Irish consumers traditionally spend more in the months leading up to Christmas than in any other time of the year. The impact of Christmas spending can last for weeks or months after the festive season has ended.

Many households rely on Credit Card debt for Christmas spending, and the most financially vulnerable may seek finance from moneylenders at this time of year, which can incur interest rates of up to 253%*.

Speaking about the ethical lending approach of First Choice Credit Union, Michael Boland, Lending & Business Development Manager said: “We advise our members who need to borrow to do so prudently this Christmas and to avoid getting into a cycle of debt by using moneylenders and credit cards.

At First Choice Credit Union, we offer a Christmas Loan with an interest rate of 11.95% (12.68% APR)**. Loans are usually approved within 24 hours and terms are straightforward and transparent. We aim to ensure that our members enjoy a stress-free Christmas, and that they don’t spend an undue amount of time paying off a Christmas loan in 2022 and beyond.”

Michael continued: “We also encourage people to shop local as much as possible this year, to support our retail community.”

*Central Bank of Ireland Moneylending Register, October 2021. Rate includes moneylender’s collection charge.

** For a €2,000, 1 year variable interest rate loan, with 52 weekly repayments of €40.85, an interest rate of 11.95%, a representative APR of 12.68%; the total amount payable by the member is €2,123.85. Representative example as at 4/10/2021.

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