Do you need a Christmas loan this holiday season? Do these three things first to make sure you get the rate.
What is a Christmas loan?
The holiday season brings so much more joy and fun, but also more expenses at times. These expenses could be traveling to visit friends and family, purchasing more food for Thanksgiving and holiday parties, and of course gifts for everyone. To help cover this proliferation of expenses, many people will get an affordable Christmas loan.
What does a good Christmas loan look like?
Before I share with you the three things to do to get the best Christmas loan possible, It’s important for you to know what the components are of a good Christmas loan. Good Christmas loans will look different for every person, but they will always be:
- An amount that can easily be paid back in 90 days at the most.
- A low interest rate
How do I get the best rate on a Christmas loan?
Here is a quick overview of the three things that will get you the best rate on a Christmas loan. We’ll go over them in detail in the sections below:
- Before you go inquire with any loan company, know how much you need, how much you can comfortably pay back in 90 days, and commit to only borrowing that much.
- Obtain your credit report and know your credit score.
- Look up the highest rated loan retailers in your area or online and get quotes from at least three of them.
Why is knowing how much you need important before applying for a Christmas loan?
Have you ever gone to a clothing store looking to purchase one shirt, but they have an offer: “Buy 1, Get 1 Half Off!” and you end up purchasing two? The store makes more money when you buy more shirts, so they would gladly offer a discount on the second item to get you to purchase both shirts.
Loan stores are for profit businesses like most companies. The more money they loan, the more they make in interest. Because of this, committing to only borrowing how much you need and are comfortable paying back in 90 days or less, prevents your eyes from getting big when they offer you more than what you ask for.
Having more money is nice, but remember that a Christmas loan isn’t free money. You will have to pay it all back, and pay it back with interest. You want to make sure that you’re putting yourself and your family in the best possible financial position the rest of the year and years to come. Making sure that you aren’t over-borrowing will help the Christmas loan stay a temporary solution and not a permanent burden.
Why is it important to get and know you credit score before applying for a Christmas loan?
Many loan companies will use either or both your income and your credit score to evaluate if they will loan you money, and if so, at what rate they will loan you money. Knowing your income, debt to income ratio, and your credit score will put you in the driver’s seat at the negotiating table when you start to actually talk to the loan representative.
A lot of credit card companies and even some banks are now offering free credit reports and monitoring services for their customers. If your company does offer this, take advantage of the service right away. If you don’t have a bank or credit card that offers this, you can visit the Consumer Financial Protection Bureau online for a list of places to get a free credit report.
Why do I need to shop around? Aren’t all Christmas loans the same?
Have you ever gone to a store looking for a specific snack, you find it and purchase it to enjoy, only to find out afterwards that the the store just a little further down the street sold the same snack for $10 less? “You mean I could have enjoyed my snack and had more money left over for something else?” I can hear the disappointment in your voice, but the answer is yes!
It works the same way with loan retailers. Start by searching on Google or another search engine, and look for the businesses that have great reviews. Many loan stores will offer the option to complete an application online before you visit their location. Make sure that they know you are shopping around to get the best deal. Once you find the loan store with the best deal, sign on the dotted line and get your money.
Where can I cash a Christmas loan checks in Tulsa?
If your loan store issues you a check and you’d like to get access to your cash right away, stop by Value Check Cashing Near Me in Tulsa. We’re experienced in getting your check verified fast so you can get your cash as soon as possible. If you want to make the process even faster, get your check pre-verified before you even come into the store!
About Value Check Cashing Near Me
For over 16 years, Value Check Cashing Near Me (formerly Angelica’s Check Cashing Plus) has proudly served the Tulsa community with affordable Check Cashing, Money Transfers, Money Orders, and Tax Preparation Services. At Value Check Cashing Near Me, every time you cash your check, you get a free drink. Our customers love us because we work hard to cash their Payroll Checks, Insurance Checks, Loan Checks, Tax Refund Checks, Claims Checks, Settlement Checks, 401K Checks, Retirement Checks, Disability Checks, Tax Refund Checks, and College Financial Aid Refund Checks.