Financial stages can be broken down any number of ways. Young professionals should focus on a couple things:

First and foremost, as a young professional, it’s important to repay your student loans as well as any outstanding cash loans. Because you likely don’t have a long credit history, repaying student loans will be one of your first opportunities to build your credit score. Also, realize that failure to make your payments on time will have a negative impact on your credit.

The second thing to remember is: save, save, save. For most young people, their first “real” job come their first big paycheck. Typically, the temptation to spend is far greater than the discipline to save.  However, it is critical that you set aside an emergency fund for unexpected bills- so that you avoid costly loans for bad credit.

Are your credit card bills piling up on your counter top? Feeling overwhelmed and need money now?

The best way to take on a mountain of bills is to sit down and map out a plan of attack. With a plan in place, you’ll be able to rest easier and avoid any additional stress. First, decide how much you can afford to put towards your credit card payments. Your first priority is to pay your basic living expenses; things like rent, utilities, food, etc. Then, take each credit card statement and lay it out according to highest interest rate. Take half of the amount you’ve set aside for credit card bills and put it towards your highest interest rate card.

For example, let’s say you can afford to pay $250 per month towards all of your credit cards. The first $125 should be put towards the highest rate credit card. Next, take the remaining $125 and divide it among the other cards. Repeat this process each month until you pay off every card. You’ll be glad you did, when you no longer need money to pay credit card bills. Instead, you can focus your energy on things you enjoy.

APR is an acronym for: annual percentage rate. When you apply for a loan, you’re required to repay the loan amount plus an interest fee, which is usually expressed as an annual percentage rate. The interest rate is computed in terms of one year. Depending on the loan term in the contract, the interest is calculated accordingly. In other words, you only have to pay interest for as long as you owe the loan.

The interest fees on payday advances are calculated differently according to your state regulations. Typically, most cash advance interest fees are calculated based on a percentage of the loan amount. This fee, if calculated in terms of an annual (meaning one-year term) is 300%-800%. However, it’s important to understand the difference in a one-year loan and a payday advance. Because a payday advance usually has a 14-day term, the interest applied appears to be much higher than it actually is. For example, the average interest fee is $15 for every $100 borrowed. So, it may appear much more when calculated with a one-year term.

Now, more than ever, it’s important to teach your teen about the importance of financial smarts! There are a few simple things they can start doing now to really help them out in the future.

1. If they don’t already have a savings and checking account, it’s a good idea to set them up with one. Teach them the importance of putting money in their savings account each month. That way, when an unexpected bill pops up- they won’t have to turn to a cash advance.

2. Encourage them to get a part-time job while they’re still in school. Having a job will teach them responsibility as well as how to handle money.

3. Encourage them to focus on their studies and explain the importance of scholarships and grants. This way, they’ll avoid having to take out huge student loans for college. They’ll thank you later, when they don’t have student loan payments that cost as much as their rent.

For more information on reforms on student loans, checkout the Whitehouse Blog- student loans.

Finding the top online payday loan lenders can be tricky. With so many websites out there these days, it’s tough to know which ones are good.

Following extensive research, we’ve compiled a list of the Top Payday Loan Lenders:

1. www.MoneyNowUSA.com
2. www.SuperSonicPayday.com
3. www.1HourPersonalLoan.com

We came up with this list after reviewing hundreds of personal loan websites. We chose MoneyNowUSA as our #1 online lender for several reasons. First, they’re BBB accredited, meaning that they’ve undergone review by the Better Business Bureau. Second, they work with over 150 different lenders. And, because they work with so many lenders, your chance of being approved are much higher than your typical payday loan store. And third, your application is processed within minutes. In most cases, you’re money is wired directly into your bank account within 1 hour!

Can you apply for a payday loan if you’re unemployed?

Well, the short answer is: It depends. CitiFinacial and PLS Loan Stores offer cash advances on unemployment benefit checks.

Another option to look into is getting a cash advance on a credit card. Credit cards may be able to bridge the time gap between benefit checks.

And, as always, stay in touch with The Department of Labor. As frustrating as it is, it’s a good idea to keep calling and checking on the status of your benefit.