Getting Holiday Loans in 2019 – Read This Beforehand

Getting Holiday Loans in 2019 – Read This Beforehand
Luke Loftin
on May 22, 2019
Read in 4 min

The winter holiday season is a time to celebrate with family and friends. While the spirit is genuine, it oftentimes takes a lot of cash to prepare for the festivities. Between Thanksgiving Day, Christmas, and the New Year, it can be an expensive time of year. Making a financial plan in advance can be a smart way to avoid unpleasant surprises when you view your bank and credit card statements in January. A holiday loan is a potentially useful resource to finance your seasonal spending, but make sure you know what you’re getting into before you get started.

If you have less than perfect credit, you might be especially stressed about how to afford the various expenses that crop up during the holidays. But you should know that there are plenty of holiday finance options online, even for bad credit or poor credit. This article will tell you some important facts to keep in mind if you’re interested in holiday finance loans.

What are holiday loans?

An unsecured personal loan could be used to finance extra expenses during the holiday season. Funds might be spent on things like traveling for out-of-town visits, shopping for gifts, and hosting parties or other seasonal events. One of the benefits of taking out a personal loan for holiday expenses is that many loans can be used for a wide variety of purposes.

Whether you need financing for:

  • Christmas shopping,
  • groceries on Thanksgiving Day,
  • financing for your party to ring in the New Year,
  • traveling or vacation,

holiday money loans could be an option worth considering.

holiday loans

You can request personal loans during the holiday season through online lenders, making it easy to compare. LendGenius is not a lender but we do provide one simple form that upon completion, may connect you with a lender.

There are a number of lenders who can offer a personal loan for holiday expenses. While you can certainly request a loan from a traditional source like a bank, you can also look for holiday finance options online. One of the potential downsides with going to a bank is that their approval process can sometimes be very time-consuming. You may have to wait in a long line, and you’ll also have to visit the bank during their working hours, which can vary during the holiday season.

By contrast, you can fill out our simple online form and get the loan request process started right from your own home, any time of day, any day of the week. For many people, this is a more convenient way to look for holiday finance loans. Our form takes only a few minutes to complete, and the entire loan request process is relatively fast and easy.

Can I get a holiday loan?

holiday online loan

The request process for a holiday loan is the same as it is for any other personal loan. Lenders review factors influencing your financial situation today, such as your credit score and debt to income (DTI) ratio. They typically also have requirements of either U.S. citizenship or residency, and you’ll need to be at least 18 years old.

If your credit is poor or your DTI is too high, some lenders may allow for a cosigner on holiday loans. You can use a spouse, family member, or close friend to take responsibility for the loan with you, allowing you to use their income or credit score to qualify for better loan terms. Just know that if you miss payments or default on the loan, their credit will be damaged just as much as yours.

If you’re looking for someone to lend you money at a low-interest rate, keep in mind that a better credit score will help your odds of getting approval. Although some lenders may offer loans with no credit check, most of them will need to see your credit before offering you financing.

What can holiday loans be used for?

There are a variety of reasons why a holiday loan might be useful. It’s no secret that after Thanksgiving Day, through Christmas, and up to the New Year is one of the busiest times of the year for shopping and spending online. And with possible days off work (and snow days and more), funds are sometimes scarce around this time, even with potential Christmas bonuses to boost financing.

In this kind of financial environment, many people find themselves looking for some extra cash at the end of the year. Fortunately, a loan is one way that you can get some holiday money that can be spent in many different ways.

holiday cash

Planning to take a trip this holiday? Vacations can be unexpectedly pricey, and a personal loan for holiday vacation spending could be a wise move. And even if you stay home for the holidays, there are other expenses that could rack up. Decorations, gifts, food, tickets to special events – all of these could threaten to bust anyone’s budget, but a holiday personal loan could help boost your wallet to prepare for these types of costs.

Christmas shopping can be a joyful experience, but it can also be a stressful one. If you don’t have enough funds in your wallet to get gifts for everyone on your Christmas shopping list, you might start to worry about showing up to the holidays empty-handed for your family. A holiday loan could be a great way to pad your finances for the Christmas shopping spree, so you can satisfy everyone in your life who needs a present.

What are the advantages and disadvantages of holiday loans?

Just like any financial decision in life, there are pros and cons to taking out a holiday loan. On the plus side, you can get quick funding if you’re approved for a loan, oftentimes this occurs within minutes. And since personal loans are considered installment loans, you’ll add positive payments to your credit history as long as you make them on time each month.

There are, of course, a few downsides to taking out a holiday loan. Depending on the lender, you may have extra costs such as origination fees. You’ll also be taking on additional debt, which is risky, especially for non-emergency expenditures. Be sure to have a repayment plan in place.

Whatever your reason for considering a personal loan for holiday expenses, make sure you understand the terms of any loan before you agree to them. Often, loans for bad credit or poor credit may have strict terms, so it’s important to be sure you know the costs and timetable expected of you before agreeing to a loan. If you do decide to take out a holiday finance loan or a holiday cash advance in 2019, you won’t be alone. Many people routinely use holiday finance options online or in storefronts, so chances are you can find an option that suits your situation.

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Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Luke Loftin Finance Journalist

Luke is a writer and editor based out of Los Angeles.

He specializes in finance, as well as health and wellness.

In his free time, he enjoys watching Astros baseball.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.