Whether it is a summer holiday or perhaps a ski holiday for which there is a lack of money, a holiday will always run into a lot of expenses when eating at a restaurant and otherwise there should be room for pleasures. But this is the time when you have time for each other and can get away from the busy everyday life, and therefore important for many people. But figures show that far from most people can afford holidays without saving or borrowing.
Various options for loans for holidays
You have the option of taking out loans for the holidays in several ways. Here you can see some of them.
The consumer loan is, as the name implies, a loan for consumption. Here you can borrow up to USD 350,000 and have a long maturity, more specifically up to 15 years. The advantage here is that you can borrow a larger amount of money and repay the money over a longer maturity, which can however also be the disadvantage as it will take longer to get the loan paid off.
You can take out a quick loan if you are interested in borrowing a small amount and which has to be repaid over a short period of time – typically 30 days. It is a loan where it is usually possible to borrow up to USD 6,000.
The important thing when you apply for this type of loan is that you pay the loan back quickly. If not, it can turn into a really expensive loan at cost because interest rates are high. But the advantage here is that you can quickly borrow money for a holiday, but be sure you can pay the money back a subsequent month when you have returned from vacation again.
Where do you borrow for the cheapest vacation?
Here you can compare both the quick loan and the consumer loan, and find out which loan provider is the cheapest to apply for a loan at. In this context, compare what the individual loan providers can offer, which means the annual costs that must be paid as a percentage of having the loan. The lower the loan, the cheaper the loan. The APR takes into account all the costs that may be incurred when you take out the loan, such as interest, fees, foundation costs, etc.
The way you compare the loans is by filling our loan calculator with the amount you want to borrow and then how long you want to borrow the amount over. You will then be presented with an overview of your loan options.