What is a Holiday Loan?

Britney Balderas | Posted on November 27, 2023 |

A holiday loan is a type of personal loan that’s meant for seasonal spending. Like other personal loans, a holiday loan allows you to borrow money quickly and often doesn’t use collateral. Holiday loans often have a specific rate, term, and borrow amount than other traditional personal loans. They are often only available during the holidays, as the name suggests. Credit unions such as Eastex Credit Union know that holiday spending can be stressful on your budget and typically offer these types of loans to help you get ahead. Check out the answers to these common questions for holiday loans!

What can I use a holiday loan for?

A holiday loan can be used however you see fit! Funds are dispersed for you to use on any short-term expenses that arise during the holiday season. This can mean purchasing gifts for everyone on your list, traveling to visit family or friends, or purchasing seasonal decorations. They are also available for any other need you see fit, as holiday loans typically don’t have restrictions for how you plan to use the money. Using a holiday loan allows you to stretch your gift-buying budget. Interestingly, trends show that people would rather choose gifting an experience versus a physical item that will likely be forgotten about in a few months’ time. With a holiday loan, you’re then able to purchase concert tickets, theatre production plays, museum exhibits, yearly memberships, and so much more.

Why should I use a holiday loan?

Using a holiday loan allows you to stress less this season. It takes the financial burden off your budget, even if you planned this year and started saving early. With the rising and unpredictable cost of inflation, it can be hard to gauge exactly how was needed to save. A holiday loan also allows you to budget with the amount that is given or can boost your existing holiday budget. A holiday loan is a fast and convenient option as we enter the hustle and bustle of the holiday season. We know that big shopping days such as Black Friday, Small Business Saturday, and Cyber Monday are important to your savings effort. Using a holiday loan is a convenient way to boost your budget, or to help increase you spending.

How can I apply for a holiday loan?

Our Jingle Bell Holiday Loan is back! Eastex Credit Union members love seeing the return of our Jingle Bell Holiday Loan every year. Our Jingle Bell loan helps to put a little extra cash in your pocket to use however you see fit! Members of Eastex Credit Union can receive up to $1,200, with a rate as low as 12% APR*, and up to 12 months repayment. Don’t let the season stress you out when you apply today through our website or ask about our Jingle Bell Holiday Loan during your next visit to a branch! You can also call to speak to representative at 409.276.2525. *Subject to credit approval. APR = Annual Percentage Rate. 12-month term. Qualifications: must have 6 months of direct deposit, auto loan payment on automatic debit/transfer, and Gold Insurance protection. Promotion ends December 31, 2023.