Housing Relief
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The Best Vacation Loans

Housing Relief
3 min read

Are you yearning for a vacation, but lack the cash to take that trip?

Then see which vacation loans can fund your relaxation so you won’t have to wait long to hit the road.

They have loans for everything nowadays, including vacations. What is a vacation loan? It’s a personal loan that can be used to cover travel expenses. Typically, there is no collateral needed since these loans are unsecured, and the rate you pay depends on your credit. Repay the loan in a specific amount of monthly installments, and you’ll be good to go.

The Pros And Cons Of Vacation Loans

The pros of taking out a vacation loan (depending on the lender) include:

  • A quick approval process.
  • Flexibility in choosing the loan terms and how long it will take to repay the loan.
  • Lower interest rates than credit cards.

The cons of taking out a vacation loan include:

  • Going into debt for something that is not a necessity
  • Extra fees like origination or documentation charges.
  • Prepayment penalties.

The Top Vacation Loans

Is a vacation loan for everybody? No, but if you think it’s your best bet to take a trip now instead of waiting, here are some of your top vacation loan options:

Affirm

Affirm acts like a buy-now, pay-later service, and one of its specialties is travel. The lender has relationships with travel brands like Vrbo, Priceline, and Expedia to help you get the best deals, and it can also assist with financing your trips.

Affirm promises no hidden fees and offers different payment options. If approved for a vacation loan through Affirm, you can use the auto-pay feature to pay back the cash on time.

OneMain Financial

Although it does not specifically market “vacation loans,” OneMain Financial has personal loans that can help fund your trip. If you prefer to apply in person for peace of mind and to understand the lending process better, OneMain Financial can help with its 1,400-plus branches in the U.S.

Get a vacation loan from OneMain Financial, and you can avoid prepayment fees and enjoy fixed interest rates and fixed monthly payments.

Marcus

Marcus by Goldman Sachs is a lender that offers personal loans between $3,500 and $40,000. There are no sign-up fees, prepayment penalties, or late fees when dealing with Marcus, and you can enjoy fixed rates for the life of the loan, so you don’t get hit with any expensive surprises. Rates start at 6.99% and go up to 19.99% APR. You can take three to six years to pay the cash back.

Apply for a vacation loan from Marcus, and you could get the cash for your trip within five days. Add this quick approval to the lack of fees, and you could say that Marcus is your best bet for funding your trips.

LightStream

LightStream is a lender that markets itself as offering “Loans for Practically Everything,” including vacations. The company offers low fixed rates from 3.49% to 19.99% APR should you select the autopay feature. Best of all, LightStream promises to beat qualifying rates from other lenders, so you don’t overpay.

Same-day funding is available, and you could get anywhere from a $5,000 to $100,000 unsecured loan if you choose LightStream as your lender. Your bank will largely determine the speed at which you get that cash.

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