Need cash for the holidays? 5 ways to borrow money.

Core Insights - Rising prices are impacting holiday spending, with consumers expected to spend approximately $900 on gifts, food, and decorations this season according to the National Retail Federation [1] Borrowing Options - Many consumers are considering borrowing money to cover holiday expenses, with options including buy now, pay later apps and personal loans [2][3] - Payroll advances from employers are a common option for those needing a small amount to bridge the gap until payday, typically without interest or credit checks [4][5][6] - Cash advance apps like Dave and Earnin provide short-term cash advances, usually up to $500, without hefty fees, but can lead to a cycle of debt if not managed carefully [7][8] - Buy now, pay later services allow consumers to finance larger purchases in installments, but may involve high interest rates for longer terms and require credit checks [9][10][12] - Credit cards are a popular financing method for holiday expenses, offering revolving credit and potential rewards, but require good credit to avoid high interest rates [13][14] - Personal loans can provide larger sums of cash at lower rates than credit cards, but typically require good to excellent credit and can lead to long-term debt if not managed properly [15][16] Cost-Saving Strategies - Setting a detailed budget for holiday expenses can help consumers avoid overspending and manage their finances better [17][18] - Engaging in seasonal side gigs can provide extra income to cover holiday costs without incurring debt [20] - Rethinking gift-giving practices, such as opting for homemade gifts or setting spending limits, can alleviate financial pressure during the holidays [20]