It is only a day and a few days for bank companies to decide whether they grant us a loan. If so, they will let you know if we will be paid the full amount we have requested.
It is these formalities that are kept to a minimum and a guarantee of a quick transfer to the account make us decide to top up our wallet. Studies show that around Christmas, the number of borrowers increases by up to 14%, and the interest in the topic itself – by 28%.
A quick payday loan for Christmas – how to get it?
Getting a payday payment for holidays, in terms of procedure, is no different from the formalities during the remaining months of the year. Time is chasing, Christmas shopping is not done, so it’s best to take advantage of online Christmas loan offers.
We go to the websites of loan companies and using the calculators available on them, we calculate which of them is the most advantageous for us (most often it is enough to provide the required amount and the preferred date of its return). Let us pay attention to the information contained on portals – it may turn out that it was on various occasions that a given company prepared, e.g. a special offer for a holiday loan or a competition (as Lender used to be) in which prizes or discounts for subsequent loans can be won.
It is also possible that those banks, which usually do not offer customers free first payday loans, will change the strategy on the occasion of holidays and will gain new borrowers.
We chose the company, now it’s time for formalities. Some lenders only ask their clients for data such as name, ID number and ID number, others also ask about the amount and source of income and professional status. It is said that banks do not check BIK databases and do not verify creditworthiness, but this is not entirely true. Then just a verification transfer to confirm our identity and awaiting the company’s decision.
Let’s not forget that if we cannot (for some reason) repay the loan on time, it is best to inform the institution before the refund period expires. This is the only option for us to minimize the costs that will increase due to late repayment. It is better that payday loans for the holidays do not become the most expensive loan in our financial career.
Holiday loans – what do we need to remember?
With payday loans, it’s a bit like the Traffic Code – we should apply the principle of limited trust. Loans in loan companies are almost always more expensive than bank loans (unless you decide to cooperate with an institution that does not pay interest on the first loan and we pay it back on time), so be sure to read the terms of the contract carefully. Christmas is a time when we all have more than usual on our heads, and mistakes and oversights can really cost us a lot in this case.
Another point: among us there may already be those who have dealt with payday loans before and who know which companies are trustworthy. New customers should collect as much information as possible on their own safety. We recommend checking monthly loan rankings and focusing on those institutions that most often go to the top of this list.
What are the costs of the holiday loan and the consequences of late repayment?
Let us ensure that the vision of quickly obtaining money does not obscure the tables with fees and commissions. The real interest rate on the loan (APRC) is an extremely important issue for payday loans. Although loan companies are required to provide customers with this information (together with the calculated final amount to be paid), nothing will happen if we confirm each of these messages. None of us would like to know after signing the contract that the APRC can reach even more than 1000% throughout the year. It is equally important to read all provisions about contractual penalties. When we take out a loan, most of us assume that we will pay it back on time, but various random events may delay this moment. Let’s find out what fees we will have to pay if we are late with the payment.
Let high fines make us re-examine our situation: do we really need this loan? Maybe it’s better to give up a sumptuous Christmas Eve dinner and expensive gifts this year? Let’s remember: the more we borrow, the more we will have to give back in the New Year. Nor should we burden ourselves with such an obligation if we already have problems due to previous contracts and a debt collector or bailiff has recently knocked on our door. A Christmas loan is then one of the worse solutions. If you are still not sure what to do, we recommend our text about planning expenses related to Christmas Eve.
Let the momentary joy of Christmas madness not be a headache in the coming New Year.