Christmas Loans & Alternatives

As joyous as the holiday season can be, it can also be stressful when you are short on funds. Luckily, you still have plenty of time to get things on track. You can create the holiday season of your dreams by using a variety of financing options available to those looking for a solution to a short-term cash flow issue.

Most loans that are suitable for Christmas and other holiday spending will be unsecured options. This means you will not have to surrender any property or promise any collateral. If you aren’t sure where to look for help with funds for Christmas, here are some great places to start.

Below are a few practical ideas on getting money for Christmas, including loan and non-loan options.

Side work
There are numerous options to make money to help fund the Christmas season. Here is a short list of easy, quick and proven ways to do a little bit of work for extra cash.

Contract work – Utilise the internet and take advantage of online job sites such as Freelancer or Upwork. There are thousands of businesses looking to hire people for data entry, accounting, creative writing and much more. Another big bonus is may pay in US dollars!

Hit the local classifieds – During the holiday season, many local businesses will hire extra help. Be strategic about this and potentially work at a shop where you would like to purchase items from – this allows you to earn extra cash and get employee discounts!

Overtime – If you are currently working, just work some more. Ask your supervisors if there is any opportunity for overtime work.

 
Sell it
Most households have loads of items that are no longer needed or unused. Think about what you may have at your home and sell it. One man’s garbage is another man’s treasure.

Traditional Personal Loans
Most banks offer personal loans to qualified borrowers. Often, you will find the most favorable interest rates through a regular bank than many of the other options. Personal loans are also designed to be repaid over time. Borrowers make monthly installments to repay the principle and interest owed. Personal loans have a defined end date, so you know exactly how long it will take to finish paying back the funds.

Qualifying for a personal loan requires borrowers to meet certain minimum criteria. Income requirements and credit score standards will need to be met. Additionally, you will need to have the income necessary to be reasonably expected of repaying the funds.

Short-Term Lenders
Short-term lenders, normally operating as storefronts, are independent businesses outside of the traditional banking market. They offer a variety of loan options, include short-term installment loans. It is easier to qualify for these loans than some options through banks, but the interest rates are often higher to compensate for the additional risk.

However, they can provide a suitable option to those with less than perfect credit who meet income and other lending standards. Here are a list of potential loan options.

Payday Loans
If you only need to borrow a small amount, and you can afford to repay the loan quickly, then a payday loan may be in order. Often, these have the most flexible requirements for borrowers, allowing those with poor credit to get the funds they need. However, the interest rates associated with payday loans are often quite high. Learn more about payday type loans here.

What You Can Use the Funds For
Most of these loans allow borrowers to use the money in whatever way they choose. This means that you can use the funds to pay for Christmas or other holiday gifts, airplane or train tickets to visit family or everything you need for a generous holiday meal. If you want to use the money to decorate your home, that is okay too.

 
Deciding How Much You Need
With all short-term lending options, it is important only to borrow what you truly need. To do so, you should sit down and estimate the expenses you expect to use the loan’s funds to cover. You may need to create a tentative shopping list to help narrow down the actual costs. Additionally, internet research on product prices can also provide valuable information.

Once you determine how much you need, try not to borrow much above that point. While some loans require the amounts be rounded up to the nearest $10 or $100, going far beyond your rounded up estimate can lead to financial hardship. Make sure you never borrow more than you need or more than you can repay. Then, you can rest easy knowing you have made the smartest financial choice available.

Everyone deserves a great Christmas but don’t go into debt to deliver one, especially if money is already tight. Be sure to fund your Christmas responsibly and remember it’s about the family and not the things.