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What are holiday loans?
Holiday loans popularly called travel loans are personal unsecured loans. Any individual with a stable monthly income can apply for a holiday loan without guarantee. Travel loans are granted purely based on the credit score. Here are some key factors to consider before applying
What should you look for in a holiday loan product?
The most important things to consider are the expenses covered and the exclusions. Read between the fine lines and have clarity on this by asking questions to the lender. The interest rate and the repayment tenure come next. Look out for promotional offers during holiday seasons and if your credit score is high, you can negotiate on the interest rate offered.
How much should you borrow?
Imagine going to a super market and buying so many things that are not in your grocery list. The same scenario should be applied when you want to apply for a holiday loan. The lenders will obviously lure you to borrow more than you require during a holiday season. You should be clear about your itinerary and the budget you have planned for. The loan can be ideally 10% above your budget and not beyond that.
How Should I Make Myself Eligible For Getting A Loan?
Credit score is the mantra. If you have a credit score of at least 700, the process of getting the loan can be hassle free. It is pivotal to understand your credit mix as well. If you are already paying for personal loans, credit cards, etc.,
You should consider repaying them before applying for a holiday loan as this will have a direct impact on your credit score.
Holiday, travel, vacation, tour, trip call it whatever way you wish, it is simply rejuvenating beyond words. Beat the blues of finances by proper planning and research. Happy holidaying.