December 13, 2021
For many Mainers, spending for the holiday season is as much a tradition as the holiday festivities themselves. From checking off mile-long gift lists and decking the halls to traveling and entertaining, the ways to spend, spend, spend seem endless, and unless you have an endless stockpile of cash, you more than likely need to find an affordable way to finance it all. Fortunately for you, the holidays are a time when UCU personal loans shine.
With a UCU personal loan, you have access to a lump sum of cash to use for just about anything, including holiday expenses. With their flexible terms, no collateral required, and interest rates that are typically lower than credit cards, they’re one of the most affordable unsecured financing options, too.
Here’s a quick guide for planning your holidays with a UCU personal loan.
Customize your loan to your holiday budget.
Planning for your holidays with a UCU personal loan is easy because you can set your budget and then borrow the right amount for that budget. A personal loan is a great way to keep yourself to a set spending limit, so you don’t overindulge for the holidays.
Plan for your payments.
Based on what you borrow, your UCU lender will work with you to show how much your payments are. You also have access to flexible terms based on how much you borrow, so you can create a solid plan for paying off your holiday expenses. Be sure to include those payments into your overall household budget to ensure the amount borrowed is suitable for your lifestyle. As a bonus, making your UCU personal loan payments on time is great for your credit score.
Consider making extra payments.
When possible, paying off debt faster is a great idea. That’s because it helps you pay less in total interest and get out of debt faster. Plus, there is no early payoff penalty with a UCU personal loan.
Look at all the options.
In addition to a regular personal loan, UCU also offers secured loans. Loans secured with an asset such as a share or certificate account or other collateral deliver even lower interest rates for an incredibly affordable financing option. The benefit of a secured loan is you don’t have to tap your savings. For example, you could use a secured loan to pay for your holiday expenses – all while still earning interest on your savings.
For those needing to rebuild credit, give UCU a call at 800-696-8628 to talk to learn more about how you can give yourself the gift of improved credit, with a UCU Credit Builder Loan, this holiday season.
Are you already overspent? We can help.
If you’ve already overindulged for the holidays, we understand and can help you get the financing you need. If you end up using other credit cards over the holidays, you can transfer to your UCU credit card with no balance transfer fee. With a UCU personal loan, you can transfer higher-rate debt for a more affordable solution. We’ll work with you to customize the loan that’s right for you. To learn more about our personal loan options and to use our loan calculator, visit ucumaine.com/personal-loans.