Christmas loans – The Good and The Bad

A quick Google search for “christmas loans” will return thousands of sites promising you fast cash with no credit check. But most Christmas loans aren’t really payday loans at all. These lenders often promise to loan you cash within 24 hours and simply do not check your credit. The best Christmas loans come with a high interest rate, and even then sometimes the interest rate can skyrocket as soon as the lender verifies your income by checking your bank statements.

Christmas loans – promising you fast cash with no credit check

These Christmas loans usually have very high fees for late payment as well. You will pay an annual percentage rate (APR), which may be more than double what you pay for a standard payday loan.

There are other ways to get short-term cash when you need it. If you have the extra cash available and you’re ready to make a large purchase, consider taking out an advance on your car, home or other valuable asset. There are also companies that offer short term loans for people who are facing the possibility of losing their job. These loans may require collateral, but usually offer much better terms than traditional payday loans.