We have lift off on the John Lewis advert. Christmas jumpers are in stock. Roast dinner practicing is very much in session. And bookmakers are predictably “slashing” odds on a white Christmas. Ah, the festive season is well and truly upon us, so let the mirth and merriment commence!
Yet for all the fun and festivities with friends and family, there is one thing that nags at many of us throughout this joyous period – money. Indeed, buying presents, attending celebrations, stocking up the house and even going on holiday comes at a cost, and all these traditional obligations, while enjoyable, can leave you out of pocket come January.
So, why not accept a helping hand to get you by? After all, these are times to cherish memories, not be saddled with financial stress. Low-interest loans, rather than being perceived as some sort of admission of defeat, may instead be your ticket to a Christmas to remember with your special ones.
A good time to be a borrower
The landscape has never been as borrower friendly as it is now. Not only are base rates at record lows, but lenders are as dynamic, diverse and efficient as they ever have been, meaning that a loan with a good-value APR is at your fingertips and that you won’t be stuck with repayments that you can’t afford.
One look at a price comparison site will quickly make clear the abundance of options available, but one option in particular which has begun to stand out is borrowing from a peer-to-peer lending (P2P) platform. Such online systems match the funds from willing consumer lenders directly with those looking for loans, and this streamlined model eliminates any inefficiencies and third parties from the equation.
As a result, there is value generated for both lender and borrower; the former receiving a better return on their money than they would on a savings account courtesy of repayments from borrowers, who in turn benefit from receiving a loan at a competitive APR. It really is as simple as cutting out the typical middleman such as the bank.
Of additional appeal is the convenient application process for a borrower. A personalised loan quote (which doesn’t affect your credit score) is attainable within minutes, while completing the application process is similarly quick and easy. There is a screening process of course, and analysts will perform the necessary checks to ensure creditworthiness. But this requires little – if any – input from your end, and if approved for the loan, funds can be expected in your account within two working days from the date of application.
Flexibility is another area where P2P comes to the party, with there being a high degree of choice in both the amount you wish to borrow (usually between £1,000 & £25,000) and the period over which you’d like to pay the loan back (anywhere between 1 – 5 years). Peer-to-peer lenders are also held in high regard given their transparency and lack of sneaky fees. In fact, some platforms like Lending Works even permit you to make early settlements at no extra cost.
A chance to make this time count
It provides some solid food for thought, and certainly you should do your homework in order to find the best deal for you. The point to be taken from it all is that there are constructive options out there to take the heat out of your financial stresses, ones that need not create further problems down the line either.
Provided you are left with a sensible repayment plan that works for you, loans are something to be explored, not feared. So if you have big plans for this festive season, and don’t want to be held back unnecessarily, why not start shopping around? The ticket to merriment and joy this Christmas may be just a click of a mouse away.