So, you're planning a vacation, but you're not quite sure that apay monthly holiday is your ideal type of financing. First of all, we're going to take a look at this option and see what it can offer. Airlines offering pay monthly holidays: is it a good thing? That's what we're going to find out.
And if that doesn't sound right to you, then we've got other options to consider: payday loans, doorstep loans, secured loans, guarantor loans, holiday loans, and even the ever-reliable credit cards. We will review each and every one to learn about their virtues, but also about their drawbacks and whether or not they're worth it.
What Are Pay Monthly Holidays?
Just like it sounds, a pay monthly holiday is a financing option that enables you to travel whenever you want, even if you can't afford it, and pay in instalments over a longer period. It works like an unsecured loan, because you don't need to offer an asset as collateral in order to secure what you borrow.
How Do Pay Monthly Holidays Work?
You can go online and check the website to see the selection and pick a vacation package from the pay monthly for holiday partners that are available. Once you are happy with your choices in flights, accommodation, car hire, or insurance, you can book the holiday.
Regarding choice, you have plenty of room to play with different options in terms of destinations, hotels, etc. You will be asked to repay the loan in fixed, regular instalments over a shorter or longer period, depending on the agency and the date of your holiday. Some companies will require full payment 12 weeks before your leave, while others will allow you to make payments up until 2 weeks before departure.
This even enables you to go on holiday with bad credit: pay monthly holidays with no credit check is an available option. So, if you haven't been making wise financial decisions and your credit score is poor, you can still go on your dream holiday.
What Alternatives Are There To Pay Monthly Holidays?
If pay monthly holidays are not an option for you, then you may want to consider other financing alternatives for your vacation. There are other choices that may be more suitable for your particular situation.
This option is good if you can repay the loan relatively soon after you've taken it. While payday loans started out as loans that were given for a short amount of time (usually a month, or until "payday"), they have now evolved into a financing option that allows you to borrow money for a few months. Payday loans work out if you have bad credit, but they also have a high interest rate.
A doorstep loan is one of the most convenient lending options out there, because it doesn't require you to make any effort at all. The loan literally comes to your doorstep, in cash, as does the application, and the repayment. You never have to leave the house for any part of the process. It is also good for individuals who have bad credit, or who do not own assets for a secured loan.
A secured loan is a good idea if you plan on taking a more expensive vacation that requires a larger loan. Perhaps for a destination wedding, for example, where you need to organise flights and accommodation for a large number of people, or maybe for an extended trip like a gap year. This works out conveniently because the interest rate is low. All you need to do is provide an asset to secure the loan and then pay the monthly repayment instalments.
Do you have bad credit, but want an unsecured loan without the headaches and the massive interest rate of a no credit check scheme? Then perhaps a guarantor loan is for you. You need someone to co-sign your loan and assume financial responsibility if you cannot repay the loan. On the upside, it's quick and easy, but on the downside, it's difficult to find someone to act as your guarantor.
A holiday loan is a very popular choice, because, as the name suggests, it is meant to cover holidays. You can choose to spend it on whatever you want, as the lender does not dictate what you need to book or with whom. In addition, this type of financing also enables you to borrow a higher amount of money – between £7,500 and £15,000, for a period of 1 to 5 years. So, if you want to make an event out of your holiday, or simply take a luxury one, this is your best bet for a holiday that you can pay off for a long time.
Finally, for those who like to keep things hassle-free, there is the good old credit card. Especially if you don't plan on making huge expenses, then it might just be easier to put your flight or your holiday on your credit card and pay your balance off as usual. Be careful, however – some hotels or airlines will charge you extra for paying with a credit card, so make sure you check that beforehand. Use the credit card calculator from the Money Advice Service to see if this is a good idea for you.
All in all, while pay monthly holidays are an excellent way to finance the holiday of your dreams, it's not an option that will work for everyone and every financial situation. Fortunately, there are other alternatives that can enable you to travel to far-away places and enjoy a nice, relaxing time in a new environment. Just review the options presented here and see which one fits you best. Have a wonderful (and affordable!) holiday!