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Christmas Loans in the UK – Best Options

Christmas is without a doubt the busiest time of the year for borrowing money in the UK with most families spending around £820 during the yuletide season. Those who are employed are used to enjoying an early payday around the start of December to finance their festivities, but this often leads to a “Christmas hangover”, as having a cooldown of 6 weeks until the next payday arrives can often leave people strapped for cash in the onset of January. Now if you are looking to spread your Christmas expenses over an extended period, pay off some debts that’s left over after the New Year, or have enough money to tide you through until your next payday, this guide will help you navigate the wonderful world of Christmas loans and sort through the best options loans available online

Christmas Loans with a Guarantor

Christmas loans with a guarantor, where you apply with an additional person to “guarantee your loan”, provides a safer borrowing option to consumers. The financial products tend to garner minimal complaints during the holiday season which suggests good customer service from lenders, favourable rates, and transparency. This means that if you are looking for reliable funding this Christmas, then Christmas loans with a guarantor are options that you can consider.How the loans workChristmas loans with a guarantor are unsecured loans that require you to have a second person who will act as a guarantor in your loan deal. The loans have long term payment periods from 1 to 7 years with large amounts of borrowing from £1,000 to £15,000. You can find plenty of lenders that provide the financial products in the UK from banks and other traditional financing institutions to online lenders. The APR for Christmas loans with a guarantor can range from 39.9% to 59.9% depending on the lender and your creditworthiness as well.Typically, the loans are designed for people who are struggling to secure a loan for Christmas through traditional means  – either because of poor credit history or they have been rejected elsewhere. The financial products also allow you to access higher amounts, better rates, and flexible terms that are normally unavailable when you have poor credit.The guarantorAlmost anyone can be your guarantor as long as the person is not financially linked to you (i.e. a spouse). Your guarantor could be a family member, close friend or even co-worker. But for the person to be accepted as part of your Christmas loan with a guarantor application, he/she needs to be:
  • Over 21 years old at the onset of the loan
  • A resident of the United Kingdom with good credit history and reliable income source
  • A UK homeowner and has an active bank account
It’s important to note that Christmas loans with a guarantor are unsecured which means there is no need to offer any form of an asset as collateral to become approved. The lender will also need to conduct some checks on your guarantor to verify his personal and credit profile and will require him/her to provide bank statements, bank details and proof of ID.When you default or fail to keep up with your loan’s repayments, the guarantor will be legally obliged to take over them. This is why it’s important that your guarantor understands what his responsibilities are before he agrees to be part of a guarantor loan deal with you.

Christmas Loans with no Guarantor

But is there a way in which you can enjoy the funding that you need through Christmas loans without involving a guarantor? The answer is Yes. While banks and other lenders normally won’t shoulder the risk in a loan deal without a guarantor, there are still plenty of lenders available in the UK who will cater your loan application even if you can’t provide a suitable guarantor.Christmas loans with no guarantor are the ideal options for those who need a loan for Christmas but have no guarantor to back up their application. The financial products allow you to improve your lifestyle and bring financial relief in the festive season. All you need to do is search the right lender online by comparing their policies and offers to get the benefits of Christmas loans with no guarantor.The different options available in the UKThere are several no guarantor options available in the UK today that allow you to secure the funding that you need for Christmas. The ideal option for you will depend on your income, your credit status, how much you want to apply, and your present circumstances as well.Here’s a quick breakdown of some of your Christmas loans with no guarantor options:
  1. Short term Christmas loans – If all you need is just a small loan, anywhere from £100 to £2,000, that you can comfortably pay back after a few months, you can consider taking out short-term Christmas loans. The loans are also widely known as payday loans and are extremely popular options for people in the UK who have bad credit and are in need of quick funding in the Christmas season.
  2. Unsecured Christmas loans – If you have a solid credit rating and you are looking to take out a large loan with longer repayment periods for Christmas, you can look into unsecured Christmas loans as ideal loan options. Depending on your needs and creditworthiness, you can borrow as much as £25,0000 and pay it back for seven years. And because the loans are unsecured, there is no need to offer any form of collateral whatsoever to get approved.
  3. A line of credit – If you still don’t know how much exactly you’ll need over the Christmas period, you can also try opting for lines of credit. The Christmas loans with no guarantor will provide you with a credit limit that you can draw on. You will only pay the amount that you use and after you have successfully repaid what you borrowed, you can use the funds again.
  4. Logbook loans for Christmas – If you need a big amount of loan, such as £10,000 or £50,000 because you are looking to make a big bang this Christmas but your credit rating is not that good, taking out a secured loan in the form of Logbook loans for Christmas is an option that you can consider. The loans are secured by a vehicle such as your car, motorbike, or truck. And because you will only need to surrender your vehicle’s V5 or logbook documents to your lender, you can still drive your vehicle for Christmas as long as you make the repayments.
  5. Doorstep Loans – Christmas is the busiest time for any person in the UK and if you are simply too pre-occupied in the time being, you can take out doorstep loans and enjoy instant funding without breaking a sweat and leaving the confines of your home. This is because the loans are delivered right at your doorsteps by a friendly local agent. The same agent will then return to your home every week to collect the payments. It’s that convenient!
How Christmas loans with no guarantor workChristmas loans with no guarantor can offer you the funding that you need to get through the holiday season or consolidate debts that you may have incurred after Christmas. Just like any other kind of loan, you will need to repay the loan amount together with any interest and fees attached to it. Most Christmas loans with no guarantor, with the exception of logbook loans, are unsecured which means you don’t have to stress yourself in providing an asset that will serve as collateral.The money that you receive from your Christmas loans with no guarantor can be used for any legal purpose whether it involves covering Christmas-related expenses, from purchasing gifts or redecorating your home to simply buying products that you have always wanted. The best way to determine how much you should borrow is to work on a sound budget in advance and consider the fact that repayment periods of such loans can vary from a few months to several years.

Christmas loans for Bad Credit

Amidst all the celebrations and family gatherings, Christmas can be a difficult time for anyone. There are plenty of demands on your time, money, and energy and this can be challenging event to people with high monthly earnings and stellar credit ratings. Now if you have to take out a Christmas loan with a low credit rating, you will find that most banks and traditional fina