We all know that holidays can be expensive. Many people save up for months, maybe even a whole year just to be able to get away and enjoy somewhere different. However, despite all the planning and money put away in savings, sometimes you still don’t have enough to enjoy your holiday; so what should you do?

For most, this simply means having to sacrifice some trips, a couple of evenings out or cutting back on a few luxuries. Whilst this is far from ideal, there is no other choice – or is there?

Payday loans might still be spoken about in hushed tones within some social circles, however they are quickly growing in popularity. Whilst any form of credit should only ever be sought in situations where your need is greatest, occasionally it can be acceptable to treat yourself a little – with holidays providing a very good example.

Whether overseas or nearer to home, a holiday is supposed to give you the opportunity to escape daily life for a while and let your hair down. Whilst you don’t want to find yourself buried by debt on your return, you also don’t want to feel like you’ve missed out on anything just because of money worries. So a balance needs to be struck. What can you comfortably afford and will you have the money next month to cover further expenses?

After all, there’s no point in taking out a loan of any kind if you won’t be able to pay it back on time. This becomes all the more apparent when you only have a maximum of 30 days to find the necessary funds. Payday loans also come with a reasonable amount of interest, often 1% per day or a fixed fee of around 25% for the month. So it is essential that you take this into account before making any major decisions on whether or not to apply prior to a holiday.

Failure to repay could make your holiday a very expensive trip indeed. Unlike long-term loans where you’ll often be charged a set amount and then have to come up with the missed instalment within a certain timeframe, most payday loan companies will often apply the same kind of fee but also apply another month’s worth of interest – effectively doubling the cost of borrowing.

So if you were to borrow £250 to enjoy your break, based on a 25% rate of interest, you would owe £312.5 on your next payday. This in itself isn’t too costly, but if you weren’t able to cover this amount, it’s likely that you’d have extra interest added automatically, taking the total up to £390.63. On top of this, you’ll then have a charge applied for good measure, taking it to over £400 in most cases.

However, this is only in cases where money has been borrowed without due care. As long as you have evaluated your situation and are able to swallow the costs of borrowing within your next month’s budget, there should be no risks whatsoever. As a result, you can borrow the money before heading off and enjoy your time in the sun without worrying about running out of cash midway through your holiday.

As we’ve established, holidays are supposed to be a time for you to relax and have fun. Whilst you don’t want to go crazy with your finances and leave a legacy of debt for months to come, it’s also important that you take advantage of your time away and make it a memorable experience for the right reasons. Whilst a payday loan might not be the first choice for many, it can be a quick and easy solution to a major headache.

Vincent Rogers is a finance writer who writes for a number of finance businesses. For quick payday loans, he recommends Paydaypower.co.uk

Vincent Rogers is a finance writer who writes for a number of finance businesses. For quick payday loans, he recommends http://Paydaypower.co.uk

Author Bio: Vincent Rogers is a finance writer who writes for a number of finance businesses. For quick payday loans, he recommends Paydaypower.co.uk

Category: Finances
Keywords: Payday Loans, Payday, Loan, Loans, Short Term Loans, Finance, UK