If you want to borrow money during the holidays then knowing what the top 5 best Christmas loans for people on benefits are will help you save money on presents. Whether youre looking for debt consolidation by using payday advances, logbook borrowing then you should know the facts. If you are on welfare then a same day no fee bad credit cash advance may be unlikely however its not impossible. In this article we will look at some of the top 5 best Christmas loans for people on benefits.
Christmas Loans with Bad Credit
Getting Christmas loans for people with bad credit is not an impossibility however the interest rate for these unsecured loans will be high, the term will be short and the installments will be higher than people with good credit. Some companies will offer cheap personal loans in the form of bad credit xmas loans so beware and always look at the small print.
Most Popular Christmas Loans for People With Bad Credit
Most of the Christmas loans will be in the form of cash loans, payday loans and doorstep loans, these quick benefit loans and aimed at unemployed people on benefits who are looking for quick loans and cash advances, although these are attainable the interest is often over 5000% so beware!
Get a Christmas Payday Loan or Look at the Alternatives
One of the most popular xmas loans are payday loans and payday loans online, as long as you have income coming in some companies will offer online payday loans no credit check until you get your next government benefits check. If I need cash now and I was looking for a loan for Christmas with bad credit then I would consider a payday loan however I would look at the list below.
Credit Unions Should Be Included in the top 5 best Christmas loans for people on benefits
If you’re looking for unsecured loans for people on welfare then you must consider Credit Unions. It’s true, Credit unions feel your financial pain which is why I have included them in the top 5 best Christmas loans for people on benefits. Especially during the holiday season credit unions can lend you money even if you are on welfare picking up government checks. Let them know what you need and how much you can afford to pay back and they will lend you the money.
Credit unions are great alternative to payday cash advance, logbook borrowing and they are run by the members for the members which is why I have included them in the top 5 best Christmas loans for people on benefits.
Peer to Peer lending are now recognized as one of the Top 5 best loans for people on benefits
If you’re looking for cash loans for people on benefits then P2P lending might suit you. Peer to peer lending is growing at an amazing pace which is why its in my top 5 best Christmas loans for people on benefits. P2P connects investors with borrowers and lends at competitive rates of interest, investors make money and borrowers save money.
P2P lending is great for consolidating debt and if you are taking out pay day advances this should be considered. Prosper.com and lendingclub.com are great sites to use and is very user friendly! Another reason I included P2P lending in my top 5 best Christmas loans for people on benefits is because they remove the banks as the middle men which is why they can lend at reasonable rates, this is one of the best loans today for people on benefits.
Borrowing from yourself as one of the top 5 best Christmas loans for people on benefits
This is one of the most interesting same day loans for people on benefits with a twist. Before you dismiss this think about it, if you borrow and lend from yourself you can save money in the short term and make money in the long term. You can charge yourself whatever interest you like maybe 4%, once you pay off your own debt you will make money on the cash advance! This idea should be seriously considered as one of the top 5 best Christmas loans for people on benefits.
Turning to friends & families as one of the top 5 best Christmas loans for people on benefits
If you turn to your friends and families you wont have to do a credit check, no fees and you might even get the money the same day, for this reason I have included this as the top 5 best Christmas loans for people on SSI.
You could even give them a small profit by letting them charge you a low rate of interest for the amount you borrow. You can save money and your friends and family will get more than if they deposited in a bank or building society.
Government Discretionary Funds Should Be Included in Top 5 best loans for people on benefits
Government loans for people on benefits do exist! If you pay taxes then the government will pay you a welfare check if you are unemployed if you are in an emergency then you can turn to them for a discretionary cash advance. Both the US and UK government provide a safety net for their people and you should turn to them at times of need which is why I have included them in my top 5 best Christmas loans for people on benefits. You should not think that you are burdening the state; if you pay your taxes then you should turn to the government for grants and cash advances.
I have made a list of the top 5 best Christmas loans for people on benefits; borrow money in this order so that you can save as much money as possible!
1. Borrow from yourself
2. Borrow from family and friends
3. Government discretionary fund lending
4. Credit Unions lenders
5. Peer to Peer Lending like lendingclub.com & prosper.com
Other borrowing methods like payday for people on welfare, logbook, pawn and cash converter borrowings is another option you can explore but there are risks involved which is why they were not in my top 5 best Christmas loans for people on benefits. If you cant borrow from the list above then its worth pursuing these methods for credit for bad credit, but only as a last resort.
Borrowing money is a commitment and before you consider one of the top 5 best Christmas loans for people on benefits you should think whether you are spending money and if there are ways that you can cut back. All the cash advances and top 5 best Christmas loans for people on benefits are options you can explore however it is better to save the money and use that money.
If you have any great ideas please leave a comment and I will include it in my top 5 best Christmas loans for people on benefits, I would also love to hear about any frugal tips and wild ideas you might have to start a lending revolution. I will regularly update this article so please bookmark it if you want to know about the latest top 5 best Christmas loans for people on benefits.
Finally before you start borrowing remember to spend less than you earn, save a little every month at least 10% and then use any other disposable income to pay off any debt that you have consolidated, if you follow this philosophy your financial position will be improving all the time and you will reach a point where you dont have to borrow money!