Take away the stress of holiday expenses with Christmas loans. Relax this holiday season with a low-interest holiday loan. Christmas loans give you the helping hand you need throughout the season. We’re making the holidays brighter!
What are Christmas loans?
As the holidays approach, we all start looking at our budget. Holiday loans are a personal loan used to cover additional costs we often incur during the holiday season. The loan financing provides added money for gifts, visiting, travel, celebrations, food, decorations, and more. A low-interest private loan helps pay for extra costs that often stress us around the holidays. A holiday loan is an unsecured loan, meaning no collateral is needed.
So, take a moment to enjoy the holidays and all the family gatherings. With one simple loan application, you can breathe easy this holiday season.
*Holiday loans are subject to credit approval. Programs, rates, terms, and conditions are subject to change without notice.
How much money can you borrow with Christmas loans?
A Money FCU holiday loan allows you to borrow up to $2,000 at 1.99% APR (annual percentage rate). Christmas loans are the perfect vehicle to lighten the borrower’s financial burden. With your new $2,000 spending limit, you have greater purchasing power at the tip of your fingers. The purpose behind a holiday loan is a low, fixed rate loan for a short 1-year loan term that will be paid off before the next holiday season.
A closer look at the interest.
With a $2,000 credit union loan at a 1.99% fixed interest rate, you will pay $2,021.62 after interest. Consider if your credit card has the average variable interest rate of as of July 2021 is 18.04% APR. Over the same one-year period, you would pay upwards of $2,324.40. This figure does not include higher compound interest if you are making only minimum payments. In this case, you save $302.78 with the holiday loan under the same loan terms.
Also, you can save further with compound interest savings and variable rate increase savings. At this price, Christmas never looked so good.
Do you need a holiday loan?
Seasons greetings bring added holiday expenses that can make even the most solid budgets take a financial dip. These added expenses compile quickly from gifts, holiday supplies, family meals, travel, and decorations.
Maybe you think you can stretch your savings account and pay for Christmas with cash on hand. But, let’s stop for a moment and take a closer look. A Christmas loan costs you only 16¢ a day to get through the holiday hassle-free and worry-free about holiday money sending. Don’t stretch your budget for the holidays. Get this low-cost Christmas loan and enjoy spending while keeping your savings intact. When it comes to pennies on the dollar, those are pennies well spent.
First and foremost, holiday loans are ideal for seasonal shoppers who purchase on their higher interest credit cards. The set loan amount stops you from building uncontrolled credit card debt. Additionally, the set loan term prevents you from paying rollover and compound interest for extended periods of time. You likewise get the added benefit of savings from the low 1.99% interest rate of a Christmas loan instead of the very high interest rates of credit cards. See loan rates online. Now that’s a stocking stuffer to be proud of.
The holiday loan doesn’t cover my expenses. What should I do?
Suppose you’re doing a more considerable holiday surprise that exceeds the $2,000 holiday loan limit. If your expenses are higher than $2,000, you’re looking for a larger loan amount and a longer repayment term. Money FCU has many outstanding loans for you to consider. Please look at our other loan types to see what may be a better fit for you.
Christmas loans have a very low interest rate. A lower interest rate saves the borrower significantly in the long term. Money FCU rates for holiday loans are 1.99% this year. Typical rates for credit cards are much higher than credit union Christmas loan rates. Furthermore, store-sponsored credit cards are often even higher still. The average credit card interest rate is currently as of July 2021 is 18.04%, according to creditcards.com latest report in September of 2021. Get the holiday loan you can afford, Money FCU Christmas loans.
Money FCU’s holiday loans carry a fixed interest rate. Fixed rates allow you to be certain that there will not be an unexpected rate hike, which can cost you more than you bargained for. Fixed rates ensure you know your monthly payments and that those payments will stay consistent throughout the loan term. Contrarily, credit cards use variable rates that fluctuate with the market values. Don’t get caught in the variable rate hikes. Choose a fixed rate, and guarantee that your loan’s interest rates never change.
One of the biggest pitfalls people run into around the holidays is spending too much money. The debt quickly racks up if you’re not careful with your holiday spending. With credit cards, you naturally do not have a strict spending limit for the holidays. Therefore, you are more inclined to overspend. On the other hand, if you set yourself a reasonable limit and take out a loan for that specific amount, you’re far more likely to stick to a spending limit. Knowing your budget, you’ll find the holidays much more enjoyable and less stressful. Plus, sticking to a budget makes you begin planning early for the holidays. Having your plans laid out often reduces the tension and strain we feel around the hustle and bustle of the holiday season.
Christmas loans have a set loan payment period, and your balance is paid off within one year. Consequently, you guarantee no loan debt after a year’s term. Often with credit cards, you maintain a rolling balance and end up paying significant fees in compound interest. You may sustain a rolling balance indefinitely and continue to pay on your purchases endlessly. It’s important to get a loan that you pay in a comfortable amount of time with a set end date. Want to see what your loan payment will be? Use a loan calculator to see your new monthly payment.
Making regular loan payments helps to boost your credit score. Much the same as with a credit builder loan, the credit bureaus get monthly reports from your lender. Therefore, if you’re making payments regularly, the continued good credit showing on these records gives your credit score a little lift. So why not help your credit score while paying for the holidays this year? Check your credit history and see where you stand in creditworthiness.
If you borrowed $2,000 and took the entire 12 months to pay it off, you would only pay a TOTAL of $21.62 in interest!
Are you running late and worried you no longer have the time to get a holiday loan? It’s ok. A Christmas loan application is often processed by a loan officer within one business day. Therefore, even if you get a late start to your Christmas shopping, you can get your loan financing in time for the holidays. So, if you’ve decided that you need a holiday loan with little time left before Christmas, with Money FCU by your side, you still have time to get the funding for your holiday expenses. Although holiday loans are seasonal, funds can be in your checking account within 48 hours. Feel the freedom of spending smart.
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Your best Christmas gift could be a Christmas loan.
Great, let’s get you started. Apply for Christmas Loans here! See the magic of the holiday season, not the stress. Money FCU is always proud to find ways to help our customers. That’s why we are happy to bring you this seasonal helper, the Money FCU Christmas loan. Christmas loans enable you to avoid long-running debt, allow you to pay less in compound interest, and get a better initial interest rate. Using a holiday loan also guides your holiday spending budget and can boost your credit score. Let’s take the next step and get you started on the Christmas loan application.