Are Loans For City Breaks A Good Idea?
Sammy
When I was younger (much younger), my partner and I took out a personal loan to go to Paris on a city break for four days. The loan was only for £1,000 and we had a great time. Overall, I think we paid back something like £1,100 and we paid it back within just five or six months, rather than the 12 months we had taken the loan out for.
However, are personal loans for city breaks a good idea?
Personally, I think it depends on a couple of factors. Firstly, do you really have to take out a personal loan or is it better to wait and go when you can afford it without having to pay extra for the privilege? In our case, we wanted to go for Christmas and if we had waited, we would have missed Christmas, so fair enough. Another reason when it’s a good idea might be if you have a really cheap holiday bargain in front of your or it’s a once in a lifetime opportunity. For example, I might borrow money if a friend was in Sydney on business and offered me a cheap flight only deal to go with her.
However, I don’t think it’s a good idea otherwise and the higher the amount the worse it is because they more it will cost you. If you do decide to take out a personal loan to go on a holiday, city break or otherwise, then be sure to do what we did. In other words, make sure that the lender will accept overpayments or will let you pay it off early without a penalty. At least that way, you don’t need to pay the full interest and can pay it off early - then you can go on another city break!
Further Points:| Kitchen Bins |
| Private Investigator |
Posted on: Tuesday, October 28, 2008 at 11:09 am 
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