Lost Your Job Christmas Loans for Unemployed Save the Day
No one wants to face a layoff before the holidays, but it happens. Recently, media outlets have reported layoffs for companies like Conde Nast, Microsoft, and Sprint. Layoffs are stressful enough, but worries of not being able to get your children or beloved family members at least a token gift add to your stress. Don’t worry, Christmas loans for unemployed adults can help ensure your holidays remain on track.
Bridging a Gap
Christmas loans for unemployed workers help bridge the gap while you wait for unemployment benefits to kick in. In many states, it can take a minimum of two weeks between your final paycheck and your unemployment benefits. When this gap hits in the holiday season, a Christmas loan can cover the cost of gifts until you have the steady cash flow coming in. With a holiday loan, you borrow the money you need and then repay that money over a specific period of time.
As many Christmas loans with low interest rates are available from lenders, you will not face the exorbitant interest rates credit card companies charge. You have the money you need without a hefty interest charge at the end of the month.
Sites that Provide Christmas Loans
Secured vs. Non-Secured Christmas Loans
When you apply for a Christmas loan, you will need to answer a few questions. There are secured loans that require you to put up collateral. With a secured loan, you offer something of value, say a car or jewelry, so that should you fail to pay the loan as promised, the financial company takes possession of your item and settles the debt in that manner. While there is a risk of losing something you own, the interest rates are much lower.
Non-secured loans do not require you to put up any collateral, so they are pretty easy to get, even if you need the Christmas loan for unemployment reasons. The interest rates, however, are going to be higher because the bank is taking on more risk should you fail to pay as promised.
Qualifying for a Christmas Loan
Most banks, credit unions, and financial institutions require borrowers to be at least 18 years of age. Your application will likely ask for your social security number, information regarding your income, and then contact information like your address and phone number. You can even apply online for a Christmas loan and avoid having to adjust your schedule to bank hours.
Once you’ve answered these questions and your Christmas loan is approved, most financial agencies transfer the money to your bank account within one business day. There is very little wait between applying for a Christmas loan and going out to shop for gifts.