How do I get a vacation loan?

Question

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% - 24.49% 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

Best Vacation Loans

Lender	Loan Amounts	APRs	Repayment Periods
LightStream	$5,000 - $100,000	5.99% - 24.49%	24 - 84 months
Upgrade	$1,000 - $50,000	8.49% - 35.97%	24-84 months
Best Egg	$2,000 - $50,000	8.99% - 35.99%	Up to 60 months
LendingClub	$1,000 - $40,000	8.05% - 35.89%	36 or 60 months
LendingPoint	$2,000 - $36,500	7.99% - 35.99%	24 - 72 months
Prosper	$2,000 - $50,000	6.99% - 35.99%	24 or 36 or 48 or 60 months

For more information, check out WalletHub’s complete picks for the best vacation loans. Then, you can estimate your potential rates with our free pre-qualification tool.

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.

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Answer 1 · 2022-01-20 19:56:40

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Grace Enfield, Content Writer

@grace_enfield • 01/20/22 This answer was first published on 01/20/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

How do I get a vacation loan?

Grace Enfield, Content Writer

How to Get a Vacation Loan in 6 Steps

Check your credit score.

Pre-qualify if possible.

Compare your options.

Choose a loan that works for you.

Apply for the loan.

Wait for a decision and funding.

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