Holidays are an absolute necessity to give new meaning to the visions and goals of your life. For some people, it might be a stress-buster, for some, it might be a time to get unplugged from the regular life, and for some, it might be a real eye-opener. Truth be told – holidays are expensive and if you do not have sufficient funds, it might become the major trouble to plan your days off. Most of the Britons borrow a personal loan to cover the expenses of a holiday. If you are also planning to borrow a Holiday Loan for your dream vacation, you must consider these 5 key things before applying for a personal loan in the UK.
In this blog, we will discuss those 5 things so that you do not suffer from a debt hangover after your soothing vacation:
1. Repayments & Repayment Schedule
Before applying for a loan, know what you are going ahead with. It is always better to choose a holiday loan with a fixed monthly repayment. Choose your repayment schedule wisely before opting for a loan. If you fall back in terms of repaying your loan amount in full and on time, then it will have a severe impact on your credit score – restricting you to borrow money in future.
If you have saved some money for your holidays, use that instead of taking out a loan. If you want to use your credit card, go for it. But if you don’t have much savings and because of higher interest rates you don’t want to use your credit card, you can easily go for a holiday loan. Or, you can use half of your savings and can take a smaller holiday loan that you can easily payback. There are many lenders readily available to lend you the money for the purpose of you having a good vacation.
3. Extra fees & Charges
Make sure you know about all the fees required for processing of your loan with any extra charges. Please note that applying for a holiday loan without any guarantor with 786 Loans come free of cost. We don’t charge anything from a borrower for using our services.
4. Terms & Conditions
Go through the lender’s terms and conditions thoroughly before signing off a loan. It is always wiser to borrow with all the information in hand instead of making hasty decisions. Remember that haste makes waste.
5. Impact on Credit Rating
As mentioned in Point #1, if you fall back in repayments, a lender can charge extra charges for the late repayments. Please know that if you default on your loan, you may find it very difficult to borrow money for up to 6 years after your default.
How 786 Loans Can Help you?
786 Loans is a credit broker in the UK. We help borrowers finding deals on personal loans and short-term loans. All you have to do is to
1. Visit our website,
2. Fill in the amount you want to borrow with duration and then,
3. Fill in a straightforward application with some basic details. This won’t take much time.
If your application gets approved, you will get a chance to choose from multiple lenders. This is how easy it is. You don’t have to go out from the comfort of your home and can save you time if you apply using our services. Moreover, our services involve no hidden charges or extra cost, if you use our services you don’t have to pay us anything, it is free of cost.
To apply for Holiday Loans with us, click here.
Spend Smartly and Borrow Wisely!!