A smarter way to cover holiday expenses
Why Consider a Holiday Loan?
As we approach the holiday season—from Christmas to Hanukkah, Kwanzaa, Festivus, and more—we take advantage of the many sales and discounts offered by retailers. We also tend to have more family feasts and gatherings, or plan holiday travel. Our best intentions can temporarily exceed our bank balance, and paying off credit card debt all at once or at credit card interest rates can become costly come January. A smarter approach: financing these expenses with a lower-interest loan that can be paid back over a longer period. That’s where a First Source Holiday Loan comes in.
Funds from a Holiday Loan can be used to pay for qualifying expenses that could include travel, gifts, food and groceries, or entertaining. We encourage all our Members to save over the course of the year for these year-end expenses, but our actions don’t always live up to our best-laid plans. Having a financial buffer can relieve some of that stress. Do you think you need a Holiday Loan? Here are 5 possible reasons to apply.
1. You Can Plan Ahead
If your funds for holiday shopping and expenses traditionally run low before the holidays are over, you may be miscalculating for your seasonal budget. A Holiday Loan can help you to plan a holiday budget and follow it as closely as possible. While unexpected expenses always come up (and those unexpected sales often catch us by surprise), armed with a budget, we’re much more likely to stay on track.
2. Your Budget Will Thank You
The Holiday Loan is currently at 6% APR, coming in at a rate significantly lower than most credit cards, and the terms allow payment in known monthly amounts. Resorting to credit cards with high interest rates to cover gift purchases and unexpected expenses can wreak havoc with a household budget. A Holiday Loan makes payments predictable and manageable.
3. You’ll Know What You Can Spend
While the funds from a Holiday Loan are there to help you get through a busy financial period, we help you make sure you can handle the payments before finalizing your loan. If your monthly budget can’t handle the additional amount, you may have to adjust your gift list, shopping plans, social calendar, or travel details. We can help you work out the details so you can pay off your loan in a year (or less), and be ready for next year!
4. You’ll Gain Resolve
Speaking of those unexpected sales and promotions, a Holiday Loan forces you to evaluate your financial standing, strengthen your resolve before the shopping season starts, and limit your purchases to only what you need. If you don’t have the funds, it’s easier to say no to added debt or expense.
5. You’ll Have Less Stress!
If you apply and receive approval, we’ll put a payment plan in place. Once your funds are secured, you can follow your plan, and not stress so much. You can cover your holiday expenses, and not have to worry about that enormous January bill.
This seasonal loan is only available through December 18th, 2018, and requires application and approval time, so make an appointment to meet with one of our Financial Services Representatives as soon as possible to see if you qualify for a Holiday Loan. Then enjoy your holidays with peace of mind!