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.
Checking rates won't affect your credit score
Lender | User ratings | Best for… | APR range | Loan terms | Loan amounts | Minimum credit score | |
---|---|---|---|---|---|---|---|
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Vacation loans for good-credit borrowers | 7.99% - 24.99% | 36 to 84 months | $2,500 - $40,000 | 720 | See Personalized Results | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Vacation loans with no fees | 7.49% - 25.49% (with autopay) | 24 to 144 months | $5,000 - $100,000 | Not specified | See Personalized Results | |
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Vacation loans with co-applicants | 8.99% - 35.99% | 24 to 60 months | $2,000 - $50,000 | 560 | See Personalized Results |
|
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Large vacation loans | 8.99% - 29.99% (with discounts)* | 24 to 84 months | $5,000 - $100,000 | 680 | See Personalized Results |
|
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Vacation loans for bad-credit borrowers | 8.49% - 35.99% (with autopay) | 24 to 84 months | $1,000 - $50,000 | 580 | See Personalized Results |
|
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Vacation loans for new-credit borrowers | 7.80% - 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 | See Personalized Results |
APR range | 7.99% - 24.99% |
Loan amounts | $2,500 - $40,000 |
Loan terms | 36 to 84 months |
Origination fee | None |
Minimum credit score | 720 |
Pros | Cons |
---|---|
No origination fees May receive funds within 24 hours of applying Low income requirement | May charge late fees Those with poor credit may not qualify No option for co-applicants |
However, though Discover doesn’t charge origination fees, it may charge a late penalty if you miss a payment. And if you need a co-applicant, you may need to find a different lender.
To learn more, read our full Discover personal loan review.
APR range | 7.49% - 25.49% (with autopay) |
Loan amounts | $5,000 - $100,000 |
Loan terms | 24 to 144 months |
Origination fee | None |
Minimum credit score | Not specified |
Pros | Cons |
---|---|
Doesn’t charge any fees Offers large loan amounts and long loan terms Same-day funding available Offers autopay discount | Only works with those with good or excellent credit No option to prequalify Requires several years of credit history |
However, LightStream only works with good- to excellent-credit borrowers who have at least several years of credit experience. There’s also no option to prequalify for a LightStream personal loan — as such, the lender will run a hard credit pull for you to see your rates.
To learn more, read our full LightStream personal loan review.
APR range | 8.99% - 35.99% |
Loan amounts | $2,000 - $50,000 |
Loan terms | 24 to 60 months |
Origination fee | 1.00% - 7.99% |
Minimum credit score | 560 |
Pros | Cons |
---|---|
Allows for co-applicants Flexible borrowing amounts Funding within one business day | Charges an origination fee High maximum APR No autopay discount |
Keep in mind that you’ll have to pay an origination fee of 1.00% - 7.99%, which is taken out of the total amount you’re borrowing.
To learn more, read our full Prosper personal loan review.
APR range | 8.99% - 29.99% (with discounts)* |
Loan amounts | $5,000 - $100,000 |
Loan terms | 24 to 84 months |
Origination fee | 0.00% - 7.00% (optional) |
Minimum credit score | 680 |
Pros | Cons |
---|---|
Loan amounts up to $100,000 Offers same-day funding Origination fee is optional | High minimum loan amount May have to accept origination fee to get lower rates |
Since SoFi’s borrowing limits start at $5,000, you’ll have to look elsewhere for a smaller loan. And for lower rates, you may have to accept an origination fee.
To learn more, read our full SoFi personal loan review.
APR range | 8.49% - 35.99% (with autopay) |
Loan amounts | $1,000 - $50,000 |
Loan terms | 24 to 84 months |
Origination fee | 1.85% - 9.99% |
Minimum credit score | 580 |
Pros | Cons |
---|---|
Low credit score requirement Flexible repayment terms Offers an autopay discount | High maximum APR Charges an origination fee Charges late fees |
However, if you take out an Upgrade personal loan, you will have to pay a 1.85% - 9.99% origination fee. Upgrade will also charge late fees if you miss any payments.
To learn more, read our full Upgrade personal loan review.
APR range | 7.80% - 35.99% |
Loan amounts | $1,000 - $50,000 |
Loan terms | 36 and 60 months |
Origination fee | 0.00% - 12.00% |
Minimum credit score | 300 |
Pros | Cons |
---|---|
Consumers new to credit may qualify Competitive APRs Funding within one business day | May charge an origination fee Origination fee higher than what other lenders may charge Limited repayment terms |
However, Upstart’s origination fees can come in as high as 12.00%, and its repayment terms are limited to just two options: 36 and 60 months.
To learn more, read our full Upstart personal loan review.
You will also need to have that meets Upstart’s minimum credit requirements. If you don’t have a credit score, you will need to be enrolled in or have graduated from an associate, bachelor’s or postgraduate degree program.
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.
As long as you repay them on time, vacation loans can be a good way to improve your credit score and diversify your credit history. However, borrowing money for an expense that isn’t a necessity isn’t a good habit. On top of increasing your debt-to-income ratio (DTI), paying too much interest can cost you extra and may make it difficult to save for the future.
Here’s what to consider before taking out a loan for vacation:
Pros | Cons |
---|---|
Consistent payments can help build your credit Doesn’t require collateral like other types of debt Can make your travel plans a reality if you’re unable to save up in time Comes with fixed monthly payments and a specific end date | Fees and interest will cost you extra, as opposed to saving up the money for a vacation Taking on debt for nonnecessities may not be wise for your wallet If you miss payments, it could damage your credit score Repayment terms can last years |
Before taking out a travel or vacation loan, it’s important to do your research and understand what features and conditions to look out for. Consider these significant details:
Since vacation loans are typically unsecured loans —meaning they don’t require collateral — lenders will rely heavily on your credit to assign you interest rates. The higher your credit score, the lower your APRs. Those who are new to credit or have poor credit scores may only qualify for high APRs.
To get around that, bad-credit borrowers or consumers with thin credit histories can do the following:
Based on your credit score, here are LendingTree’s personal loan statistics on what APRs and borrowing limits you may see while shopping for lenders.
Credit score range | Average APR | Average loan amount |
---|---|---|
720+ | 16.01% | $18,594 |
680-719 | 25.78% | $15,302 |
660-679 | 37.57% | $11,160 |
640-659 | 51.61% | $8,088 |
620-639 | 71.55% | $6,300 |
580-619 | 112.28% | $4,397 |
560-579 | 152.35% | $3,071 |
Less than 560 | 175.16% | $2,405 |
The process of getting a vacation loan will differ depending on the lender, but the following steps can give you an idea of how you’ll need to prepare:
A vacation loan isn’t going to be a good option for everyone, especially if you don’t have a strong credit history or valuable assets you can use as collateral.
If you want to finance a trip but don’t want to take out a personal loan, consider these alternatives:
We reviewed more than 25 lenders that offer vacation loans to determine the overall best six lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize lenders based on the following factors:
LendingTree reviews and fact-checks our top lender picks on a monthly basis.
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.
*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.