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.

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