Christmas Loans: All you need to know




With the holidays just around the corner, and the inflation rates rising by 8.5 percent, you’re probably already stressing about Christmas presents and other expenses that come along with celebrating the holidays.

Don’t worry if you’re low on cash, there’s an easy solution. You can apply for Christmas loans and get access to quick cash. In this article, we’ll talk all about Christmas loans and explain how you can get approved.

What are Christmas Loans and Can I Get One with Bad Credit?

The term Christmas loans is usually used for payday loans that are provided by lenders around Christmas time. These loans are easy to qualify for and are usually deposited in a day or two. Technically speaking, Christmas loans can be used for any purpose and not just for Christmas-related purchases. Also, some lenders may offer special rates to people who intend to apply for a loan to buy Christmas gifts. But, such loans may come with restrictions.

Terms differ from lender to lender but most are to be returned in 30 to 90 days. In some cases, you might get a longer timeline depending on the amount. Furthermore, some lenders are more flexible than others.

You don’t usually need a very good score to qualify for these loans. Anyone with a score of 570 or above can qualify but the rate you get will depend on your credit score. Moreover, in most cases, you will have to prove an income source. Read also about Cash Loans Wired in 1 Hour.

5 Lenders Offering Loans for Christmas

If you need quick cash before the holidays to get last minute presents, then go through our list of the top five lenders offering loans for Christmas:


MoneyMutual was rated as the top lending service, meant to cater to those who need quick access to loans for Christmas, but have a bad credit history.

The application process is simple and can be completed online. The main requirement is to be a permanent US resident and have a permanent source of income. You will have to submit documents proving this. 

The borrower must earn an income of at least $800. However, some lenders accept borrowers who get their income through pensions or social security as well. We must mention that MoneyMutual is not a direct lender but a marketplace that helps lenders connect with buyers. 

The required credit score depends on the lender, but MoneyMutual is known to cater to applicants with poor scores.


With MoneyMutual, you can get Christmas loans starting as low as $100 and going as high as $5,000. This means you will be able to buy a variety of prices as the range is quite impressive. 

APR rates aren’t mentioned clearly on the website since they vary from lender to lender, but most resources on the internet claim that the APR rates are market competitive, and range from 5.99 to 35.99 percent. 

Again, loan terms aren’t fixed, as they will depend on factors such as the lender, your credit score, and the amount you have borrowed. However, for a payday loan, you can expect slightly shorter terms since they are meant to be paid back when you receive your paycheck. 

MoneyMutual guarantees Christmas loans for bad credit to be funded into your account within 24 hours, making it a reliable option if you need cash quickly before your next paycheck. 

The platform may offer you several lenders and you will have the option to compare and pick a suitable option. These are no-obligation quotes. Moreover, in most cases, applicants can use the borrowed Christmas loan for any purpose without having to inform the lender beforehand. However, business-related expenses are usually not covered. 

Here are the pros and cons of choosing MoneyMutual for Christmas loans:


  • Fast processing and payouts
  • Most applicants receive multiple offers to choose from
  • Those who get their income through pensions or social security can also apply


  • Those with bad credit may have to pay APR rates as high as 300 percent

MoneyMutual is a trustworthy platform for those who want Christmas loans for bad credit. However, you must have at least $800 in regular income to qualify.


SoFi is a no-fee loaning platform offering payday loans with no additional charges. It is available in all US states except Vermont and has carved a niche in no time. 

The minimum eligible credit score for loan approval at SoFi is 680, which means getting holiday loans for bad credit might be a little difficult. However, SoFi does allow borrowers to add a co-signer to their application.

Through this option, borrowers with a less-than-perfect credit score may still be able to get a Christmas loan approval if their co-signer’s credit score meets the required score.

With SoFi, you get loan amounts starting at $5,000. The minimum is a little higher but it makes SoFi a good option for people who want to spend lavishly. 


Additionally, the loan terms at SoFi are accommodating enough for you to be able to pay back a higher loan amount. Terms range from two to seven years. 

Additionally, when you borrow loans for Christmas from SoFi and sign up for autopay, you also get an additional discount of 0.25 percent on the interest rate that you are charged. Autopay doesn’t only offer ease but can also be a great way to save money.

Applicants with good score can get an APR of 7.99. Those with poor score may have to pay up to 22.73 percent in interest. This might sound a little high but it’s still better than what some other providers offer. Plus, SoFi does not charge any additional fees.

Additionally, there are other perks of taking a Christmas loan from SoFi including an Unemployment Protection Program. This program allows borrowers to temporarily suspend monthly payments.

Interest will still continue to accumulate, which can be paid at a later date. Moreover, borrowers can opt for an ‘interest only’ plan till they land a job.

Here are the pros and cons of choosing SoFi for Christmas loans:


  • Extensive loan terms ranging from 3 to 5 years
  • No additional charges such as origination fees and late payment fees
  • Special unemployment protection program for applicants


  • A decent credit score is required to be eligible for a Christmas loan

SoFi offers a nice bag of pros and cons. It is an affordable company that is known for offering excellent customer support, however, not everyone will qualify for Christmas loans due to stringent requirements.

OneMain Financial

OneMain Financial is another company that offers holiday loans including Christmas loans. It can be a pick for people interested in spending big as it offers up to $20,000. The minimum is $1,500. In most cases, the money will show up in your account within a day of getting approved. 

APR rates at OneMain Financial are a little higher. You will be charged a minimum of 18 percent. Those with a poor score may have to pay as much as 35.99 percent. However, borrowers are given the option to reduce the rate by opting for secured loans.

These loans require collateral that can be in the form of an asset or guarantee through a co-applicant. This can help bring the rate down and qualify for a higher amount, however, we understand that most people who look for Christmas loans do not want to apply with collateral. Fortunately, there are unsecured loans as well. 

Loan terms are flexible and between 2 and 5 years.  Borrowers can pick their preferred payment date when applying for a loan. The only condition is that the date has to be within 45 days of when the loan is approved.


In addition, the company has a 7-day cancellation policy, through which borrowers can cancel their loans without bearing any extra charges. This means you can take a loan, buy what you want to buy, and pay it back without interest or other charges if you do it within seven days.

On the downside, OneMain Financial charges an origination fee. Expect to pay between $25 and $500 based on your state and loan amount.

Here are the pros and cons of choosing OneMain Financial for holiday loans for bad credit:


  • Money is usually transferred in a few hours
  • Allows borrowers to secure loans through collateral or co-applicant
  • Flexible loan payment options
  • 7-day cancellation policy


  • More expensive than some other companies

OneMain Financial is a little expensive but the perks are unbeatable. It offers a high amount that can be used to buy Christmas gifts or other such expenses. Plus, the cancellation policy makes it very attractive.


The CEO of SeedFi understands that financial binds can happen at any given moment; and while most lenders do not accept borrowers with a credit score lower than 600, SeedFi is willing to offer loans to those with a minimum credit score of 520. This makes it one of the best companies for people with poor score.

Additionally, SeedFi is dedicated to helping borrowers out as much as possible by setting up a savings account for them when they borrow a loan. You may find out about SeedFi’s Borrow And Grow program through their online customer support service. 

They excel in this department and can be a good pick for people interested in improving their credit scores. You must, however, pay in a timely manner as not doing so could adversely impact your credit history. 


The platform allows borrowers to pre-qualify and get a look at the terms they’ll be offered by performing a soft credit check. Loans are between $1,200 and $7,000; however, there are some restrictions. Large amounts can take up to four days to get approved. Those who want instant cash can only get up to $4,000. Also, they seem to have a special minimum for Christmas loans starting at just $300.

Loan terms at SeedFi are extremely short, ranging from just 8 months to 3.5 years. The offered term will depend on the amount you borrow.

APR rates are market average, starting from 7.42 percent and going up to a maximum of 29.99 percent. 

However, there are no origination fees or prepayment penalties for those who wish to pay off their borrowed Christmas loans early.

The pros and cons of choosing SeedFi for Christmas loans are:


  • Borrowers can perform a soft credit check to check their pre-qualification
  • No origination fee or hidden charges
  • Option to get funds in only a few hours


  • Not available in all states

SeedFi offers emergency Christmas loans for bad credit but they need to be paid quickly. Make sure to consider this factor when choosing this company.


Last on the list is Oportun, an online lender catering to low income individuals, as well as those with a bad credit score, or no credit history at all. However, if you manage to make timely payments, then you may have the chance to even improve your credit score with Oportun.

You can borrow a minimum of $300 and a maximum of $10,000. APR rates are between 27.74 and 35.95 percent, which makes it an expensive option. Borrowers may also add a co-signer, which can help reduce the offered rate.

Terms at Oportun range from 1 to 4 years. However, the platform offers flexibility by creating custom terms based on the borrower’s payday schedule and income.


Additionally, Oportun also has a hardships program that caters to ‘jobless’ individuals and allows rewriting loan terms. 

There is also an origination fee, and no additional discounts for those who sign up for autopay. 

Here are the pros and cons of choosing Oportun for a Christmas loan:


  • Caters to borrowers with no credit history
  • The minimum loan amount is perfect for those who don’t need to borrow a lot of cash
  • Excellent customer support
  • Hardship program to help borrowers who have suddenly lost their home or job


  • Reports to only two credit bureaus, which may result in your timely payments going unnoticed

Oportun may be the only option for people with no credit history, however, it is a little expensive. Consider this one if you have no other options.

Make your Holidays Exciting with these Christmas Loans – Conclusion

Payday loans are great Christmas loans, but they come with high APRs. We have covered some of the best companies offering low interest Christmas loans. Compare these and pick a favorite.

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