The famous Irish poet Oscar Wilde said, “Live life with no excuses, travel with no regret.” Travelling gives us immense pleasure and broaden our perspectives. It is vital for our mental health as it helps us in rejuvenating. Each one of us plans to travel according to our financial abilities. Sometimes we use our savings, and sometimes we rely upon other sources of funding as credit cards or personal loans. Holiday Loans can help you to fund your vacations whenever you need to soothe your wanderlust. The question is – does it make any financial sense to travel with a debt?
Why loans for holidays make financial sense?
(1) These loans are easy to apply for and are quite handy. You can visit the lender or credit broker’s website online, choose the amount that you need, fill in the application form, and submit it online. Isn’t that great? The lenders will run various checks on your credit profile to assess your loan affordability. You will get to know the decision of the lender(s) within a few minutes of application.
(2) They are unsecured loans that don’t require you to offer any collateral at the time of borrowing. You can borrow a loan and repay it over seven years without using any security. The loan needs to be repaid in monthly instalments and make sure that you pay on time and in full.
(3) The loan amount will be transferred to your bank account by the lender. If you’re planning to visit abroad for your trip, you will not face any difficulty in spending the money. These are cash loans that you can use without paying any additional fees, unlike a credit card.
(4) Every credit card has some different features, and not all are same. Personal loans offer a lower rate of interest as compared to credit cards most of the time. That means you will save a lot of money if you are opting for a loan.
(5) If you do not have a perfect credit score, it will help you boost it. Timely repayment of the loan helps in maintaining and improving your credit score. We all know that a credit score plays a pivotal role when we apply for a loan.
Don’t borrow money if
(1) If you are not sure about the repayments – it is always wise to consider alternatives rather than acquiring a loan.
(2) If you have sufficient money to go on a vacation without any additional help.
(3) If you are already dealing with multiple debts that are becoming unmanageable for you.
(1) After careful consideration of your current financial circumstances.
(2) From financial firms that are authorised by the Financial Conduct Authority (FCA).
(3) If you know that you can meet all the repayments on time without any fail.
Borrowing a loan is not a financial crime if you manage it responsibly. Never borrow more than you can afford to repay as it may lead you to a debt cycle.
To apply for a holiday loan with us, click here.