Should I take a loan on vacation (vacation)?

Good afternoon! My name is Pavel. This year I plan to go on a vacation abroad to the resort, but my budget is limited. Is it worth taking a loan for the sake of vacation?

Hello! Many experts tend to treat this type of lending rather ambiguously. This is explained by the fact that if you take a loan for other needs, eg, buying an apartment or a car, first of all, a person gets more lasting satisfaction. After all, for many years he sees the result of the need to take a loan. Now there is no need to rent housing and pay a lot of money, there is no need to use public transport.

The situation with the rest is exactly the opposite: a person returns home, all the money has been spent and in addition new accounts come from the bank to repay the loan. All the impressions of the rest immediately fade into the background.

The main recommendation in this case - calculate what funds will be needed to relax, and then find articles on which you can save. for example, choose a hotel at a more affordable price, clearly plan your daily budget and deviate from it not more than on 10%.

Take note! If you begin to more carefully plan your daily expenses at least a few months before the proposed vacation, then perhaps a loan is not needed.

If, nevertheless, a decision was made on a loan for a vacation, you need to consider various lending options and choose the best option for yourself.

Option 1. Cooperation with a travel company

This option is optimal when there are suggestions about last minute packages. At a travel agency, choosing a ticket, you must write an application for cash.

Then the company sends an application to its partner bank, after which it receives money into its account. However, about 10%, i.e. the down payment, the client pays the travel agency on their own.

Main advantage - quick receipt of funds.
Disadvantages: large overpayment, inability to choose loan terms.

Option 2. Target loan

The scheme is exactly the opposite. Arriving at the bank, a person prepares a target loan for a vacation, receives money, and finally, selects a travel company from among the bank's partners.

Main advantage - the ability to choose a bank and loan offers, that is, the choice of suitable credit conditions.
Disadvantage - a possible overpayment for the same tour in comparison with the offers of travel agencies not from among the bank's partners.

In one of the articles of our magazine you can learn how to get a loan without failure even with a bad credit history.

Option 3. Consumer loan

This type of lending may be more convenient in that consumer loans are provided in almost all banks. That is, a wide range of loan conditions is provided.

Main advantages: the selection of suitable loan conditions, an increase in the loan term, and there is no need to cooperate with certain travel agencies.
Disadvantage - there is no way to instantly receive money.

Option 4. Credit Card

The option is optimal when you need to give money for a ticket, and leave will be transferred later. However, funds must be returned before the end grace period. Each bank has a different maximum period. about 100 days. For a review of the best credit cards with a grace period, see one of our issues.

Main advantage - the ability to return money to the card without paying interest to the bank.

In conclusion, we advise you to watch the video “Is it worth taking a loan?”:

We hope the Rich Pro team was able to answer your question. We wish you good luck and success in business! See you on the pages of our online magazine!