Everything you need to know about holiday loans | finder.com
loans for the holiday season

Everything you need to know about holiday loans

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Taking out a holiday loan can help ease the burden of shopping during December.

The holiday season brings with it more than cheer. Around the corner are expenses of different kinds, ranging from snacks and decoration costs for your holiday shindig to food costs for hosting Christmas Eve dinner to buying presents for your friends and family. It’s easy to get overwhelmed as all of these expenses start adding up over the months of November and December and you notice you don’t exactly have enough cash on-hand to pay for them all. Fortunately, you can access extra money if you need it through a holiday loan. Many financial institutions across the country offer such loans.

With some holiday loans, you don’t have to make any repayments for an introductory period. The annual percentage rate (APR) these loans charge can vary. Aspects like minimum and maximum loan amounts and loan terms can also differ, but they typically run between $1,000 and $3,000. Since not all holiday loans are the same, identifying the details and features that matter to you is important.

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  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    How do holiday loans work?

    Lending institutions that provide holiday loans can have different eligibility criteria. For instance, while some lenders require that you have good credit rating, others will offer these loans to individuals with less-than-perfect credit.

    Once you pick a suitable lender, you can apply online or in person. Bear in mind some lenders only operate online, with no physical locations. The time it takes to review your application depends on the lender you choose, with some providing almost immediate responses. Upon approval you may be able to collect cash from a physical location or the lender could transfer the money directly into your bank account.

    You can use proceeds from these loans for any holiday-related expense. After you get the money, you must start making repayments as per a predetermined repayment schedule.

    A selection of short-term loans you can apply for online

    Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

    Rates last updated October 16th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    1 business day
    Must have direct deposit and meet minimum income requirements.
    LendYou Short-term Loans
    Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    1–2 days
    Must have an active checking account, regular source of income and email address.
    LoanSolo.com Payday Loans
    Potentially get connected with a legit lender offering convenient payday loans and quickly get funds.
    As soon as one business day
    You must be 18+ years old, legally work and live in the US, have a bank account in your name and be employed with sufficient income.

    Compare up to 4 providers

    Features to consider before applying

    Knowing how to differentiate between available options is important in picking the right holiday loan. Keeping these points in mind should help:

    • Processing time. This is particularly important if you need money in a hurry.
    • Loan amount and term. Minimum and maximum loan amounts can differ from one lender to the next. Loans terms can also vary. If you’re looking at borrowing a large sum for a prolonged period, you may have limited options.
    • Repayment holidays. To ease your financial burden during and soon after the holiday season, some lenders offer repayment holidays. What this basically means is you don’t have to start making repayments until after an introductory period.
    • Interest rates. The APR has a direct effect on how much you end up repaying. If you have good creditworthiness, you can get a competitive APR. If you’re seeking a holiday loan with poor or bad creditworthiness, prepare to pay a noticeably higher APR. Remember that not all lenders charge the same APR.

    Are instant payday loans legit?

    Benefits and drawbacks

    • Quick. If you pick a suitable loan provider you can get your hands on the money you need by the next business day.
    • Safe. Reputable online providers of holiday loans use high levels of encryption to keep your personal and financial information safe.
    • Prepayments. Making extra repayments towards your holiday loan or paying it ahead of time should not cost you extra if you work with the right lender. You should check this aspect before applying.
    • High APR and fees. Some lenders charge high APRs and fees that can make your loan expensive. This is usually emphasized if you have poor or bad creditworthiness.

    Festive Background

    What you should consider before applying

    If you’re thinking about getting a holiday loan, it’s important that you have a plan to repay it before you even apply. This is because making late payments or defaulting on your loan can see you paying added fees, and can have an adverse effect on your credit rating.

    Once you get a loan contract, review it carefully. Accept the contract only after you go through all the fees and charges you might have to pay. If you don’t find the terms and conditions acceptable, you don’t have to sign the contract.
    Do you have bad credit but still need a loan? There are options available

    Alternative ways to pay for the holidays

    • Tweak your budget a few months leading up to the holiday season. Starting in July or August, take an honest look at your budget and find small changes you can make to save up some money for the holiday season. Maybe this means eating at home more instead of dining out, canceling your cable TV subscription or giving up nail or hair treatments until you’ve saved enough cash to use during the expensive months of November and December.
    • Get a part-time job. From retail stores to delivery companies to restaurants, many companies see an influx of customers during the holiday season and hire additional workers to offset the demand. This is a great way for you to earn some extra money to put toward your holiday gift shopping and party expenses.
    • Put aside your tax refund. Sure, this will take a lot of will power on your part, but one way to plan ahead for the expensive holiday months is to put aside your tax refund in a savings account to use specifically in November and December when your holiday debt takes a toll on your finances.
    • Sell unwanted clothing, electronics, and more. With apps like OfferUp and Poshmark becoming increasingly popular over the last year, an easy way to make some extra money to put aside for the holidays is by selling clothing, electronics, furniture or anything else around your home that you no longer use or need.

    Frequently asked questions

    Are payday loans available in my state?

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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