Christmas is getting closer and people start getting prepared. But Christmas is expensive; studies show that during Christmas season people's spending increases by more than 120% and more and more people are resorting to Christmas loans to finance the holiday's purchases. But what is so special about this type of loans? And most importantly: What are the promotional terms that are being offered on these loans?
Christmas Loans Characteristics
These loans have specific characteristics that make them unique in the financial industry. They provide financing at reduced interest rates. The interest rates can be so low that you would be surprised, but we will get back to this subject later on. These loans also provide easy payments that turn reimbursement into a simple task as the installments are always affordable without much sacrifices.
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Furthermore, the requirements for approval are less harsh. There are loans that do not even require a credit pull. No credit verification loans are offered during Christmas and have become very popular because they can be approved within less than a day. But this also means that bad credit applicants, no credit applicants and even those with a past bankruptcy can also get approved without hassles or delays.
No Interest Rate Christmas Loans?
Looking for low interest rate loans? How about no-interest loans? Yes, during Christmas seasons there are lenders offering loans absolutely for free. You are surely thinking that nothing comes for free so I will explain how they profit from these loans. What lenders usually do is offer higher amount loans at no charge with rather restrictive repayment programs. Thus, when a portion of the borrowers cannot afford the repayment, they agree with them to refinance the loan and settle a new repayment but they obviously charge interests on the new refinanced loan because by then, the Christmas holiday is over.
It is the refinancing they profit from knowing that there will be a good percentage of borrowers that will need to resort to refinancing. However, if you plan ahead and do your budgeting right, you can really take advantage of these loans and be one of those that will not need refinancing. But beware of those lenders that offer free or no interest loan but charge a processing fee. If it is only a small fee, it is ok. However, if the fee is so high that it can easily account for all the interests that they supposedly are not charging you, you should refrain from applying.
Seizing The Opportunity
If you need financing during Christmas and the amount you need is not that high, you should resort to Christmas loans because they provide the best terms during these special times. As soon as the holiday ends, regular interests are charged and obtaining the funds will be significantly more expensive. If you need high loan amounts, then you will probably be better off with a home equity loan or a cash out refinance home loan but if your need for funds is limited to a couple of hundreds up to two thousands or a little more, Christmas loans will provide you with an inexpensive or even free source of funds. It is an excellent opportunity that you should not let pass by.
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