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A guide to Christmas Loans in the UK and the best options that you can rely on
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 available.
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 work
Christmas 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.
Almost 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 UK
There 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:
- 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.
- 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.
- 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.
- 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.
- 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 work
Christmas 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 financing institutions will reject your request instantly. Luckily, there are still options that you can consider to keep the festivities going with Christmas loans for bad credit.
What are your options?
Bad credit can haunt you no matter what time of the year but there are still ways in which you can enjoy the funding that you need for the holiday season no matter what your credit profile says. Here are some Christmas loans for bad credit that you can consider if you need a loan and your credit history is less than perfect:
- No Credit Check Loans. The Christmas loans for bad credit require no credit check to get approved. This means that you don’t need to worry about your credit rating getting in the way of enjoying that much needed financing that you need for Christmas. Typically, the loans work by providing three months of bank statements to demonstrate your income and outgoings and also to provide proof of your income.
- Payday Loans. While the majority of payday lenders will still need to conduct credit checks, there are many who accept applications from those with bad credit. Lenders will consider your application based on your current financial position and not on your credit rating.
Advantages of Christmas loans for bad credit
Christmas loans for bad credit are mostly offered by online lenders which means you can apply on any day and anywhere in the UK as long as you have a device that is connected to the internet. There are also certain advantages that you can enjoy the financial products such as:
- Access to money when you need it the most. If you find yourself short of cash with Christmas expenses but know that you will find funds soon, the loans can help. Obtaining a Christmas loan for bad credit allows you to access funding when you need it so you can carry on with your holiday plans.
- Fixed fees. You will instantly know the exact amount and schedule of your payment once you apply for Christmas loans for bad credit. You’ll receive a detailed repayment schedule and payment dates, and your repayment will normally be directly debited from your bank account on the due date.
Christmas Loans from a direct lender online
If you’re having trouble securing a loan for Christmas, you can enjoy quick financial relief through a direct lender online. Online direct lenders are unlike banks and other traditional lenders who have very stringent lending criteria and lengthy application processes. When you take out a Christmas loan from a direct lender, you can expect your application to become approved in a matter of minutes or hours and have your money ready for use on the same day. It’s that quick and instant! What’s more, even borrowers with adverse credit ratings can still get approved as long as they meet the direct lender’s eligibility criteria for the loan.
This makes it extremely easy for you to avail for Christmas loans from a direct lender as the process is quick and seamless. What’s more, there is no third party involved making your transaction even faster. Most direct lenders online also provide short-term Christmas loans that do not require credit checks, faxing, collateral, standing in lines, and writing checks. And whether you have good credit, bad credit or no credit at all, you can still get accepted.
To apply for Christmas loans from a direct lender, simply follow these three easy steps:
- Search for different direct lenders online that offer Christmas loans and compare your options carefully. Examine the costs of each loan offer, how quickly you’ll receive it and if you are eligible.
- Once you have found a potential direct lender that satisfies the things mentioned in step 1, go to the lender’s website and confirm the loan details and your eligibility.
- Apply directly on the lender’s site. All you need are personal, employment/ financial and banking information.
Christmas Loans in the UK and Christmas Loans with Instant Funding
Applying for Christmas loans in the UK and Christmas loans with instant funding is extremely convenient. This is because the process is normally completed online and you can use your smartphone or tablet to get the funding that you need in the quickest time possible. You can also enjoy certain advantages that you won’t find in other loan options such as:
- Poor Credit is not an issue – Regardless of your credit history, Christmas loans in the UK that provide instant funding can get you approved with ease. This means that your bad credit or no credit will not hinder you from getting the funding that you need for your Christmas plans. The loans are designed for emergency situations and lenders understand that even people with bad credit can get caught up in unforeseen expenses that would require them to take out a loan.
- No verification needed – Because Christmas loans in the UK and Christmas loans with instant funding are designed for emergency use, the process of evaluating your application is simplified to save time. This means that you don’t need to offer any form of documentation whatsoever to complete your application. The lenders providing them utilize advanced checking systems that will instantly know whether or not you are approved without the need to provide hectic paperwork and the like.
- Instant Approval with no Faxing involved – Lenders providing instant Christmas loans also understand that speed and convenience are what you need the most when you are in a financial emergency. You simply do not have the time and patience for long lines, writing checks, or dealing with tons of paperwork. So you can get the funding that you need in the quickest time possible, lenders have streamlined their lending process with a secure online platform, instant loan decision, and direct deposit of funds electronically.
Before you head out and apply for Christmas loans in the UK and Christmas loans with instant funding, be sure that the lender you are applying to is legit and reputable. Try to check its website and see if it has an FCA (Financial Conduct Authority) license and other credentials that would prove its legality. You will normally see such details in the bottom-most portion of a lender’s website. You can also personally visit the FCA’s website and try to see for yourself if the lender’s name pops out in its list of licensed and regulated lenders in the UK. It would also be wise to check the lender’s track record through review sites and forums to determine how it provides services to its clients.