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Christmas loans 2023

A complete guide to your finance options for Xmas. Loan options for both good and bad credit, plus alternatives to look at.

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1 - 8 of 194
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan
NOW Finance logo
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
Harmoney Unsecured Personal Loan
Harmoney logo
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$623.70
Go to siteMore Info
OurMoneyMarket Unsecured Low-Rate Personal Loan
OurMoneyMarket logo
Finder award winnerFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NAB Personal Loan Unsecured Fixed
NAB logo
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.54%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$649.15
Go to siteMore Info
OurMoneyMarket Secured Personal Loan
OurMoneyMarket logo
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
ING Personal Loan
ING logo
Finder award winnerFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.89%
to 18.99%
Comp. Rate (p.a.)
7.10%
to 19.23%
Application Fee
$150
Monthly Fee
$0
Monthly Repayment
$621.16
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
NAB logo
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
8.49%
to 20.49%
Comp. Rate (p.a.)
9.54%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$649.15
Go to siteMore Info
Jacaranda Finance Express Personal Loan
Jacaranda Finance logo
Fixed25 Months - 4 Years $3,000 - $25,000
Interest Rate (p.a.)
14.95%
to 27.95%
Comp. Rate (p.a.)
29.30%
to 42.80%
Application Fee
$130 - $990
Monthly Fee
$24
Monthly Repayment
$751.11
Go to siteMore Info
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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 typical personal loans, where you borrow an agreed amount to be repaid 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. The amount you're able to borrow will be based on the lender you choose, your income, and your credit score.

If you have a lower credit score, you may find it harder to get a cheap rate. Payday loans are an option may be an option here, 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. Consider carefully if Christmas gifts are worth such expensive debt.

What are my options for a Christmas loan?

Single

Personal loans.

Typical personal loans are exactly what you'd expect. You apply a certain amount and then repay that amount plus interest. Your rates tend to depend on your credit score and borrowing history. Generally, this option could suit someone wanting to borrow between $2,001-$80,000 (depending on if you secure the loan) and who wants to repay the loan over a period of several years.

Credit card icon

Credit cards

Credit cards tend to have higher interest rates than personal loans however, especially if you are able to repay the debt within the interest-free period, they're an option worth considering.

Wallet with clock in front of it

Buy now pay later

Buy now pay later can be good if all you need to do is stagger the cost of your purchases. It has a much lower borrowing limit than other options, but charges no interest. It can be easy to overspend with this option, so be sure you can afford to pay all your instalments to avoid late fees.

Icon of money bags going into a bigger bag

Debt consolidation loan

Merging multiple debts into one loan could be gift by itself if you're stressed with multiple debts. They're designed to push multiple debts into one single loan, with one set of repayments. Just make sure your new rates with this loan is lower than the costs of your existing debts.

Is an Xmas loan right for me?

Everyone's situations and needs are different, but these are what you should consider before deciding if a Christmas loan is right for you.

Thumbs up icon

It may be suitable

  • If you want to make your purchase now and don't want to wait until you've saved enough
  • If you want to borrow $2001-$60,000 and repay it over a 1-7 years
  • If you are confident you can meet your repayments in full
Thumbs down icon

It may NOT be suitable

  • If you only want to borrow a small (under $2000) amount of money
  • If getting into debt threatens your day-to-day finances
  • If your only options are expensive, payday loan lenders

Tips to keeping your Christmas costs down

Money stacked next to a Christmas tree

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.

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.

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

There are lenders who are more open to borrowers with less than perfect credit. These include peer to peer lenders and payday lenders. 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 be a big factor in how much the loan costs.

There are also payday loans with no credit checks. 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. Consider carefully if things like Christmas gifts are a worthwhile reason to get into this kind of debt.

Promoted

Nimble Medium Loan

The Nimble Medium Loan offers fast, reliable, and hassle-free unsecured loans up to $5,000 for when you are in need of money.
  • Loan amount: $5,000
  • Loan term: 62 days to 23 months
  • Turnaround time: 1 hour - conditions apply*
  • Fees: Application fee of $400 + 47.62% p.a. for $2,050 to $5,000
Nimble Medium Loan
  • Borrow up to $5,000
  • Bad credit OK
  • SMS payment reminders

Bad credit options for Christmas loans

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Fair Go Finance Medium Personal Loan
$5,000
6 to 15 months
Within 24 hours
$35
Establishment fee of $400
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.
Fair Go Finance Large Personal Loan
$10,000
14 – 24 months
Within 24 hours
$35
Establishment fee of $546 – $795
Apply for a loan up to $10,000 and have up to 2 years to repay. Bad credit and casually employed borrowers considered. Note: You must earn more than $500 per week.
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How can I apply for a Christmas loan?

Number 1Compare products

Use Finder's comparison table to find a loan that suits you. Pay attention to the interest rate, comparison rate, fees and ability to make extra repayments.

Number 2Go to site

Click 'Go to Site' on our tables to be taken directly to the lender's website, where you can find more information or get a quote. Click 'More Info' on our table to go to our dedicated review page.

Number 3Apply for the loan

Submit your application for the loan. It will help to have the right documents on hand, such as your driver's license and any income/employment details.

Number 4Review and make your decision

The lender will look at your application and, if you're approved, will send you their final quote. This normally takes a couple of business days, but could be as short as minutes. Review all the details, make your decision, and then the money will be on its way!

Why compare personal loans with Finder?

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Written by

Head of Publishing Ventures

Matt Corke is Finder’s head of publishing ventures. Prior to this he was head of publishing for Australia, New Zealand and emerging markets. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates. See full bio

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