Cash holiday loan – where is the best place to apply?

The holiday season is in full swing. Travel agencies are tempting with attractive last minute offers. Unfortunately, decisions have to be made quickly, and we don’t always have the right capital. The solution to the situation may be to take out a cash loan for this purpose.

According to the report prepared by the Polish Chamber of Tourism, from year to year more and more Poles decide to spend their holidays away from home. Interest in foreign trips is also growing. Only between January and August 2018, 1.4 million people bought charter trips, 36% more than in 2017.

The good economic situation means that experts predict big increases this year. Holiday trips, regardless of their destination, are not cheap: the average price of one booking last year was USD 5,709, and one trip – USD 2,175. Rest, however, does not have to be a heavy burden on your home budget. It is worth getting interested in the offer of cash loans for holidays.

Holiday loan

Consumer loans, which also include holiday cash loans, are becoming increasingly popular. According to the Credit Information Bureau, they currently constitute as much as 48.6% of all Poles’ liabilities, and their total amount is USD 163.56 billion. In terms of their relation to GDP, we are at the forefront of Europe, second only to Cyprus, Greece and Bulgaria.

As with any loan, you should carefully examine all the provisions of the contract and, above all, make sure that your household budget can bear the next burden. By properly choosing the repayment model, however, we can enjoy a dream vacation without worrying about high expenses.

Model borrower and loan

In the calculations we assumed that the model borrower is 30 years old, does not pay off other financial liabilities, rents an apartment, has two children and earns 3000 USD net on the basis of an employment contract for an indefinite period.

Considering that last year the average trip organized by a travel agency cost USD 2175 per person, we assumed that when going on a trip with a partner and children he would need USD 10,000, and the repayment would be spread over 36 installments.

Nest loan cash at Cream Bank

Cream Bank prepared the most advantageous offer of the analyzed cash loan for the holidays. The relatively low APRC (9.60%) means that the total loan amount will be USD 11,482.20, with a monthly installment of USD 318.95.

It is also an ideal holiday loan due to the one-day waiting period for the decision, no need to keep a personal account and purchase additional insurance. Unfortunately, the contract can only be signed at a bank branch, which may prove to be a significant impediment in the pre-holiday period.

Offer for the loan amount: USD 10,000, period: 36 months.

Online cash loan 

An interesting offer for people looking for additional funds for holidays has been prepared. A slightly higher APRC (10.41%) translates into a total loan amount of USD 11,607.12 and an installment of USD 322.42. As in the first case, there is no need to purchase additional products offered by the bank and credit insurance, and the decision should be made within one business day.

Formalities can be arranged online, and the contract can be ordered by courier or confirmed by bank transfer. Also, all documents necessary for processing the application (e.g. income certificate) can be provided in electronic form.

Offer for the loan amount: USD 10,000, period: 36 months.

Best Bank Cash without commission

Best Bank has created a similar offer. The title lack of the bank’s commission translates into an APRC of 10.46% and an installment of USD 322.62. The great advantage of the product is the availability both in the facility, online or by phone.

Unfortunately, no commission cash is addressed only to customers who have a settlement account at Best Bank who have not previously used any credit offered by the bank.

Infra Bank Standard loan without insurance

The APRC offered by Infra Bank of 11.87% means that the total loan amount will be USD 11,832.12 and the monthly installment will be USD 328.67. A big plus of the offer is the possibility of withdrawing from the contract within 30 days at no cost, which gives additional options in the event of a change in holiday plans.

Most of the formalities will be handled online, but the contract can only be signed at a bank branch or in the presence of a courier. Having an account with Infra Bank or buying additional insurance is not required.

Offer for the loan amount: USD 10,000, period: 36 months The offer is valid for: 2020-03-11

Lite Lender Company – Master Cash Loan

Despite a fairly high commission of 9.80%, Lite Lender Company has also prepared an attractive cash loan offer ideal for holiday expenses. The total repayment amount is USD 11,845.08 and translates into an installment of USD 329.03.

The loan can be taken without leaving the house, the bank also guarantees that interest rates will remain unchanged. Another advantage of the loan is the lack of having to run an account and buying additional insurance.

Offer for the loan amount: USD 10,000, period: 36 months.

Cash loan for the holiday: summary

Expensive holidays do not have to be a serious burden on the household budget. Cash loans that can be used for any purpose, including holidays, are becoming more and more popular. Advantageous offers prepared by banks mean that even when traveling with the whole family, we can break down the costs into relatively low monthly installments, which will not strain the pocket of the average.

The Real Annual Interest Rate of the offers submitted is around 10%. In most cases, it also does not require the creation of an account or the purchase of additional insurance. The advantage of all is the short time needed to process the application, which is especially important in the case of attractive last minute offers.