£300 Loan

£50 - £2,500 paid out by 04:01am

How much would you like?

£

Representative 305.9% APR

Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
*MoneyWorld does not perform a credit check but the lenders we're partnered with will perform what is known as a "soft search" to determine your eligibility. Should you choose to accept the loan terms you're offered, a full credit check will be carried out.

Is it wise to use a Short-term £300 loan to pay for a Holiday?

A holiday can be a really great experience. It can be a chance to get away from your worries and to take a rest from work and generally relax. This means that it can be a really important thing to do but it can be really expensive. It may be that you consider taking a £300 loan or even something higher in order to pay for it. However, is it a sensible idea to take out a £300 loan to pay for a holiday?

How much would you like?

£
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Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.

Questions to ask yourself

Before you borrow the money, it is worth asking yourself a series of questions. By doing this you will be able to decide whether you think that taking the loan is a good idea or not.

  • Are there any alternatives to the loan ? – it is always worth considering whether there are any alternative to taking a loan. If you have any savings, then it is better to use these rather than borrowing money as it will cost you less. If you do not have savings, then it might be possible for you to make some extra money rather than borrowing it. Think about whether you can pick up some extra work sell things you own or something else to make some money before you need to pay for the holiday. If you plan well in advance then you might even be able to spend a bit less each month so that you can save up for the holiday without having to borrow the money.
  • Do I really need the holiday ? – it is worth asking yourself whether the holiday is necessary. Consider whether there is an alternative that you could do that would be free, such as just having a restful time at home. It can be really great to have a holiday but if you have to borrow money, then it could be a cause of stress itself if repaying the loan becomes an issue.
  • Will I manage to repay the loan ? – It is worth thinking about how you will manage to afford the repayment on the loan. Whether you have one lump sum or a selection of payments to make, you will need to think about what you will do. If you are using the loan for a holiday, then it is likely that you will be spending a bit extra money on a few treats while you are on holiday, but you will need to make sure that you have enough money left to be able to repay the loan as well.

What to consider for the future

It is also worth thinking beyond the holiday and how having a loan will affect your future. You will have to think about repaying the loan just after you return and whether you will be able to manage this. The stress of thinking about the loan and how you will repay could be so much that it outweighs the benefits of the holiday with regards to the relaxation that it provided you with.

If you do overspend a bit on holiday, then you will have to work even harder to repay the loan when you get back. This could mean that you will have to put in more hours at work, cut down your spending or even take on a second job or some freelance work to be able to pay it back.

It could be worth thinking about the benefits of saving over borrowing. In the future it might be better to save up for a holiday rather than using a loan. However, if you take a loan and have to be frugal in order to repay it, you could use those skills of being frugal to free up money to save up in the future.

What can MoneyWorld.co.uk offer you?

Why Use Us?
What is the max amount?
Up to £2,500
No hidden charges
What's the approval rate?
95%
High approval
Bad credit accepted?
Yes
All welcome
Are transfers same day?
Yes
24/7/365 Service
Do I pay back in instalments?
Your choice
Easy repayments

Summary

Whether it is wise to use a loan to pay for a holiday really depends on whether you have any alternatives, really need the holiday and can manage to repay it on time. It is possible to have a great holiday and come back and repay the loan by being frugal and working a bit more and still see it as a great thing. However, if the loan is stressful and finding the money to repay it is really hard work, then it may not be worthwhile.