About Christmas No-Tax Instant Payday Loans

Video Transcript

"Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is what are the Christmas payday no-tax loans. Basically, the types of businesses that you see in your city and community where they offer a loan, a personal loan on, an advance on a paycheck, I think what they do is they just market these a lot more aggressively around the holidays 'cause people are tighter on cash when it comes to Christmas. But the way the process works is that you do go into this business. You bring in recent pay stubs from your employer, and they give you a small loan based on... it's like an advance on your next paycheck that you're going to be receiving, so they can calculate what their risk is. And then what happens is when you get paid on that following pay period or within thirty days, at that point, you do repay the loan back. So it's a short term loan. It's very popular around the holidays just for a few extra dollars because of the cost of Christmas. And, you know, it's not something to do on a consistent basis, but for a short band aid for credit crunch, it is a viable way to take a quick loan around the holidays. My name is Matt McKillen. I'm with Innovative Financial Group."