1 in 3 Plan to Borrow to Fund Christmas Celebrations
Posted on: 10 Dec 2021
New research by the Competition and Consumer Protection Commission (CCPC) on Christmas spending and finances has shown that one in three consumers plan to borrow to fund the Christmas celebrations this year. The research says that 65% of consumers will use their savings to fund their Christmas spending, and those with children living in their household plan to spend an average of €1,397 - almost 80% more compared to those without children, who plan to spend €787 on average.
We understand that Christmas can be a financially stressful time for many, and can be difficult one to navigate with all the costs involved. Given separate statistics from the St. Vincent De Paul which say more people will turn to illegal money lenders than ever before during Christmas, we urge borrowers to look to their local credit union as an alternative.
Many Credit Union offer fair loan rates, loan flexibility as well as hands on support and a listening ear.
How to Apply for Credit Union Christmas Loan
First and most importantly, to apply for a loan with your local credit union, you need be a member. If you’re not already a member, opening a credit union account is your first step.
As every credit union is independent, each one will have slightly different terms and conditions relating to the opening of accounts. Read our blog on what your need for opening a credit union account.
You will need some identification documents including I.D and address verification. It’s always best to check with your local credit union before applying.
You can find contact details of your local credit union here
Each credit union will assess loan applications on an individual basis. Your loan officer will look at your current capacity to pay, and assess every case as it comes. Some credit unions also offer low costs loans to people on social welfare payment who might have difficulty getting credit elsewhere. The loan is called the ‘It Makes Sense’ loan – and you can find the full list of participating credit unions here.
All credit unions offer loans and the maximum loan rate which a credit union can charge is 12% (12.68% APR). We would always advise that you never borrow more than you need or can afford.
Credit unions are always there for their members and can help take the hassle out of the festive season with a Christmas loan. So if you are in need of a credit union Christmas loan, just send a loan enquiry to your local credit union here!