Now that the holidays are only a few weeks away, we can expect to be bombarded by sales ads and big pushes to make purchases. We want to buy things for family and friends in our lives, possibly even travel out of town too. But, if you don’t have enough money saved you could consider getting a holiday loan. Holiday loans are personal loans you take out for the holidays. These loans don’t require any collateral and will likely come with a predetermined interest rate. In order to get the best deal on a personal loan, here are tips to follow:

#1 – Check out credit unions. These institutions often get overlooked, but are a good option for borrowing money. You’ll need to be a member of the credit union, so get a head start by opening a checking or savings account soon as possible.

#2 – Borrow only what you need. Some places have preset amounts of money you can borrow. However, if you can pick a number, be sure that it’s no more than what you actually need to borrow.

In part 2, you’ll read other smart tips for taking out holiday loans.