Check your emails or text messages; chances are you must have been offer a pre-approved loan especially during a festive season. Many banks and financial-services firms offer you pre-approved loans based on your financial status and credit score. These are collateral-free offerings. Not just your own banks, even other firms you've not dealt with try to sell you one. But easy money comes with strings attached. Take a look at the interest rates, various charges and processing time. Ask yourself if you really need the money and can afford the interest. Make sure you do not get yourself in a debt trap. Avoid borrowing unless it's the last resort.