How to Find Cash for the Holidays

The coronavirus pandemic has put financial pressure on many families, and it may be difficult for some to cover their holiday-related expenses this year. Regardless of the economy, it still might be a good idea to apply for a personal loan to help pay for things around the holidays.

If you’re still on the fence about applying for a holiday loan, here is what you need to know.

Holiday loans are exactly that: seasonal opportunities. Many holiday loans are not offered throughout year. Some lenders will not offer holiday loans until around the end of October and will stop offering them before the new year.

RMLEFCU’s holiday loan has a lower rate than our personal loan. It’s great for getting a little extra cash for gifts, travel, or just paying down some debt with a low-rate loan.

You may still want to get a holiday loan if you’ve already done your holiday shopping and want to save on high-interest credit card debt. In this scenario, you can use a holiday loan to pay off your higher interest credit card balances, leaving you with a single monthly payment on your holiday debt.

Consider one if you have a decent credit score, you can repay your loan, or you want to consolidate your debt!

If you’re still not convinced of the benefits, here are some options to make extra cash yourself.

Chances are, you have some things in your home that you don’t need or use anymore. You can sell these items on Facebook Marketplace, LetGo or Offer Up. Even if those items sell for as little as $5 or $10, they can add up easily and you can use the extra cash to cover holiday expenses.

Try cashing in your credit card points for rewards like gift cards for yourself or as a gift to someone else. LEO Rewards has hundreds of different rewards including gift cards, cash back, charitable donations, travel, experiences, event tickets, and merchandise.

If you want to take advantage of our low rates today, contact lending@rmlefcu.org to speak to a loan officer about applying for a holiday loan!