Holiday Cash
Personal Loan
Working with a set budget for the holidays? A personal loan gets you the cash you need now at a fixed, low rate. It’s a great way to cover your holiday spending without dipping into your savings.
Credit Card
Need flexibility in your holiday budget? A low-rate credit card should be at the top of your list. Borrow money as you need it up to your credit limit. Best of all? Our credit cards offer low APRs and $0 annual fees.
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| Personal Loan | Low-Rate Credit Card | |
|---|---|---|
| Interest Rate | Fixed | Variable |
| Payment Schedule | Monthly even installments | Monthly outstanding balance |
| Max credit line/loan | $25,000 | $5,000 |
Frequently Asked Questions
What’s the difference between a personal loan and a credit card?
Credit cards offer revolving credit, which means you borrow money as you need it, then make monthly payments on your outstanding balance, usually at a minimum of 2% to 4% of the balance. With a personal loan, you borrow money in a lump sum, then pay it back in monthly even installments.
How will my credit score be affected?
When applying for a personal loan or a credit card, a hard credit check will usually cause a dip in your credit score. But if you make sure to meet your monthly payments on time, you can bring it back up and even give it a boost as you build credit!
What can a personal loan be used for?
It can be used for whatever you want – check off your gift list, cover your holiday travel expenses, or make that big purchase you’ve been eyeing. The possibilities are endless.
How does a low-rate credit card work?
Arkansas Federal’s Low-Rate Credit Card offers an everyday low rate that’s significantly lower than many national credit cards. If you don’t pay your full balance each month, the remaining amount will start to accumulate interest at a set rate, also known as the Annual Percentage Rate (APR). With a low-rate credit card, the interest you owe on your balance will grow at a slower pace than it would with a higher-rate card.