Some people spend all year planning and saving, just so when Black Friday comes around they can do all their holiday shopping in one fell swoop. But let’s be honest here, those people are few and far between. That is why Black Friday loans have become so popular in recent years.
So many stores and business offer amazing deals just on that one day every year. It has become something of a cultural phenomenon, with millions of people doing massive amounts of shopping to take advantage of these deals.
But are Black Friday loans a good idea?
Do the Math
In a perfect world, your budget is in order. Your ducks are in a row. You have a meticulously crafted shopping list, a game plan, and the proper funding.
But it really isn’t a perfect world, is it? To fully take advantage of these deals, you need more money. Taking out a small dollar loans could be the answer to your problems.
But it may not be the answer, either.
Do the math, and compare how much money you will save on these items against how much you will pay in fees and interest. That will give you the truth of the situation. Saving $100 on a flat screen TV is meaningless if you end up paying $150 for the borrowed money.
If the deals are that sweet, a Black Friday loan could be a smart way to save money. But don’t let the loan get the better of you! Do the math, and maybe you will find that paying full price is actually the better deal for you.
What to Remember about Black Friday Loans
If you decide to go ahead with a loan to fund your shopping spree, this is the single most important thing to remember:
Pay it off ASAP.
The longer a loan is outstanding, the more interest you will be paying. You may find that borrowing a few hundred bucks for just a short amount of time is reasonable, and helps you save money in the long term.
But if that loan itself becomes long term, it will totally devour any of the saving you hoped to see. Don’t borrow more than you can repay quickly. Borrow the least amount you absolutely need, and have a plan in mind for fast repayment.
You can make Black Friday loans work for you. But be careful, or you will end up working for them!