Consumer advisors classify borrowing for a vacation trip primarily as a consumer loan and advise against it. Exceptionally, as private investments, they rate loans for a honeymoon and for educational leave. Regardless of the understandable classification by consumer advocates, employees take out a vacation loan because they cannot afford a trip without a loan. Since they are still long on their vacation and memories of their vacation long after their return, the financing of a trip is justified.
Bank financing of a vacation trip
Since the credit for the vacation is actually attributable to consumer credit, the last vacation loan taken out should be paid off before the next vacation trip is booked, if this is not paid from current income. A holiday loan primarily represents the opportunity to choose a distant holiday destination and to be able to afford special holidays. It is not necessary to tell the financial institution that the desired loan will be used for a vacation. Consumer loans are generally granted without a purpose limitation.
In contrast to a personal bank meeting, there is no need to expect the planned use of funds when applying for money online. Since online loans are almost always cheaper than taking out a loan in a bank branch, they are generally a good idea. Vacationers often use the overdraft facility of their checking account or the partial payment function of a credit card to pay a travel bill. This procedure is significantly more expensive than a consumer loan and is not recommended, even if the process of making a loan application, which customers often find complicated, is eliminated.
Vacation credit from the travel agency or tour operator
The possibility of payment in installments by the travel agency until the start of the trip does not constitute a loan for the holiday, because the travel price is, with the exception of the down payment, generally due only a few weeks before the start of the holiday. The payment agreement with the travel agent can only be called a holiday loan if the holidaymaker still pays installments after the start of the holiday. Few travel agencies and a few tour operators submit corresponding offers.
The interest on the loans granted by the travel provider for the vacation is cheaper than most bank offers. When comparing prices, it must be checked whether the vacationer pays the low interest rate with an increased travel price. A consistent price comparison for a partial payment offered by the travel agency or tour operator takes into account the interest costs and the travel price equally. The holiday loan from the agent or organizer regularly only covers the direct travel costs, so that the incidental costs incurred at the destination have to be financed separately.
The personal loan for vacation
Even if your credit rating is poor, you can successfully apply for a holiday loan on a website for private loan brokerage. The private lenders registered there draw a request for a vacation loan if the loan seeker makes it clear why he is dependent on the vacation to be financed. Families and employees who want to take part in an educational trip have the best chance of quickly signing their request for a holiday loan.
The latter often receive a loan for their educational leave from the employer if they temporarily bind themselves to the company in question. For families with low incomes, municipalities as well as religious and social associations have launched programs whose funds are used to subsidize or to finance a family trip.