As much as we may not like it, summer had to end eventually. The cool air, the shorter days, and the changing leaves mean that fall is upon us. And if you’re a planner, it may also mean that you’re already thinking about the upcoming holiday season.
It’s unfortunate that for many Americans, the holidays are full of stress and anxiety. We’re all so wrapped up (pun intended) with the gift giving, the events and parties, and the traveling that it’s difficult to actually relax and enjoy the holiday season. You may be wondering how you’ll get the extra cash you need to make it all work. Many people in this situation turn to short-term personal loans to make ends meet. But is this a good financial decision?
Read on to learn more about quick cash loans, and what your options are for getting some extra cash for the holidays.
What Are Quick Cash Loans?
The first step is knowing everything you can about quick cash loans, what they are, and how they work. This is especially important because there are several different types of personal loans that could be considered “quick cash” loans. Knowing the subtle differences between them is crucial for getting the best loan for your specific needs.
One of the most common types of “quick cash loans” is called a payday loan. These are small-dollar loans that borrowers use to help them make it to their next payday, hence the name. The way they work is fairly straightforward: you borrow a small amount of money from a lender either online, or at a storefront location, they provide you with the money if approved, you pay it back generally within two weeks or by your next payday along with interest and fees. Payday loans are unsecured, meaning you won’t have to provide any collateral in order to get one.
Another popular quick cash loan is called a personal installment loan. This is widely considered a more affordable option than many payday loans. With personal installment loans you can usually get a larger amount of money, up to a few thousand dollars in some cases. You also have a longer amount of time to repay the loan, anywhere from a couple of months to a couple of years. Getting a personal installment loan may require a better credit history or credit score than a payday loan, which is often why they carry more favorable terms and conditions.
Should I Get a Loan for Holiday Expenses?
Now that you know more about quick cash loans, it’s important to weigh the pros and cons of using one for upcoming holiday expenses. While it may be the most convenient and quick option for securing some extra holiday cash, you’ll want to be completely prepared for the payments, the interest and fees, and the repayment conditions.
If you’re 100% sure that you can make your payments on time, and that the loan will be completely returned by the agreed upon due date, then maybe this is a good option for you. The problems begin when borrowers aren’t able to make their payments. Lenders will add late fees and other charges for not paying on time. If you take out a secured loan like a title loan or pawn shop loan, you may even lose the collateral that you had to offer up to get the loan.
It’s always wise to explore all of your options before getting any type of loan. Do you have a friend or family member that can lend you the money? Maybe you can pick up some extra shifts and save the money you earn specifically for holiday shopping and travel. You also have the option of getting a joint loan, or having someone cosign the loan with you. A joint loan would be two people taking out one loan together, and both are responsible for repaying it. Having someone cosign your loan means that they take over responsibility of the loan if you’re unable to repay.
How Can CreditNinja Help?
If you have explored all of your options, and you’ve found that a fast cash personal loan is perfect for your situation, then it’s time to apply for a CreditNinja personal installment loan. At CreditNinja, we offer quick, affordable, and safe personal installment loans to suit your specific financial situation.
Applying for a loan with CreditNinja is quick and easy! You can fill out an application online and find out if you’re approved right away. If approved, your loan will be directly deposited into your bank account, and you can even make payments online from the comfort of your own home.
CreditNinja is here to help for all of your holiday cash needs. Apply today!