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The best holiday loan – how to choose and not go crazy

Most of us have probably heard about the problems of travel agencies and the vicissitudes of tourists in this regard. However, probably even this kind of event will not cause

Poles to stay at home during the summer holidays. However, not everyone can afford the comfort of financing the entire vacation with their own funds.

Which loan to finance the holiday

cash

In this situation, a bank loan can be invaluable. However, the question remains: which loan to finance the holiday? Let’s see! 

The uncertain situation on the currency markets, the collapsing travel agencies – all this makes finding a bargain, but also certain, a holiday trip offers a real feat.

However, all these turbulences can paradoxically mean that we will be forced to support ourselves with a summer loan to finance it all. As expected, just before the peak of the holiday season, banks provide special promotional offers.

This time they tempt customers with a reduced interest rate, reduced commission rate or simply a high amount available or a long repayment period. All this means that the installment can be really low!

A most popular way to borrow money to finance our various types of plans

A most popular way to borrow money to finance our various types of plans

Bank loans are invariably the most popular way to borrow money to finance our various types of plans, dreams or just needs (such as holidays). The main attribute of this type of product is simplicity and speed in obtaining funds – the loan can be paid even on the same day we applied for it!

We decided to analyze loans and cash loans in the amount of USD 5,000, whose repayment is spread over seven years – so that the household’s monthly budget is charged to the amount of USD 100. What are the conclusions of this analysis?

Good Finance became the winner of the holiday review of the most advantageous loan offers with its new promotional offer operating under the name “USD 5000 loan: Super-light”.

In her case, we will pay only USD 89 a monthly installment, and the APRC will be lower than 13%! Such conditions are really achievable – no commission and low-interest rate deserve praise!

The Good Finance Bank offer, which provides USD 5,000 for a monthly installment of less than USD 91, turned out to be slightly more expensive!

Good Finance Bank we have to pay a 2.5% commission, and the interest rate is 1 pp higher than in Fine Bank and amounts to 13%.

Good Finance came with third place with a loan offer for everyone. In the case of a Wrocław bank, the monthly installment will be 92.32 USD, the interest rate – 13.5%, and the commission for granting the loan – 5%. Writing about Good Finance, it is impossible not to mention his latest promotional campaign, the face of which is the popular actor Sean Cole.

Her basic message is that we have holidays once a year and it is worth doing everything to make them successful.

The actor encourages us to avoid all kinds of “occasions” on which we can come out like Zabłocki on a soap.

The difference in the amount of the monthly installment between the first and tenth loan offer in our statement is quite significant, amounting to USD 20 – which translates into over USD 1,500 in the entire repayment period!

 A decision on the loan repayment period,

 Decision on the loan repayment period,

The decision on the loan repayment period, as always, is recommended to be taken by yourself. The longer the repayment period is, the lower the installments will be, but at the cost of higher interest, i.e. what we will refund to the bank.

The solution in the form of a cash loan seems to be more favorable than, for example, an overdraft facility. In the case of a loan, we repay the principal and interest installment on a monthly basis, not just the interest itself.

An additional attribute is that with a loan we pay the commission only once and with a revolving loan it is required to be paid annually!

In general – when looking for the best cash loan offer, it’s worth comparing available offers – e.g. via free online comparison websites – just a few clicks and you can save a lot of money! It is better to spend these funds on faster repayment of our loan.

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