Getting a Christmas Loan in Canada

The latest applicant is applying for what is called a Christmas loan in the industry. Many consumers rack up large amounts on their credit cards as they purchase a variety of Christmas gifts for friends and family. While they obtain one month’s grace from the credit card companies in terms of actually having to pay the balance on the credit cards, they all are due sometime in January of every year and many have difficulty paying the balance in full.

Any time you do not pay the balance in full on your credit cards, they charge in the neighborhood of 21% or in some cases higher on any unpaid balance. While paying 10% of the balance is convenient from a cash flow perspective, it means that the interest charges kick in and they can be high when rates are as high as 21%. Consumers apply for Christmas loans to help them repay their credit cards and avoid these high interest rates. Borrowing at rates of 3% to 6% depending on the credit rating and the term of the loan can reduce the overall cost of the loan significantly.

This is exactly what this client has in mind and in addition is going to be funding a trip using a portion of this loan. She hopes to repay the credit cards, then charge the trip to her credit card which provides travel and health insurance coverage for her trip and then use the remaining funds from the loan to repay this new charge to her credit card. She expects to repay the total loan within a few months. This is not a bad strategy and for someone with this level of income and current debt loan it makes a lot of sense.

For those consumers who do not have the income and may need more time to repay the loan a longer amortization may be needed. While the total interest paid will be higher it is still much less than a credit card and the longer amortization reduces the monthly payment to a more manageable level.


Loan Amount :: $5,000

Loan Application and Processing Speed (when do you need the funds):: within the week

Do you currently have a mortgage? :: yes and a car loan

Bank Name and Branch :: BMO Bank of Montreal, Terry Fox Dr

What City/Town, State and County do you live in? :: Kanata, Ontario

Postal code:: K2T 1H7

What is your employment field? :: teaching at the secondary level

Employment Position :: math teacher

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: excellent as far as I know

How did you find us? :: searching for Christmas loans online

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck ::$3,384

Do you agree to have this information published online, without your PRIVATE information of course? :: I really don’t want any of my colleagues to find out about an application online for a Christmas loan, please keep all my personal information confidential

Extra information here please (some detail)::I need what I guess is called a Christmas loan and I live in Ontario Canada. Basically all of the Christmas bills are coming in that we charged to our credit cards and are due at the end of the month. We spent a little more money than we planned and now we do not have enough ready cash to totally repay the full balance on several credit cards.

I really do not want to pay 21% on the balance if we just pay the minimum and would prefer to take out a loan for this debt. It is only $5000 and we should be able to repay the full balance within the year. If I can get a loan for something in the order of 5% interest, I would really save a lot of money compared to paying the credit card interest rates.

We are also going on a trip in February, which will cost us about $2000, so part of this loan is to fund the trip we are planning as well. It will be charged to one of our travel credit cards so that we get the travel insurance and then we will pay it off by using part of the proceeds from this loan.

Note to Lender :: I am a math teacher and my husband is also a teacher at another school. We have sufficient savings; however it is invested in some stocks which we do not want to sell at the present time. We have an excellent credit rating and we only have a mortgage and a car loan that we pay monthly along with the property taxes.

I am not sure what else you need to know, however if there is more information needed please let us know ASAP so we can find out if we will be approved for this online loan and at what interest rate. We have never applied for an online loan and are a bit apprehensive about this. We will be meeting with our local bank in the next few days to see what kind of deal they can provide to us and will compare the rates they provide to us with those from your company. Please have someone call us to discuss our loan and our needs along with any additional information that might be needed.

Category: Loan APR 4.24% APR 5.050% APR 6.44%
Loan Principal $5000 $5000 $5000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 3 5
Amount to be paid $5,114.81 $5,389.20 $5,818.26
Total interest paid $114.81 $389.20 $818.26
Paid per installment $430.40 $147.65 $95.64

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16 Loan Requests

  1. Donna applied for the following loan:

    Loan: $2000

    Speed: As soon as possible

    Credit: Excellent

    Location: Kingston ,Ontario, Canada

    Income: $4291.66 gross per month


    Help out family member his wife is very ill and cannot work and they have an autistic 7 year old son so he is trying to work but has to care for both of them. he needs a bit of help to catch up on a few payments

  2. Patti applied for the following loan:

    Loan: 2000

    Speed: ASAP

    Credit: Poor

    Location: Dartmouth, NS

    Income: I work full time with a net weekly income of $450 as well as a part time job with the same company making an extra 100 average a week.


    I was in the process of looking for a small loan to take care of Christmas. I came across a company on the internet which ended up being a scam so I am now down even more money. I start a new job with the company I am currently with in january which will bring my weekly net income up to 700. I am looking for a short term 2000 loan to get us through Christmas and cover some expenses.

  3. Amanda applied for the following loan:

    Loan: 2500

    Speed: ASAP

    Credit: Poor

    Location: Alberta canada

    Income: 2734 month after taxes employment 1000 month child tax 1727 month court ordered child support


    To clear up a debt that’s in collections

  4. Amanda applied for the following loan:

    Loan: 2500

    Speed: Asap

    Credit: Poor

    Location: Alberta

    Income: 5200 monthly from employment child support and child tax


    To pay off bills

  5. Michelle applied for the following loan:

    Loan: 1000.00

    Speed: ASAP

    Credit: poor

    Location: alberta

    Income: 1700.00 me 2000.00 husband


    Get though Christmas gifts food etc

  6. Gwen applied for the following loan:

    Loan: 2000

    Speed: asap

    Credit: fair

    Location: Cambridge Ontario Canada

    Income: Monthly from employment I make 1900. I receive 287.59 from child tax credit


    I’m looking for this loan to help get me through Christmas ima single working Mom who has NO extra money this year recent seperation and needing to find new housing for myself and my son. I could repay this loan starting after Christmas at 50 dollars a week. I am desperate and wnting to give him a good Christmas after all his has been through this year and would one day like to pay this opportunity forward.

    Thanks for your consideration

  7. marlyn applied for the following loan:

    Loan: 1000.00

    Speed: unexpected expenses

    Credit: Dont know

    Location: abbotsford, BC, Canada

    Income: 2100.00


    to pay unexpected expenses.

  8. k applied for the following loan:

    Loan: 50,000

    Speed: consolidate bills

    Credit: good

    Location: vancouver Canada

    Income: I take home 5,500 a month after deductions


    I have a car loan and 2 credit cards. I make my payments every month on time. I would like to clear these up and owe one lender

  9. Jennifer applied for the following loan:

    Loan: $1000

    Speed: ASAP

    Credit: Unsure

    Location: Edmonton, AB, Canada

    Income: Gross Income is $3200 Take home is between $2400-$2500


    I really need some money to help me with some bills for the Christmas season. Once these are paid off, I will be caught up on everything and be able to start fresh in the New Year.

  10. michelle applied for the following loan:

    Loan: 5000

    Speed: 2015/12/03

    Credit: very poor

    Location: pasadena newfoundland canada

    Income: employment insurance 1800


    pay bills and christmas. can provide co signer

  11. Michelle applied for the following loan:

    Loan: $2000

    Speed: Pay a $1000 power bill & xmas for my kids

    Credit: poor

    Location: Halifax, Nova Scotia, Canada

    Income: Full time employment biweekly pay of $995


    I have an outstanding power bill of $1100 that needs to be paid asap and I would like to provide a decent Christmas for my two children.

  12. Tracey applied for the following loan:

    Loan: 2500.00

    Speed: within 5 days

    Credit: bad

    Location: Halifax, nova scotia

    Income: 525 from widows pension 3200 net pay from employment


    Have gone thru separation, currently living in matrimonial home while it is for sale, was left with all debt. Trying to pay off utilities and fill my oil tank., and have a little money left over for christmas. I cannot do either without some sort of loan.

  13. Stevan applied for the following loan:

    Loan: 5000

    Speed: Today

    Credit: Poor

    Location: London Ontario Canada

    Income: 1200 ODSP 800 ROOM RENTALS


    Home rrpairs

  14. Laura applied for the following loan:

    Loan: 1500.00

    Speed: Asap

    Credit: Poor

    Location: Toronto,Ontario Canada

    Income: $2600.00 monthly income derived from $1700.00 pension, $565.00 child tax and $400.00 support


    Consolidation, I am currently carrying payday loans at approx. $500.00 interest payments monthly (for several months) 🙁 they were initially acquired for vehicle repairs and dental surgery. Vehicle is paid for.

  15. Sean applied for the following loan:

    Loan: 8000

    Speed: Asap

    Credit: Not good

    Location: Kingston Ont

    Income: I receive money from ODSP for the amount of 1232.00 each month and I also receive CPP disability of the amount 1028.00


    Reason for loan is I got to get people paid off what I owe them and also would like to attend a family gathering on November 25,2017 and drive to another province. I haven’t seen my family in many years and would love to see my mother I miss her and it’s been years since she has seen me. And with Christmas coming up I would like to be able to buy some gifts for my family and my wife. My wife is disabled and suffers severe depression and anxiety, she has cried to me because she wants us to be able to go see our family. And I have a small dog who is 9yrs old and she needs to see a vet as she has formed a lump on her behind and is pretty large. And no vets in our area offer payments you have to have money up front. So please if you can find it in your heart to help me it would greatly be appreciated

    Thank you

  16. Yvette applied for the following loan:

    Loan: 3000

    Speed: Asap by Dec 20tb

    Credit: 441 poor

    Location: Niagara Falls

    Income: 1172 ow 564.83 child tax benefits 88.00 OTBC 240.00 work program. Total 2068 monthly. I can repay 250-280 monthly.


    1485 loan owing (800) owing rent , car payment & car insurance payment due on Dec 20th. And to provide a Christmas for my daughter this year. Since November 2016 my family and I experienced tragic circumstances and had our entire life come crashing down. I’m the one responsible for all bills and expenses, but it’s come to a point that it’s extremely stressful and urgent help is needed. Just to be given a chance to this year but my daughter a present and bring some sunshine into what seems like the tribulations suffered up till now. Urgent help is needed and greatly appreciated after what my daughter and I have experienced.

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