Can You Borrow A Personal Loan For The Christmas Period?
The festive period has crept up on us faster than we thought it could. With bonfire night and Halloween in the past, it’s now time the nation begins the Christmas countdown. So, if you haven’t already, now is the time you need to be considering all of the aspects surrounding the holiday. From finances to food, in order to stay away from last-minute stress, planning is the perfect answer. As expected, many families splash out for the festive period, some usually even going over budget without realising. Therefore, is turning to a personal loan an option you could take this year?
Christmas Spending
Christmas is a very, if not the most expensive time of year for a lot of Brits. Many families take the festive period the extra mile with masses of decorations inside and out, feasts of food for the whole family and countless presents under the tree. But, this doesn’t necessarily mean that they find the season financially simple. In 2019, YouGov.co.uk reported that the festive costs amounted to a total of around £1,116. Within this number, £381.60 was spent on gifts and the remaining sum was lost through food, drinks and even hotel stays.
How Would A Personal Loan Help?
As you’ll have read above, funding the festive period can be particularly stressful and financially draining. With the celebrations and decorations well underway you may feel the pressure tightening up. Thankfully, there are options you can take in order to minimise your worries and relax over the season. One option that’s available to everybody (even those with bad credit), is personal loans.
Give your family the perfect Christmas they’ve been dreaming of without breaking your bank. Borrowing a personal loan would enable you to purchase everything you and your family have been wishing for whilst repaying it in smaller instalments. This way, you can still afford all your weekly, monthly or yearly bills without the stress of one or the other.
Don’t forget, despite decorations taking up a huge sum of the Christmas costs, they last multiple years. Unlike other occasions like bonfire night, these celebrations don’t necessarily include one-use displays. If you’re lucky enough, your artificial Christmas tree could even last you up to 10 years. Therefore, if you’re deciding whether to borrow a loan, just remember you’ll have enough freedom to purchase your decorations for not only the current time but also the future.
What To Consider When Borrowing A Personal Loan At Christmas
Just like every other loan, personal loans also have their downsides and potential problems. Therefore, before diving straight into the deep end we advise you to consider your decision carefully.
Repayments
Here at Simple Personal Loans, we can help find you a loan from anywhere between £1,000 and £35,000. These all have a repayment range of 12 months all the way to 72 months. Therefore, depending on the amount you borrow, you will have plenty of time to spread out your payments to give you the easiest borrowing route. However, before applying you’ll need to ensure your money management skills are suitable. This is because a missed payment could cause serious money issues.
Interest
APR (annual percentage rate), also known as interest is added to your total amount once you have applied for a loan. Sometimes, amounts and percentages may vary depending on the lender and even your credit score. However, one of the positive aspects regarding personal loans is the interest rates tend to be a lot lower than other borrowing methods.
Borrowing a loan can have both positive impacts and negative impacts. However, the decision you make is something personal to you as an individual. Your Christmas period does not have to be jam-packed full with expensive activities and costs to keep the family entertained, so, before making any quick decisions learn more here.