Are you finding yourself cash strapped after all that Christmas shopping? Do you still have to pay for the feast you’re planning for the 25th? In this case, you might need to take out a personal loan that will last until your next paycheque. How can you go about this though? If you find that the banks are closed thanks to the holiday season, fear not for there are still plenty of lenders out there. Some of the best are even found online so you can apply for a payday loan without having to venture out into the Christmas crowds.
Determine Your Eligibility
The good news is that most online payday lenders don’t require too much before they approve one of their credit options. This isn’t a simple matter of asking for cash and receiving it however as there are some small details that you’ll have to provide. You should be aware of the application requirements for payday loans though so you don’t waste your time in the future. This holiday season, the following details will help you gain the cash that you need in record time:
• You must be 18 years or older
• You must be a citizen of the nation you’re in
• You must satisfy the minimum monthly income
• You must have been employed for at least three months
• You must have a savings or chequing bank account
Only by meeting all these criteria will you be able to take out one of these personal loans and pay for those additional Christmas expenses.
Of course, you’ll also need to make sure you can pay back the debts once the holidays are gone. In general, payday lenders ask for a higher interest rate than the banks since these loans are short-term and unsecured (i.e. no collateral). The trick is to plan before you contact a reliable online lender such as Pay Day Loan 123. Do some personal budgeting and figure out how much you can afford to pay back with each pay cheque. By crunching the numbers, you can then figure out whether the conditions are indeed fair given your current circumstances. In know it’s the holidays and you really don’t want to be doing calculations but trust us! This step is important so you don’t end up struggling with debts before 2014 has even had a chance to begin.
Negotiate with the Lender
If you are eligible for the loan and you can safely pay everything back on time, you can now sit down and speak with your chosen personal credit agent. Before you sign on the dotted line though, it’s important to discuss the terms and negotiate. You can also send your details through a lending tree website to apply for multiple loans and then compare the rates and conditions given. In either case, you’ll need to think about the following factors and how you can tailor them to meet your needs:
• How often you need to make a repayment
• How much you have to pay back each time
• What the additional interest comes to
• Whether there are any extra fees and charges
Also check to see whether your lender will make an automatic withdrawal from your bank account come payday. If you’re unaware of this, you may end up with a balance that’s too low which will leave you struggling financially yet again!
This holidays, take some time away from the festivities to secure the money that you require. Getting through the extra costs of the Christmas season is not so difficult to do provided you put in the right amount of time, effort and planning.