Read this before you apply for a personal loan

A personal loan can help cover the gap during times of financial stress. (iStock)

Personal loans are often used to consolidate high-interest debt or finance large, one-time purchases. But they can also be handy for managing day-to-day expenses during an emergency when your income has dropped or you don’t have cash savings to rely on. But there are a few things to know before applying for a personal loan to make sure it’s the right move.

Is getting a personal loan during a financial crisis a good idea?

There are some pros and cons associated with getting a personal loan during a financial emergency.

On the pro side, it may be cheaper to get a personal loan than charging expenses to a credit card. If you can lock in a low, fixed-interest rate on a personal loan, that may be preferable to the higher variable interest rate that

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A mountain of experience behind new financial services firm

It’s one thing to understand the designation of baby boomer, Generation X and Generation Y — it’s all a matter of when someone was born. Typically, baby boomers were born between 1946 and 1964; Gen X, between 1965 and 1980; and Gen Y Millennials, between 1980 and 1994.

But it’s an entirely different matter to understand what each of these individuals will need for their future retirement. After all, while some people are ready to retire, others are still in career mode, just starting families or taking care of their own aging parents. Still others are just trying to pay down huge student loans.

But when it comes to finances, Jamie Lima does understand — and is looking forward to offering assistance to members of each of the various generations from his new business in Ramona.

“With Woodson Wealth Management, I had an opportunity to do something a little different,”

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