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Christmas is a time for celebration and indulgence, though this can feel difficult to do when you are struggling on a small salary. Debts, bills and daily living costs all mount up and trying to organise enough spare cash for Christmas gifts, decorations and parties can be a real challenge. In the Philippines, Christmas is celebrated with food, drink and family time. Though not everybody expects luxury at this time of year, a few little treats are to be expected. In recent years, payday loans have become a common feature of Chritstmas for those who need a little extra boost at this time of year.

The Pros

Treating Yourself and the Family

Life is short and its important to enjoy it as much as we possibly can. Though responsible borrowing is essential, a payday loan can be one of the quickest ways to ensure you have gifts for your family this Christmas. In the Philippines, lenders approve Christmas based salary loans every year. Though interest rates are high, providing these products are used properly, they don’t always have to be expensive. If you are starting a new job or know that you are going to be receiving a sum of money in the new year, this option can be a great way of effectively borrowing from yourself. You will need to make a few sacrifices further down the line in order to avoid cash flow problems, but as a short term solution, a salary loan at Christmas can be a potential option.

Don’t Miss Out on Social Occasions

The Christmas period is a time to spent with friends, family and those who are the closest to you. Parties, drinks and dinner can all end up costing a little more than you hoped, meaning that you either need to miss out, or find an alternative means of income. As always, it’s never recommended to borrow more than you can afford to pay back, however, a small salary loan to cover the cost of dining out and spending time with loved ones can be a great way to ensure you don’t miss out on any of the seasonal fun.

Get the latest fashions

Christmas wouldn’t be Christmas without a few new items of clothing. Whether it’s the ubiquitous Christmas jumper or something a little more subtle, this is the time of year to splash out on some new glad rags. Salary loans can fill the gap between payday and the frenzied spend fests of the season. As long as you know you can repay the money without an issue, why not treat yourself or your loved ones to a new outfit to enjoy the season in?

Food Glorious Food

Party season means lots of nice food and drink, but as you’re no doubt well aware, this doesn’t come cheap. Eating out in restaurants, preparing lavish meals at home and stocking up on those all important festive snacks can all eat in to your salary. This is where borrowing can help to ease the pressure a little. Many families in the Philippines and other parts of the world regularly use payday loans to cover the cost of Christmas food.

The Cons

High Interest Rates

As a short term solution, salary loans at Christmas can be a useful tool but due to their high rates of interest, some people can run in to problems when it comes to paying them back. When using this type of loan product, its important to safeguard against any penalty or default payments you might incur by ensuring that you always have enough to cover the monthly amount you owe.

Not suitable for those without an income

It can be tempting to try and borrow your way out of financial difficulty but without some means of generating an income, this is never a good idea. For some families at Christmas, salary loans seem like one of the only options available, however, we would never recommend jeopardising your financial security for the sake of a few luxuries during the holiday period.

More expensive than credit cards

As a general rule, salary loans are more expensive than credit cards, especially in the long run. If you do have access to a card that has a reasonable interest rate and only need to make a few, relatively small purchases this Christmas, it would be a good idea to consider this as an alternative. This option isn’t available to everybody, for those with a relatively good credit rating, it may be a preferable alternative to a salary loan.

Too easy to go overboard

At this time of year, advertising and the media in general encouraging people to spend as much as possible, but this isn’t always necessary to have a good time. Though salary loans are useful, always remember that you are borrowing this money, rather than earning it. This means if you spend it frivolously, without organising means to pay it back, you can run in to serious financial consequences further down the line. Striking a balance is key. It’s important to enjoy your life and a few little treats during the holiday period are absolutely fine, but don’t be tempted to spend way more than your means can realistically allow. You may enjoy the festive period but the reality of living on less than you need during January, February and the following months can make life more difficult than it needs to be.


Essentially, salary loans are a good way of making sure you can afford to have a comfortable Christmas, even if your wages don’t quite cover the cost of everything you need. Just remember to be responsible and do everything you can to make sure that you can afford to pay back what you have borrowed without jeopardising your financial security, health or wellbeing. With proper planning and a reasoned, controlled approach to borrowing, this kind of loan product can help you to enjoy what the season has to offer.

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