Wondering how we're in the Holiday Shopping Season already?
We have a solution that will help you get through your holiday shopping list and not break your debit or credit card!
That's right...the Chief Financial Credit Union Holiday Loan is back. This simple loan will help you get through your holiday shopping list like a pro and won't leave you sorting through stacks of credit card bills.
It is as simple as 1...2...well actually just 1 & 2!
- 1.2% APR*
- 12 months
Why should you consider a Holiday Loan?
Well, that kind of depends on how easily and quickly you can pay off the balance. Rewards credit cards (& reward checking accounts) are awesome - in fact, we have some pretty sweet options for those like the Leader Dog Visa and Kasasa® Rewards Checking!
BUT if you don't have the extra coin sitting in your checking, you need to choose between a credit card or a holiday loan.
Again rewards credit cards are great and some even include promotional introductory rates like 0% APR*...yup, ours do that too! It really comes down to when you think you can pay off the balance. If you think you can pay off the balance in the introductory period - get the rewards credit card and avoid paying a penny of interest, we shamelessly recommend one of ours.
If you don't think you can pay off the balance in the introductory period or don't want to risk it, apply for the Chief Financial Holiday Loan.
There are some other benefits to going the route of a Holiday Loan:
- You know what your payment is going to be each month so you can see if it fits in your budget before you do any shopping.
- You can calculate how much interest you are scheduled to pay so you know how much it is actually costing you.
- You can pay extra at anytime if you have some extra cash and possibly reduce the number of payments or interest you ultimately pay.
So where should you start?
When considering applying for credit it is important to decide whether or not the new payment will fit in your budget. There are a ton of apps that have simple loan calculators - all you have to do is enter the starting amount of the loan, the length of the loan and the interest rate - and it will give you the monthly payment and the total interest you will pay.
Keep in mind these calculations are projections based on you making your payments on the exact due date and in the exact payment amount the app has calculated so if you vary either of those factors, your actual amounts may vary.
What does this loan look like for your budget and pocket book?
We cannot stress enough that these numbers are only projections and may vary based on your credit worthiness. If you qualify for the Chief Financial Holiday Loan at 1.2% APR* the following amounts are close estimates of what you can expect.
- Monthly Payment: ~$100.65
- Total Interest (Cost) Paid: ~$7.81