The Holiday Season can be a stressful time for many. Even the most jovial among us can fall victim to dampened spirits under the financial obligations of gifts for family, friends, coworkers, and acquaintances. Add in holiday travel to be with loved ones, decorations, and possibly even hosting holiday gatherings complete with groceries, or worse catering and a well-planned budget can quickly fold under pressure. Taking out an installment loan during the holidays can be a convenient way to take the stress out of your Yule Tide Festivities and can even be used as a tool to keep your budget intact!

What is an installment loan?

Installment Loans are loans that are repaid with a series of monthly payments. Typically they used fixed interest rates and each monthly payment is the same. The most common types of installment loans are fixed-rate home and auto loans, but online personal loans are a common form of installment debt.

How do installment loans work?

Installment Loans are generally a one-time loan that provides a lump sum of cash. These loans can generally have longer repayment terms so that the loan can be paid off in small, even amounts, over longer periods of time. Your lender will calculate your monthly payment so each payment (installment) reduces your loan balance and covers interest costs, gradually bringing your balance down to zero over the term of your loan.

Most lenders will let you see your monthly payment schedule before you accept the terms of the loan. Some lenders may even provide a quote for what your monthly payments will be without affecting your credit.

How can an installment loan help you around the holidays?

The last couple of months of the year can be an expensive time and without careful planning and the foresight to start buying gifts mid-year it can be easy to overextend your funds. Getting an installment loan online during the holiday season can help you cover a myriad of expenses incurred from gift buying to traveling, including flights, hotel (unless you’re sleeping on aunt Leslie’s sofa bed again), food, and gas, without having to take out more credit card debt or pulling from your savings account. Having a fixed interest rate and knowing what your loan payments will be ahead of time allows you to borrow responsibly and can help with planning out your budget over the new year. Spreading out the costs of holiday expenses over time can take the stress out of the season and help you get back to spreading joy!

Tips for getting installment loans during the holidays

Shop around

Different lenders will give you different interest rates depending on your credit history and income and these amounts can vary a great deal. Taking your time to shop lenders could end up saving you some money over time. Thankfully you can save some time with Holiday Lending Services that can present your information quickly to multiple lenders and get you the best loan agreement in minutes. Here is a shortlist of our favorite holiday lenders:

Read over loan terms carefully

The beauty of an installment loan is knowing you have a fixed interest rate and monthly payment. It’s important to pay attention to the terms of your loan to make sure that the fixed rate is there and it helps if you get the chance to see what your loan payments will be like before signing the agreement.

Be wary of promises that sound too good to be true

When searching for personal loans online, many loan sites will promise things like no credit check loans, no-interest loans, and other things that lenders simply will not do. No credit check loans are usually secured loans that require some kind of collateral to be put up like a car title or boat. There aren’t many lenders willing to loan money to strangers on the internet without seeing some credit history. The positive is, there are lenders that can help with a loan regardless of bad credit. Taking out an installment loan with a less than perfect credit history can be a great way to start rebuilding your credit score. Instead of falling for impossible promises, you can begin your journey back to favorable credit.

Installment loans can help you buy peace of mind this holiday season

If financial stresses are making you feel less than Jolly this holiday season consider taking out an installment loan to bring your budget back into balance. The holidays are approaching quickly and a little help can make the season merry.