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A Personal Loan for The Holidays — Should U Get One?

ICYMI: The holidays are here! Maybe you’re excited about the treats, gifting, and all the ways to decorate lighting your lovely home and Burbank neighborhood. But maybe you’re also a little worried about how you’re going to pay for the partridge, the pear tree, and all the other extra expenses.

True, you could just pull out your credit card. But a better way to finance the holiday season might be through a UMe Personal Loan. Whether you use the funds for travel or a delicious dinner, a UMe Personal Loan can cut back on stress and turn the fun all the way up.

Best of all, UMe Personal Loans offer affordable interest rates, fixed monthly payments, and generous loan terms. After all, who wants to start the new year with a bunch of huge credit card bills? Not U!

Benefits of UMe Personal Loans for the Holidays

Let’s explore all the ways a UMe Personal Loan for the holidays can improve your financial situation. U should be spending time with your friends and family, instead of worrying about your account balance.

Use the Funds However U Need and Want

UMe Personal Loan funds can be used for just about anything… like the holidays! Holiday expenses may include food, tableware, and decor if you’re hosting a celebration — or you might pay for a special meal out at your favorite Burbank restaurant.

Another big expense is travel. You might need to hop on a plane to spend the holidays with family in another city — or you might want to get away for a quick break with your loved ones.

The cost of gifts can quickly add up, too. It all depends on how many people you’re buying for and how many items they have on their wish lists!

UMe Pro Tip: Set a budget for each spending category like gifts and travel, and set a budget for each person on your shopping list. That way you have a guideline to follow, which will help you plan accordingly and stay on top of your finances.

Extra Cash Means Less Worry

Once you’ve made your holiday budget, you should be able to see the gap between the money you know you’ll have and the extra money you’ll need. Luckily, a UMe Personal Loan has options for borrowing up to $25,000* so you’ll have everything covered!

Once you get your funds, you can go shopping for gifts and groceries, pay for air tickets, and compete with your neighbors’ holiday lights — all without worrying about whether your card is going to be declined or your check returned.

UMe Pro Tip: Try the Envelope method of budgeting!

No Fees and Fixed Rates

UMe Personal Loans have no application fee or origination fee, no annual fee, and a competitive rate, as low as 6.90% APR* so you can save money on the interest.

To get fancy for a second, a UMe Personal Loan is a fixed-rate installment loan, which means your payment stays the same each month. Fixed payments are easier to add to your monthly budget compared to a handful of credit cards with variable rates.

Flexible Terms

Choose a loan term of up to 60 months so you can comfortably repay the funds — or choose a shorter term to knock your loan out of the park and be debt-free by the time the holidays roll around next year!

UMe Pro Tip: Shorter terms get lower rates but higher monthly payments. Longer terms get the most affordable payments but you’ll pay more total interest.

No Prepayment Penalty

Whichever loan term you chose, if you get lucky (get a pay raise, win the lottery, find a bag of gold coins on the street), you’re welcome to pay off your loan in full – with no prepayment penalty – anytime you like.

Can Boost Your Credit Score

If you’ve never taken out an installment loan before, this type of borrowing can boost your credit in a few ways. (1) Regular timely payments work in your favor. (2) A wider mix of credit types looks good on your report. (3) You’ll put less on your credit cards so you’ll have more available credit (AKA a nice credit utilization rate).

How to Apply for a UMe Personal Loan for the Holidays in Burbank

Applying for a UMe Personal Loan couldn’t be simpler! UMe offers three convenient choices, just as if you were Goldilocks looking for the best breakfast: online, in person, and by phone!

  • Online: Click “Apply now” on our Personal Loan page
  • In Person: Visit us at 3000 W. Magnolia Blvd., Burbank, CA 91505
  • By Phone: Call us at (818) 238-2900

Documents Needed 

To make the loan process smooth, fast, and simple, here’s what you should get ready before you apply:

  • Government-issued ID
  • Social Security number
  • Proof of address
  • Bank statements
  • Evidence of income (like W-2s, 1099s, and paystubs)

One more thing: You’ll first need to be a member of UMe Credit Union to take out one of our fabulous Personal Loans.

Bonus Benefits of Becoming a UMe Member

Maybe you’re used to being a number on a balance sheet (or a customer at a big bank). Here’s why you might want to try us on for size. As a member of a credit union, you’ll be a member and part-owner. We’re a not-for-profit financial institution so our earnings flow back to you in the form of higher savings rates, better loan rates, and lower fees.

Banking can be dry — so we’re bringing fun to the financial game. Plus, you can take advantage of all the latest tech. Our online and mobile banking services let you access your UMe accounts anytime, send money instantly with Zelle®, deposit checks, pay bills, secure your cards, and much more!

Not sure if you’re eligible? Simply answer yes to one of the following questions: Do you live in, work, worship, go to school, or belong to an organization in Burbank? If not, are you willing to make a $10 donation to the Burbank Arts & Education Foundation. That’s it! One yes and you’re in!

Once you’re a member, you can enjoy our holiday loans and everything else we offer! Click below for details about our personal loans and start your new financial journey today!

[see our personal loan options & benefits]

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*APR = Annual Percentage Rate. Credit limit and rate are based on an evaluation of your creditworthiness.

 

Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!