What is a Holiday Loan

The holiday season should be the most wonderful time of the year. However, between gifts, parties, and traveling, the cost can sometimes leave even the jolliest of elve’s wallet a little light.

What is a Holiday Loan

The holiday season should be the most wonderful time of the year. However, between gifts, parties, and traveling, the cost can sometimes leave even the jolliest of elve’s wallet a little light. This doesn’t have to dampen your spirit. If your funds get low in the weeks leading up to the holidays, a holiday loan can help you enjoy the season without overextending your budget.

Holiday loans are personal loans used for holiday expenses. Most lenders, banks, and credit unions offer holiday loans and they are intended to help cover holiday costs but could also be used for other personal expenses. Some lenders require collateral for personal loans, otherwise known as secure loans, while many do not, offering what is known as unsecured loans. Approval for these loans can depend on many factors including your credit score and income, this can affect your interest rate as well.

Why get a loan for the holidays?

In a perfect world, we’d all start saving for gifts over the summer or begin buying gifts for family and friends early in the year. But not everyone has the luxury to set money aside for gifts and travel months in advance, or perhaps a simple mishap in planning has you needing to purchase all gifts in a short period of time putting extra strain on your monthly budget. Getting a holiday loan allows you to get a lump sum of money to cover travel and gift expenses without relying on high-interest credit cards or dipping into emergency savings. This loan can then be paid off over time with smaller payments.

What can a holiday loan be used for?

Holiday Loans can be used to help cover any extra expenses incurred over the holidays. This includes the obvious, like gifts for family and friends, and the less obvious, like flights to see family, hotel stays to break away from family, and even costs of hosting if you have family coming to you, like catering and decorations. If you are planning to travel for the holidays, a loan can help cover not just plane tickets, but car rentals, hotels, food, and even spending money. A holiday loan can help remove the stress of extra holiday expenses and allow you to relax into the spirit of the holidays while spreading joy to your loved ones.

Stay knowledgable about the pros and cons of Holiday Loans

Anytime you're faced with the financial decision of taking out a loan it is important to educate yourself on the pros and cons of borrowing extra cash. We’ve compiled a list of some of the pros of borrowing holiday cash, as well as a few of the cons:

Pros

Cons

Tips when searching for a holiday loan

Here are a few tips to help you save time and money while searching for a holiday loan:

To fill out our holiday loan application head over to our Get Started page and get approved for your loan in minutes.

Give yourself the gift of peace of mind

Don't let a lack of funds cause you to stress and take away your holiday spirit. Applying for holiday loans with myholidaylending.com can get you back on track this holiday season, allowing you to spread joy and happiness.