What are the risks of requesting a loan to pay for a vacation trip? nnda-nnlt | YOUR MONEY

do you want to get out of holidays, but you have not been able to save enough? If you are thinking of taking a credit In order to have a few well-deserved rest days, after several months of work, you must know what the risks are.

A loan would help you live the dream vacation immediately, but you must have your finances in order and know that you can pay it and that you will not be tight, because, finally, they can become a nightmare because it can be combined with other fixed or unforeseen expenses. .

If your decision is made, here we will tell you if it is convenient or not to apply for a loan and what its risks are.

IS IT CONVENIENT TO ASK FOR A PERSONAL CREDIT TO ENJOY MY HOLIDAYS?

It depends on your financial reality. If you are close to receiving money, bonuses or utilities, you can request it, knowing that you have financial support, but if you are going to go into debt for many months and pay high interest, the vacation of your dreams may turn into a nightmare. Now, if there are six months or a year left before the date arrives, the recommendation would be to plan and set a savings goal to avoid getting into debt, indicate the BBVA.

WHAT ARE THE RISKS OF ASK FOR A LOAN TO GO ON HOLIDAY?

The ideal is that you can save before going on vacation so that you can avoid getting into debt and maintain good financial health, indicates a note from Antenna 3. These are the risks you may face:

• Interest payment: Personal loans and credits have a higher interest rate, so you are going to return much more than what you have actually spent.
• Long payment terms: for a 15-day vacation, in some cases you would have to pay a loan of 12 to 24 months. That extensive expense could prevent you from enjoying another vacation.
• Payment of arrears: if you are late in paying your installment, you will be charged daily interest. This can shake your finances.
• Affect your credit history: When you want to look for a financial product, but you have debt, you can be affected and not have access to the credit you need. Having a good grade will mean that your application will be approved quickly.

What is the difference between loan and credit?

Many times we confuse credit and loan and talk as if they were the same, but they are not. Both have different characteristics, although the purpose could be the same: to solve your financial problems. Management gives you the information.

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