A honeymoon that can not be postponed, a dream trip with your partner, or a year abroad after graduation – These are some of the reasons that make for a holiday loan. The following article provides further help with the essential questions: How is the holiday ideally financed? What is to be considered? Are savings tips given?

For your vacation you can apply for the credit here. Simply select the desired amount and the term. We take over the rest.

To holiday loan in a few steps

To holiday loan in a few steps

The budget – An overview of the financing of the holiday

Before the amount of holiday credit is considered, potential borrowers pay attention to their options for eradication. That means: List all monthly costs in one budget . The bill usually gives a surplus, which is partly available for the loan installments. Ideally, not all of the remaining amount goes into the vacation loan repayment, sufficient room for maneuver for unpredictable repairs and new purchases is indispensable.

Money for the holidays – calculate the loan amount

When determining the amount of credit that can be taken, the incidental costs of the trip must be considered. Flight and accommodation are paid for by the loan, but what about the food, various activities during the day and evening entertainment? The travel credit must be higher than initially suspected and this aspect should be included in the calculation of the loan amount.

Lots of Loans – Compare Available Credit Options

The offers to finance a holiday loan are manifold. The holiday loan is increasingly offered by tour operators. They are not financial service providers and can not compete with the terms of banks or professional credit intermediaries. The effective annual interest rates for holiday loans from the travel industry are more than ten percent at the level of credit facilities. A installment loan as well as a short-term or small loan can be taken up with much better credit conditions at significantly better terms .

Finance a holiday with a loan – Criteria to be considered

Depending on travel duration, destination and travel time, holidays can be financed by short-term loans or small loans from specialized institutes. Each election is preceded by a transparent comparison. The advantage of both variants lies in the comparatively short duration , which results in lower risk of the lender and is therefore more favorable for the borrower.

If you take out a long-term repayment holiday loan, this represents a greater risk for banks in view of the default that has occurred. And, with optimal creditworthiness , this is to be paid with higher interest rates. The rates remain lower for a long term, but the overall load increases. The reason: For the money houses at the moment of award is difficult to calculate whether the borrower during the eradication jobless, sick or even incapacitated.

Of course, the amount of credit must match the destination, the duration of the trip and the vacation plans, and be generous. Nonetheless, after deduction of all fixed costs, the sum calculated in the budget should be sufficient to guarantee monthly loan installments.

Who plans to take a holiday loan, can pay attention to some savings tips.

Apply for the holiday loan

How to apply for the holiday loan

In the first step, a reputable lender is found by comparison and then determined conditions. After the inquiry to be made online, the borrower decides on a provider and applies for a holiday loan. It is necessary to provide the lender with various information:

  • Personal data in the form of a copy of the identity card .
  • A truthful self-disclosure .
  • Information about the employer as well as salary statements and bank statements for the last three months.

For all information, the bank applies for Schufa information about the borrower. If the holiday loan is requested by a self-employed person or a freelancer, tax returns and, if necessary, a guarantor are required. If the application is made by videoident, this procedure significantly reduces the processing time. For example, Videoident has been with Small Lender for some time now.

How long does it take for the holiday loan to be paid out?

It can take one to two weeks from the planning to the application to the payment of a loan.

tip Crucial factors are correct information, which does not lead to time-consuming inquiries.

A substantial difference between branch bank and on-line institute does not exist because of the disbursement period. Both are bound by applicable rules and, if granted, pay within three to five working days to the applicant’s account. Cash payments to the account holder are possible after credit.

Saving tips for holiday credit

Saving tips for holiday credit

How can you save money by financing a travel loan?

If the travel financing is realized as a couple, there are significant advantages for spouses and unmarried partners:

  • Both offer optimal credit rating, the interest rate is often lower due to higher collateral .
  • At the same time, two fixed incomes result in a larger loan amount .

If the loan amount is higher, fantastic long-distance destinations, longer travel time and unforgettable experiences are an option. When deciding the personal situation is to be considered, because in addition to the advantages are also disadvantages:

  • Borrowing a second burden on the credit rating of the community .
  • Both partners are jointly liable beyond a possible divorce.

Nevertheless, the benefits of a joint application for a holiday loan outweigh the benefits.

For your vacation you can apply for the credit here. Simply select the desired amount and the term. We take over the rest.


Save money by choosing the right loan type

The option is strictly speaking only the classic installment loan for free use. A loan with a defined purpose is used for purchases such as car loans and requires the transfer of documents to the bank. The same applies to the real estate loan, at the award of which the residential property is transferred to the lender during the term. Accordingly, three credit options are eligible for the travel financing:

  • small loan
  • Short-term credit
  • Free-to-use installment credit

Savings can be made first and foremost via the best possible creditworthiness and the shortest possible terms because they are associated with low risk for the donor. It should be noted that short maturities result in high monthly burdens. The optimal solution here is the short-term loan, the alternative would be the holiday loan for partial financing. Which option is ultimately chosen depends on the following factors:

  • The mandatory loan amount required for the holiday.
  • The short-term loan suitable and easily defined repayments.

If both are not perfectly compatible with each other, the existing reserves and the partial financing must be used as the only viable model.

With good credit, it works well with the holiday loan.

The most important tips for the holiday loan

The most important tips for the holiday loan

Is a vacation on credit possible despite a negative SCHUFA entry?

Anyone seeking a travel loan with a negative Schufa entry will receive a rejection from any conventional bank or savings bank. Institutions are required to reduce the probability of default as best as possible, and the Schufa query is a standard tool. It stays:

  • The providers of so-called loans “without Schufa”.
  • Portals for loans from private to private.

Apply for a holiday loan as an unemployed person

Basically, it is possible to get a loan for the holidays as a jobseeker. But with a German bank the application is hopeless. The reason: Because the lender wants to have information about the employer and current earnings. Theoretically, it would be possible to apply for a small loan for above-average unemployment benefit. Here, the leave with the employment agency must be clarified, as job seekers should be constantly available to the labor market.

Are there special vacation loans for students?

The combination works for banks, when students meet the same conditions as other employees , and thus demonstrate sufficient earnings and creditworthiness. Only exceptions:

  • The student applies for the holiday loan together with a financially well-off life partner.
  • The parents act as guarantors.

What speaks for the holiday loan and which people can apply for it?

If, for example, you can foresee that a trip leads to the overdraft of the current account, the holiday is better financed with a specially taken up loan. With a good credit rating , such loans are much cheaper. Of course, only people accept travel credits that meet the following criteria:

  • Sufficient creditworthiness.
  • Monthly income leaves enough room for amortization after deduction of all costs

For your vacation you can apply for the credit here. Simply select the desired amount and the term. We take over the rest.

How can a holiday loan be taken without the Postident procedure?

The process is still standard at most lenders and serves to identify the claimant . Anyone who applies for an installment loan or short-term credit online prints out a coupon and goes with it and his identity card to the nearest post office. There he finds out his identity including residence and the signed document then goes to the lender by mail. The mail takes a few days, much faster is the relatively new videoident process. This is used for example in Small Lender and is done online within a few minutes. An employee communicates with the applicant via a screen and a computer camera, with the latter holding his identification document in prescribed positions in front of the camera.


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