Holiday Travel Insurance UK

Holiday Loans: Take That Safari you always craved for

Press Release   •   Feb 14, 2011 09:04 GMT

Everybody aspires to take a break from their busy work schedules. They know the best way to relax their tired body’s is to go on a vacation. Now, the question is; do they have enough money to cater for their holiday expenses? Most people live from paycheck to the other. They seem to be permanently short of money. The simple idea of going for a holiday seems far fetched. This should not be the case. They can get assistance in the form of holiday loans to cater for their holiday expenses.

Holiday loans fall under personal loans category. Personal loans are there to satisfy an individual’s financial engagements. They are either given out as unsecured, or secured. For unsecured, the borrower gets smaller amounts while in secured form, the value of the item pledged determines the amount that one gets. Any employed person can apply for these loans. This does not mean that unemployed people can not apply and get approved for holiday loans, they can. If they prove that they are capable of paying back the advanced loan, request is honored. In general, holiday loans are short-term in nature. Their repayment plan can not exceed five years. The loan amount that can be borrowed varies from £3,000 to £25,000.

Those borrowers who take out the secured holiday loans pledges items of value to secure the loan money required. Such valuables as vehicles, stocks, jewelry, homes etc can be offered as collateral against the loan but as per the lender’s holiday financing policy.

Secured holiday loans features:

* Low interest rates and other chargeable fees.

* Flexible repayment schedules

* Loans amount that can be borrowed are moderately bigger.

Unsecured holiday loans are exactly the opposite of the unsecured ones.

Features:

* Rate of interest and other chargeable fees are slightly higher as compared to secured holiday loan.

* No collateral against the loan needed.

* Approval is slower.

* Credit check may be performed on the borrower.

Taking out holiday loans as way of financing your holiday plans has many advantages. For example;

o The loans terms and conditions are very flexible.

o They are open to all sorts of people, even those whose credit scores are poor. Loan defaulters, CCJs, those with loan arrears are known to have successfully secured holiday loans. However, they pay higher fees, as they are considered as high risk borrowers.

After a borrower has arrived at a decision to borrow a holiday loan, he should be careful not to fall prey to the many holiday loan companies that promise heaven when their true intention is to fleece them. There are numerous loan companies available.Some,not only help with the holiday money, but also with advice on the best holiday destination, where to stay once you are there, and locations to visit. All a borrower has to do is to shop around for the most appropriate loan deal that suits their holiday arrangements.

Lastly, once you reach your holiday destination, controlling your expenses is very important. Note that the holiday loan you took must be repaid back. Hence sticking to your budget is a must. There is no need to add more financial difficulties by overspending the money you borrowed.


James Roy is Insurance advisor of holiday travel insurance when pregnant UK.For any queries related travel insurance, cheap annual holiday insurance visit http://www.holidaytravelinsuranceuk.co.uk