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Christmas Payday Loans

It’s understandable that people would be seeking extra funds during the holidays.  Expenses for special meals, holidays, travel and gifts add up fast.  But Christmas payday loans are not the way to go.  There are several Grinch-like features that make Christmas payday loans a bad choice.  What’s a better option? A loan from LoanNow.

Christmas LoansPayday Loans Live Up to the Name

Everyday payday loans live up to their name both in how you qualify – and how you’re expected to repay them.  Ads boasting “your paycheck is your credit” illustrate the main criteria for qualifying for a payday loan – a steady job or source of income, plus an active bank account.  Christmas payday loans work exactly the same way. If you have a job and a checking account, the odds are strongly in your favor for being approved.

Post-Dated Checks and ACH Transactions

Whether you’re applying for regular payday loans or Christmas payday loans, there are two major sources: payday loan stores and online payday lenders.  With payday loan stores, you submit your paperwork along with one or more post-dated checks and receive cash on the spot. The post-dated checks are deposited in your account on the indicated date(s), and serve as the means of repaying your loan.  With online payday loans, you apply online and receive your funds as an electronic deposit into your bank account via the Automated Clearing House (ACH) system. Repayment is made by ACH withdrawal on the designated repayment date for your loan.

The Rollover Grinch

One reason people seek Christmas a payday loan is because they have expenses that outpace their available income.  But the short repayment periods associated with payday loans often results in borrowers being expected to repay their loans before the end of the holiday season!   In many cases, that isn’t possible, which triggers the appearance of the rollover Grinch.  With rollovers, borrowers pay a fraction of their loans while the remainder is refinanced – rolled over – into an entirely new loan with a fresh set of interest charges and – wait for it – the same short repayment period.

The LoanNow Alternative

Instead of Christmas payday loans – check out LoanNow.  Our online application can be completed in the privacy of your own home.  You’ll receive a response in minutes and if you’re approved, your funds are deposited via ACH. At LoanNow, you’re more than your FICO score – we approve many borrowers turned down by banks. Repayments are structured into manageable monthly installments – no demands for payment in full and NO rollovers. This holiday season; keep your holiday spirits high with LoanNow!

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* Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. Subject to underwriting approval.

** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.

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