Personal Loans for Christmas

Need some extra money to get through the holidays? Compare affordable personal loans to cover your holiday expenses.

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Christmas is a time for giving, but it can come as a surprise how much you end up needing to spend.

If you're looking to spread your Christmas expenses over an extended period or you want to consolidate some leftover debt after New Year's Day, this guide will help you sort through your options.

What options do I have for a Christmas loan?

You have a number of options when it comes to covering your Christmas expenses.

The right option for you will depend on your income, credit history, how much you need and whether you're looking to fund upcoming purchases or consolidate your Christmas debt.

Here's a quick breakdown of some of your options:

  • Short term loans. If you need a small loan of less than $2,000 and can repay it in a few months, you may consider a short term cash loan. These loans, also called payday loans, are a common choice for people with bad credit.
    Compare your short term loan options below.
  • Unsecured personal loan. If you have good credit and are looking for a larger loan amount, you can consider an unsecured personal loan. You can borrow from $3,000 without needing to use an asset as security, and have between one and seven years to repay it. Jump ahead and compare unsecured personal loans.
  • Line of credit. If you're unsure how much you'll need over the Christmas period you may want to consider a line of credit. Unlike a personal loan, you get access to a credit limit that you can draw on. You only repay as much as you use and once you repay what you owe you can use the funds again.

How can you get a loan for Christmas?

Applying for a loan for the holiday season is quick and easy.

  1. Find a lender by comparing your options below. Look at the costs of the loan, how quickly you'll receive it and if you'll be eligible.
  2. Click "Go to Site" to go through to the lender's site and confirm the loan details and your eligibility.
  3. Apply directly on the lender's site. You will need to provide personal, employment/Centrelink, financial and banking information.
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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.
  • Loan Amount: $2,000
  • Loan Term: 9-14 weeks
  • Turnaround Time: 30 minutes - conditions apply
  • Fees: 20% of loan amount + 4% of loan amount each month
  • Bad credit borrowers OK
  • Quick & easy Approval
Sunshine Short Term Loans
  • Bad credit applicants considered
  • Fast approval service
  • Borrow up to $2,000
Go to site More info

Short term loans for Christmas spending

If you need short-term cash, you can compare your payday loan options below.

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee 20% of loan amount + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
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How do these loans work?

A Christmas loan can provide you with much-needed funds to help you get through the holiday period or consolidate your debt after Christmas. As with any loan, you have to repay the loan amount along with any interest and fees it attracts within a given time period. Typical Christmas loans are unsecured so you don't have to worry about providing collateral as security against the loan.

You can use proceeds from these loans for all Christmas-related expenses, from buying presents or decorating your home to simply buying products you've wanted to for a while. A good way to establish how much you should borrow is to work on a budget ahead of time and take into account that repayment periods of such loans tend to vary between one and five years.

Family on Christmas

Unsecured loans to see you through the holiday period

An unsecured loan could be used to fund your Christmas spending. Provided you meet the requirements set out by the lending institution you could borrow a larger amount of money for your gifts or family holiday.

Data indicated here is updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Plenti Fixed Rate Personal Loan

From 5.99% (fixed)
6.27%
$2,001
3 to 5 years
From $99 to $499
$0
You'll receive a fixed rate between 5.99% p.a. and 15.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Harmoney Unsecured Personal Loan

From 6.99% (fixed)
7.79%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
OurMoneyMarket Personal Loan

From 6.75% (fixed)
6.96%
$2,001
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 6.75% 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.
ANZ Fixed Rate Personal Loan
10.50% (fixed)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 10.50% p.a. ( comparison rate 11.38% p.a. )
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
Alex Personal Loan

From 6.95% (fixed)
6.95%
$2,100
6 months to 5 years
$0 (waived $295)
$0
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: Waived $295 establishment fee for all applications submitted before 15 February 2021.
SocietyOne Unsecured Personal Loan (2-3 years)

From 6.99% (fixed)
6.99%
$5,000
2 to 3 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 6.99% p.a. and 17.99% 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.
SocietyOne Unsecured Personal Loan (5 years)

From 7.99% (fixed)
7.99%
$5,000
5 years
from 0% to 5% of the loan amount
$0
You'll receive a fixed rate between 7.99% p.a. and 20.49% 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.
CUA Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.39% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)

From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile
Apply for what you need from $3,000 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.
NAB Personal Loan Unsecured Fixed

From 9.99% (fixed)
10.88%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
ANZ Variable Rate Personal Loan
12.99% (variable)
13.86%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 12.99% p.a. ( comparison rate 13.86% p.a. )
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility. Note: These rates are available until 31 March 2021. Credit, eligibility criteria and terms & conditions apply.
NOW Finance No Fee Unsecured Personal Loan

From 6.95% (fixed)
6.95%
$5,000
18 months to 7 years
$0
$0
You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan advisor. No security required.
Wisr Personal Loan

From 7.95% (fixed)
8.22%
$5,000
3 to 5 years
$195 (Establishment Fee)
$0
You'll receive a fixed rate between 7.95% p.a. and 19.95% 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.
Plenti Variable Rate Personal Loan

From 5.59% (variable)
6.25%
$2,001
1 to 3 years
From $99 to $499
$0
You'll receive a variable rate from 5.59% p.a and 12.89% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
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What features should you look for in a Christmas loan?

If you're looking for a loan for the holiday period, you should always compare a number of options before making a decision.

You should make sure to compare the rates, fees and repayment information of each product and also consider the following information before applying:

  • Does it offer repayment flexibility? Lenders will usually line up your repayments according to when you get paid. Some also allow you to make extra repayments or pay off the entire loan early without penalty.
  • When will you receive the loan? Lenders need to verify your personal and financial details, but some can approve your loan and have the money delivered within 24 hours.
  • Consider the differences between different loan types. If you are applying for a payday loan of less than $2,000, you will not pay more than 24% in fees. If you apply for a larger loan you may pay more. Make sure to compare lenders as well as loan products to find a more competitive offering.

Have bad credit? You might still have options available

Bad credit follows you around no matter what time of year it is, but there is a way to access credit at Christmas time no matter what the state of your credit file. Here are some options to consider this Christmas season if you're in need of a loan and your credit history is less than perfect.

  • No credit check loans. These loans, commonly referred to as no credit check payday loans, require no credit check in order for approval. You will generally have to submit three months of bank statements to show your incoming and outgoing money and also provide evidence of your income.
  • Short term loans. While most payday lenders still do credit checks, some will accept applications from those with bad credit. Lenders, such as those in the table above, consider your application based on your current financial position.

Tips to keep your Christmas costs down

If Christmas is getting more expensive each year, it may be time to take back control of your holiday budget. Here are some tips to spend less next year:

  • Pay down your debts before the holidays. A lot of stress comes from debts piling up, so getting on top of your existing debt well before the holidays can help ease this. Pay off your credit card debt and, if possible, make extra repayments on your loan to reduce how much you pay in interest.
  • Consider a 0% purchase credit card. These cards let you spend interest-free for a certain period of time, helping you to keep costs down during the holiday period. Compare your options here.
  • Utilise your rewards. If you are part of a rewards scheme, Christmas could be the time to spend your hard-earned rewards points on shopping items. If you're looking for ways to earn rewards there are various credit cards that come with rewards programs, letting you earn points for every dollar you spend.
  • Not only have a budget, but have a plan. If you organise the presents you're going to get beforehand you'll limit your chances of overspending. You'll also give yourself time to find the best deal.
  • Shop online and save. You can save time and money by shopping online using coupon codes or by using the finder Christmas gift guides.
  • Have a repayment plan. If you do overspend, know how you're going to pay it back. Choose your debt consolidation method – whether it be personal loans, credit card balance transfers or both – and then make payments within a specific timeframe to get out of debt as soon as you can afford to.

Pros and cons of taking out a Christmas loan

Pros

  • Get access to money when you need it the most. A loan can help if you're running short of money to deal with Christmas expenses or want to carry on with your holiday plans.
  • Fixed fees. Many short-term lenders come with fixed fees and rates so you'll know what you have to pay when you apply for the loan. You'll receive a detailed repayment schedule and payment dates. Repayments are generally made via direct debit.

Cons

  • Getting into debt. You could end up in debt if you're not sure how to go about repaying your loan. It's important to make sure you know exactly how you're going to repay the money before you sign on the dotted line.
  • Falling behind on other commitments. If you are borrowing money to get through Christmas, it is important not to fall behind on other repayments during this season.

Things to avoid with Christmas loans

  • High interest. Make sure you compare interest rates between competing loans. It makes sense to avoid loans with high interest rates, but you might not have this luxury if you suffer from a poor credit history.
  • Hidden fees. An easy way to avoid paying hidden fees is to go through the entire loan documentation carefully before accepting its terms and conditions. The law requires lenders in Australia to inform borrowers of all associated fees and charges, so by going through the related paperwork you will know exactly what to expect.

Christmas should be a joyous occasion for friends and family. Ensure you can afford the repayments on any loans you take out by comparing your options using the comparison tables above. Alternatively, you could consider cutting down your expenditure – we've curated a guide of the best gifts you can buy for under $20 here.

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 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

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

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

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

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% 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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