Okay, so Christmas is right around the corner, just a few weeks to go and it’s alright if you haven’t bought the gifts you promised everyone last year. You still have a few weeks to get to them. The season can be the most beautiful time of the year and also one of the most stressful, especially when your finds are low and you are running helter skelter looking for how to make up. Well, fret no longer. There are many ways to get emergency funding for Christmas and this post explains some of the best options, with pros and cons too.
Get a credit card
Credit cards are one of the most popular options for emergency funding. They offer an option for quick and practically unlimited cash. If you are certain you will be able to pay off the credit loan by the end of the holiday season, then by all means this is your best option. However, if you are uncertain about that or if you already have a pile of unpaid credit card debts, then please remember credit card loans come with really high interest rates and another option may suit you better.
Get a logbook loan
Logbook loans are quickly becoming the first choice loan option for many people looking for quick cash in an emergency situation, especially if they already have a bad credit score. Having a bad credit score limits you from access to some of the more restricted credit options, but a logbook loan from logbook calculator only requires you have a not too old and serviceable vehicle and you are good to go. However if you do not have a vehicle or you are not willing to surrender your vehicle’s particulars to the logbook loan credit officer or you do not like the high interest rates offered on the loan, then this option is not for you.
A personal loan
This is by far one of the best loan options, for people who have really spotless credit scores. If your credit score is not half good, then do not even consider this option. Personal loans have minimal interest rates, allow you a flexible repayment schedule and can even help you improve your credit score (if you keep to your repayment dates, that is). They are an excellent choice to getting that emergency fund when the season is just around the corner. For individuals with not so perfect credit scores, who are determined for a second chance, there are some credit facilities (not mainstream banks of course) that offer second chances on secured loans. You could also consider these as options.
So these are some of your best options for emergency funds during the holiday season. There are other options like payday loans, but the high interest rates coupled with the short repayment term, can trap you in a cycle of debt that will be worse than you missing out gifts entirely for Christmas.
All said and done, you should be careful with spending during the Christmas season. It is very easy for us to get carried away loving and giving during the season and actually forget that credit interest rates do exist. Take it easy with your spending this holiday, so your repayments would not be too steep.