Lending money has been around for hundreds of years. There has always been people who have a need for extra funding, for a variety of reasons. Borrowing money can certainly help people when there are difficult times, it is ever however essential that entering into a loan arrangement with an loan lender, the person borrowing the money has made the necessary arrangement to pay the funds back. We’ve decided to explore the Euro’s to help unpick this concept more!
Currently their are thousands of English, Northern Irish and Welsh (sorry our Scottish friends out there!) enjoying the sun in France watching their respective teams in the 2016 European football championships in France. Many of the fans have probably saved hard to cover the costs of a few weeks away, and budgeted sensibly to incorporate finances to cover the cost the ‘cost of living’ during their stay. Taking on loans for holidays have a number of negative issues attributed to them; although the adventure of being away with friends and family in far flung countries seems an thought, one should be careful as it could distort the decision making process around the cost of the holiday.
Although a loan would clearly cover the cost of the holiday, there are additional expenses which would also need to be factored in. Spending money, insurances and gifts are just some of the additional costs that are associated with holidays which would need to be factored into the cost of the holiday. If a loan is taken on just for the cost of the holiday, this will need to be repaid upon your return. Care is therefore needed when considering using a short term loan for the sole purposes of a holiday.