Holiday loan

A holiday loan is a specific type of loan designed to provide the funds for your dream holiday. In some circumstances a holiday loan can be a better option financially than paying for the holiday on a credit card.

Many people choose to use a credit card to fund their holiday and when unable to pay off the balance in full at the end of the month find themselves facing expensive interest and penalty fees. Holiday loans can save you from avoiding unnecessary fees and enable you to spread the cost of your holiday at your convenience.

Holiday loans are more common than you might think. According to a GFK survey in 2008, six per cent of all personal loans were taken out for a holiday. Typically, holiday loans are relatively low value, between £1,000- £3,000, so the lender will often the limit the repayment period on a holiday loan.

Use the Myfinances.co.uk comparison tools to compare the best deal on holiday loans.

	Nationwide slashes personal loan rate Nationwide has cut its personal loan rate by 0.3 per cent, something that may tempt new and old customers.
	Payday loans rise in popularity after bank holiday spending spree Payday loans have risen in demand by more than half since early May as bank holidays and inflation have combined to boost Brits' outgoings.
	Loan rate reduction by Nationwide Nationwide is offering customers a rate of seven per cent APR Representative for personal loans of between £7,500 and £14,999.
	Nationwide announces lowest loan rate for new and existing customers The Nationwide FlexAccount combines a current account with a personal loan at the lowest interest rate in the UK.
	OFT to stop loan fee scams Credit unions association ABCUL has welcomed steps by the OFT to prevent brokers charging up-front for services they do not deliver.