Yes — because there is some flexibility with personal loan purposes, many lenders offer the option to borrow toward a vacation. During the application process, you’ll need to disclose to your lender as to what you plan to put the money toward.
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A vacation loan is a type of personal loan that can be used to fund travel expenses such as plane tickets, hotel stays and rental cars. Generally, vacation loans can have up to 36% APR and can range from $1,000 to $50,000, though some lenders will offer smaller or larger amounts.
This type of debt can take the form of unsecured or secured loans, though they are typically unsecured. Because travel loans are often unsecured, lenders will have personal loan requirements that will rely heavily on your credit score and history.
Yes — because there is some flexibility with personal loan purposes, many lenders offer the option to borrow toward a vacation. During the application process, you’ll need to disclose to your lender as to what you plan to put the money toward.
Unless you can afford to pay off a travel loan quickly or want to use it to build credit, in many cases, it’s not a good idea to go into debt for vacation. Since a leisurely trip isn’t a necessary expense, this could be considered a bad debt.
Vacation loans are a subset of personal loans that are typically unsecured, come in the form of a lump sum and have fixed APRs and monthly payments. This type of debt also has a predetermined repayment term, typically 24 to 60 months.