Posted in: Tips
With the holidays on their way, December is sure to take everyone’s check book for a sleigh ride. In fact, Americans plan to spend an average of $882 on gifts alone this holiday season. Now, that’s a price tag that can leave one’s wallet feeling distinctly less than jolly. This figure doesn’t even take into account other things like the miles of lights to be hung, snowmen to be set on the lawn, and if Aunt Judith is hosting on the other side of the country? There goes another few hundred dollars, at least. On top of all that, there is the food; the decadent meals that make braving the family gathering worth it, but someone has to pay for it. This is where a cash advance really comes in handy.
In our Golden Era of technology finding a loan is easy. Just a few keystrokes on the computer and, in as little as one business day, cash can be on its way to your bank account. At this point, the most overwhelming part of the process is determining what type of loan you really need. If you just need a few extra dollars to float until the next check comes then a small dollar loan is in order. A small dollar loan is a form of cash advance that is available in manageable amounts no greater than $1000, and its repayment is set for the next time you get paid.
Alternative forms of cash advances include lines of credit. Similar to a credit card, you’ll only ever have to pay back the money you’ve used rather than the full limit you’ve been given. This makes it great for covering expenses when and if you encounter them. This not only helps you determine the rate at which the debt is paid, but it also helps ensure that you don’t create more debt than what you can reasonably pay back. It’s never advised to take a loan that’s outside of your means to repay, regardless of the type of cash advance that you settle on.
To help you make responsible decisions regarding your loan and its terms, certain lenders offer an installment loan. Rather than paying your loan back in one lump sum, these loans can be paid back in increments over several pay periods. It is sort of the middle ground between the two options listed previously. An installment loan offers a more forgiving repayment period so as not to trap you into debt. The borrower and lender work together to establish a schedule for repayment that works within the borrower’s financial capabilities.
It is important to carefully read the terms of any loan and thoroughly reviews the institution before committing. Not every company has your best interest at heart and they will frequently offer large loans with high fees and interest rates. These lending companies will also rarely offer the same range of products, as they don’t see the use of accommodating your unique finances in their loans. Other, more reputable companies will offer these loans with responsible and transparent terms, so you never borrow outside of your limit. When you cover your holiday bills and borrow within your means, you won’t have to worry about ruining your finances in order to make merry. Handled responsibly, finding a lender to help out this December can be exactly what your holiday season needs.