The holidays can be an exciting time of the year. However, with the average American spending over $1,100 on holiday shopping, food, and decorations last year, they can also feel unaffordable. Many shoppers resort to using credit cards, but their high-interest rates often generate considerable debt going into the new year.
Fortunately, working with a respected credit union in Montebello, like Camino, to get a personal loan to help with your holiday shopping can be a great alternative that minimizes interest rates and debt while helping you to make this a great holiday season. Learn more about how holiday loans can help you in our blog:
What is a Personal Holiday Loan?
Borrowers can use a personal loan for virtually any purchase. From buying gifts for friends and family to hosting a Christmas dinner or party, personal loans are excellent ways to pay for expenses during the holiday season.
Maybe you need a new dishwasher, or perhaps you need to take your car to the mechanic. A personal loan can also helpyou finance these necessities without sacrificing holiday shopping. Typically, institutions offer two types of loans:
- Shared-secured loans
- Signature loans
To understand which is ideal for your financial situation, talk with a local, reputable credit union like Camino.
Benefits of a Personal Loan for Holiday Spending
Quick and Flexible Financing
One benefit of getting a personal loan with a credit union in Montebello for your holiday expenses is the ability to acquire quick, flexible financing.
After applying, lenders typically deposit the money directly into your bank account so you can start using that money as soon as possible. Some lenders can even deposit your funds the day following approval.
These loans can also be flexible. Even if you don’t need a substantial sum of money, you can qualify for loan amounts as small as $1,000. To determine how much you should borrow, we advise calculating all expenses before applying.
Lower Interest Rates
Lower interest rates can make a personal loan a less expensive alternative in the long run, and they help borrowers to finance shopping and other necessities this holiday season.
For context, personal loan Annual Percentage Rate (APR) averaged 9.58% this year while the average credit card interest rate were nearly double that at 16.30%.
Most credit unions in Montebello will offer flexible terms for borrowers when providing personal loans. Generally, borrowers can have as long as seven years to repay a loan, which can be helpful in some situations.
It is also important to consider that a longer term typically means lower monthly payments, which helps to budget and avoids falling behind on payments.
Fixed Monthly Payments
Lastly, using a personal loan from a respected Montebello credit union also provides borrowers with fixed monthly payments. Because personal loans are installment loans, monthly payments for borrowers span over a specific time period.
Fixed monthly payments help with budgeting and financial planning in the new year, enable borrowers to stay on top of their debt, and help borrowers to pay their debts off easier.
Need a Personal Loan from a Leading Credit Union in Montebello to Finance Your Holiday Shopping? Contact Us Today.
The holiday season can be an opportunity to come together with those you love and show them how much you care about them. Unfortunately, as expenses mount, the holidays can start feeling more like a financial burden than a time for togetherness. At Camino, our passion is taking care of our members, and we offer great personal loans to help our community ease this burden To learn more about the personal loan options available, call us at 800-835-3400, or contact us for more information.