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Holiday loans refer to personal loans that are designed to cover expenses related to holidays. They can help you fill the gap between your gift list and your available funds.
These loans are offered by various financial institutions including banks, credit unions and online lenders. They usually come with fixed monthly payments that need to be made over a predetermined period of time, which usually ranges from 12 to 60 months.
The Annual Percentage Rates (APRs) for holiday loans are set and do not change over the course of the loan, unlike credit cards and personal lines of credit that have variable rates that can change unpredictably.
These loans are usually unsecured, meaning that no collateral is required. As a result, financial institutions primarily consider factors such as your credit score, income, and debt-to-income ratio to determine whether you are eligible for a holiday loan.
As holiday loans belong to the category of personal loans, their usage is quite versatile. Although borrowers need to inform their lenders about their intentions, personal loans can be utilized for various reasons.
For instance, you can use a holiday loan toward the following purposes:
Keep in mind that certain lenders may have restrictions on how you can use your holiday loan. It’s best to check with your lender to find out their specific terms and conditions regarding the usage of funds.
Although the holidays are a festive season, they can also bring financial pressure. According to a 2021 survey conducted by LendingTree, about 36% of Americans incurred holiday-related debt. The extra expenses related to holiday meals, travel, and gifts for loved ones can easily exceed one’s budget.
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