Payday Loan on Christmas Eve?

It's a situation that most would want to avoid at all costs, but what happens if you run out of money on Christmas Eve? Maybe you've spent too much on presents, maxed out the credit card buying Christmas dinner or an unexpected bill came at just the wrong time. You can't turn to the banks, they could take days to provide a decision and you might not see any cash until the New Year. The only viable solution for many is to take out a payday loan.

The good news for anybody who finds themselves in this situation is that it's just as easy to find a payday loan on Christmas Eve as it is on any other day of the year. In fact, if you needed to, you could even decide to delay until Christmas Day or Boxing Day; by finding a lender that offers loans every day of the year, you can get a decision and have the money in your account as quick as you would on a normal day.

This is the kind of convenience and versatility that has helped to create a huge spike in payday loan applications throughout the course of 2011. As a form of emergency borrowing it is very difficult to beat. Available 24 hours a day and 7 days a week, it's open to almost anybody in stable employment, regardless on your credit history. Invariably this has assisted in the rising popularity of payday loans, but has also opened the door to misuse.

Even if you find yourself in a really tight spot on the day before Christmas, it's still important that you consider the consequences of borrowing money and ensure that you have the funds available to repay on the agreed date. The availability of a loan doesn't necessarily mean that you have to take up the option, or rush into anything. This shouldn't serve to deter you, but it is very easy to get trapped in a cycle of debt due to over-spending and borrowing beyond your means, so it is always worth bearing in mind.

One of the primary reasons that payday loans are more accessible, particularly when compared with other forms of credit or loan, is that the whole industry is almost entirely based online. When you have to go through manual, offline methods everything slows down. You also only have the option to apply when the company is open for business, which generally doesn't include public holidays or late nights.

With it being a short-term borrowing option with very strict limits on how long you can borrow until the repayment is due and how much you can access, there isn't a major requirement for lenders to be overly stringent. Some checks will be employed, but these are largely automated and can be completed within minutes. Most won't even ask you to fax supporting documents, removing another potential hurdle. Again, this all helps to improve the accessibility of loans and facilitates a smoother process from start to finish.

So if your finances won't stretch beyond December 24th, don't panic. Whilst there will be some payday loan companies that operate during set times, most will still be able to process applications and transfer cash as if it was any other day. Make sure you double check before applying, particularly if you're in a rush and need the money within a day or so to carry on your festive celebrations. It should be quick and easy to do and you can repay the money when your salary arrives in the New Year.