Is a Holiday Loan Right for You?

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The holidays are expensive. You don’t get paid any more than usual during the month of December—most likely—but you almost certainly spend more than the other eleven months of the year. Buying gifts can add up in a hurry, and that doesn’t even consider spending money on food for special dinners, travel expenses, and more.

All in all, your budget can quickly come unraveled right before the end of the year. If you are worried about how much you’ll need to spend this holiday season, Christmas loans are an option worth pursuing.

Credit Cards Can Get Expensive

When you think about using financing to defer some of the cost of buying holiday gifts, you may think first about using one of your credit cards. That is an option, to be sure, but it can be a costly one in the end.

If you don’t pay off the balance on your card during January, you’ll start to pay interest on those purchases—and the rate you pay is almost certain to be higher than the rate you would receive on a holiday loan. One of the biggest holiday loan benefits to keep in mind is the modest interest rate that you may be able to secure.

No Time for Stress

The whole idea behind the holiday season is for you to enjoy your time with family and friends. You may get a little bit of time off work, and you might even go on a small vacation as part of the festivities. With so much to enjoy, it would be a shame to spend too much of your time worring about paying for the expenses that you rack up along the way. With a holiday loan to take some of the pressure off your bank account, you can be sure to have a good time while knowing that you have a plan for how everything will be paid in the end.

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Establish a Budget

The idea of getting a holiday loan is not to permit you to spend beyond your means. Rather, it should help you to establish a reasonable budget that you can use to pick out appropriate gifts and manage other spending correctly. Instead of having to come up with all of the cash up front for these purchases, you can spread it out over a period of time while only paying a modest interest rate. Come up with a budget for your spending and allow your loan to help you put the plan into action.

Our Santa’s Helper loans are available now through January. Borrow up to $3,000 for a year at a rate as low as 7% APR* with approved credit.

Whether looking for a loan or any other type of financial service, The People’s Federal Credit Union is a great place to start. We offer friendly service, great rates on our products, and the flexibility you need to keep up with your life. Contact us today to get started!

*APR=Annual Percentage Rate. Rate includes all applicable discounts. Loans subject to credit qualifications and approval

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