Is an unsecured loan a good way to raise money if you want to move overseas?
You really want to move overseas but you’re struggling with the finances. If you could only just get a bit more money it would make all the difference. Think carefully. A loan may be the answer to your prayers or the path to more difficulties.
A loan could help with the initial costs of deposits for house or flat rental, a car purchase and tiding you over until your first paycheck arrives.
A loan could help in another way. Besides providing a cushion for your first month or so on arrival, the loan could provide a boost while you’re saving at home before the move. If you are crippled with the interest payments on credit cards, a loan may help you clear or reduce those debts freeing you up to save money for your overseas move.
Jonathan from Newcastle wanted to move to Spain. He knew he could make more money and have a better lifestyle in Spain than in England’s North East and he didn’t want to wait the 18 months to two years it would take for him to save enough to have money fro start up costs in Spain. He researched his move, visited a couple of times to decide exactly where he needed to live for maximum gain then set about making final preparations. One of those preparations was to apply for a loan to help fund the first month until he started bringing in money from his paycheck. From first idea to moving day, Jonathan took eight months. He has been in Spain four years, the loan has been repaid and he is now enjoying a fantastic expat lifestyle!
To help you decide if a loan is right for you start with these questions: Do you have a secure job to go to, or will you have a secure income from home? In other words, will you be able to pay back this loan without much hardship? If your answer is ‘no’ then perhaps the loan isn’t right for you. If it is, then there are many options for a quick online loan that suit both expats and those just looking for extra cash.
A loan is not for everyone. If you are moving without a secure job, or if you do freelance work and are not guaranteed a regular income, then taking out a loan might simply add more stress to your move.
Look at your situation to decide what will suit you best. Research all possibilities. Don’t rule out a loan but don’t immediately grasp onto the idea. The aim is to make your move overseas as easy as possible—if your decisions all focus on that outcome, then you can’t go wrong!