Where should consumers look to when trying to borrow money for the 2013 holidays

It is without a doubt that we could also use some extra cash during the holidays. With Thanksgiving, Black Friday, Christmas and New Year’s Day upon us, we know that during this time, it’s necessary to have some extra bucks to go holiday shopping and buy gifts for family and friends. Nonetheless, if you are in need of some extra money and can’t find ways to get it, here are some few suggestions of sources of where you can borrow money from for the holidays.

One of the first things you could do is to look into applying for a credit card through a major department store or retailer. This is an excellent option especially if you are looking to get great discounts on clothing, electronics and other items during the holidays. Shop around for the right card that has a great interest rate as well as the best incentives and rewards.

Another option to consider if you have fairly good credit and a great relationship with your bank is applying for a short-term personal loan. These can be used for anything. Usually, banks do not give out personal loans for more than $5,000, however that amount of money should suffice for holiday shopping.

If your credit isn’t too stellar and you are looking for some short-term help, the other plausible option would be to look into a payday loan. These types of loans carry higher interest rates compared to other loans, but can provide quick access to cash especially during the holidays.

Another option for short-term help during the holidays is to look into a title loan. Many finance companies will allow you to borrow against the value of your automobile. This is a good option for those who again do not have good credit and need access to immediate cash. However, one of the major drawbacks about title loans is that if you end up going into default, the lender has the right to repossess your vehicle.

In the end, there are a variety of options you can explore to get the money you need for 2013 holiday shopping. However, just do your due diligence and make sure you thoroughly understand the borrowing terms you agree to when you take out a loan. Keep in mind, the bills you take on in 2013 will ultimately have to be paid back in 2014, and good decisions this year can save you hundreds or potentially thousands of dollars next year. Although you may find it easy to get access to money for the holidays, do not borrow more than what you can reasonably pay back. The last thing you want to do is borrow a large sum of money that you will find incredibly difficult to payback over time.