3 Reasons to Choose a Holiday Loan This Season

In denial that the holidays will soon be here? We can’t blame you – according to the National Retail Federation, Americans had planned to spend approximately $998 on seasonal expenses in 2020.

If you didn’t save in advance for the holidays this year, you may be considering a credit card for your purchases. Here are 3 reasons a holiday loan might be a better choice:

1. Better budget control. A holiday loan gives your budget upfront; because you receive all the funds at once, you know exactly how much you can spend. On the other hand, credit cards can have higher limits that easily allow for excess spending.

2. Lower interest rates. Personal loans typically have much more competitive loans than credit card rates that can be in the 20s, and holiday loans are often discounted from regular personal loan rates. Holiday loan rates are also fixed, meaning they never change, whereas credit card rates are variable and subject to adjustment.

3. Guaranteed loan payoff. Credit cards are open lines of credit, meaning you make a payment as long as there is an outstanding balance on the card. Holiday loans have a firm repayment period, so there’s an end date in sight. And because holiday loans are often for a shorter term (like 12-months), you know your loan will be paid off before the holidays next year!

Think it’s too early to start planning for the holidays? The pandemic is expected to continue impacting supply chains and potentially limit Black Friday in-person shopping, so many experts are recommending getting a head start. Your credit union is here to help with a holiday loan special to make the season more affordable! Borrow as much as you need at a rate as low as 6.90% APR* for up to 36-months. Contact us at (920) 722-2122 to learn more and apply or stop by our branch today.

*APR = Annual Percentage Rate. Your individual rate based on creditworthiness, credit score, and other qualifying factors and may differ from rates quoted above. All loans subject to approval. Loans currently financed with Badger-Globe are not eligible for refinancing under this offer. Rate subject to change at any time without notice. Offer valid through December 31, 2021. Membership eligibility required.
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