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“Holiday Helper” Loans Are New Debt in Disguise

December 14, 2018 | By Mason Roberts

The best parts of the holiday season are the traditions: we may bake cookies, decorate the tree, and go ice skating, just to name a few. 

Christmas Budget-Busters

However we celebrate, those traditions are what tend to keep our Christmas spirit alive. We get to partake in them with family, friends, and loved ones to make memories and tighter bonds.

There's one more recent (and less wholesome) tradition, however, that's taken many families in the country by storm: taking out personal loans.

How Personal Loans Can Hurt More Than Help

Personal loans aren't the best option for the holiday season. Why? Because they'll just rack up new debt and cause you to begin the New Year in a bad financial situation. Personal loans are paid off over several months, or maybe even years.

This means that you will rack up extra fees and interest rates. If you are already in debt and can't afford the coming holiday festivities, there is a better option: a payday loan near you.

What Is a Payday Loan?

A payday loan is a short-term loan that will prevent you from taking out money that you don't have. First, find a loan company that provides payday loans in your area.

Once you find a legitimate place that you feel comfortable with, you'll provide them with one of your previous paychecks. They'll provide you with a loan similar to that of your paycheck, and you'll pay the loan back by the time you get your next check. It basically amounts to an advance on your paycheck.

Why Is a Payday Loan Such a Good Option?

For the holiday season, there are times that we need to shop on a specific day or time to take advantage of a sale or item we’ve been waiting to come back in stock.

Sometimes, waiting for our next check is not an option. If this is something that pertains to you, a payday loan can help you get quick cash, without putting yourself into debt.

This loan gives you money that you know you'll have later - just a bit sooner - rather than money that you know you won't for months to years.

Related: Short on cash this Christmas? Here are 3 ways payday loans can help families this Christmas!

Besides taking out a payday loan, there's another thing you can do this holiday season if you're finding it hard to afford what you need when you need them: layaway.

Layaway

You may have heard of layaway, or seen some stores that offer it. Layaway can help you in a very similar way that payday loans can. You can go to these stores, pick out your items, and place them on layaway. This means they will hold your item for a designated amount of time to allow you to pay for it a little at a time.

This is good for big-ticket items that you may not be able to afford all at once, but would still like to purchase in time for the holidays. Most stores require a down payment of about $10 to start your layaway. The biggest tip here is to start early when it comes to layaway.

You can make payments over a few weeks and pick up your items when you have paid them off in full. Some stores that offer this option are: Burlington Coat Factory, Kmart, Gamestop, Marshall’s, and many more!

Happy Holidays!