You might not be able to explain to your five-year-old why he received only a few pairs of socks, while we adults may be able to appreciate the joy in a straightforward gift from the heart. The last thing you want to do during Christmas is to worry about money, even though the longer-term objective is to organize your finances, start saving, and practice frugal spending. Sadly, many businesses will be on the lookout for people in your shoes, and be prepared to take advantage.

Learning which solutions are best and worse depends on knowing how to pay for Christmas when you don’t have any money and without hurting your finances.

Short Term Loans

Personal loans are a better option than most others, even though they’re still not the ideal way to pay for holiday shopping. Personal loans are fixed-payment loans with a repayment date and typically feature interest rates substantially lower than credit cards. The most common application for personal loans is debt consolidation to pay off high-rate credit card debt. You can also get a payday loan with no credit check if your credit score is poor or not up to the mark.

Due to their reduced rates and investing options, peer lending companies like Lending Club and Prosper have seen tremendous growth in the past year, but their credit standards are still quite strict. For a peer lending loan, you’ll need a credit score of at least 620. If you are eligible, rates for borrowers with terrible credit start at slightly over 5% and go as high as 29%.

Making More Money

Making more money is the best method to pay for Christmas when you don’t have any money! You can perform many odd tasks to earn extra money, but the best-paying freelancing gigs typically take months to set up and get paid. To pay for your holiday shopping this year, consider selling some of the items you have lying around your home on Craigslist. Check out the thrift stores to see if you can exchange or barter for new items.

Asking for Money to Relatives

Sometimes, you don’t have other options than asking help from a friend, a family member or a colleague. Depending on your situation and the person, you could borrow a bigger amount of money without any interest. Furthermore, Christmas is also the time of the year when everyone is happy to share with others. However, this kind of borrowing can be dangerous since you will have to repay when your relatives ask. If you don’t, you could destroy your relationship with that person.

Paying for Christmas gifts can be difficult when you are short on money. However, there are solutions that could help you make your kids happy and proud of you

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