To get a vacation loan, start by comparing "vacation loans" and regular personal loans from multiple lenders. Vacation loans are just personal loans with different branding, and comparing offers will help you find the best terms among loans you're likely to qualify for. After you've chosen the best loan, you'll need to apply for it and wait for the lender to send you the funds.
How to Get a Vacation Loan in 6 Steps
Check your credit score.
Checking your credit score can help you see if you can get approved for a vacation loan with your current score or if you need to improve it. You can check your credit score for free on WalletHub.
Pre-qualify if possible.
Pre-qualifying shows you which lenders may approve you and what rates may be available to you. Not all lenders offer pre-qualification, though. You can pre-qualify with multiple lenders at once for free on WalletHub.
Compare your options.
The most important things to keep in mind when you're comparing vacation loans are the APRs, fees, loan terms, dollar amounts and approval requirements. The best vacation loans offer the potential for low APRs, no origination fees and large dollar amounts.
Choose a loan that works for you.
Choosing a loan depends on a number of factors, including which lender offers the best terms and your financial standing.
Apply for the loan.
Depending on the lender, you may be able to apply online, over the phone or in person at a branch. The lender will need some personal information for the application, such as your name, date of birth and address. They will also require some financial information, like your employment status and income. More often than not, the lender will do a hard pull of your credit history when you officially apply.
Wait for a decision and funding.
If you get approved, it may take up to a few business days to get the funds. The lender will either mail you a paper check or do a bank transfer.
After you receive the funds, you'll need to start repaying the vacation loan. Repayment could take a few months or years depending on the loan you get.
To start comparing loans, check out the top-ranked vacation loans on WalletHub.
A vacation loan is just a personal loan that’s used to finance travel expenses, such as airfare, hotel stays or tickets to an attraction. These loans are typically unsecured, which means you won’t have to put anything up as collateral to get one.
The best vacation loans are from LightStream. The company offers $5,000 - $100,000 in funding with APRs of 5.99% - 22.49% and repayment periods of 24 - 84 months. To qualify, you’ll need a credit score of 660+, according to multiple third-party sources.… read full answer
Finally, it’s important to note that even though getting a loan for a vacation sounds like a good plan, you will end up paying more for the trip due to the fees and interest payments associated with the loan. As a result, it’s best to save your money in order to afford a relaxing vacation without a loan.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer
Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.
Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).
Easiest Banks to Get a Personal Loan From:
USAA: Will lend to people with less than fair credit (scores below 640)
Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
American Express: 660 minimum credit score
Discover: 660 minimum credit score
TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)
These credit score requirements are either official info from the lender or the consensus of third-party sources.
The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.
You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.
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