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Best Vacation Loans to Consider in 2022

Vacations can be expensive, requiring thousands of dollars that you might not have. Flights alone cost hundreds of dollars. You also need to factor in the cost of staying in a hotel or vacation rental, food, and entertainment. The price of vacations can vary, but it’s tough to take a vacation for...

Vacation Loans
Stephanie Faris
Professional Content Writer

Reviewed by: Carrie Pallardy, Freelance Writer and Editor

Fact Checked by: Dr. JeFreda R. Brown, DBA, CFEI, and a highly respected financial expert

A vacation loan is a personal loan for vacation expenses. Like other loans, you’ll need to qualify and, if approved, repay the loan with interest. Vacation loans can help save you money if they allow you to take a trip when costs are low versus waiting until you have the cash on hand. To help you get the best deal on travel loans, our financial experts reviewed and ranked more than 30 online lenders.

Our Top Picks for Best Vacation Loan

upstart review
  • Loans can be funded in one busines day
  • Prequalification with a soft credit check
  • Accepts borrowers with fair credit
Min. Credit Score
Min. Credit Score 600+
Loan Amounts
Loan Amounts $1K-$50K
Est. APR
Loan Repayments 36-60 months
 Marcus_logo
  • No origination fees or late fees
  • Customizable monthly payment
  • No prepayment penalties
Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $3.5K-$40K
Est. APR
Loan Repayment Up to 72 months
lendingtree_logo
  • Considers applicants with fair credit
  • Marketplace lender
  • Offers educational resources to borrowers
Est. APR
Min. Credit Score 585+
Loan Amounts
Loan Amount $1K-$50K
Min. Credit Score
Loan Repayment 3-180 months

How to Choose The Best Vacation Loan

If you want to finance a vacation, it’s important to look at more than rates. You’ll also want a loan with terms that work for you. Here are some important features our experts looked at when choosing our list of best vacation loan providers.

  • Loan features: You’ll be assigned a repayment period with any loan. How long will you have to pay the money back? Also look at the amount you can borrow and make sure there aren’t limits on how the money can be used.
  • Interest rates and fees: This is where shopping around can help. Compare lenders to get the lowest interest rates possible. Also, look for any fees that will be added to your loan.
  • Application process: Most online lenders offer an easy online application process. Some allow a quick check to see if you’ll qualify before they run a full credit check on you.
  • Qualification process: As with any loan, you’ll need a minimum credit score to qualify. Also, look if there’s a minimum income requirement. Some lenders let you apply with a cosigner or joint applicant to increase your odds of qualifying at a lower rate.
  • Customer support: You might need assistance with your loan, either during the application process or while you’re repaying it. Look at the lender’s customer service hours, as well as whether your preferred method of getting help is available.
  • Online user reviews: While many lenders will have both good and bad reviews, you can get a feel for any financial service by looking at review trends on sites like Trustpilot.
  • Perks and bonuses: Few lenders offer extras that might put them above the competition. Those perks can include repayment flexibility, transparency in their advertising, and faster availability of funds, among many others.

Best Vacation Loans in 2022

1. Upstart - Best for Low Credit

Upstart can help borrowers new to credit or borrowers with poor credit. Instead of relying solely on your credit history and income, Upstart uses artificial intelligence and machine learning to identify credit risks and underwrite loans.

Pros
Accessible to lower credit scores
Quick rate quotes
Fast approval
No prepayment penalties
Funds within one business day
No downpayment required
Loan amounts as low as $1,000
Cons
Origination fees possible
APRs as high as 35.99%
No mobile app
Late fees of 5% or $15

upstart

With Upstart, your loan comes from partner banks using the platform. That means your APR can vary. The range is 5.40%-35.99%, with three and five-year terms available. Perhaps the best thing about using Upstart loans for vacation is you can take out as little as $1,000. This can be perfect for paying travel and accommodations costs.

The minimum credit score for a loan with Upstart is 300. Upstart offers personal loans of $1,000 to $50,000 dollars with three- or five-year terms. The average loan will have an APR of 24.74% with a 5-year repayment term.

The Bottom Line

Upstart is a great choice for vacation loans if you struggle to get a loan due to your credit score. But if your credit is stronger, you may find a more competitive interest rate and terms through another lender.

2. Marcus by Goldman Sachs - Best for Repayment Flexibility

Sometimes it can feel like all your monthly bills are due on the same day. A travel loan through Marcus by Goldman Sachs, can help you control at least one of your bills. Marcus by Goldman Sachs lets you change your payment date up to three times during the course of your loan.

But that’s only the start of the flexibility you’ll get with a Marcus by Goldman Sachs personal loan. Their vacation loans have terms from three to six years.

Pros
No fees
Rates as low as 6.99%
Wide range of loan terms
Adjustable due dates
Cons
Minimum $3,500 loan
Good credit score recommended
No cosigners or joint applicants

marcus goldman sachs

Marcus by Goldman Sachs offers loan terms  from three to six years.The interest rate range is fairly low, too, at 6.99% to 19.99%. Overall, it’s an option worth considering if you’re planning to borrow at least $3,500 for your trip.

The Bottom Line

If you’re looking for repayment flexibility, Marcus by Goldman Sachs has you covered. You’ll get competitive interest rates and loan amounts starting at $3,500 that you can repay over a period of up to six years.

3. LendingTree - Best for Comparison Shopping

When you’re looking for vacation money, LendingTree lets you fill out one quick application to view offers from multiple lenders. This takes the work out of shopping around while still giving you the same benefits.

Pros
Competing lender offers
Consultations with loan officers
Free credit score monitoring
Mobile app available
Quick response time
Rapid funds turnaround
Cons
Some lenders charge prepayment penalties
Reviews report excessive lender contact
Contact information shared with lenders

lendingtree

LendingTree is a loan aggregator, which means your loan won’t be directly through them. Instead, you’ll answer a few questions and compare offers. The full application for financing a vacation happens after you’ve accepted an offer. This means the terms, APR, and requirements will vary by lender, so you’ll need to carefully read what you’re being offered.

The Bottom Line

Finance platforms like LendingTree let you shop multiple lenders in one step to help you get the best loan rates and terms. You’ll still need to consider each loan offer carefully, but this can narrow down the options to save time.

4. OneMain Financial - Best for Customer Service

By financing a vacation through OneMain Financial, you’ll have the option of interacting with loan specialists online, by phone, or at one of the branches located across the U.S.

Pros
No minimum credit score
Local branches in most states
Loan specialists available
Loan amounts as low as $1,500
Quick approval turnaround
Great customer service
Cons
Loan origination and late fees
Interest rates skew high

OneMain

OneMain Financial issues personal loans in amounts as low as $1,500, which could be all you need, and loans up to $20,000. tThis lender does not have a minimum credit score requirement.. If your score is on the lower end, though, you may be offered only a secured loan, which means you’ll have to list a vehicle or other piece of property as collateral.

The lender has origination fees with a flat rate ($25 to $500) or percentage-based rate (1% to 10%). OneMain Financial loans have an APR range of 18% to 35.99% and term lengths ranging from 24 months to 60 months.

The Bottom Line

If you’re struggling to build credit, OneMain Financial can help you fund your vacation. With loan amounts as low as $1,500 and a wide range of payment terms, it can be a great fit for any budget.

5. Avant - Best for Fast Funding

Avant will deposit your funds the next business day after approval. With a turnaround time of only a day or two, this can give you a total turnaround of just a few days from application.

Pros
Administration fee of up to 4.75%
Quick loan approvals
Next-day funds
Low credit score requirement
Mobile app
No prepayment penalty
Cons
High interest rates
Hard credit pull with application
No cosigners
Not available in all states

avant

Borrow as little as $2,000 with Avant, which offers interest rates ranging from 9.95% to 35.99%. But the best thing about Avant is its low minimum credit score requirement. You can qualify for a loan with a score as low as 580. This makes Avant a great option for those who are new to credit or have a less-than-great credit history.

The Bottom Line

If you struggle to get approved, the lower-than-average credit score requirement can make Avant an option. You’ll also get a speedy turnaround from the time you apply, making it a great option for getting those vacation funds quickly.

Try Avant

6. AmOne - Best for Long Repayment Term

If you need a long time to repay your personal loan for holiday expenses, AmOne offers loan terms up to 72 months. That can give you a low monthly payment that fits within your budget. If you prefer that personal touch, AmOne also lets you speak to a representative for help with your loan application or questions you have after your loan has been approved.

Pros
Repayment terms up to 72 months
No minimum credit score
Compare multiple lenders
Easy pre-application process
Quick funds turnaround
Loan specialists available
Cons
Interest rates can be high
Contact information shared with lenders
Limited customer service hours

AmOne

There are a wide range of terms available, with some lenders allowing you up to six years to repay your loan. Loan amounts start as low as $1,000 and go as high as $40,000. No minimum credit score is required, but your score will influence the offers you get. AmOne offers APRs from 2.49% to 35.99%.

The Bottom Line

If you’re still rebuilding your credit, AmOne can help you compare multiple lenders willing to issue you a loan. With terms available of up to seven years, AmOne can help you find a loan with monthly payments that fit your budget.

Try AmOne

Best Vacation Loans - Feature Comparison

Company Name

Est. APR

Min. Credit Score

Loan Amount

Loan Term

Upstart

5.40% to 35.99%

300

$1,000 to $50,000

36 or 60 months

Marcus by Goldman Sachs

6.99% to 19.99%

Undisclosed

$3,500 to $20,000

36 to 72 months

LendingTree

2.49% to 35.99%

Varies by Lender

$1,000 to $50,000

Varies by Lender

OneMain Financial

18% to 35.99%

None

$1,500 to $20,000

24 to 60 months

Avant

9.95% to 35.99%

580

$2,000 to $35,000

12 to 60 months

AmOne

4.99% to 35.99%

None

$1,000 to $50,000

24 to 84 months 

What Is a Vacation Loan?

A vacation loan is a personal loan for vacation expenses.Vacation loans usually don’t come with restrictions, as long as you repay them as agreed. With a vacation loan, you can pay for the following expenses:

  • Flights
  • Hotel rooms
  • Vacation rentals
  • Rental cars
  • Food
  • Attractions
  • Rideshare services
  • Cruise costs
  • All-in-one resorts

Your loan isn’t limited to planned vacations. In fact, some people take a personal loan to pay for emergency trips.

The Pros and Cons of Getting a Vacation Loan

It’s easier than ever to get a personal loan for a vacation, thanks to today’s online lending marketplace. But there are some disadvantages to funding your vacation with a vacation loan. Here are some pros and cons to consider.

Pros

  • Take advantage of last-minute deals
  • Fund emergency travel
  • Quick and easy application process
  • Could help you stay on budget
  • On-time repayments can boost credit

Cons

  • Interest can be high
  • Some lenders charge fees
  • No-interest credit cards could be cheaper

How to Get a Vacation Loan

Getting a vacation loan requires a few steps. As with any loan, you’ll want to do a little research beforehand to know what you’re bringing to the table, as well as what rates you can expect to get from lenders. Here are the steps to follow when you’re ready to start looking for a lender.

  • Research your planned vacation to determine roughly how much money you’ll need.
  • Check your credit score. Your bank or credit card company may provide this for free.
  • If your score needs improvement, request a free credit report and dispute any errors.
  • Gather documents, including W-2s and pay stubs, in case lenders request them.
  • Pre-apply to multiple vacation lenders to compare rates. Consider using a loan aggregator to get multiple quotes at once.
  • Once you’ve chosen a lender, go through the application process.
  • Set up autopay to ensure you don’t miss a payment.
  • Pay your loan off early if possible to save on interest.

Vacation Loan Alternatives

A personal loan can give you fast access to funds, but it isn’t the only way to pay for a vacation. There are some alternatives to consider, even if it’s just to compare how much it will cost compared to the interest on a vacation loan.

  • Set money aside each month. Some lenders even offer special savings accounts called vacation club savings. You could even earn interest on the funds you set aside.
  • Side hustles and jobs. If you’re trying to pull together funding, bringing in a little extra money can help. Knowing every dime is going toward your vacation may even be motivating.
  • Consider zero-interest credit cards. Some cards offer an introductory period with 0% APR that can help you save money.
  • Look into rewards points. If you have a debit or credit card, you may have unused rewards points. You might also have forgotten points from previous trips that can cut your vacation costs.
  • Buy now, pay later. If you’re taking a cruise or journeying to an all-inclusive resort, check into any buy now, pay later plans offered by the cruise line or resort. Compare interest rates and terms to what you can get with a personal loan.
  • Payment plans. Expedia, JetBlue, and United are just three of the companies offering payment plans for vacations. Some of these are powered by the same lenders offering vacation loans.Be sure you compare the interest rates.

Tips for Successful Vacation Financing

Vacation financing can be a great way to pay for the getaway you need, but it’s important to position yourself for success. Here are some tips to help you successfully fund your vacation.

  • Determine how much you’ll need. A vacation to a Florida theme park might cost more than a week at the beach.
  • Consider an all-inclusive vacation like a cruise or resort. This will give you a flat fee, making it easier to budget.
  • Get the lowest interest rate. The more you can save on interest when financing a vacation, the less you’ll pay overall. Don’t undervalue a percentage point or less in savings. This can add up over the course of your loan.
  • Read all the fine print before signing on the dotted line. Are there any hidden fees? What will happen if your payment is a few days late? Make sure there are no prepayment penalties if you think you might want to pay the loan off early.
  • Make your loan payment on time each month. Set up autopay or put a reminder in your phone to ensure you don’t miss a payment. No matter where your credit score is now, paying your personal loan on time each month can help strengthen it. This will ensure that future loan applications give you even better rates and terms.

Conclusion

Vacation loans are a great way to get the money you need for a much-needed vacation or emergency trip. If you shop around, you can find one with great terms and low interest rates. The better your credit score, the more competitive your offers will be, allowing you to spend less to pay back the loan. Once you’ve returned from your relaxing trip, make sure you set things up so that you never miss a monthly payment. A small personal loan like a vacation loan can be a great way to strengthen your credit to qualify for future loan opportunities like a car loan or a mortgage.

About the Author

Stephanie Faris

Written by: Stephanie Faris

Professional Content Writer

Stephanie Faris is a professional content writer and author specializing in financial content. Her work has been published on Money Under 30, Sapling, PocketSense, and Retirable, among many others.

More about me
Freelance Writer and Editor

Reviewed by: Carrie Pallardy

Freelance Writer and Editor

Carrie Pallardy has six years of experienceas as a dedicated freelance writer and editor. She covers a wide variety of topics, including personal finance, insurance, and cybersecurity. Carrie has written for Investopedia, Policygenius, and more.

More about me
Dr. JeFreda R. Brown

Fact checked by: Dr. JeFreda R. Brown

DBA, CFEI and a highly respected expert in personal and business finance

Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal to help others develop and maintain financial wellness.

More about me

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