Christmas is an expensive time. We all want to treat ourselves and our families for our hard work as the year comes to an end. If you are hosting family or friends at Christmas, food and drink can also add significantly to your festive bill.

We all experience a greater expense at this time of year but we don’t get paid anymore. Some of us even get paid earlier in December, making January a very long month financially. Many people will turn to payday load companies to make it through the festive months, but there are much better alternatives, especially if you work in construction.

Why are payday loans so bad?

Payday loans have an extortionately high level of interest which means you’ll be paying back much more than the amount of money you borrowed. For example, if you borrowed £500 to help over Christmas, and planned to pay it off over the next 6 months, you would be paying back upwards of £850. This is at a good market rate! And if you miss a payment you are likely to be charged at least £15 each time. The money you have borrowed can easily be doubled by the time you pay it back.

What are the alternatives?

There are plenty of alternatives to payday loans. Getting a credit card with an introductory 0% interest rate is one. There is plenty out there which offer 0% interest for 12 months or more. Of course, you’ll need to pay off the balance before the 0% interest rate ends otherwise you’ll have to pay more. However, getting a credit card like this can be difficult if you have a poor credit score.

Another alternative is store credit. Many high street brands offer store credit which means you can buy Christmas presents now and pay them off over time. Some will incur interest, some won’t, but again it will be important to pay off your balance according to your credit agreement otherwise other costs will be added.

But if you work in construction you may not have to borrow at all. This means no paying back later and no interest.

Cash for construction workers

If you work in construction and are on the Construction Industry Scheme (CIS) you are almost certainly paying too much tax. Under this scheme 30% tax is taken from your pay each month, but most people are taxed at 20%. At the end of each tax year you are entitles to claim that tax back.

However, with our Cash Advance scheme you can get paid your refund now. This is because we are so experienced with CIS tax returns we can work out how much you are owed, pay you the cash now and claim it back from the government at the end of year. We typically pay our clients within 72 hours so you can get your cash for Christmas now, and won’t have to worry about paying anything back later.

Want to know more about our Cash Advance scheme or CIS tax refunds? Call us now on 020 8561 8388 or

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