Even Scrooge needed extra cash for his holiday expenses. Of course, he had very good credit scores. If you have a poor credit history, it will not be too hard to find a source so you can round out your holiday shopping and gifting.
Maybe you, or your kids, have a Wish List as long as your arms. The kind that even Santa would have a little problem to handle. Maybe your credit is so bad you cannot avail yourself of the funds necessary to make your holiday dreams come true for your family and yourself.
It would probably behoove you to check out online lenders. The process is quick and easy. Holiday loans of this nature are specially made for folks with bad credit.
Scrooge Can Become Claus with a Bad Credit Holiday Loan
What is on the list? The tree, of course, and all the trimmings. A turkey or ham for the holiday feast. Maybe some tickets to the Nut Cracker. Plenty of gas in the car for visiting. Maybe a trip to a tropical clime. So, make a budget with estimated costs so you will have a good idea of what loan amount to ask for. Loans usually range from $100 to $1500, with $500 being the usual amount.
Holiday Shopping for a Lender
Once that is done, go to your computer and ask your browser to find cash advance loan or holiday loan. Within seconds you will see a wealth of lenders who are willing to help your holiday hopes come true. The market is crowded and there is lots of competition. Carefully shop until you find a lender who offers interest rates and fees, and repayment terms, you can live with.
The Poor Credit Holiday Loan Process
Fill out the application. You could be approved within minutes. Sometimes, though, the lender may not be able to check all you credentials using online resources. Should that happen, be prepared to send your lender documentation via scans or fax. If you do not have a scanner or fax at home or at the office, go to a print shop such as Kinkos or even your local library.
You may be asked for a photo ID, a bank statement, a pay stub, a utility bill (to prove residency), and a social security number. In spite of this little extra inconvenience, your funds should be in your account within 24 hours.
A Holiday Loan Cosigner or Collateral Could Help
If, by some chance, your loan is not approved, you may want to see about getting a cosigner. (Though four out of five applicants usually are approved.) This may also be necessary if you are looking to borrow more than $1500. Your cosigner should have a better credit record than you. They should also be aware that they are liable for the loan if you are unable to pay. If you cannot find anyone willing to cosign, you might want to put up some collateral. This could be real estate, such as your home, or an automobile.
A Few Last Caveats on Bad Credit Holiday Loans
Depending on the kind of loan, secured or unsecured, do not ask for more than you can easily pay off within a year is a good rule of thumb. Online lenders will usually ask for repayment within 15 to 90 days. Secured loans could stretch for 12 months. Successfully completing such a loan will improve your credit scores.
So, be careful with your holiday loan for folks with bad credit. A little bit of caution and care can make your holiday wishes as dreams come true.