How do holiday loans work for me? An unsecured personal loan for the purpose of travel works the same as any other unsecured loan. You can choose the loan amount (depending on your estimated travel expenses) and loan term, and pay back the cost of your ideal getaway under a fixed interest rate. You can also choose between a weekly, fortnightly or monthly repayment schedule.
Benefits of using a personal loan for travel: If you’re after a getaway but don’t have the spare cash at hand, an unsecured personal loan allows you to travel without money on your mind. You can break the larger expense of your dream holiday into smaller monthly repayments. You can choose your loan term to suit you, and shop around to find a competitive interest rate. Our panel of lenders will even let you repay your personal loan ahead of the agreed schedule, however they may charge some early repayment fees.
Better still, once you’re approved for your holiday loan with one of our lenders, the personal loan funds should hit your account within a few days, meaning you can travel with confidence.
Can I take out a personal loan for a holiday? Yes! Personal loans generally have very few conditions on how the disbursed money can be used. Our lenders’ unsecured personal loan products allow you to use the funds for just about anything, from debt consolidation to your dream holiday.
Are personal loans unsecured? Yes. As there is no collateral provided for the lender to recoup in the instance that you do not repay the loan, all travel loans are an unsecured personal loan. Compared to secured loans, a personal loan generally has a higher interest rate to account for the risk taken on by the lender.
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