Christmas Loans: Plan Ahead for a Manageable Christmas

Christmas Loan applications are open at BOOM Community Bank. Eligible borrowers can apply for up to £500 to help cover festive expenses, with repayments spread over an agreed period. Our approach also helps you build savings as you repay, giving you a head start on planning for next Christmas.

Plan for Christmas Expenses

Christmas is a time many people look forward to, but the cost of presents, food, travel and celebrations can add up quickly.

Planning ahead can help you work out what you need to spend, set a realistic budget and consider how you will manage the cost.

If you need to spread some of your festive expenses, a Christmas Loan from BOOM Community Bank may be an option worth considering, provided the repayments are affordable for you.

How Does the BOOM Christmas Loan Work?

Our Christmas Loan is designed to help eligible borrowers cover some of the costs associated with the festive season.

• Borrow up to £500: Apply for the amount you need, subject to our lending criteria.

• Repay over up to 18 months: Choose an available repayment arrangement that suits your circumstances.

• Build savings as you repay: BOOM operates a mandatory concurrent savings policy, helping borrowers put money aside alongside their loan repayments.

Applications are assessed individually. We consider eligibility and affordability, and approval is not guaranteed.

Build Savings for Next Christmas

One of the benefits of borrowing with BOOM Community Bank is our approach to concurrent savings.

As you repay your loan, you also build savings. These savings can help you prepare for future expenses, including next Christmas, rather than having to start from scratch when the festive season comes around again.

The savings requirement adds 10%–20% to the loan repayment amount. You should include this additional amount when deciding whether a loan is affordable.

What Could a Christmas Loan Cost?

The cost depends on the amount borrowed, the repayment term and your individual circumstances.

For illustration, a £500 loan over 12 months at the displayed representative APR of 42.58% has monthly repayments of approximately £51.89, with a total repayable of £622.66, before the mandatory concurrent savings contribution.

The savings requirement adds a further 10%–20% to loan repayments. On this illustrative monthly repayment, that would mean approximately £5.19–£10.38 extra each month, subject to the applicable calculation and rounding.

Representative APR: 42.58%. The rate and repayments offered to you may differ. All applications are subject to eligibility, our lending policy, affordability assessment and terms and conditions. Approval is not guaranteed.

Before applying, consider the total amount you will repay, the additional savings contribution and whether the payments fit comfortably within your budget.

Why Choose BOOM Community Bank?

BOOM is a not-for-profit, member-owned financial co-operative with a focus on supporting its local communities.

We believe borrowing should be considered carefully and assessed on an individual's circumstances, rather than treated as a one-size-fits-all decision.

If you're eligible and a Christmas Loan is right for your circumstances, we're here to help you understand the product and its costs before you apply.

Apply for a BOOM Christmas Loan

If you're planning ahead for the festive season, explore our Christmas Loan and read the full terms before deciding whether to apply.

Find out more about the Christmas Loan

Borrow only what you need and can afford to repay. If you're concerned about existing debts or managing your finances, consider seeking free, independent debt advice before taking on further borrowing.