Summer is filled with opportunities to eat out, travel, or just have fun. Working towards some extra dough will give you just the wiggle room to make the most of your summer. Here’s our take on the top 21 summer jobs for college students in 2024!

Find side gigs designed around your time this summer!

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Where to find good summer jobs for college students

College career centers are an excellent resource for finding summer jobs and internships. Retail, restaurants, camps, and local businesses often ramp up hiring for the summer months. Online job boards like Indeed, ZipRecruiter, and LinkedIn allow you to search for “summer” positions. And don’t overlook opportunities on campus! Many departments hire students for the summer to assist with projects, events, and more.

21 popular summer jobs for college students jobs

Employers always appreciate summer help, and many students have the time to provide it. Here are some of the most popular, and even high-paying summer jobs for college students.

1. Dog walker

Animal lovers can earn an average of $14.85 per hour walking dogs. Work with an established dog-walking company, or contact your local animal shelter to network with potential customers. You can also always reach out to friends and neighbors and get started through word of mouth.

2. Tour guide

Put your undergraduate education to use by working as a tour guide. Check with your local museum or historic sites for openings. Pay averages at $15.54 per hour, but you may earn more in a specialized area. 

3. Lifeguard instructor

If you have experience as a lifeguard, pass on your skills by becoming a lifeguard instructor. You’ll need to be certified in CPR, AED, and first aid and must pass a course to become an instructor. Pay varies by state, but you can expect to earn $15 per hour once certified.

4. Retail associate

Retailers look for seasonal help during the summer months. Check online job listings or keep your eyes peeled for “help wanted” signs at your local store. The average retail associate earns over $17 per hour, and some industries offer commissions based on sales.

5. Event staff

Event staff earn an average of $32.56 per hour, though hours may be limited to the event itself. Local temp agencies are a great place to find these positions, though universities may also need help with things like food, ticket sales, and parking.

6. Freelance writer

Freelance writers make anywhere from $15 to $85 per hour, depending on your education and industry niche. Websites like Fiverr or Upwork help you connect to potential clients. Set your own hours, or continue working (remotely) even during the school year.

7. Gardener

Local lawn care companies may be looking for extra summer help, or you can contact your neighbors to start a freelance business. Gardeners typically earn $18.64 per hour nationwide. If you don’t mind the hard work, you can often get up to full-time hours.

8. Tutor

Tutoring can be a great way to receive payment while giving back to your community. On average, tutors earn $16.35 per hour. You can start freelancing with parents in your area. Alternatively, you can consider becoming an online tutor through sites like tutor.com, which may give you more hours.

9. Social media coordinator

Those with experience in digital marketing might seek the position of a social media coordinator. Some companies have internship opportunities that let you gain experience and a paycheck. Career sites can help you find these roles, which offer an average salary of $24.19 per hour.

10. Camp counselor

Those who like kids and the outdoors might enjoy becoming camp counselors. The average pay is $14.98 per hour but often includes perks like free meals or lodging. Local religious organizations may have particular needs, as may the Boys and Girls Club. Hours vary but likely involve overnight trips.

11. Take online surveys

Sites like SwagBucks connect you to surveys, some of which pay up to $25 to complete. Be aware that you won’t qualify for every survey, and some rewards come in the form of gift cards. Still, it’s an easy way to earn some extra cash without leaving the couch.

12. Babysitter

Babysitters earn an average of $23.61 per hour. Hours may be limited if you only work for people you know. Advertising on sites like Care.com can help you connect to a broader network of clients. Babysitting can be a great gig, and it’s also one of the top high-paying summer jobs for college students.

13. Park ranger

If you live near a National or State Park, you could earn $21 per hour as a park ranger. While many parks require a bachelor’s degree, you may be able to find an internship, especially if you’re majoring in forestry or ecology.

14. Hotel housekeeping

Hotels see more business during the summer. Search career sites or find hotels in your community to apply. Hotel housekeepers make roughly $15.00 per hour. During the summer, you may find opportunities to work full-time.

15. Office assistant

Companies may offer internships as office assistants, though others may simply be open to summer help. Hours depend on the company, but full-time work may be available. Check with your school or college for internship opportunities or search career sites for positions that pay an average of $15.12 per hour.

16. Content creator

Creative professionals can make content for websites and social media pages. This includes freelance photography, writing, and web design. Selling stock photos on sites like iStock.com can provide passive income. Keep in mind that earnings vary widely, so be prepared to find your niche.

17. Golf caddy

Check with your local golf course for caddying opportunities. An average caddy earns $17.71 per hour, though you can often earn more from tips. Hours may vary, but caddying for multiple players can make this a lucrative summer job.

18. Ice cream scooper

Ice cream scoopers make an average of $15.00 per hour, and busy summers may make hours rise to nearly full-time. Search career sites or find local ice cream parlors to inquire about summer help.

19. Summer school teacher

While some regions may require a teaching credential, recent college graduates might consider applying through their local school board to teach summer school. You’ll work full-time and earn over $24 per hour. 

20. Food delivery driver

Drivers for services like Uber Eats or Grubhub set their own hours and make an average of $20.63 per hour before tips. By following certain strategies, such as working during the busy lunch and dinner rushes you can often earn as much or as little as you’d like.

21. Language translator

Do you speak another language? Check whether your local court or school system could use you as an interpreter, for which you make anywhere from $27 to $36 per hour. Hours may be limited based on need, but this could be a worthwhile pursuit if you live in a diverse community.

Using summer jobs as a stepping stone

Summer jobs for college students can be a stepping stone to a future career. Finding your niche is valuable in and of itself, and a summer job could provide the means to pay for your past and future education. Plus, you can’t go wrong when it comes to earning some extra side income for summer fun.

FAQ

The problem is that money can get tight when you try to balance your budget with your plans for the warmer season. Fortunately, you have a few avenues to turn to for a loan, even if your credit score isn’t something to brag about. 

Can you get a loan this spring or summer even with bad credit?

Credit scores below 580 are considered poor. Even if you aren’t able to get your score above that mark by the time warm weather rolls around, you still have plenty of options. Keep reading – we’ll explore different strategies for how to get a loan with bad credit as well as review alternative funding options. 

7 options worth exploring if you have bad credit

If your credit score sends a chill down your spine when you’re looking for fun in the sun, don’t fret; you have several options to choose from. Just make sure you’re educated on each solution and read the terms and conditions carefully. 

1. Personal loans

Personal loans are some of the most common solutions for helping people manage the various expenses that can pop up as we move into warmer months. 

In fact, it’s not uncommon for many Americans to opt to take out a personal loan to pay for a vacation – which is especially prevalent among younger generations. Aside from footing a travel bill, a personal loan taken out in the spring or summer can also help with home improvements, educational courses, weddings, and offer greater financial flexibility overall.

If you’re thinking about taking out a personal loan, you’ll want to make sure you’re getting the best deal. One great way to help do that is to compare multiple loan offers with MoneyLion. Simply input some information and you’ll be presented with personalized offers for up to $50,000 based on your unique criteria. 

2. Credit cards

Credit cards are another convenient option for managing expenses. With a credit card, you’ll obtain a line of credit, which you can borrow at any time up to your set limit. One great thing about credit cards is that they’re incredibly flexible. You can use them to pay for a vacation, to throw a party, upgrade your living space, and more. 

The thing with credit cards however, is that they come with high APRs that can add up to significant costs over time. It’s best to pay off your entire balance each month to avoid paying high interest rates. To keep your credit score in good shape, you’ll also want to ensure that you’re staying on top of your payments. 

Thinking about a credit card? MoneyLion makes it easy to compare personal credit card solutions for your criteria. 

3. Cash advances

Cash advances are provided by some financing companies and online apps. They can be a great way to access funds without having to take out a loan. 

If you’re anticipating needing extra cash for parties, going out with friends, gifts, weddings, or more, a cash advance product from MoneyLion may be just the thing to give you an extra bit of financial wiggle room. Get access to your hard-earned money before you get paid. You can receive up to $500 with Instacash^SM with no interest, no credit check, and no mandatory fees. 

PRO TIP!  Don’t rack up debt when hit with unexpected expenses. Bridge the gap between paychecks with Instacash.

4. Credit builder loans

Credit builder loans tend to offer up to $1,000, and are mostly geared towards helping you build up your credit score. Credit builder loans work by having the borrower make monthly payments to a lender, who holds the loan amount in a secured account and reports the payment history to credit bureaus. Once fully repaid, the loan amount is released to the borrower. 

A credit builder loan is a good option if you can’t access funding because of a low credit score. With this solution, you’ll have the opportunity to build credit by maintaining a record of on-time payments.

You can access a Credit Builder Loan with a MoneyLion WOW membership, alongside other exclusive benefits – from unlimited cashback on qualifying purchases¹ to VIP deals² and giveaways³. 

5. Payday loans

Payday loans are short-term financing options, typically for fairly small amounts, which you repay after a short turn-around time (your next paycheck). While they’re a quick and easy way to get cash fast and can even be done online sometimes, they often come with high interest rates. 

It’s best to resort to payday loans as a last resort, and explore other options first. It may even be a smarter move overall to invest your extra time into a side hustle for generating additional income. Consider apps in the gig economy that allow you to pick up flexible work – from Uber driving, food delivery, and even handyman work on demand. 

6. Peer-to-peer lending

Rather than going through a bank, you can find individuals or businesses willing to participate in social lending or peer-to-peer lending. Some sites are specifically designed to match lenders with borrowers who have low credit scores. While it’s possible to find fair interest rates with this method, you may be prompted to pay additional fees. It’s best to make sure you’re reading the terms and conditions properly and aware of any costs you may incur. 

7. Credit union and banks

Getting a personal loan from a credit union or bank could provide funding to cover larger expenses, and allow you to spread out repayments over an extended period. 

One perk about working with a bank or credit union is that they tend to offer lower interest rates compared to online lenders. That said, it can be more difficult to obtain funding from a bank or credit union, as they tend to only approve borrowers who have fair to good credit. 

Nevertheless, depending on where your credit score is, you may be able to give it a small bump to help you qualify for a credit or bank loan in the coming months. Offering collateral, such as your home if you own one is another strategy, although you should proceed with caution considering that if you default the risks could be severe. 

How to improve your credit score

Your credit score can have a huge impact on the loans you’d be able to take out this summer. You may want to think about using your summer to improve your credit score so you can get better rates. 

PRO TIP!  A good credit score can lead to lower interest rates and increased borrowing power on loans and credit cards. MoneyLion offers a free and convenient way to find offers from our trusted partners to help you improve your credit.

Pay bills on time

The biggest factor that impacts your credit score is your payment history. Paying your bills on time consistently will get your score up. 

Reduce debt

The credit that you use accounts for 30% of your credit score. If you’re regularly using a large portion of your available credit, banks can view your finances as being stretched a bit too thin. Reducing your debt can give banks confidence and raise your score.

Monitor and dispute any errors on the credit report

Don’t let errors stand! If you spot something wrong on your credit report, reach out to the credit unions immediately to rectify it. 

How to maintain financial stability after securing a loan

Getting a loan might be the easy part — the true test comes after you’ve taken the money. To maintain or improve your credit score, you need to have your finances under control. Track your spending, save for the future, and budget enough for your needs — and some of your wants. Healthy financial habits like prioritizing on-time loan payments will help you avoid affecting your credit. 

Loans to make this upcoming summer the best one yet

Sometimes, money can help buy a cozy level of comfort. If you’re looking to kick back and have fun this upcoming summer without the stress and anxiety of how to treat yourself without much money, know that there are options. You may still have access to cash advances, personal loans, and more — even with poor credit.

That said, it’s still a best practice to work on improving your credit score. Get to work on paying down existing debt, making all your payments on time, and practicing other smart credit moves.

FAQ

Although it’s against the law to get a payday loan in New York, some lenders have figured out loopholes. We are going to go through what a payday loan is, why they are illegal in New York, and how to borrow safely. 

2 Options For Payday Loans in New York

Traditional payday loans are short term cash advances with high interest rates and fees that are repaid on your next payday. Hence, the coined name “payday” loans.  

Like many states, New York banned payday lending through its criminal and civil usury laws. Payday loans are known for extremely high APRs, up to 400% APR or more! These types of loans are not based on the abilities of a person to pay them back; therefore, they often trap low-income individuals into a cycle of debt.

1. Random Online Lender

Some online lenders will allow you to get unsecured personal installment loans and title loans. You are required to give your personal information, employment status, income, and run your credit. After researching a few of these online New York lenders, you’ll notice that they’re all the same websites with slightly different names. 

The even trickier part is that some of these online lenders will advertise as a New York lender, but their actual business is in another state. While the state of New York as a 25% APR cap on all loans, these types of lenders send their APR up to 35.99% APR or more because they are under law in the state the business resides. Not to mention the origination fees and penalties that you could be charged with these unsecured loans. 

Our advice, beware of these types of lenders!

2. In-Person Lender

Never allow a lender to convince you that payday loans in New York are legal in person, by telephone, or online. New York Banking Law 373 prohibits check cashers from giving payday loans: “No licensee shall at any time cash or advance any moneys on a post-dated check or draft or engage in the business of transmitting money or receiving money for transmission. …”

You can, however, get car title loans (also known as car pawn loans) and different forms of installment loans in-person in New York. A title loan or car pawn loan is when you use your vehicle as collateral, and the lender holds your vehicle’s title until you pay off the loan. If you fail to pay the loan, they repossess your vehicle. These types of loans are advertised to those with bad or no credit in desperate situations. 

Installment loans, such as personal loans, give you a lump sum, and you have set payments including interest that are made over a loan term. Both types of loans usually have very high interest rates, astronomical penalties, and late fees. 

2 Payday Loan Alternatives in New York

Since payday loans are illegal in New York, what are the alternatives? Below we share our favorite safe and affordable MoneyLion options!

1. Instacash 

Need to cover your cellphone bill, but you’re a little short on cash? Not a problem! Instacash with MoneyLion allows you to borrow up to $250 right from your mobile app or computer instantly. Within minutes, you’ll have cash direct deposited into your bank account.

Whatever amount you borrowed, we will set you up with automatic deductions on your next direct deposit payday. No credit checks, and we let you borrow money with 0% interest rates. Yes, we said zero.  

Download Instacash now!

2. Credit Builder Loans

Need more than $250 to hold you over for the next few months? A Credit Builder Loan is perfect for those of your with less than perfect credit score. For only $19.99/month, MoneyLion Credit Builder Plus membership gives you up to $1000 with competitive APRs, as well as access to 0% APR Instacash.

We will help you boost your credit by reporting your on-time loan payments to all three major credit bureaus. You’ll have access to your credit score and free fully managed investing if you choose as well. Borrowing and saving is simple as 1, 2, 3!  

Apply for a Credit Builder Loan

*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.

Be Aware

With all the loopholes and confusing information about loans, it’s enough to make your head spin! Keep more of your money and borrow smart with MoneyLion.

Cybercriminals will never go away, but consumers can protect themselves and detect fraud before it gets out of control. The sooner you uncover fraud, the quicker you can take action and minimize the damage. This guide will cover strategies to find internet fraud so you can increase your online security.

For more helpful content, get the MoneyLion app, the only money app you need with personalized tools, tips, and offers to control every money moment in your life.

1. Monitor your accounts

Checking your bank accounts is a good practice that can help you stay on top of your financial goals. You can see how much money is left in your checking account to minimize the likelihood of an overdraft fee. While these are two common reasons people check their bank accounts often, this habit serves another purpose.

Monitoring your bank accounts and credit card statements can help you detect fraud in its early stages before it becomes more serious. If you detect suspicious transactions, you can freeze your accounts and contact your bank. 

2. Get a free copy of your credit report

Reviewing your credit report serves a similar purpose as monitoring your accounts. Your credit report gives you a snapshot of your credit history, and you can see suspicious activity on this report. If you have any loans, credit cards and other financial obligations that you do not recognize, let your bank know. 

You can request a free copy of your credit report every year from each of the three major credit bureaus: Experian, Equifax, and TransUnion. 

Obtaining a free copy of your credit report and monitoring your financial accounts can limit the damage if you become a victim of internet fraud. It’s good to take these protective measures, but it is even better to make sure no damage takes place. The other strategies on this list can help you detect internet fraud in real-time before you provide sensitive information.

3. Check the sender’s email address

Some scammers pose as reputable companies and attempt to steal your personal information. A scammer may send you an email that looks legitimate and invites you to create a new password. Scammers using this strategy hope the victim will enter their username and current password. Then, the scammer can log into the victim’s account.

Scammers also send phishing emails hoping that victims will click on dangerous links. Some links install malware onto a victim’s computer when they’re clicked. Malware makes it easier for a criminal to steal your information, and some malware can make your computer slower or unusable.

Checking the sender’s email address can help you discover a scammer. If you receive an email from your bank, it won’t come from someone with a Gmail or Yahoo! email address. Some hackers use emails that resemble the reputable company’s website but include a typo. For instance, a scammer imitating Facebook may use the email address format “name@faceboook.com.” This email address contains three Os instead of two, indicating it is a fake address. Some scammers use zeros instead of Os during their outreach to potential victims.

If an email seems out of the blue, take some extra time to check the sender’s email address. It takes less than a minute and can save you from significant challenges in the future.

4. Don’t rush to perform an action

Scammers hope their victims will rush to perform actions, such as jumping on the phone, providing personal information or sending a wire transfer. If someone is using urgency and scarcity to prompt you to perform an action, it could be a scam. Take some time to pause and think the situation over before filling out a form or giving someone valuable information.

5. Ask yourself whether an offer makes sense

If an offer is too good to be true, it can be a scam. Some scammers promise riches with very little effort or use fake testimonials to prop up their products and services. You should compare offers from other companies before committing to a company or individual you have never come across. Shopping around can help you discover whether the person’s offer is legitimate or whether it is an internet fraud attempt. 

You can also check the person’s social media handle to see whether their business is legitimate. The scammer may talk about how their business venture is successful, but the lack of social media posts or engagement can tell another story. Some legitimate businesses don’t use social media, but if you detect multiple red flags before checking a scammer’s social media accounts, it may be a good idea to avoid them. 

Some people can create convincing social media personas, but you can also scour the web for online reviews. If the promise behind the offer or the price point sounds too good to be true, you have to be extra cautious.

Keep yourself safe from cyber criminals

The internet is a powerful resource that can connect you with people worldwide, give you relevant information in a matter of seconds, and keep you updated on the news. While the internet has many capabilities, bad actors lurk across cyberspace and attempt to dupe victims into handing over sensitive information. Protecting yourself from fraud by knowing the warning signs and monitoring accounts can help to keep you safe.

FAQ

Get Intimate with Spending: Sometimes our desires can overpower us, and cloud our thinking—leading to overspending. That’s why creating a budget can keep you in check, so you don’t go off the spending rails. MoneyLion’s easy-to-use budgeting tools help you set budget goals to help keep your spending on track, so you won’t break your budget ever again. Judgment free, of course. We are not here to tell you what you should or shouldn’t buy.

Limit Rejection: Just like a dating profile, your credit score is how the rest of the world sees you…financially. So, how do you avoid rejection when pursuing something you desire? The best way is to keep track of your credit score. That’s why MoneyLion has your back with FREE Credit Monitoring, this lets you keep tabs on the overall health of your credit. Plus, you’ll unlock personalized insights to help your score reach new heights – talk about a confidence boost.

Monitor your Credit for FREE

Tango with Taxes: Tax season is the time of year when stress levels skyrocket. This year, forget the drama and embrace a smoother experience with MoneyLion’s free tax filing¹, when you open a RoarMoney account². It’s like your financial dance partner, effortlessly guiding you through the process with no hidden fees or surprise commitments. Sit back, relax, and watch your guaranteed maximum refund waltz into your bank account. No reason to make things complicated.

Do your taxes for free

Ditch Your Debt: Remember that tangled mess of exes you swore you’d never get involved with again? Multiple debts can feel like that: emotionally draining and endlessly complicated. Ditch the juggling act and step into a healthier financial relationship with a Debt Consolidation Loan. It’s like finally finding “the one” for your debt – one manageable payment, lower interest rates, and breathing room in your budget.

Consolidate your debt

Break the Toxic Bill Cycle: Like being with the wrong partner, many have an emotionally draining relationship with their bills. Maybe it’s time for a change. Here are simple ways for you to put more savings in your pocket on services you already have. Learn more.

• Billshark will negotiate lower rates on your monthly bills, and secure lower interest rates to help unlock hidden savings. 
• Arcadia lets you ditch the energy bill stress with cleaner, cheaper electricity plans, saving you money and reducing your carbon footprint.

Get a Money Wingman: Knowledge is power, and having a confident wingman by your side with right knowledge can go a long way. Especially when it comes to your finances. MoneyLion’s new series “Know Money” is a free financial crash course, hosted by former NFL player and now financial college professor Brandon Copeland. He’ll take your financial literacy to the next level. Plus, when you download the MoneyLion app you’ll have access to tons of other financial influencers and content to help you improve your relationship with money.

Get to Know Money

Now’s the best time to ditch the financial drama and embrace the benefits of your money—without the complications or stress. MoneyLion is here to help you make your best money decisions, so you can enjoy the life of your dreams. Download the MoneyLion app today.

Plus, all month long we’ll be giving away amazing cash prizes for you and that special friend in your life, so be sure to follow MoneyLion on social media or keep an eye on the Discover Feed in the MoneyLion app.

Turn safe driving into savings.

Auto insurance is a necessity for drivers, but it can be expensive. In fact, the average annual cost of car insurance in the United States is over $2000. That’s a lot of money to be spending on something that you hope you never have to use.

There are a number of factors that can affect the cost of auto insurance, including your age, driving record, and the make and model of your car. But one of the largest factors is your insurance score. Your insurance score is a number that insurers use to assess your risk of being involved in an accident. The higher your score, the lower your insurance premiums could be.

But how do you improve your score? Telematics is a growing trend that car insurers are using. Telematics refers to data about your driving habits, such as your speed, braking, and acceleration. This data can be used to give insurers a more accurate picture of your risk, and it can lead to lower insurance premiums for safe drivers.

How Driver Score by MoneyLion Can Help

Driver Score is a telematics program we offer that can help you save money on your car insurance. Driver Score uses your phone’s GPS to track your driving habits and generate a score based on factors such as your speed, braking, and acceleration. The higher your score, the more likely you are to qualify for a discount on your insurance.

Here are some other major perks:

• Driver Score is completely free to use, so there’s no risk in trying it out. 
• Driver Score can also help you become a safer driver. By tracking your driving habits, Driver Score can identify areas where you can improve, such as your speed control or your braking. This feedback can help you make changes to your driving habits and become a safer driver on the road.

As an added bonus, you’ll earn achievements for hitting certain milestones — so you can feel good about your safe driving.

If you’re looking for ways to save money on your car insurance, Driver Score by MoneyLion is a great option. Driver Score is free to use, and it can help you improve your driving habits and get lower insurance premiums.

So what are you waiting for? Sign up for Driver Score today and you could save up to 40%* on car insurance.

*Average savings is based on program data. Not all drivers will be eligible or qualify for an offer or discount. Actual savings vary based on your driving behavior. Not valid in CA or certain other states. Expires 2/23/2024.

The holidays may be here, but our monthly bills and travel expenses don’t take a break. Right now is a great time to see where you can cut costs, so you can spend more on the ones you love. Here are a few ways to budget and save:

Holiday On A Budget: To ensure you’re set up for success without the financial stress, there are a few things to consider. You’ll want to track your spending and set a limit on gifts for each person in your life. Also, plan for expenses beyond gifts, save ahead of time, and separate your holiday funds. This way you won’t go over your normal monthly budget.

Shake Up Your Shopping with Rewards

While the joy of giving during the holidays is undeniable, we believe you should also reap rewards along the way. When you open a RoarMoney^SM account with MoneyLion, you’ll have access to cashback rewards with  Shake ‘N Bank. Everytime you make a qualifying purchase for $10 or more using your MoneyLion Debit Mastercard^® or your RoarMoney virtual card Powered by Pathward^®, you can get up to five times the purchase amount up to $500 cashback with just a shake of your phone. It’s that easy.

Buy points, not tickets: You may know credit card points can be used toward flight miles or hotel stays. But did you know many airlines and hotels will let you buy points directly from their site? Oftentimes, using these points is cheaper than paying full price for a room or a seat on your favorite airline.

Clear for take-off: Imagine gliding through crowded airports during the holiday rush, bypassing long security lines. With a 2 month free trial using Clear, you can skip the line and travel more efficiently—giving you more time and less stress this busy season.

Sweet deals: What’s even sweeter than honey? A service that effortlessly tracks down online deals for you. Honey is your virtual shopping companion that tirelessly searches the internet for coupons and discounts to maximize your savings, especially during the holiday frenzy of online shopping.

Get Paid to Shop: Since you’ll be shopping this holiday season anyway, why not make some money while doing it? There are tons of sites, like Rakuten and TopCashBack, that give you cashback on purchases you were making regardless. This can help put a little more jingle in your pocket this year.

Unwrap Ways To Save: Looking for more holiday savings? You can find deals, tips, and other money hacks from our content creators when you download the MoneyLion app.

Free Merry Moments

As a MoneyLion user, you have access to freebies to help stretch your holiday budget–everything from free McDonald’s fries to a cup of coffee from Starbucks. You can download the MoneyLion app for small ways to help brighten your holiday season. 

Your Holiday Lifesaver

The holiday shopping season usually calls for extra spending, which can stretch your budget to its seams. But instead of maxing out your credit card or buying now and paying extra interest later—you can take advantage of MoneyLion Instacash^SM:

• Access up to $500 of your paycheck, before payday: Cover your holiday expenses without putting yourself in debt.
• No credit check, no interest, no mandatory fees: We’re here to help you, hassle-free.
• Available in minutes: Your funds can be ready to spend in no time for a small one-time turbo fee.*

As the holiday season unfolds and the spirit of giving fills the air, you should also be on the lookout for our holiday giveaways in our app and on our social media pages. It’s our way of adding a touch of enchantment to your festive season. 
If you’re looking for more ways to put more joy in your finances, MoneyLion’s partners offer ways for you to automatically lower your electricity bill, help you trim your monthly energy costs, and help reduce your healthcare expenses. You can find all these offers and more holiday budget tips by downloading the MoneyLion app. May your celebrations be filled with merriment!

What is car repossession?

When you take out an auto loan, you sign a contract with your bank or lender promising to make your monthly payments. If you violate that contract by missing your payments, the lender has the right to take your car from you. 

Do you still owe money after a repossession?

After a car is repossessed, the lender will typically sell it at auction. If the money they get for the car is less than the amount you had left on your loan, you still owe the difference. That’s known as a “deficiency.”

4 steps you can take after a repossession

Once your car is repossessed, don’t panic. Think practically and take some time to make sure your bases are covered and you can move forward. 

1. Review your rights as a borrower

Even after your car has been repossessed, you still have rights. For instance, your personal items left in the car still belong to you. 

2. Contact your lender

Contact your lender as quickly as possible. You may be able to work out a repayment plan or revise your lease to get your car back. If not, you’ll still have details to work out with the lender like retrieving your personal items and paying off the loan.

3. Plan for alternative transportation

Because you no longer have a car, you’ll have to figure out how you’re going to get around town. Make sure you have profiles with both Uber and Lyft, and check each before taking a trip to see which is offering the better rates for the ride you need. It’s also a good idea to see whether you can carpool with friends on your way to work or while running errands. 

4. Work on improving your finances

If your car was repossessed, you’re likely having trouble with other bills, too. Create a budget and stick to it, tracking all of your earnings and spending. Consider picking up some side work to earn extra cash. Use credit cards responsibly, and be mindful about paying on time to help build your credit score back up. 

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How to get your car back after repossession?

Don’t lose hope if your car is repossessed. You can still get the car back by negotiating with your lender. If you’re having trouble making payments, contact your lender and ask whether you can revise your payment schedule and get the money to it a little late. Many lenders would rather go this route than repossess your car.

Precautions to take to avoid repossession

If you are at risk of having your car repossessed, take steps ahead of time to avoid it. 

1. Make your car loan payments on time 

The most basic thing to do to avoid repossession is to pay your loan back on time. If you aren’t missing payments or paying your loan late, you won’t be at risk of repossession. 

2. Maintain an open but recorded communication with your lender 

If you’re in a bind, contact your lender for possible payment delays. You should keep records of all of your communications to protect you from any payment disputes, saving any emails and logging any calls made to the lender.

3. Keep your car insurance up to date 

Some lenders have stipulations in their contracts that mandate an insurance policy. If you don’t keep your insurance up to date, your car can be repossessed. Make sure to keep track of your insurance payments to avoid repossession. 

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4. Consider selling or trading your car

If you are having difficulty making your payments, selling your car or trading it in for a more affordable vehicle can help you avoid repossession and reduce your overall debt burden.

5. Do not ignore a repossession notice

Lenders do not actually have to give notice before repossessing your car. If they do send you one, take it seriously. Call your lender right away to work out a payment plan and avoid repossession.

6. Seek professional advice

If you’re under threat of repossession, reach out to a financial adviser or credit counselor to see how you can move money around to help pay off your loan. They may also be able to work out a new loan agreement that fits your needs better. 

Don’t let car repossession catch you off guard

You can take steps to avoid car repossession, like contacting your lender to negotiate a different payment plan. If your car is repossessed, you should contact your lender anyway and work to pay off the rest of your loan balance and potentially get your car back.

FAQ

Understanding wage growth

Everyone’s wages grow at different rates based on their line of work, employer, performance, and other factors. While people have various levels of wage growth, the Occupational Employment and Wages Statistics (OEWS) program compiles wage data from approximately 830 occupations every year. This program is part of the U.S. Bureau of Labor Statistics and gives consumers a better idea of broad wage growth.

Higher wage growth gives consumers more money to spend. Having a $5,000 monthly payout turn into a $5,100 monthly payout increases your purchasing power. Higher demand for labor, fewer available workers, heightened productivity, and government policies are the key factors that contribute to wage growth.

Understanding inflation

Although wage growth empowers consumers, it also results in more money chasing fewer goods. Assume a movie theater can seat 100 people, and 150 people want to watch the movie. The movie theater can’t accommodate the extra 50 people, but the theater can raise ticket prices to increase profits and make crowds more manageable. Higher prices reduce demand, but some businesses can accept lower demand because of their limited supply of goods and the nature of profit margins.

If the cost of goods rises, companies will have to increase prices to offset costs. For instance, if the cost of producing an iPhone suddenly increases by 20%, Apple Inc. may raise the price of an iPhone by 20% to compensate for rising costs. 

You might feel like you’re getting ahead with a 4% raise, and getting a raise is better than not getting one at all. But if companies like Apple have to raise the price of their goods by 20%, like in the above example, are you really getting ahead of the curve? Inflation results in more expensive goods and services, and the rate of inflation can exceed the wage growth rate. This scenario results in consumers losing purchasing power.

Relationship between wage growth and inflation

Wage growth and inflation have a critical relationship that everyone should understand. 

1. The impact of inflation on wage growth

Rising inflation increases the pressure on workers to seek better opportunities and ask for raises. If inflation goes up by 4% in one year, it’s the equivalent of a 4% pay cut, even though you are working the same amount of hours. Incoming workers may also filter out career opportunities that do not post salaries that reflect higher inflation. Higher inflation leads to more wage growth, but that doesn’t necessarily mean higher real wage growth.

2. How inflation affects purchasing power

Inflation erodes purchasing power over time, and stashing money in the bank isn’t always a good long-term strategy. The U.S. dollar has lost 93% of its value since 1920, and high inflation can make that worse during certain years. If inflation goes up by 3%, your purchasing power goes down by 3%. Consumers may consider investing in stocks, real estate, and other assets in an effort to beat inflation. These assets allow people to not lose substantial purchasing power but also come with risks.  

3. Wage growth’s response to inflation

Higher inflation tends to prompt wage growth, but wage growth may not outperform the rate of inflation. Consumers can lose purchasing power even if they receive raises if the inflation rate exceeds the wage growth percentage. During inflation, many companies raise the prices of their goods and services and can use some of those proceeds to support higher wages.

Historical trend and example

While wage growth and inflation often move in tandem, inflation is often the leading indicator. Inflation data from January 2020 to June 2023 shows sharp inflation drops that take place before wages drop. While inflation drops lead to wage growth deceleration, inflation seems to drop at a faster rate. 

But during periods of rising inflation, the rate of inflation accelerated quicker than wage growth. Wage growth rates can remain stubborn at their levels unless a sharp rise or decrease in the rate of inflation continues for several months.

The changes in inflation and wage growth from May 2023 to June 2023 reflect this trend. During this time frame, inflation dropped from 4% to 3%, marking a 25% month-over-month drop. Wage growth dropped from 6% to 5.6% during the same time frame. That’s only a 6.7% month-over-month drop. 

While inflation can get a head start in either direction, wage growth eventually catches up or falls back in place with the rate of inflation.

Government policies and interventions

The government’s policies and interventions also play a role in wage growth and inflation. Governments can pressure companies to raise wages or set the minimum wage rate higher. Governments increase inflation every time they print more money. Every extra dollar added to circulation will increase inflation.

Removing money from the system through methods like raising interest rates can contribute to deflation. The Federal Reserve has been raising interest rates since 2022 in response to high inflation. Last month, the Fed raised interest rates for the 11th time in 17 months to combat inflation. The Fed hopes to bring inflation back down to 2%.

How can you protect yourself from the negative impact of inflation on wages?

Although inflation reduces purchasing power, consumers have several ways to protect their  finances from a rising inflation rate.

1. Invest in assets that appreciate with inflation 

Assets like real estate and gold tend to appreciate when inflation increases. Because real estate and gold have limited quantities and remain in demand, they may gain value as inflation rises.

2. Negotiate for higher wages

Receiving a raise, no matter the size, will help with inflation. Wage growth makes inflation more manageable, but you should aim for wage growth that exceeds the rate of inflation to increase your purchasing power.

3. Keep your skills up to date

Developing new skills can give you more career opportunities and can help you get paid more money for the same amount of hours. You can look for high-paying skills and add them to your toolbox by reading books, watching videos, and applying what you learn.

4. Budget wisely

A budget helps you maximize your money. Listing your expenses and removing the nonessentials gives you more money to build your savings and investment accounts. 

If an emergency expense comes up, you can use Instacash^SM to get a cash advance of up to $500 at 0% annual percentage rate (APR)*. This choice can help you avoid loans and racking up credit card debt. 

Increasing your purchasing power

Real wages reflect wage growth and the rate of inflation to gauge how much people’s wages have gained relative to purchasing power. While broad statistics reveal what is happening in the economy, you can increase your purchasing power by getting a bigger raise, pursuing better career opportunities, and exploring side hustles. Consumers should look at changes to their purchasing power and real wages instead of nominal wage growth.

FAQ