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Top Travel Destinations in 2018 and Getting Their On The Cheap

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Top Travel Destinations in 2018 and Getting Their On The Cheap
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We all need a break once in a while, but when money is tight or completely absent, you might want to consider a holiday loan. It’s the easiest way for you to be able to go on that vacation you’ve been dreaming about without breaking the bank.

But before you pack your bags for one of these top travel destinations, you first need to learn everything there is to know about this financing option and whether it’s right for you. What are the pros and cons of getting a loan for holiday? Let’s find out!

What Are The Top 3 Travel Destinations For 2018?

  1. Switzerland

    Why: You haven’t lived until you’ve seen the Alps, and if you’re an avid skier, this is your ideal Christmas destination; winter sports don’t get any better than this. Not to mention the view this location offers.

  2. Cuba

    Why: You can’t beat the cultural experience you get here. From the weather to the architecture to the food and the people, Cuba is unlike anything you’ve ever seen before. Think outside the box and opt for this unforgettable destination.

  3. Portugal

    Why: A beach holiday is a classic, especially when trying to get away from the dreary weather you experience 365 days a year in the UK. Pack your swimsuit and your beach book, because Portugal offers sunny days and incredible waves.

Any of these sounds appealing? Don’t worry about affordability – that’s what holiday finance is for.

What Is A Holiday Loan?

A holiday loan is an unsecured loan you get in order to finance your vacation. It is unsecured because you are not required to put up an asset as collateral to secure your loan. Instead, it is offered based on your credit score. Whether you want to take a trip in the dead of summer, over Christmas, or during the off-season, you need money, and this financing option can offer it to you.

How Do Holiday Loans Work?

This financing option works similarly to any other loan. You get the money, go on your vacation, and then return and start paying the amount back in fixed, regular instalments, according to your affordability. The instalments are agreed upon from the beginning, before you sign any contracts, so there are no unpleasant surprises when repayment time rolls around.

Where Can I Get A Holiday Loan?

You can get a loan like this on the high-street, at specialised lenders. But the easiest way to do it might be to apply through a broker. That way, they will be able to check their lender database and offer you the best deal possible from a variety of different lending companies. Remember to browse lenders and offers before committing to a contract!

How Do I Apply?

While you can apply in person at an office, if you wish to, the quickest and easiest way to apply these days is online. You just have to go to the lender's website and fill out a form. Submit it, and it reaches the company instantly. It is then assessed, and you can receive your answer almost instantly. Once you are accepted or rejected, you can move on to the next step, which is providing any paperwork that may be necessary to finalise the transaction.

How Much Can I Get?

The amount you can get depends on your credit score, but you can expect an amount in the vicinity of £7,500 to £15,000. A good rating may allow you to borrow the maximum sum, with a smaller interest rate, while a poor rating will limit your choices and come with a higher interest rate and possibly shorter repayment time. You can check your credit score and find more about it on sites like Equifax.

For How Long Will I Repay?

The repayment term depends on your personal preferences, affordability, and the options the lender is willing to offer you. Generally speaking, repayment on these loans can be made between 12 and 60 months, depending on the amount you borrow and what you are comfortable with. The longer the repayment period, the higher the amount of interest you pay.

Some people prefer to repay higher instalments, so that they get rid of debt quicker and pay a lower amount of interest. But if you can’t afford that, you can pay cheaper instalments over a longer period. The high interest can be worth it for the convenience and affordability this option offers.

Can I Get Bad Credit Holiday Loans?

While your credit score is of overwhelming importance when it comes to holiday loans, all is not lost if your financial history is not perfect. Holiday loans with no credit check are available, but you need to be aware that they have a higher APR. In addition, there are still other options for you, and you can go on an affordable vacation, even if you have bad credit. The key is to offer some other form of security to the lender.

Guarantor loans

A guarantor loan is what it sounds like – a loan offered on a guarantor basis. This means someone signs the loan with you and takes financial responsibility if you fail to repay the loan. While it’s an easy solution, it can be difficult to find someone willing to take that bullet for you, even hypothetically.

Secured loans

If you own assets, you’re in luck, because you can get a secured loan instead, in order to pay for your travel. You just have to put up an asset as collateral (usually a house) in order to secure the loan. You then repay in instalments, as usual, until you pay off the entire amount. If you can’t pay, though, you risk losing your asset.

All in all, there are plenty of fabulous places to see; the only thing you need is money to be able to afford to travel. That can be easily arranged with a holiday loan, so make sure you get the right one for you!

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