Austin, TX (PRWEB) November 26, 2013
Velocity Credit Union, a premier Texas credit institution, is proud to roll out its holiday loans for consumers looking for alternative budgeting options as the holidays loom ahead. From now through Jan. 31, 2014, Velocity Holiday Loans are available from $500 to $5,000. The terms are up to 36 months and the fixed rates start as low as 6.49% APR (with a Member Rewards discount).
According to Deloitte’s 2013 Annual Holiday Survey, there is a more positive outlook leading to higher expected gift buying and holiday spending in general. Total holiday spending is expected to increase to 12% over 2012 when it comes to gifts, travel, entertainment, apparel, furnishings, and other holiday-related spending.
“The holidays can be a time where vacation, travel, student exams and work happen concurrently, leaving little time to plan financially for the season of gift-giving,” says Carol Cain of VCU. “Being pressed for time and money can open the door for consumers to turn to costly alternatives, like ‘payday loans.’”
According to the Consumer Financial Protection Bureau, a typical fee for every $100 borrowed is $15, and the average APR is 390%. And, while credit cards are a convenient way to go, some can carry high interest rates over the entire balance that can get expensive if the balance is not paid off in full. If you choose to use a credit card, look for ones with set terms and low, fixed interest rates. The Velocity Visa credit card has no annual fees and rates starting at 7.99% APR, with a 2.99% APR intro rate for the first six months.
About Velocity Credit Union
Velocity Credit Union was chartered in 1947 and is a full-service financial institution that serves as a local banking alternative to residents of the five-county area around Austin, Texas. The credit union has assets of $640 million and serves more than 70,000 members.