credit Car Loans
How to Obtain No Credit Car Loans

Did you know that approximately 45 million Americans have no credit score at all?

If you’re part of this group, you might think that it’s impossible for you to get approved for a car loan. That’s not exactly true, though.

There are lots of loans out there designed for people with low credit scores, as well as those with no credit score.

Read on to learn more about no credit car loans and how you can increase your chances of getting approved for one.

No Credit Car Loan Minimum Qualifications

If you have a bad credit score or no credit score, you can still qualify for a car loan. You just have to make sure you meet some other basic qualifications, including the following:

  • Have a gross monthly income of at least $1,500
  • Provide proof that you are a legal U.S. or Canadian resident
  • Provide proof that you are at least 18 years of age or older

If you have filed for bankruptcy in the past, you may also need to complete some additional paperwork to show that you authorized to purchase a car.

Many car dealerships also work with specific lenders to provide financing to people who might not otherwise qualify for an auto loan.

When you begin looking to purchase a car, consider asking the lender which dealerships they work with or recommend purchasing a car from.

Increase Your Chances of Approval

If you meet these minimum qualifications, there’s a good chance your auto loan application will be approved.

There are some other steps you can take to increase your chances even more, though, including the following:

Check Your Credit History

You may think you have no credit history, but it’s a good idea to double check before you apply for an auto loan. You might find out that you do, actually have a credit score.

Checking your credit report also allows you to notice and correct any errors that might affect your credit in the future.

Set a Budget

Figure out how much money you are able to spend on a car before you apply for a loan, too.

Think, specifically, about what you can afford to spend each month on the car and insurance. Don’t forget about maintenance and gas, too.

Doing these calculations and putting together a budget first will help you figure out how much money you should ask for when you fill out your loan application.

Consider a Higher Down Payment

You’ll have an easier time getting approved for a car loan — even if you don’t have a credit score — if you’re able to put down a larger down payment.

This makes you a more credible lending candidate. It will also help to lower your monthly car payments, so it’s a good strategy for every car buyer to use.

Consider a Co-Signer

You can also increase your chances of getting approved if you find someone who can co-sign your loan.

A co-signer is someone with a high credit score who agrees to take over your loan payments if you default.

Having someone co-sign your loan can help to bring down the monthly payments and give you better terms and interest rates.

A co-signer is a great option to consider.

Just keep in mind that it’s a big responsibility, and it can be difficult to find someone who’s willing to co-sign your loan. You may have to ask a few different people before you get a “yes”.

Gather Appropriate Documents

Make sure you have all the necessary documentation ready to go when you apply for your auto loan, too.

The following are some documents that will help you make a good case for yourself and prove that you can pay back the loan:

  • A copy of your bank statement to verify your monthly income
  • Documentation of recurring bills like your cell phone or utility bills — this helps to show that you pay your other bills on time each month
  • Pay stubs or other documents that provide proof of employment

If you can provide these documents when you’re applying for a loan, you’ll have a much better chance of getting approved.

Work with an Online Lender

You can also increase your chances of having your auto loan application approved if you work with an online lender.

Online lenders are often more flexible than traditional lenders and are willing to work with a wider range of customers.

Keep in mind that online lenders also tend to have better loan terms and rates, so it’s worth working with them even if you do have a good credit score.

Tips for Building Your Credit Score

If you want to build up your credit score before you apply for a car loan, there are a few different steps you can take, including the following:

  • Make all of your loan payments on time
  • Pay your utility bills and other bills on time, too
  • Open a credit card account and pay your balance in full each month (it’s a common mistake to assume that you should carry a balance over from month to month)
  • Don’t apply for too many credit cards or loans at once (this has a negative effect on your credit score)

Once you have your auto loan application approved, you can also use that loan to build your credit score.

If you make the monthly payments on time, you’ll start building credit and will have an easier time getting approved for loans in the future. You might also be able to refinance your loan later to get better terms.

Apply for No Credit Car Loans Today

If you don’t have a credit score but need a car, you still have options (that don’t involve taking public transportation for the rest of your life).

There are lots of no credit car loans that you can apply for.

If you meet the minimum qualifications listed above and keep these other tips in mind, you’ll have a much easier time having your application approved.

Are you ready to apply for an auto loan? If so, we can help at First Financial.

Contact us today to learn more about our auto loan requirements or to fill out an application.

5 Great Reasons for a Personal Loan

5 Great Reasons for a Personal Loan

Whether faced with an emergency or you need to borrow, discover the benefits of a credit product that suits your needs and great reasons for a personal loan.
5 Great Reasons for a Personal Loan
Personal loan. Calculator, dollar bills and pen.

We live in one of the strongest economies in the world. Yet, despite that strength, wages haven’t kept up and about 40% of Americans struggle to make ends meet.

Fortunately, there are financial tools that people can use to help them meet their monthly obligations or dig out of debt. Personal loans have easily passed credit cards as a preferred form of debt.

What are 5 outstanding reasons to take out a personal loan?

Keep reading to find out.

Why Are Personal Loans Popular?

Personal loans have moved past credit cards to become the fastest growing type of debt. To understand why let’s look at what personal loans are.

Personal loans are loans that you can take out for any reason. When you take out an auto loan or a home loan, it’s for those specific purposes. You borrow a certain amount of money at an interest rate determined by your lender and you make monthly installment payments for the term of the loan.

The terms of the loan can be anywhere from 6-60 months, depending on the amount you borrow. The great thing about personal loans is that they are available to people with good credit and bad credit.

Personal loans offer a lot more flexibility and stability than other forms of debt because you can take them out for a number of reasons, and you know what the monthly payments will be every month.

5 Reasons for a Personal Loan

Would you like to improve your financial situation? In that case, a personal loan may be a smart move for you. Let’s look at some of the more common reasons for a personal loan.

1. Consolidate Credit Card Debt

The most common reason why so many people turn to personal loans is to consolidate credit card debt. The average person has about three credit cards, which means three separate debt payments.

Depending on your interest rate, you can be paying much more in interest over the long haul than what you actually paid for.

What a personal loan can do for you is you can pay off those credit cards completely and just have one monthly payment. The monthly payment is likely to be lower than what you’re paying out every month.

The interest rate is likely to be lower than credit card debt, too. That means that you’re saving on your monthly payments and paying less in interest.

2. Start a New Venture

Starting a new business is an exciting opportunity that does require some start-up capital. Most small businesses cost between $3,000 and $5,000 to start up.

That doesn’t seem like a lot, but when you are in debt or you are having trouble making ends meet, a personal loan can be a lifeline.

You can avoid the trouble of having to present a formal business plan when trying to get a business loan by getting a personal loan.

A personal loan won’t have the same strict requirements as a business loan, and you have the flexibility to invest the borrowed money as you see fit.

3. Add Value to Your Home

One of the reasons why people take out personal loans is because they want to take on a major home renovation project. A remodel could cost anywhere from $18,000 to $36,000 depending on the size and scope of the project.

Not many people have that kind of cash lying around, so they’ll turn to personal loans to finance the project.

It’s a smart move because these projects can add a lot of value to the home, which will increase the sale price. You’ll often see people renovate when they’re getting ready to sell, knowing that they’re going to see a return on those funds.

4. Cover Unexpected Expenses

Car repairs, a medical emergency, home repairs, pet emergencies can all take a bite out of your finances. If you’re having a hard time making ends meet as it is, how will you be able to come up with the funds to these possibilities?

That’s where a personal loan can help you. One of the reasons why people turn to personal loans for emergency expenses is because they will be able to pay it back in monthly installments.

5. Build Up Credit Score

Your credit score determines so much in life. Your ability to get a home, an apartment, a job, or any other forms of credit all hinge on those three numbers that make up your credit score.

Do you have to start building up a credit history or rebuild your credit?

Taking out a small personal loan will help you do that. With a small personal loan that’s paid back on time and in full, you’re showing creditors that you’re responsible with debt.

That will also help you increase your credit score.

Ready to Get a Personal Loan?

There are many reasons for a personal loan. When you do take out a personal loan, you want to make sure that you can either save money or make money.

Starting a business, consolidate debt, or start a home project that will pay off down the road are great reasons for a personal loan. The great thing about a personal loan is that you can take them out for any reason, even finance a vacation or a wedding.

Would you like to find out more about getting a personal loan for your financial situation? Find out more about First Financial’s personal loan programs here.

How the Industrial Revolution’s New Building Materials Inspired

Mid Century Modern Architecture & Design

With the affordability and durability new materials provided, why not give the average American a beautifully designed home that integrated with their environment?
With the affordability and durability new materials provided, why not give the average American a beautifully designed home that integrated with their environment?

If you’ve landed here, you probably read on our Mid Century Modern architecture page  how innovation occurring at the end of the Industrial revolution improved the durability and affordability of steel, concrete and glass. Here, you’ll find the details on the evolution of each.

Steel

In 1860, steel was expensive, and used only in small quantities for swords, tools and kitchen cutlery. Any large metal structures were made from wrought or cast iron, both of which could break under pressure, bending or stretching. This limited where it could be used.

In the mid-1800s, British industrialist Henry Bessemer developed a process to make iron stronger by blowing air through it before it came out of the furnace. At the same time, the expanding railroad industry was struggling with the breakage in their cast and wrought iron rails. Bessemer saw his opportunity and sold his steel to the railroad companies at an under-market price. Steel proved itself far stronger and more durable that wrought or cast iron under heavy train engines and cars, setting off a huge demand in the United States and Europe.

Steel framing allowed architects to build taller commercial buildings that were stronger and cost less than stone. Steel framework also made helped architects create greater unsupported spans over openings and interior space. The modern architects, going for a more open style, appreciated how steel framing could allow them to connect kitchen to family room to living room.

Traditional building framed with the go-to material of 19th Century: stone.
Traditional building framed with the go-to material of 19th Century: stone.
Steel framed building.
Steel framed building.

Concrete

Concrete has helped all kinds of ancient societies create structures to further their civilizations. The Roman Colosseum is nearly all concrete, as was Emperor Hadrian’s Pantheon. But concrete went dormant for about 1,000 years

Hadrian’s renowned Parthenon was completed using concrete in 432 B.C.
Hadrian’s renowned Parthenon was completed using concrete in 432 B.C.

Concrete depends on a binder called cement—a mixture of limestone and clay, heated and then ground. When water is added to cement, it can bind objects once dried. Cement has been used since the time of the ancient Greeks and Romans.

Concrete is the aggregate of the binder cement mixed with ground stone and sand. While cement and concrete are often confused, it’s cement that acts as the glue holding the larger particles in concrete together. Concrete’s malleability and affordability made building more structures for more families possible. The new material’s low “tensile”strength (bendability, stretchability), however, made it impossible to use in building anything of size.

Through trial and error, builders in the early 1900s found that reinforcing the concrete by adding long, steel bars—rebar—internally made concrete incredibly strong. More, with a rebar core, concrete could take all kinds of shapes: columns, arches, beams and even decorative elements. The Ingalls building in Cincinnati, Ohio was one of the first high-rises created with reinforced concrete. Construction finished in 1903.

Photo courtesy of Wikimedia Commons
Photo courtesy of Wikimedia Commons

The Ingalls Building in Cinncinati, completed in 1903, is one of the first primarily concrete buildings erected in the United States.

As concrete became more dependable, more architects chose to use it without stone covering. The Salk Institute in La Jolla, California finished in 1963, is one of the most famous uses of reinforced concrete. Its design leads the visitors eye into the future.

With the addition of rebar, modern architects were able to  make concrete strong enough to build up in several stories high and durable enough to last. The Salk Institute is a showcase of modern architecture that features concrete in the raw.
With the addition of rebar, modern architects were able to  make concrete strong enough to build up in several stories high and durable enough to last. The Salk Institute is a showcase of modern architecture that features concrete in the raw.

Glass

Believe it or not, before the late 1700s, few homes had windows. Then, French glassmakers blew long cylinders of glass, split them and flattened them with a wooden blocks while hot.  Most homes had small windows and each window was divided into panes supported by wooden frames. The glass was that delicate.

A common 17th Century Home - no windows
A common 17th Century Home – no windows
18th Century American Colonial home - windows’ expense made them available to only the most wealthy. Even they used them sparingly.
18th Century American Colonial home – windows’ expense made them available to only the most wealthy. Even they used them sparingly.

But plate glass was still expensive, remaining off-limits to many homeowners. Glass may have remained a luxury item if not for the brand new auto industry which was demanding more glass for coveted cars, where only glass would suffice for the whole car experience.

Mid Century Modern Style creates a fluid experience between outside and in.
Mid Century Modern Style creates a fluid experience between outside and in.

Today, wide-format, plate glass is affordable for most American homeowners. How will you bring the outside in?

To maximize the car experience, manufacturers need glass in abundance.
To maximize the car experience, manufacturers need glass in abundance.

In 1912, American Irving Colburn and the Belgian Emile Fourcault simultaneously created a technology that drew molten glass from a furnace in a thin stream, then flattened and cooled it by running it between asbestos rollers. This machinery created the first glass automation process, reducing the price of plate glass in the 1920s by 60 percent. The demand created by the brand new auto industry drove plate glass production.

It also meant that windows could move from the old fashioned pane style to large sheets of glass. As depicted in the colonial home and even the Georgian mansion above, a glass pane was typically 4” x 6” to 5”x 8”. As modernism came to the fore, stronger glass meant windows could be six and even nine feet wide with no breaks. Windows in Frank Sinatra’s Twin Palms estate run floor-to-ceiling creating an open feel and panoramic view. Environmentally-attuned architects fought to use more glass in homes to “bring the outside in.” Their clients came to embrace this drive.

Mid Century Modern large, even floor to ceiling windows.
Mid Century Modern large, even floor to ceiling windows.