Extramile Finance

Quick Christmas loans are small loans aimed at funding Christmas-related expenses. Whether you need money to host dinner or decorate your house, these quick loans can provide you with an instant injection of cash. A lender would make the lending decision based on your repayment capacity. If your budget has the wiggle room to settle your debt, your loan application will be approbated. However, you will be charged high interest rates when your credit rating is not up to scratch.

Quick Christmas loans cannot let you borrow more than £1,000 as they are aimed at bridging the gap in your savings you set aside to meet all expenses related to the celebration. Since the size of these loans is so small, you will be required to pay them in one fell swoop. Therefore, it is recommended that you borrow money only when you are completely certain about your repayment capacity. Falling behind on payments will trap you in an ongoing cycle of debt.

Top uses for quick Christmas loans

Well, if you do not have enough money to meet all expenses, you can take out Christmas loans. Here are the top uses for quick Christmas loans during the festive season:

• To purchase presents

The celebration is incomplete without exchanging presents. Even though you don’t want to buy everyone gifts, you would certainly want to buy your loved ones some presents. This is a way to show affection to them. At the time of setting aside money for Christmas-related expenses, it is hard to accurately estimate how much money you will need. Chances are, your savings fall short of cash. If that is the case, you can consider using Christmas loans.

These loans come with slightly higher interest rates. However, if you are taking out Christmas loans for bad credit from a direct lender, you would have to pay a slightly higher interest rate. At the time of using these loans, you are recommended to carefully check your budget to ensure you do not struggle with a payment.

• Festive food and drinks

Another expense you can cover through Christmas loans is dinner parties. It is a tradition to host dinner parties to unite with your family. Get-togethers and parties can be quite expensive, and it is a common reason for borrowing money. People usually borrow money if they are throwing a grand party.

Bear in mind that you must have some savings to meet such expenses because Christmas loans will not fund more than £1,000 and only when you prove your repayment capacity. If you find that your budget is small, you should think of reducing the size of the party.

• Home decoration

You might get surprised, but it is true that some people use Christmas loans only to meet decorations. Depending on the size of your house, you would need to spend a lot of money on its decoration. Sometimes, the occasion demands it. For instance, this is your first Christmas with your partner after the wedding.

Christmas tree, lighting, and other seasonal decorations can cost you an arm and a leg. Undoubtedly, your whole savings could be exhausted in it. Of course, you will have to take out a Christmas loan to cover home decoration expenses.

• Travel expenses

If you have decided to plan a vacation, you might need to rely on a loan to bridge the gap in your savings. Whether or not it is an international trip, your savings might be short of cash. In order to cover the travelling expenses, you can take out Christmas loans.

These loans could help you cover only small expenses, so make sure that your savings are not too short of cash. If so, try to change your vacation plans. Choose a holiday destination that fits in your budget.

• Managing unexpected bills

There is no doubt that household bills suddenly go up during Christmas. Lighting causes a surge in energy bills. Since Christmas comes in cold weather, this is also one of the reasons why energy bills soar at this time. If you have found that these bills have unexpectedly soared, you should consider using urgent loans for bad credit to pay off these bills.

• Handling emergencies

Emergencies can crop up at any time. In order to meet unexpected expenses, you must have a safety net so that you do not have to rush to lenders. However, if your nest egg has fallen short of cash, you can think of using Christmas loans. Unexpected expenses include a car repair, a broken boiler, and the like. These small loans could help you meet unforeseen expenses.

• Entertainment expenses

Christmas means living full of life. Therefore, you would be spending on recreational activities such as going to the cinema, watching theatre shows, and dining out with loved ones. Of course, entertainment increases the cost of your budget. If you need money to meet these expenses, you can take out Christmas loans.

What to keep in mind while using Christmas loans?

Christmas loans are quite expensive. These loans are repaid in full on the due date, and therefore, it could be challenging to settle. If you fall behind on payments, you will most likely fall into an ongoing cycle of debt.

At the time of using these loans, you should carefully analyse your repaying capacity. If you find that you will not be able to settle your debt without struggling with other expenses, you should try to reduce the borrowing amount.

Celebration does not mean that you will always have to spend money frivolously. You should rather think of ways to cut back to make it fit in your budget.

The final word

Christmas loans can be used for a variety of reasons. These are small loans that you can use to meet all Christmas-related expenses, from decorations to get-togethers. You can apply for these loans despite a bad credit rating. The lending decision is made based on your repayment capacity.