If you don’t want to dip into your savings or splurge on a credit card, taking out a Holiday Loan can be a great option for covering your dream vacation. In this blog, we’ll run through the key considerations so you can make an informed decision.
What is a Holiday Loan?
There’s not really such a thing as a ‘Holiday Loan’, specifically; instead, when we speak about loans for holidays, we’re referring to a Personal Loan. If you apply for a Personal Loan, you’ll be able to borrow an agreed amount of money, which you can then use to pay for your dream holiday. These kinds of loans are unsecured, and you’ll be required to repay the loan in regular instalments over a fixed term.
Holiday Loans have some great perks – increased flexibility, for example. Here are some of the key benefits:
· Choose your schedule. With a Personal Loan, you can – within a certain framework – customise the schedule, meaning that you can choose how long you get to repay the amount you’ve borrowed. This offers flexibility and peace of mind, as you can spread the cost out over a longer term to make it manageable.
· Easy to budget. Because the payments are fixed – usually monthly, and for the same amount – you can factor this cost into your budget and know, with certainty, that it won’t change.
· Favourable terms. The right Personal Loan will offer much more favourable terms than other forms of credit (like a credit card). You’ll typically be able to borrow more, and interest rates are often competitive (depending on how much you borrow).
· Option to settle early. At Cherry Godfrey, transparency and flexibility are important to us, so we do not charge any fees for early settlement.
How Much Can I Borrow – and What About Repayments?
The great news is that Personal Loans are really flexible: meaning that you could find a good option for almost any holiday, whether you wish to take a short sunny break or a longer trip around the world. At Cherry Godfrey, we offer loans of up to £30,000 unsecured.
Rates tend to be more competitive when larger amounts are borrowed: so if you’re thinking of a taking a luxury holiday, you could find an option with really attractive interest rates. In terms of repayments, there is some flexibility. Typical repayment periods range from 6 to 84 months – so, as you can see, you can really spread the payments out if you’d like to keep your monthly costs down.
Find the best option for Holiday Loans with Cherry Godfrey. We understand that each holiday is unique – and each person who applies for a loan has their own set of circumstances to think about - which is why we offer Personal Loans to suit just about any purpose. We’ll work with you to find finance solutions that will meet your needs and work within your budget. Get in touch today to get started!