Holidays are the most awaited occasions of life, and we all wait for them desperately. Because we occasionally go on holidays, we want it to be perfect. Luxury hotels, lavish food, varied tourist spots and whatnot. But the problem is all these needs, ample amount of funds. Thanks to the holiday loans that help us spend quality times at our dream destinations. But before taking holiday loans, we should take care of several necessary features that should be present in the loan deals. As a borrower, you should not make decisions in a hurry and look for every detail to offer you a smooth and predictable borrowing journey.
1.The pre-closure charges – It is better if there are none
Not always first things come first, sometimes last things come first. A holiday is a temporary thing as no matter how long is the holiday period is never very long because we all need to come back. The costs increase with time and thus we cannot afford to stay out for a long time.
Once you come back, life will be the same again, the same routine. The homemade food will not be as expensive as the one which you ate during the holiday stay. The other expenses will also be in our control that can be tailored according to the circumstances. If the cab is expensive, we can go to the office from the metro. In such a condition, we can save money, and that is why we can pre-close the holiday loan. It is better to choose a holiday loan that has no pre-closure charge.
2.Repayment reminders from the lender
It can be a new trend but not very uncommon. The lenders send timely automated notifications to their borrowers before the due date of the instalment. It keeps you away from the threat of missed repayments and also degrades in credit score that happens due to missed or delayed payments.
- Although the auto-debit service is available, you will miss repaying if you forget to keep money in the account. The timely reminders help stay punctual in repayments. With timely instalments, you can also impress other finance companies if you avail any other financial product in the future.
- Ask your lender to automate your notifications at least 5 days before the due date, but not more than that. Knowing about a thing many days before its occurrence is also a reason to forget it when the right time comes. In five days duration, you can arrange money if the account has less or no money.
3.There should be no hidden charge or fee
Hidden charges or fees always make a good trap for the borrowers and regret later when they know about it. You should always check once, twice or thrice to confirm if there is any hidden fee. Caution is the first tool for a safe borrowing journey, and it is also your moral responsibility towards yourself.
No lender can deny revealing the information on the hidden charge policy. However, if you are planning to consider FinTech loan options, it is pleasant to know that the online loans in Ireland for a holiday are transparent. From start to end, the loan company keeps you updated with everything. The assigned personal relationship managers tell you everything in detail. However, you also need to follow the caution and ask about the hidden fee if the lender has not informed you anything.
The above features are vital to be present on holiday loans because the leisure time should be memorable. A poor borrowing experience can spoil it if you make wrong financial decisions. It is better to save as much as you can for the holidays and borrow only the required sum of money. Bigger is the burden of the loan. Smaller is the joy of the holiday. Do not forget to check the above features because, in the zeal of the joy of holidays, one can make such mistakes. Think of the future impact of your financial decisions, and you will always make smart decisions.