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The Holiday Credit: What are and what alternatives
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site does not feature every business or financial product available on the market, we're proud that the advice we provide as well as the advice we provide and the tools we develop are objective, independent, straightforward -- and free. How do we earn money? Our partners pay us. This can influence the products we write about (and the places they are featured on the site) however it doesn't affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable reviews of their products or services. .
Christmas Loans: What Are and Alternatives
A holiday loan is a way to pay for costs this time of year however, it is important to compare alternatives to finance to determine the lowest-cost option.
,
The last update was on Nov 9 2022.
A majority of the items featured on this page are provided by our partners who pay us. This affects the products we review and the location and manner in which the product is featured on a page. However, this doesn't affect our assessments. Our views are our own. Here's a list and .
Table of Contents
Table of Contents
With the holidays approaching You may be concerned about how you'll pay for gifts or other expenses associated with the season. The holiday loans could help with those purchases however, you might have more affordable options.
Find out more about holiday loans and look at alternatives before you borrow.
What is a holiday loan?
A Christmas loan is an unsecure loan that is able to pay for cash shortfalls and holiday expenses, including gifts, trips or even celebrations. These loans range from $1000 to $100,000 and offer annual percentage rates from 6% to 36%. You can receive cash fast, too- some lenders are able to fund a loan the day after you make an application.
However, since they generally have terms ranging from one to 7 years in length, it's possible that you might have to cover this season's expenses when the holidays roll around next year, or even the year following.
Where can I find a holiday loan?
Banks
Bank loans offer low rates and benefits for customers who are already clients as well as online applications. Creditworthy customers are the most likely to be eligible for highest rates offered by banks.
A personal loan from a financial institution can be a great idea for those with excellent or good credit (a score of 690 or higher) and already have an account. The bank offers loans for non-customers, however includes perks for account holders. Offers a discount for relationship customers with qualifying checking accounts.
Some banks do not provide personal loans Some might require that you submit your application at a location in the city.
Credit unions
Credit union loans typically , low starting amounts and maximum rates at or less than 27 percent. Borrowers with fair or bad credit (scores below 690) could find attractive rates when compared to other lenders, since credit unions may consider factors beyond the credit score. However, only credit union members are eligible to apply.
To be a member, you must meet the criteria of the credit union. You also must typically pay a one-time membership cost.
Online lending
Online lenders provide holiday loans to consumers with any credit scores. They can typically fund the loan within one or two days after the application. Loans from online lenders have APRs as high as 36% and repayment terms of typically two to seven years. The rate you can qualify for is based upon your score on credit, history of credit and the flow of cash.
The personal loan rates from lenders online like and start at around 8%, but you must have excellent to good credit to be eligible for the most affordable rates.
Creditors with fair or poor credit can expect rates at the top of the range offered by lenders which can result in higher interest costs. For instance the $1,000 loan, due in two years with an APR of 20% will cost around 222 dollars in interest.
However, if you are granted a loan be sure to check with several lenders to determine the most favorable rate and create a strategy to .
Personal loans from our partners
Small Personal Loans for Quick Cash Bad Credit Loan
on SoFi
SoFi
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score rate and fees, the customer experience and ethical lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 7.99-23.43%
Loan amount $5,000 - $100,000
on SoFi
on LightStream
LightStream
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including the impact on credit score, fees and rates customers' experience, and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
Amount of loan: $5,000 - $100,000
on LightStream
on OneMain Financial
OneMain Financial
4.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, customer service and responsible lending practices.
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit score, rates and fees, customer service and ethical lending practices.
APR 18.0-35.99%
Loan amount $1,500 - $20,000
on OneMain Financial
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers the factors we believe to be consumer-friendly, including the impact on credit scores rates and fees, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including impact to credit score, fees and rates, customer experience and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
on Avant
Avant
4.0 NerdWallet's ratings are compiled by the editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score, rates and fees customers' experience, and responsible lending practices.
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 9.95-35.95 Percent
Amount of loan $2,000 - $35,000
on Avant
on LendingPoint
LendingPoint
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer experience and responsible lending practices.
APR 7.99-35.99%
The loan amount is $2,000 to $36,500.
on LendingPoint
on PenFed Credit Union
PenFed Credit Union
5.0 NerdWallet's rating is determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be beneficial to consumers, including impact on credit score, fees and rates, customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as the impact on credit score rate and fees, customer service and ethical lending practices.
APR 7.74-17.99%
The loan amount is $600-$50,000.
on PenFed Credit Union
on LendingClub
LendingClub
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer experience and ethical lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 - $40,000
on LendingClub
on Upgrade
Upgrade
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be a good choice for consumers, such as the impact on credit score rate and fees, customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula is based on aspects we believe are beneficial to the consumer, including impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact on credit score, rates and fees customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR 6.5-35.99 percent
Loan amount $1,000 - $50,000
on Upstart
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit scores, rates and fees as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers factors we consider to be beneficial to consumers, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
on Universal Credit
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are compiled by the editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit score fees and rates as well as the customer's experience and responsible lending practices.
4.0 NerdWallet's rating is determined through our team of editors. The scoring algorithm takes into consideration aspects we consider to be beneficial to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR 18.0-35.99%
The loan amount is $1,500 to $20,000
on OneMain Financial
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and ethical lending practices.
4.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 18.0-35.99 percent
The loan amount is $1,500 to $20,000
on OneMain Financial
On Upgrading
Upgrade
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, the customer experience and responsible lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score rates and fees, customer experience and ethical lending practices.
APR 8.49-35.97%
Amount of loan: $1,000 - $50,000
on Upgrade
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial team. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, fees and rates, customer experience and ethical lending practices.
APR 6.5-35.99 percent
The amount of the loan is $1,000.
on Upstart
on Avant
Avant
4.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be beneficial to consumers, such as the impact on credit scores, rates and fees, customer experience and responsible lending practices.
4.0 NerdWallet's ratings are compiled through our team of editors. The scoring formula is based on the factors we believe to be beneficial to consumers, including impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 9.95-35.95 Percent
Amount of loan $2,000 - $35,000
on Avant
on LendingPoint
LendingPoint
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers factors we consider to be a good choice for consumers, such as impact on credit score, fees and rates, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula considers aspects we consider to be a good choice for consumers, such as impact to credit score rate and fees, customer experience and ethical lending practices.
APR 7.99-35.99%
Loan amount $2,000 - $36,500
on LendingPoint
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, such as impact on credit score, rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers the factors we believe to be beneficial to consumers, including impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 11.69-35.93%
The amount of the loan is $1,000.
on Universal Credit
Other holiday financing options
There are other ways to help cover expenses during the holidays.
Buy now, pay later
When you shop on the internet or in shops this holiday season, you may see the option of buying an item now and pay it off in installments which are referred to as " ." BNPL companies offer rates that range between 0% and 30% and have repayment periods from one week to two years.
The price you pay will depend on your credit, and you may have to pay for fees if you miss a payment. Buy nowand pay later is designed for smaller buys. Big purchases might require a down payment.
Buy nowand pay later financing is easy, particularly when it's a simple check-out option in online stores, but it can lead to overspending.
>> MORE:
0% APR credit card
If you have good or excellent credit, you might qualify for an . If you repay the balance within the card's introductory period, typically between 15 to 21 months, no charges for interest are incurred.
A credit card with a 0% rate can be cheaper in the short run, but if you carry a balance beyond the promotion period, you'll be required the expense of paying interest for that amount that you carry forward. If you miss a payment or are late on a due date during the initial period, a credit card issuer can cancel your 0% rate and leave you with interest due on the amount.
If you're looking to purchase a significant item during the holiday season and need time to finish the purchase, a credit card with a lengthy initial period of 0% APR is the best option.
>> MORE:
Apps for loans
The loan apps are a good option for those with poor credit histories or only a few credit scores as they typically don't require a credit check. Apps like these can give you a small cash advance on your pay check that is free of interest or charges, which could help cover any last-minute gift needs. But most apps ask for an optional tip that is similar to adding interest to your interest-free cash advance.
Loan apps offer advances of $5-$500 and schedule automatic repayment to your next payday from an account in your banking. They can also deposit money immediately at a cost they can be useful when you need them, but it's recommended not to use these apps regularly.
Between the fees and the possible tip, borrowing just $100 can land you an APR of over 100 percent on a loan, so it is best to look at cheaper alternatives if you can.
>> MORE:
Compare the various financing options for your holiday
Option
Cost
Repayment terms
Pros and pros and
Personal loan
6 or 36% of APR.
Most often, 1-7 years.
Pros: Fast funding.
Con: APRs can be high for poor-credit borrowers.
Buy now, pay later
Up to 30% APR.
Variable from 6 weeks up to 2 years.
Certain plans are interest-free.
Pro: The possibility of late fees and overspending.
APR 0% credit card
16 percent to 28% following an introductory 0% APR period.
15to 21 month promotion period to keep out charges.
Pro: 0% interest during promotional period.
Con: Usually available only to good- and excellent-credit borrowers.
Loan applications
Typically up to $10 in fees and the option of a tip.
Next payday.
Pro: You can receive money in a matter of minutes or even the same day.
Con: Likely charges an instant access fee.
Credit union loans
6% to 27% APR.
Most often, 1-7 years.
Pro: Lower rates, flexible terms.
Con: Must be an active member.
Beware of payday loans disguised as 'Christmas loans'
A search on the internet of "Christmas loans" could return websites that offer quick cash. But many Christmas loans are disguised as festive. These lenders usually don't verify your credit and promise to give you cash within 24 hours.
The catch? Your interest rate will go in the triple-digits. For example, a $500 loan due within two weeks and costing $15 for each $100 borrowed equals an APR of 390%, typical of payday loans.
You'll need to repay all the money, including interest, in a few weeks or even months. It could also be necessary allow the lender access to your bank account to make payments, which could expose you to overdraft charges that are costly in the event that you do not have funds in your account.
If you can, avoid the use of Christmas payday loans to pay for the holiday costs.
Begin budgeting for the year ahead.
There is no need to borrow to cover your holiday expenses. Begin planning for the year ahead and create the budget (we suggest the ) to make the most value from your earnings. At least 20% savings each payday throughout the year can yield the necessary funds to give yourself the best present: a debt-free holiday.
About the authors: Chanell Alexander was a personal loans writer for NerdWallet.
Ronita Choudhuri-Wade is the personal loans for NerdWallet.
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Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site does not feature every business or financial product available on the market, we're proud that the advice we provide as well as the advice we provide and the tools we develop are objective, independent, straightforward -- and free. How do we earn money? Our partners pay us. This can influence the products we write about (and the places they are featured on the site) however it doesn't affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable reviews of their products or services. .
Christmas Loans: What Are and Alternatives
A holiday loan is a way to pay for costs this time of year however, it is important to compare alternatives to finance to determine the lowest-cost option.
,
The last update was on Nov 9 2022.
A majority of the items featured on this page are provided by our partners who pay us. This affects the products we review and the location and manner in which the product is featured on a page. However, this doesn't affect our assessments. Our views are our own. Here's a list and .
Table of Contents
Table of Contents
With the holidays approaching You may be concerned about how you'll pay for gifts or other expenses associated with the season. The holiday loans could help with those purchases however, you might have more affordable options.
Find out more about holiday loans and look at alternatives before you borrow.
What is a holiday loan?
A Christmas loan is an unsecure loan that is able to pay for cash shortfalls and holiday expenses, including gifts, trips or even celebrations. These loans range from $1000 to $100,000 and offer annual percentage rates from 6% to 36%. You can receive cash fast, too- some lenders are able to fund a loan the day after you make an application.
However, since they generally have terms ranging from one to 7 years in length, it's possible that you might have to cover this season's expenses when the holidays roll around next year, or even the year following.
Where can I find a holiday loan?
Banks
Bank loans offer low rates and benefits for customers who are already clients as well as online applications. Creditworthy customers are the most likely to be eligible for highest rates offered by banks.
A personal loan from a financial institution can be a great idea for those with excellent or good credit (a score of 690 or higher) and already have an account. The bank offers loans for non-customers, however includes perks for account holders. Offers a discount for relationship customers with qualifying checking accounts.
Some banks do not provide personal loans Some might require that you submit your application at a location in the city.
Credit unions
Credit union loans typically , low starting amounts and maximum rates at or less than 27 percent. Borrowers with fair or bad credit (scores below 690) could find attractive rates when compared to other lenders, since credit unions may consider factors beyond the credit score. However, only credit union members are eligible to apply.
To be a member, you must meet the criteria of the credit union. You also must typically pay a one-time membership cost.
Online lending
Online lenders provide holiday loans to consumers with any credit scores. They can typically fund the loan within one or two days after the application. Loans from online lenders have APRs as high as 36% and repayment terms of typically two to seven years. The rate you can qualify for is based upon your score on credit, history of credit and the flow of cash.
The personal loan rates from lenders online like and start at around 8%, but you must have excellent to good credit to be eligible for the most affordable rates.
Creditors with fair or poor credit can expect rates at the top of the range offered by lenders which can result in higher interest costs. For instance the $1,000 loan, due in two years with an APR of 20% will cost around 222 dollars in interest.
However, if you are granted a loan be sure to check with several lenders to determine the most favorable rate and create a strategy to .
Personal loans from our partners
Small Personal Loans for Quick Cash Bad Credit Loan
on SoFi
SoFi
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score rate and fees, the customer experience and ethical lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 7.99-23.43%
Loan amount $5,000 - $100,000
on SoFi
on LightStream
LightStream
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including the impact on credit score, fees and rates customers' experience, and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
Amount of loan: $5,000 - $100,000
on LightStream
on OneMain Financial
OneMain Financial
4.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, customer service and responsible lending practices.
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit score, rates and fees, customer service and ethical lending practices.
APR 18.0-35.99%
Loan amount $1,500 - $20,000
on OneMain Financial
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers the factors we believe to be consumer-friendly, including the impact on credit scores rates and fees, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including impact to credit score, fees and rates, customer experience and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
on Avant
Avant
4.0 NerdWallet's ratings are compiled by the editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score, rates and fees customers' experience, and responsible lending practices.
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 9.95-35.95 Percent
Amount of loan $2,000 - $35,000
on Avant
on LendingPoint
LendingPoint
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer experience and responsible lending practices.
APR 7.99-35.99%
The loan amount is $2,000 to $36,500.
on LendingPoint
on PenFed Credit Union
PenFed Credit Union
5.0 NerdWallet's rating is determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be beneficial to consumers, including impact on credit score, fees and rates, customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as the impact on credit score rate and fees, customer service and ethical lending practices.
APR 7.74-17.99%
The loan amount is $600-$50,000.
on PenFed Credit Union
on LendingClub
LendingClub
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer experience and ethical lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 - $40,000
on LendingClub
on Upgrade
Upgrade
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be a good choice for consumers, such as the impact on credit score rate and fees, customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula is based on aspects we believe are beneficial to the consumer, including impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact on credit score, rates and fees customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR 6.5-35.99 percent
Loan amount $1,000 - $50,000
on Upstart
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit scores, rates and fees as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers factors we consider to be beneficial to consumers, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
on Universal Credit
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are compiled by the editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit score fees and rates as well as the customer's experience and responsible lending practices.
4.0 NerdWallet's rating is determined through our team of editors. The scoring algorithm takes into consideration aspects we consider to be beneficial to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR 18.0-35.99%
The loan amount is $1,500 to $20,000
on OneMain Financial
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and ethical lending practices.
4.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 18.0-35.99 percent
The loan amount is $1,500 to $20,000
on OneMain Financial
On Upgrading
Upgrade
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, the customer experience and responsible lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score rates and fees, customer experience and ethical lending practices.
APR 8.49-35.97%
Amount of loan: $1,000 - $50,000
on Upgrade
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial team. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, fees and rates, customer experience and ethical lending practices.
APR 6.5-35.99 percent
The amount of the loan is $1,000.
on Upstart
on Avant
Avant
4.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be beneficial to consumers, such as the impact on credit scores, rates and fees, customer experience and responsible lending practices.
4.0 NerdWallet's ratings are compiled through our team of editors. The scoring formula is based on the factors we believe to be beneficial to consumers, including impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 9.95-35.95 Percent
Amount of loan $2,000 - $35,000
on Avant
on LendingPoint
LendingPoint
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers factors we consider to be a good choice for consumers, such as impact on credit score, fees and rates, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula considers aspects we consider to be a good choice for consumers, such as impact to credit score rate and fees, customer experience and ethical lending practices.
APR 7.99-35.99%
Loan amount $2,000 - $36,500
on LendingPoint
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, such as impact on credit score, rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula considers the factors we believe to be beneficial to consumers, including impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 11.69-35.93%
The amount of the loan is $1,000.
on Universal Credit
Other holiday financing options
There are other ways to help cover expenses during the holidays.
Buy now, pay later
When you shop on the internet or in shops this holiday season, you may see the option of buying an item now and pay it off in installments which are referred to as " ." BNPL companies offer rates that range between 0% and 30% and have repayment periods from one week to two years.
The price you pay will depend on your credit, and you may have to pay for fees if you miss a payment. Buy nowand pay later is designed for smaller buys. Big purchases might require a down payment.
Buy nowand pay later financing is easy, particularly when it's a simple check-out option in online stores, but it can lead to overspending.
>> MORE:
0% APR credit card
If you have good or excellent credit, you might qualify for an . If you repay the balance within the card's introductory period, typically between 15 to 21 months, no charges for interest are incurred.
A credit card with a 0% rate can be cheaper in the short run, but if you carry a balance beyond the promotion period, you'll be required the expense of paying interest for that amount that you carry forward. If you miss a payment or are late on a due date during the initial period, a credit card issuer can cancel your 0% rate and leave you with interest due on the amount.
If you're looking to purchase a significant item during the holiday season and need time to finish the purchase, a credit card with a lengthy initial period of 0% APR is the best option.
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Apps for loans
The loan apps are a good option for those with poor credit histories or only a few credit scores as they typically don't require a credit check. Apps like these can give you a small cash advance on your pay check that is free of interest or charges, which could help cover any last-minute gift needs. But most apps ask for an optional tip that is similar to adding interest to your interest-free cash advance.
Loan apps offer advances of $5-$500 and schedule automatic repayment to your next payday from an account in your banking. They can also deposit money immediately at a cost they can be useful when you need them, but it's recommended not to use these apps regularly.
Between the fees and the possible tip, borrowing just $100 can land you an APR of over 100 percent on a loan, so it is best to look at cheaper alternatives if you can.
>> MORE:
Compare the various financing options for your holiday
Option
Cost
Repayment terms
Pros and pros and
Personal loan
6 or 36% of APR.
Most often, 1-7 years.
Pros: Fast funding.
Con: APRs can be high for poor-credit borrowers.
Buy now, pay later
Up to 30% APR.
Variable from 6 weeks up to 2 years.
Certain plans are interest-free.
Pro: The possibility of late fees and overspending.
APR 0% credit card
16 percent to 28% following an introductory 0% APR period.
15to 21 month promotion period to keep out charges.
Pro: 0% interest during promotional period.
Con: Usually available only to good- and excellent-credit borrowers.
Loan applications
Typically up to $10 in fees and the option of a tip.
Next payday.
Pro: You can receive money in a matter of minutes or even the same day.
Con: Likely charges an instant access fee.
Credit union loans
6% to 27% APR.
Most often, 1-7 years.
Pro: Lower rates, flexible terms.
Con: Must be an active member.
Beware of payday loans disguised as 'Christmas loans'
A search on the internet of "Christmas loans" could return websites that offer quick cash. But many Christmas loans are disguised as festive. These lenders usually don't verify your credit and promise to give you cash within 24 hours.
The catch? Your interest rate will go in the triple-digits. For example, a $500 loan due within two weeks and costing $15 for each $100 borrowed equals an APR of 390%, typical of payday loans.
You'll need to repay all the money, including interest, in a few weeks or even months. It could also be necessary allow the lender access to your bank account to make payments, which could expose you to overdraft charges that are costly in the event that you do not have funds in your account.
If you can, avoid the use of Christmas payday loans to pay for the holiday costs.
Begin budgeting for the year ahead.
There is no need to borrow to cover your holiday expenses. Begin planning for the year ahead and create the budget (we suggest the ) to make the most value from your earnings. At least 20% savings each payday throughout the year can yield the necessary funds to give yourself the best present: a debt-free holiday.
About the authors: Chanell Alexander was a personal loans writer for NerdWallet.
Ronita Choudhuri-Wade is the personal loans for NerdWallet.
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