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Using Payday Loans for Non-Emergencies

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Using Payday Loans for Non-Emergencies

There is some debate as to how payday loans should and can be used. While they are meant for paying off emergencies, there are other things they can be used for too. Today, we’re going to talk about holiday/vacation loans and how those payday loans can be used, and how to use them responsibly.

What is a Holiday Loan?

A holiday loan is just what it sounds like, a loan for the holidays. Usually used for Christmas, these loans are a way to get your Christmas paycheck early so you can buy gifts and get ready for Christmas.

However, they can also be used for birthdays, anniversaries, or weddings. In short, you’re taking out a payday loan with the goal of getting gifts before an event. After the event (when your paycheck would have come through), you pay the loan back.

What is a Vacation Loan?

Along the same guidelines, a vacation loan is something that you take out in order to finance a vacation or long weekend. Just like a holiday loan, you take it out, have the event, then pay the loan back after the event when your original paycheck comes through.
holiday-loan

How Can Holiday Loans be Used?

While payday loans are thought of as loans to pay for emergencies, they don’t have to be. You can use a loan for almost anything that requires money. As such, holiday loans are no different. Here are just a few ideas for how you can use this type of loan:

Holiday Gifting: No matter what holiday you observe, chances are you give a gift or two. Using a holiday loan can help you get the gifts you need if your paycheck comes on the 27th instead of the 22nd.

Vacation Budget: If you need a bit of spending money for the vacation, but you don’t get paid until the day after you get back, a holiday loan can help.

Birthdays: Attending a birthday means giving the birthday kid a gift. Without a paycheck, you might not be able to do that. In addition, you can use a holiday loan for the decorations if you’re hosting the party.

Anniversaries: There’s no reason to forgo a gift on your anniversary. A payday loan can help you get the gift you need so you can pay it back later.

Loan Advice from iCASH

In order to make sure you get the best experience possible when applying for a holiday loan, it's important to do a bit of research beforehand. Look at reviews and make sure that they’ve done what they say they can do before. In addition, make sure you have a repayment plan before you take out the loan. Not paying back a loan is no fun at all. If you’d like to learn more about our loans and start your holiday today, take a look at the iCASH site or download the app!

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.