In 2013, an article in The Jamaica Gleaner reported on a new trend- the party loan. At that time, Sprint Financial Services would provide loans to desiring party-goers for any event costing upwards of $6,500 and in 2014 reported disbursing over $1.6 million in loans. Party loans in Jamaica can be viewed as a type of personal loan. In other countries, personal loans are used to cover a number of non-essential expenses.
In countries where festivals are prevalent, loans are offered especially to fund these celebrations. For example, in India and Bangladesh creditors give loans “to meet any kind of festival related expense.” Similar to the Jamaican case, these loans were created and are taken explicitly to pay for festivities. However, festivals in India and Bangladesh are central to national culture and often serve religious purposes.
Another popular type of personal loan is the vacation loan offered by financial institutions worldwide. Persons dreaming of vacations but lacking money upfront can use these loans to fund their wishes. Many creditors offering personal loans allow for money to be borrowed for almost any purpose, recreational or not.
So diGJamaica family, let us know what you think of loans for less conventional purposes. Read more about loans for parties in Jamaica here.