With the days left until Christmas dwindling fast, you may find that the number of people you have on your shopping list is far too much for what paychecks you have left before December 25th. Thankfully, obtaining a paycheck advance is a simple feat for most people and is an easy way to get your hands on the extra holiday cash that you need to complete your holiday shopping.
Even though most people think of payday advances as an emergency loan, this loan option works perfect for holiday spending as long as you borrow responsibly. There is a simple ABC rule set that you should keep in mind if you plan to use a paycheck advance to complete your Christmas shopping.
Always get familiar with the loan terms before you borrow.
Every payday loan company has a different set of lending terms, from how long they will carry the loan for you to how much they will charge your for financing. Be sure you fully understand the terms of the loan that you are offered before you make a final decision and walk away with the cash. Ask plenty of questions and read over your contract thoroughly before you sign.
Be careful to budget for loan repayment in the near future.
You may need the money from a paycheck advance for holiday shopping, but this is no reason to make rash decisions. You need to keep in mind that a payday loan is a short-term loan, which means that you may be required to pay the full amount of the loan back, plus any fees you are charged, in as little as a few weeks. If you don't think you will be able to afford loan repayment on your next pay date, it may be a better option to see if the lender offers small installment loans instead.
Choose wisely how much you borrow.
Payday loan companies usually offer customers a specific amount of money based on their income. Therefore, if you have fairly large paychecks, you may qualify for a pretty good sum of money. However, it is always a good idea to carefully consider how much you really need to borrow before you just accept whatever is offered. Only accept what you need and make sure what you borrow is easy enough to be paid back in the future.
Your shopping list may need to be fulfilled quickly, but make sure that the urgency you feel to complete your Christmas shopping does not lead you to making poor choices. Talk to a paycheck advance loan representative to get more familiar with how you can responsibly use a short-term loan to finish holiday shopping.
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Share3 December 2015
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