Have you been thinking of taking a holiday anytime soon? If so, you might want to have a relaxing time with maximum amenities wherever you go. This means you will need enough funds to cover the expenses of your holiday.
But do you have the required funds for your upcoming holiday plans? If not, holiday loans in South Africa are the best option to support your finances and cover the costs of your holiday.
Holiday loans are your perfect gateway to funding your getaway! But do you know everything there is about holiday loans? If not, this article will certainly help you.
Holiday loans: How does it work in South Africa?
In simpler term, holiday loans are a type of personal loan that has the following features:
- Unsecured loan: Holiday loans are unsecured loans where you don’t have to give your personal property as collateral. So, you can borrow money without losing your property.
- Minimum and maximum loan amount: The minimum holiday loan amount is R2, 000 whereas the maximum loan amount is R300, 000.
- Minimum and maximum loan term: You have to repay the loan as monthly repayments with a minimum loan term of 12 months to a maximum of 84 months.
- Fixed or variable interest rates: Holiday loan interest rates are either fixed or variable depending on the loan and the loan provider.
Holiday loans: What is it used for?
Of course, holiday loans are used to cover the expenses of your vacation during the season. Following are the activities that you can use your holiday loan for:
- Booking plane tickets
- Buying gifts
- Holiday shopping
Anything that contributes to our relaxing vacation, you can use holiday loan cash to cover the expenses.
Comparing holiday loans? Consider these factors
When you are looking for holiday loans, make sure to compare different plans to make an informed choice. And for the same, you must consider the following factors:
- Interest Rates
When you are comparing loans, a lower interest rate must get you hyped up. This is important because a lower interest rate will also affect the overall costs of the holiday loan. So, when you are searching for holiday loans, go for a loan offer that has lower interest rates as per your credit score.
- The Overall Cost of the Loan
Before you finalize a loan offer, make sure to check out any additional charges that might be included in the overall costs of the loan. Usually, a loan provider will charge initiation fees and a monthly services fee. But additional charges can increase the overall costs of the loan. So, before you apply for a holiday loan, make sure to check out any hidden charges.
- Repayment Options
When you are choosing a holiday loan, make sure to consider the loan repayment options. This will include the loan repayment term and amount. If you intend to save money, you must repay your loan in short term by paying larger amounts. If you want to make early repayments, make sure that your loan provider offers this facility. Some loan providers might penalize you for early repayments. So, always consider your repayment options.
- Specific Advantages
Always look for a loan where you can get some specific advantages such as if you are going for a holiday on short notice, you might need to borrow money immediately. Hence, you must look for loan providers who offer instant holiday loans online. You can apply for loan online and get cash in your account in just a few hours.
Repayment calculator for holiday loans
Before you finalize a loan offer for your holiday, make sure to use an online repayment calculator. This calculator is specifically built to help you calculate your loan repayment amount.
All you need to do is enter your loan amount, loan term, and click calculate. It will give you your monthly repayment amount. Calculate for different holiday loan offers and choose the offer the fits your budget.
Holiday loans: Requirements
When you are applying for a holiday loan, you need to fulfil the following requirements:
- Valid ID issued by the South African government
- Minimum 18 years of age or above
- Regular monthly income
- Proof of address
- Bank statement and payslips for the past three months
- A good credit score
Holiday loans: How to apply online?
When you want to get loan online for your holidays, you can check out our website Snappy Loan right away.
We have got the best and latest holiday loan offers from reputed and trusted loan providers in South Africa. Applying for a loan online using our website is easy and hassle-free. Here are the steps you must follow:
- Search, Review and Compare
When you visit Snappy Loan, you must search for the holiday loan offer by choosing your loan amount and loan term. You can review each loan offer to understand the terms and conditions.
Make sure to compare each loan offer based on various factors such as interest rates, additional fees, charges, loan repayment amount, and more. Use the repayment loan calculator to make an informed choice.
- Click ‘Snap It’
When you have decided on a loan offer you want to apply for, just click on ‘Snap It’. This will take you to the lender’s authorized website for further information.
- Start the Application
Once you have understood the terms and conditions and fulfil all the requirements, start filling the application form. Complete every detail and enter submit. Once approved, the loan amount will be transferred to your bank account.
Based on the turnaround time of the lender, you can get the loan amount either on the same day or in a few days.
With Snappy Loan, searching, reviewing, comparing, and applying for a loan is easy, quick, and hassle-free. So, whenever you want to apply for a loan online, don’t hesitate to visit our website right away.
You can also get in touch with our team for any further questions. They will be glad to be of help. So, enjoy your holiday plans by choosing the right holiday loan offers now.