How to Take Advantage of Black Friday When You are Low on Cash

    The Friday after Thanksgiving holiday, known as Black Friday has the reputation of being the best time of the year to get the best deals on the products consumers want, whether they are purchasing them online or in physical stores. Black Friday deals are available everywhere, and it is sensible to take advantage of the discounts. However, if you have not saved enough money to buy the items you want, you can get cash from other sources. You can take advantage of Black Friday deals in the following ways: 

    Borrow money from friend or family member

    Borrowing money from friends of family members can be a huge help when you need to buy something you cannot afford outright and a discounted price. Think about the people in your life who may be able to offer financial assistance. When asking for a loan from friends or family, be realistic about the amount you would like to borrow. Avoid borrowing too much because his can create trouble when you are paying back, especially if the individual charges you an interest on the loan. This is a factor that may compromise your relationship with the individual. 

    It is also advisable to create a simple loan contract to provide your family member or friend with peace of mind, making them feel more comfortable about offering the loan. Having a written contract can also keep both of you honest and avoid finger pointing in the days to come, which might hurt your relationship. The details to include in the loan agreement are the amount you are borrowing, if the lender requires collateral or is charging interest, the repayment timeline, when your payment is due. 

    The advantage of borrowing from family or friends is that it they can be willing to lend you the money and it is easier to discuss the terms. It is not necessary to get a credit or background check, you can easily discuss the length of the loan term, the interest rate can be significantly lower, and they may even do away with the loan entirely. Furthermore, you do not have to worry about the extra fees that come with traditional loans. 

    Friends and family can also trust your honesty. There’s no need to worry much about the consequences. You only have to speak with them properly, assuring them that you can repay it. 

    Use a credit card

    You can use a credit card to spread the cost of the items you want to purchase this Black Friday. With a credit card, you can pay off a huge purchase over a lengthy period. Buy now, pay later options usually last 3 months, but many credit card providers offer long interest-free periods to pay back what consumers spent. Some zero percent interest periods last for years. Therefore, you can spread out the expense of the items you purchase without worrying about paying interest. 

    Credit cards usually come with additional protection. If you purchase an item worth about 100 to 30,000 dollars, and it is faulty or does not turn up, you can obtain a refund from the credit card firm if the store you bought it from declines to provide you with a refund. The credit card protection also applies if a firm goes out of business. 

    Another benefit of using credit cards for Black Friday purchases is that you can qualify for a great zero percent APR deal. Most prime credit cards come with introductory offers for zero percent APR, which last one or more years. These offers can provide you with room to pay off your deals over time without paying interest. Introductory deals usually come with expiration dates. Therefore, make sure that you know the deadline for repaying your purchases so that you will not get charged interest. In addition, look out for store cards or financing offers which come with deferred interest. Such store cards can charge you interest if you fail to pay off your entire purchase before the expiry of the promotion. 

    Stores like Macy’s and Home Depot usually sell large and costly items such as appliances and mattresses during Black Friday. If you choose to use a store card to purchase such items, bear in mind that interest can add up fast, and you might end up paying the discount you received on Black Friday back in the form of interest. Therefore, most stores provide either zero percent interest for a particular period, usually about 12 to 36 months, or a lower interest for a similar period for consumers who sign up for a new store card. 

    Credit cards are also beneficial when you are making large purchases of appliances, electronics, or anything else which usually carries a manufacturer’s warranty (minus transportation). That is the reason a majority of credit cards provide some type of extended warranty coverage that can add one or two years, based on the card, onto the manufacturer’s warranty. 

    Remember that the extended warranty coverage comes with certain restrictions and limitations. Therefore, it is essential to carefully read the documentation. Even though not every item gets covered, many items for which you may consider buying the store’s extended warranty should typically fall under the coverage of your credit card. 

    Get a payday loan

    Having money beforehand is the best way to take advantage of Black Friday deals. You can apply for a payday loan, which is a loan designed to be repaid on your next pay day. If you choose to take a payday loan, it is advisable to apply for it a few days before Black Friday. This will provide you with the opportunity to calculate the amount of money you need to borrow, and choose a loan you can afford to pay. 

    After figuring out the numbers, it’s time to compare the offers. Many payday loan lenders are available on the market, and their loan offers are different. Take time to compete the loans by the annual percentage rate. This is the right way to compare the total interest and additional expenses of the loan. Note that some loans may have a lower interest, but their fees can be expensive. Therefore, as you check out the interest rate, determine how much the lenders charge for their monthly fee and initiation fee to avoid surprises down the line. Also, do not borrow more than you can afford, because this might lead you into a debt cycle. 

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