Christmas Loans and Bad Credit Loans
The pros and cons of Christmas Loans
All forms of financing come with pros and cons including Christmas loans. It’s important to understand the advantages and disadvantages of financing before proceeding.
Advantages
- It alliviates financial stress. The stress of holiday expenses is never fun. Instant Christmas loans temporarily relieve financial stress and provides the breathing space to help see you through the holiday season.
- Quick and convenient. Christmas loans are fast, easy, and convenient to obtain whenever you need one. The internet has made it extremely simple to apply online and get the funds deposited within 48 hours if needed.
- Credit-building opportunities. Not only are christmas loans attainable if you have less-than-perfect credit, but—if you choose the right type if loan (i.e. personal loan)—it can be used to help you rebuild credit. Payday loans do not offer this benefit.
- Online & numerous lenders. Do everything online so you do no have to visit a store and avoid standing in line or risk be seen by friends or family.
- Cheer Up Family. These Christmas loans can help you buy those special gifts for your loved ones, saving you embarrassment when they purchase something nice for you and you cannot return the favor.
Disadvantages
- Interest charges. The interest rates on Christmas loans can be expensive if you do not have choice. Fortunately at LoanTodayUSA we have over 50 different lenders for you to choose from.
- You have to pay it back. This drawback goes without saying, but you should only borrow what you can pay back in a reasonable amount of time so you don’t stress too much about money after the festive season.
Can I get a Christmas loan with bad credit?
Whether you go with a payday loan or personal installment loan, you can get a Christmas loan with less-than-perfect credit. But there are a few important distinctions to make between these two lenders.
Payday lenders are attractive to many borrowers because they offer Christmas loans with no credit check.
With personal instalment lenders, not only do you benefit from a customizable repayment schedule and a far lower interest rate, but your positive monthly payments get reported to the credit bureaus to help you rebuild your credit.
It’s also important to note that the better your credit is, the better interest rates you will get. So if you have the time, you might want to look into ways to improve your credit score before submitting your application for a Christmas loan.
Are Business Loans Different Compared to Personal Loans?
Personal Loans
A personal loan is precisely what the name indicates: a loan for personal use. Personal loans are a lump sum of money that, if approved, is given to you to do whatever you’d like to with it.
Of course, the “personal” in personal loans means that the intention is to give people some financial help with matters not related to their business. If you’re thinking of renovating your kitchen or even just want to help out a relative in need, you can do with it as you please. Their requirement criteria are flexible making them very appealing and easy to get. This is because of the non-business nature of the loan—and usually the fact that smaller amounts are involved—personal loans don’t often have the same strict requirements for business financing.
The Business Loan
You would take a business loan to pay for business expenses. The amount you can borrow is higher since business expenditures are usually big investments. If you’re looking to renovate your store, buying new equipment, or seeking funds to hire staff, business loans can support all of these.
Of course, because of the professional nature of business loans, that also means there’s an added level of complexity and qualification to get business loans. Good business credit is essential, and many more options such as variable rates, interest costs, and payment options and structuring are going to factor into your loan amount. You may even need to provide collateral for some types of business loans or even get specific types of loans, such as equipment loans.
The Big Difference Between Personal & Business Loans
Looking at all this, you might think to yourself, “why shouldn’t I just use personal loans all the time if business loans are more complex and rigorous?” One answer to this question is the liability. It’s true that personal loans can be used for anything you like, including investing in your business. However, there’s one big catch. A personal loan leaves you and your personal finances liable for anything that goes wrong.
A business loan, once granted, is intended to be used by your business. Meaning, that if you are unable to return the borrowed amount, it’s your business that’s held responsible. Having the business held responsible, your personal credit score remains protected. On the other hand, with personal loans, the bank has the right to attempt to collect that debt from you personally, this includes any assets owned by you. This in turn negatively affects your personal credit score.
Understand your borrowing options
Ultimately, it’s up to every person to decide whether or not the risk is worth the reward. For some, a personal loan used to cover a business investment is fast, makes sense, and is easy to address. For others, however, using personal loans instead of business loans puts you at real financial risk that’s not worth taking. At LoanTodayUSA, we have a few options to help your business with various personal loans.
How to Increase your chances of getting approved for loans
The key to getting funding, whether payday loan, personal loan, instalment loan (bad credit, good credit or no credit) is as simple as the following:
- Ensure that you have a direct deposit checking account
- Be a U.S. resident
- Have a monthly income, after taxes, of $1,000
- Have a verified email or phone number
We are here awaiting your calls and your online submissions but you need to do your part.
Installment Loans – Right Move?
Installment loans can be an incredible tool in your personal finance arsenal when used effectively. The term might sound unfamiliar or intimidating, but you’ve probably used an installment loan before, and almost certainly know someone else who has. Student loans, mortgages, personal loans, car loans – these are all common types of installment loans.
Whether you get them at a bank, or through an online lender, installment loans can help you deal with large, lump-sum costs that you may not have been able to save for. A lot of events that push people’s finances over the cliff are usually unexpected incidents like car malfunction or medical expenses. You might default to using credit cards to cover these costs, but this can be very detrimental to your financial fitness, as we’ll discuss in this post.
Even if the costs are for something that’s planned, like evening classes or moving costs, you might not have all the money you need up front. That’s when something like installment loans can be very helpful.
1. Pursuing higher education
If you have federal student loans, you already have more experience with installment loans than you’d probably like.
2. Buying a house
Mortgages are just installment loans secured against houses.
Unless you are Taylor Swift, it’s unlikely you’ve got the cash necessary to buy a house outright. If you’re not feeling 22 (million dollars), mortgages end up being long-term loans (usually 30 years) so you and your installments might as well get cozy now.
3. Buying a car
Auto loans are another common example of installment loans. If you don’t have the cash to cover the upfront costs of buying a car, installment loans can help without stretching your bank account too thin.
4. Dealing with an unpredicted event
Installment loans can also help you cover unexpected costs. A parent may need assistance to pay for a surgery not covered by their HMO. Your car might suddenly stall in the middle of your morning commute!
You can’t always plan for medical and car repair bills, but they can quickly wreak havoc.
Paying those bills back in installments, as you continue to earn money working, can make otherwise painful medical expenses affordable. If you need access to credit quickly, it’s worth checking out online loans. A lot of new, alternative lenders have quick and easy applications that will allow you to get your money within days.
5. Investing in your career or yourself
Early on in your career, there will be many times when you have to invest in yourself. This might mean signing up for evening classes or coding bootcamps or relocating to a new city for a job. Many of these expenditures will require upfront investment that you might not be able to afford right away. If these are good investments that will pay off, then you can use a personal loan (a type of installment loan) to get the capital upfront, and pay it back more slowly over time.
Installment loans can be better than other types of credit (such as credit cards) because their interest rates tend to be fixed and lower. While it might be tempting to put everything on your credit card, it’s often a wiser financial decision to compare your options and make sure that you are not paying too much in interest and fees.
Why Consolidate Debt?
Debt consolidation is using one loan or credit card to pay off multiple loans or credit cards so you can simplify your debt repayment. With one balance instead of many, it should be easier to pay off your debt and, in some cases, secure a lower interest rate from the lender.
How Debt Consolidation Works
Let’s say you have multiple small loans with different interest rates and monthly payments:
Credit card A: $3,500, 24.90% APR
Wedding LoanB: $2,500, 18.90% APR
Payday Loan C: $1,500, 12.00% APR
Rather than paying these balances individually, you can consolidate all three balances with a single loan that requires one payment instead of three. For example, if you consolidate these balances into a $7,500 loan with 7.00% APR and pay off the loan in four years, you’d pay $1,120.80 in interest. By comparison, if you made a 4% monthly minimum payment on each loan, it would take more than $5,440 in interest payments and 12 years to completely pay off the debt.
Types of Debt Consolidation
There are a few methods you can use to consolidate your debt. Your options may be limited depending on the type of debt, your credit standing, and any real estate assets you have.
Credit Card Balance Transfer
A credit card with a high credit limit and a promotional interest rate on balance transfers is a good candidate for consolidating other high interest rate credit card balances onto a single credit card. Combining your balances under an interest rate that’s lower than the average rate of your existing balances allows you to save money on interest and pay toward one credit card instead of several.
Debt Consolidation Loan
Lenders often offer “debt consolidation” loans which tend to be unsecured personal loans specifically designed for paying off debts. Debt consolidation loans usually have a fixed interest rate and repayment period for more stable repayment terms.
Student Loan Consolidation
These loans are specifically for consolidating multiple student loan balances into a single loan with a single monthly payment. This can be beneficial if you have multiple student loans with different servicers. Student loan consolidation is available for private and federal loans.
Home Equity Loans and Lines of Credit
Home equity loans and lines of credit typically allow you to borrow up to 80%-85% of your home’s equity. The loan option allows you to take out a certain amount of money that you repay via fixed repayments over a set term. A home equity line of credit (HELOC) is similar to a credit card in that you have access to the money whenever you need it and only pay interest on the money you actually borrow. Be careful, though; you may have to pay a series of fees to finalize your HELOC. You’ll then take the money from your loan or line of credit and pay off your existing debts, whether credit cards, personal loans, or other borrowed money.
Advantages of Debt Consolidation
- The average American cardholder has 7 credit cards. In a two-parent household with other debt obligations for a car loan, student loan or mortgage, the household debt payments add up quickly. When there isn’t enough money to pay off all these debts in full, deciding how much money to allocate to each debt can be a difficult juggling act, one that is repeated every month. Consolidating debt can provide an easier management process, resulting in a lot fewer transactions to track.
- With so many debt payments, it is easy to miss one every once in a while, even with the best intentions. Missing a single minimum payment by just a few days can result in penalties and fees.
- For some borrowers, debt issues can create an overwhelming situation internally. Getting into debt beyond means of repayment can have serious effects on your emotional well-being. Being able to take control of your debt rather than letting your debt control you can relieve some of this stress and have a positive effect on your mental health.
- Simply taking less time to pay your bills every month and having the confidence that nothing has been forgotten can be a big stress reliever. Various polls indicates that nearly one-quarter of American cardholders are surprised at least sometimes by a larger than expected credit card bill. Having a clearer picture of your financial situation and confidence that you have a well-defined path forward can be easier when you have fewer debts to manage. Seeing regular progress on debt reduction can be a big motivator to help you take additional positive action.
- Avoiding the stress of poor debt management can even have positive physiological benefits. Stress has been linked to the worsening of health conditions including obesity, heart disease, Alzheimer’s disease, diabetes, depression, gastrointestinal problems, and asthma. Reducing stress can make you feel better not only mentally, but also physically.
Corona Virus Budgeting Tips on Families
You may have heard that the cost to raise a child to the age of 18 has surged to a staggering $233,610. This is actually a average base case cost of raising a child in the United States, per United States Department of Agriculture (USDA).
One way to start budgeting is to list what you earn, spend money on and owe. It can help to look at past salary statements, benefit statements, bills, bank statements and credit card statements. If you spend or earn money any other way, be sure to look at this too.
LoanTodayUSA has some 7 budgeting tips for families raising kids:
#1 – DON’T “KEEP UP WITH THE JONESES.”
Jim, who blogs at Route to Retire and has a seven-year-old daughter, says one of the biggest money pitfalls he sees in his area is too many people trying to keep up with the spendy habits of their neighbors.
“Parents want their kids to be happy, but a good majority of them thinks that money is the way to make that happen,” he says. “Spending big money on toys and gadgets, big birthday extravaganzas, and exorbitant Christmas presents is the norm around here.” He and his wife try to keep things simple and avoid spending to keep up with others, he says.
#2 – SAVE ON ENTERTAINMENT AND BABYSITTERS.
It’s easy to overspend on fancy outings with the kids, says Rosemarie Groner, the blogger behind The Busy Budgeter. Groner, who lives with her husband and kids — ages 2 and 5 – in North Carolina, says they keep it simple and look for free stuff to do. They buy a year-round family membership to their local aquarium for $80, for example, frequently have play dates with friends, and take turns hosting dinners with other families rather than paying for everyone to eat out. And when it comes to babysitters, they “swap” babysitting nights with other families instead of hiring someone.
#3 – BUY LESS HOUSE THAN YOU CAN AFFORD.
When it comes to housing, Groner says they thought long-term and bought a house that was well under their budget but offered room to grow. “For us, that meant moving to a cheaper neighborhood with better schools,” she says.
#4 – DON’T BUY EVERY GADGET IN THE WORLD.
Blogger Chelsea Brennan of Mama Fish Saves says one of the biggest ways she and her husband have saved on their 22-month-old son and baby on the way is by not buying every last gizmo and gadget.
“We keep the costs of parenthood down by never buying anything as soon as we perceive our son might need it,” says Brennan. “For instance, with teethers, when he was popping a tooth we would try to give him cold washcloths or a carrot from the fridge for a few days. If he still seemed like he needed something after that, we would look on local giveaway groups or give in to Amazon.”
Brennan says that, over the past two years, they’ve realized most “needs” dissipate after a few days and their son is generally happy with Tupperware, spoons, sticks, and books for toys.
#5 – LIMIT SNACKS.
Fearon and her husband have adopted the French model of feeding by only allowing her kids one snack time per day. While the change was hard to implement, she feels it’s worth it. “The issue we had been having was that our children wouldn’t eat all their dinner, but then would be hungry come bedtime. But once we switched to only one snack time a day, they actually started eating all of their dinner.” As an added bonus, this change also led to less food waste at dinner time (saving money) and lower snack spending overall.
#6 – LIMIT TOYS, TOO.
“Hands down, toys are the biggest thing that I see parents overspend on,” Fearon says. Fearon says she gives her kids money for savings instead of toys on their birthdays, and they only get one toy for Christmas. “This saves us a ton of money and saves our sanity when it comes to managing all of the toy chaos.”
#7 – RESIST THE PRICEY ELECTRONICS & IPHONE APPS.
As kids get older, everything they want tends to cost more. Nowadays it seems like every kid has a smartphone or an iPad or a brand new video game system – or perhaps all of these things and more. AM says limiting these big splurge purchases is one way they’ve kept their spending under control as their kids have gotten older.
“We have conversations about how when you wait, these things drop in price and more games become available,” she says. Their eldest child is old enough to understand that and has learned patience and delayed gratification. “These are skills that will serve him well as an adult.”
Higher Loan Approval Rate – New Funding Group
We are proud to announce that we have partnered with new funding sources. This means that each loan application, during this coronavirus outbreak, has a higher probability of being approved regardless of your situation. We have heard your comments about and we are here to respond to help you out.
Each personal loan, cash advance loan, installment loan, payday loan or bad credit loan application has a higher probability of getting approved, all things equal. So APPLY APPLY APPLY NOW.
Our sources are willing to underwrite more of the personal loans, instalment loans, bad credit loans and payday loans than ever before. While there are still certain requirements, all it takes is a 5 minute application and your probability of getting access to these funds become easier, than ever before.
You better believe it and borrow now from our personal loan or payday loans.
CoronaVirus Loans
LoanToday USA – CoronavirusLoans
Payday loan companies are considered “essential businesses” in various states and many other states during the COVID-19 outbreak. As cities and states continue to shut down their nonessential businesses, what is considered essential will likely vary based on the needs of each location. But businesses that people rely on in everyday life will largely remain open. We are hoping to help you maintain your life and that of your family’s using personal loans, installment loans / cash advance loans or payday loans.
Nonessential businesses are generally recreational in nature. They don’t provide groceries, health or financial support, or utilities. Restaurants fall in this category, but most locations have allowed restaurants to continue to operate as long as they close dining rooms and switch to exclusively take-out and delivery.