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Christmas loans

Need some extra cash to get you through the holiday season?

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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Name Product Mobile details underline Interest Rate (p.a.) Comp. Rate (p.a.) Rate Type Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan Fixed, 1 - 7 Years, $2,001 - $75,000
Exclusive
OurMoneyMarket Personal Loan
1 - 7 Years, $2,001 - $75,000
5.65%
to 20.99%
6.27%
to 23.83%
Fixed
1.50% - 6%
min. $250
$0
You'll receive a fixed rate from 5.65% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

Finder Exclusive: Apply before 30th of June 2022 to secure a 0.20% p.a. discount for the full term of your loan.
Citi Personal Loan Plus Variable, 3 - 5 Years, $5,000 - $75,000
Exclusive
Citi Personal Loan Plus
3 - 5 Years, $5,000 - $75,000
8.90%
9.18%
Variable
$199
$0
You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

Finder Exclusive: Earn 150,000 Velocity Points when you apply and activate your account within 90 days from approval.
Wisr Personal Loan Fixed, 3 - 7 Years, $5,000 - $64,000
Wisr Personal Loan
3 - 7 Years, $5,000 - $64,000
6.95%
to 17.95%
7.78%
to 18.37%
Fixed
$595
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
NOW Finance No Fee Unsecured Personal Loan Fixed, 18 Months - 7 Years, $5,000 - $50,000
NOW Finance No Fee Unsecured Personal Loan
18 Months - 7 Years, $5,000 - $50,000
5.95%
to 19.95%
5.95%
to 19.95%
Fixed
$0
$0
You'll receive a fixed rate between 5.95% p.a. and 19.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

Latitude Variable Rate Personal Loan Variable, 2 - 7 Years, $5,000 - $70,000
Latitude Variable Rate Personal Loan
2 - 7 Years, $5,000 - $70,000
5.75%
to 25.99%
6.68%
to 29.20%
Variable
0% - 5%
$13
You'll receive a variable rate between 5.75% p.a. and 25.99% p.a. based on your risk profile
Apply for what you need from $5,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.
Great Southern Bank Unsecured Fixed Rate Personal Loan Fixed, 1 - 7 Years, $5,000 - $65,000
Great Southern Bank Unsecured Fixed Rate Personal Loan
1 - 7 Years, $5,000 - $65,000
9.39%
9.64%
Fixed
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Great Southern Bank Unsecured Variable Rate Personal Loan Variable, 1 - 7 Years, $5,000 - $75,000
Great Southern Bank Unsecured Variable Rate Personal Loan
1 - 7 Years, $5,000 - $75,000
11.89%
12.15%
Variable
$175
$0
You'll receive a guaranteed rate of 11.89% p.a. with a comparison rate of 12.15% p.a. if you're approved. Note: This rate may vary during the loan term.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
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Compare up to 4 providers

Christmas is a time for family and friends, gifts and cheer, and it can also be expensive. If you’re looking for a loan to see you through the holiday season, there are a number of personal loans options available. There are also options to help you consolidate debt and save on interest and fees.

What is a Christmas loan and how does it work?

A Christmas loan is a personal loan that you can use to cover your Christmas expenses. It works just like other personal loans, where you repay the loan with interest and fees over a period of time.

You can use the loan funds for any purpose, whether it’s for a family holiday, party or gifts, or to consolidate your other personal debts and finances. How much you can borrow will depend on the loan, your income and credit score. Payday loans are an option for bad credit borrowers, but they are more expensive than others and should be approached with caution. You should only consider them if it’s a financial emergency as they can exacerbate existing financial problems and lead to further debt.

What are my options for a Christmas loan?

You have a number of options when it comes to covering your Christmas expenses. Here’s a quick breakdown:

  • Standard personal loans. These loans can be either secured with an asset, or unsecured. Traditional lenders like banks and online lenders offer these loans. They come with a set repayment date, with terms ranging up to 7 years. Secured loans generally have higher borrowing limits, up to $100,000, while $50,000 is the limit for most unsecured loans. Secured loans are also cheaper, with lower interest rates, but come with the risk of asset repossession if you default. Repayments will include interest charges as well as fees.
  • Personal line of credit. This is a form of revolving credit. Here the lender gives you ongoing credit up to a certain limit. Some lenders offer up to $75,000. You can borrow when you want and pay for what you’ve borrowed, not the entire credit limit. Interest charges apply on the amount you’ve borrowed. In contrast to lump sum loans like secured or unsecured loans, you can borrow the money as and when the need arises. This is a good option if you’re unsure of how much you’ll need over the Christmas period.
  • Overdraft. An overdraft facility can be set up with your current bank and linked to your existing transaction account. This facility allows you to overdraw your account up to the given limit. This limit will be agreed upon by the applicant and the bank, and will depend on the financial position of the borrower. Some banks offer overdraft facilities in excess of $25,000. With overdrafts, you only have to pay for what you borrow and interest charges will apply. If you have a good relationship with your bank, you may be able to get an overdraft even if your credit isn’t perfect.
  • Credit card. If you have upcoming expenses, you can apply for a credit card. Some cards offer an introductory interest-free period. Interest rates on credit cards are higher than other personal loans. There is also no set repayment period. You can carry your balance forward but after the interest-free period, you’ll be attracting high interest rates.
  • Short-term loans. If you need a small loan of less than $2,000, and you’re certain you can repay it within a few months, a short-term loan is an option. These loans are also called payday loans, with some lenders offering loans to bad credit borrowers. However, these loans are expensive and come with high fees and charges. You should avoid these loans if you can.
  • Debt consolidation loans. If you’re looking to consolidate your existing personal debt before the end of the year, there are a number of debt consolidation loans available. With these loans, you can roll your existing debt into one loan with a single interest rate and repayment date. This can help you keep the costs down and manage your debt better.
  • Peer to peer personal loans. A peer to peer or P2P loan is when you borrow money from an individual or a group of investors. P2P lending sites match investors to borrowers. Unlike traditional lenders, P2P lending has a more flexible lending criteria. This means that lenders are more open to funding loans for borrowers with less than perfect credit scores. They do this by offering interest rates personalised to the borrower and their risk profile. These loans can either be secured or unsecured.
  • Buy now pay later. Buy now pay later can be especially useful to help you stagger the cost of retail purchases. It allows you to pay for your purchase in interest-free instalments. The loan terms are generally short, and if you don’t make your repayments within that time, you may have to pay late fees. You can check with the retailer to see if they offer this option.
  • No interest loans (NILS). This is a personal loan for low income earners. As the name implies, no interest is charged for the loan. How you can use the funds comes with limitations, however. It can be used to purchase household item essentials like fridges, stoves and washing machines. It can also be used to pay for repairs, medical and educational expenses.
  • Centrelink cash advance. This allows you to receive an advance payment on your Centrelink benefits. This is not an additional payment, but a part of your existing allowance paid in advance. You may be eligible depending on how long you have been with Centrelink and how much you receive. You can contact the Department of Human Services for more details.
  • StepUp Loans. If your income is small, you could be eligible for a StepUP personal loan. This program is managed by Good Shepherd Microfinance in partnership with NAB. With this loan, you could borrow between $800 and $3,000, with a loan term of up to 3 years. The interest rate is fixed at 5.99% p.a.
  • 0% interest financing from retailers. Some retailers offer interest-free periods on the sale of their goods and appliances. For instance, The Good Guys offers up to 50 months interest-free on home appliance purchases with a minimum spend in-store or online.

Family on Christmas

How do I find the right loan for me?

If you’re wondering which loan would suit you best, the key is comparing loans to find one that ticks all your boxes. Here’s what you need to keep in mind:

  • Cost and affordability. You need to consider how much the loan will cost you, inclusive of interest and fees. Comparing interest rates is a good way to check if the loan is competitive. But you should also keep an eye on other fees and the comparison rate. The latter takes into account interest and the fees you will be charged, and will give you an indication of the true cost of the loan. Some of the fees include establishment fees and monthly or annual ongoing account maintenance fees. Once you’ve accounted for the cost, you need to consider whether you can afford the loan. Look at what your monthly repayments are, and whether they sit comfortably in your budget.
  • Loan term. Your loan term is how long you have to repay the loan. The length of the term will affect how high your repayments are. That is, with a short term, you can expect higher monthly repayments. But with longer terms, you pay more in interest and fees. You can use a personal loan calculator to get an idea of what your repayments will be with different loan terms.
  • Loan amount. Lenders have set minimum and maximum lending amounts. Make sure the amount you need is on offer from the lender.
  • Turnaround time. Check how long the lender takes to approve the loan and transfer the funds to you. If you need your funds within a certain time, make sure the lender is able to accommodate this.
  • Eligibility. Lenders have specific requirements the borrower must meet. These include income and credit score. You should check if you’re eligible for the loan before applying.
  • Loan features. If there are specific loan features you would like to have, make sure to check which loans offer them. This can include early repayments, early exit without penalty and redraw facilities.

What should I consider before applying for a loan?

Taking on debt comes with responsibilities. Here’s what you need to consider before applying:

  • Getting into debt you cannot afford. Check the cost of the loan, making sure you can afford it and that your repayments fit comfortably within your budget. You should also avoid borrowing more than you need.
  • Disreputable lenders. Unfortunately, there are disreputable lenders that offer what appear to be attractive rates or financing for bad credit applicants. You should be wary of any offer that seems too good to be true. It’s best to check if the lender is reputable and what their history is. You should check the lender's website and make sure they’re a reputable company and registered with ASIC. Plus, the lender should be easy to contact.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score, making it harder for you to get a loan in the future. Select a single loan that you’re eligible for and that suits your needs, and apply with that lender.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don’t repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. For secured loans, your asset could be repossessed if you default.

Tips to keep your Christmas costs down

If Christmas is getting more expensive each year, it may be time to rein in your holiday budget. Here are some tips to help you spend less:

  • Have a budget, but also a plan. If you organise your finances and plan ahead, you’ll limit your chances of overspending. Plan for gifts and parties in advance and keep to the budget. Planning ahead can give you time to find the best deal.
  • Shop online and save. Don’t hesitate to make the most of coupons and coupon codes. You can also check out Finder’s Christmas gift guides.
  • Use up those rewards. If you’re part of a reward scheme, Christmas could be the best time to spend your reward points. If you’re looking for ways to earn rewards, there are various credit cards with reward programs. This lets you earn points for every dollar spent.
  • Have a repayment plan. In case you do overspend, know how you’re going to pay it back. Choose a debt consolidation method, whether a personal loan, credit card balance transfer or both. Make payments within a specific timeframe to get you out of debt as soon as possible.
  • Pay down your debts before the holidays. Having the stress of debt hanging over you can ruin the festive mood. Try to get on top of your existing debt before the holiday season. Pay off as much credit card debt as you can. If possible, make extra repayments to reduce how much you pay in interest.
  • Consider a 0% interest credit card. These cards offer an introductory interest-free period that can help you keep costs down during the holidays. You can compare your options here.

Can I get a Christmas loan if I have bad credit?

For most personal loans, lenders prefer borrowers with good credit scores. But there are some loans that have more flexible criteria. These include peer to peer personal loans. Do keep in mind that bad credit personal loans generally cost more. If the lender offers personalised rates or risk based financing, your credit score will determine how much the loan costs. The better your score, the lower the rate. If you have less than perfect credit, you can expect higher interest rates.

Some payday lenders also offer loans to bad credit borrowers. Their eligibility criteria is more flexible and their decision will be based on whether you can repay the loan. As mentioned before, these loans are expensive and should be approached with some caution. There are also payday loans with no credit checks.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

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Bad Credit options for Christmas Loans

1 - 4 of 4
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Nimble Medium Loan
$25,000
62 days to 48 months
1 hour - conditions apply*
$15
Application fee of $400 + 47.62% p.a. for $2,050 to $5,000
Apply for up to $25,000 and have up to 50 months to repay.
Swoosh Finance
$4,584
60 days -12 months
Next business day
$35
$416 + 47% p.a. of borrowed amount
A secured loan up to $4,584 you can apply for in 10 minutes. Have up to 1 years to repay what you borrow.
Fair Go Finance Medium Personal Loan
$5,000
6 to 24 months
Within 24 hours
$35
Establishment fee of $375 to $771
A larger loan up to $5,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.
Jacaranda Finance Personal Loan
$15,000
9 to 24 months
Under 1 hour - conditions apply
$35
$249 - $990 depending on credit
Borrow up to $15,000 and get access to your funds in as little as 1 hour.
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Compare up to 4 providers

How can I apply for a Christmas loan?

🤔 Work out what type of finance you need, how much you need to borrow and what you can afford.

🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder’s comparison tables to help you.

✅ Select a lender. Click “Go to site” to be directed to the lender’s page, or “More info” if you want to read about the lender.

🖨️ Organise and prepare the required documentation. This will make the application process easier.

📱 Apply. Most lenders have their applications online.

Christmas should be a joyous occasion, to be spent with family and friends. Ensure you can afford the repayments on any loans you consider. Alternatively, consider cutting down on expenses. It doesn’t have to be expensive, but it can be thoughtful. We’ve curated a guide of the best gifts you can buy for under $20.

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
    Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate between 6.49% p.a. and 15.99% p.a. ( 7.41% p.a. to 16.84% p.a. comparison rate) based on your risk profile
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 6.95% p.a. and 22.49% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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