Obviously no one should try and take on debt that they cannot afford, and no one should put themselves into a hole they cannot dig themselves out of, based on their income or lifestyle. But there are times where a short-term personal loan, or a revolving line of credit is a perfect choice for upcoming expenses that you just don’t have the liquidity to deal with at the moment.
Christmas is an expensive time of year, and you have to keep in mind that there’s a lot more to the expenses for Christmas more than just buying presents and buying Santa Claus cookies. Often there’s significant travel expenses getting to see family and/or friends, and maybe there’s just no room at grandma’s house anymore, so you have to rent a hotel for a number of nights, plus food, plus gas, plus, plus, plus. If you’re hosting, you’re also likely footing most of the bill for all the food, not only for the big Christmas dinner itself, but also for perhaps a few days of dinners, snacks and beverages on either end for visiting family or friends. Even if you don’t have a Griswold family Christmas, you will likely need some extra for new decorations or Christmas lights that can be seen from space. The average North American family spends approximately $1,000 on Christmas.
Another expense that a short-term loan, or line of credit might be very appropriate for is a get-away-from-the-cold winter holiday. Planning a trip to THAT famous mouse-inspired theme park or hot sunny foreign beach while your kids are still young? After an expensive few months getting the kids enrolled in school, fees, new supplies, clothes and then signed up for all their expensive extra-curricular activities and sports, there’s not a lot left in the savings cupboard for a getaway. You have a plan to get it paid down afterwards, and things settle into a better, less-expensive routine, but you need the cash sooner than later.
Short-term personal loans, and lines of credit are offered through Encompass Credit Union, in-branch or completely online. All you need is your personal information ready – and if you’re already a member, the loan application will recognize who you are once you put in your credit union member number. That number can be found in your internet banking, both on a desktop or on your app. The process to apply for that personal loan or line of credit is quick, simple and secure. Please have two months of your pay slips, and a list of any assets you may have to help you secure that loan in mere minutes. If you need help, our team of experts are available to assist you along the way. Not a member? You can get a spending or savings account through our online account opening process as well!