Holidays loans in the UK from a direct lender are personal loans to finance your trip. Whether you need money to fill the gap due to a savings shortfall or you want to pay for your entire tour, you can seek easy holiday loans.
CashFacts offers these loans at fixed interest rates. The size of monthly payments will remain exact during the loan term. It means you borrow funds on fixed monthly repayments, making it easier for you to manage your monthly income according to your usual household budget and loan instalments
- How much can I borrow for a holiday loan?
You can borrow between £1,000 and £25,000. However,
To make it clearer to you, here is the holiday loan cost example:
| Loan Amount | £5,000 |
| Repayment Term | 36 months or 3 years |
| Estimated Representative APR | 6.9% |
| Monthly Instalment (approx.) | £154/month |
| Total repayable amount | £5,532 |
| Total interest paid | £532 |
An Important Note: The repayment period may vary at the time of the actual loan process. Depending on the borrowing amount and your repaying capacity, it may be less or more than the aforementioned timeframe.
- What can holiday loans cover?
Expenses that a holiday loan can cover include but are not limited to
We provide these loans only to meet travel expenses specifically. You are strictly prohibited from using borrowed money for:
Using the loan amount for non-travel expenses may be considered a non-compliance. It may cause rejection of your loan.
Getting the best holiday loans is not as easy as filling out the application form. These short term loans are unsecured, so interest rates could go somewhat higher. However, a lender will consider other factors to decide the interest rates like:
It may seem very exciting to fund your trip, but do not forget that it is your responsibility to pay off the debt. You require paying interest on top of what you borrow, increasing your financial burden.
As market rates vary by lenders, you should do proper research to choose a lender that suits your needs. Use online loan calculators to see how many monthly payments you will be making after borrowing a certain amount of money and see if your budget allows it.
Having an idea of your affordability beforehand whittles down the chances of rejection during the processing stage.
It is in your hand to make a choice about a lender. We have listed some points for you below to understand how our travel loans are better:Three simple steps to follow to apply for vacation loans online with us:
It is crucial to have a good credit history to qualify for a personal loan for travel purposes. Most lenders will not entertain your application if they find your credit report is not up to snuff.
Well, you do not need to be disappointed if that is the case as we offer bad credit finance.Only the basic eligibility criteria are required to qualify for these loans. These include:
We believe that a less-than-perfect credit rating must not come in your way to enjoy a dream tour. Interest rates for poor credit people will be slightly more than those with a stellar credit report. They could be between 8.99% and 18.95%, still lower than the market rates. You need to prove your affordability, and there will be a soft credit check to ensure a loan according to your repayment capacity. That mild credit score check does not impact your credit score. However, you should maintain a steady income, especially over the last 6 months.
If you want to secure a deal at more affordable interest rates, you will likely have to make either of the following arrangements:
We make all possible efforts to provide travel loans for bad credit people at competitive interest rates. Keeping your financial safety and interest in mind, the borrowing limit is lower, up to £20,000.
A lender rarely approves an application for a holiday loan when you are out of work. You can demonstrate your repaying capacity with a passive income source, yet you cannot qualify for these loans.
Unemployed loans have been designed to cover necessary expenses related to your trip when you are jobless. However, sometimes your trip can be tangled with urgent expenses.
For instance -it is likely that you have already lost your job when your flight is due to take off. You may not have enough savings to pay for accommodation, food, and drink expenses. In such a scenario, you are eligible to qualify for emergency holiday loans for unemployed.
Fees generally decide whether you will be able to affordable personal loans for holiday or not. When choosing the best deal, you will have to look over lower fees and low-interest holiday loans in the bargain. The latter may vary by lenders, which is why a deal becomes expensive or affordable.
Our loan products are inexpensive not just because of attractive interest rates but because of the low fee structure.
| Fee Types | Fee charged |
|---|---|
| Establishment fees | £100 |
| Monthly fees | Nil |
| Cancellation fees | £150 |
| Early repayment fees | Nil* |
| Late payment fees | £18 |
| Hidden fees | Nil |
*We will not charge early repayment fees if you notice us in advance. Doing so without keeping us in the loop will cost you 10% of the additional amount you are paying off.
You may not be able to make a decision about whether you should borrow or set aside. This entirely depends on your financial situation. Of course, the latter seems to be a more favourable option when your budget does not allow it.
The following table points out some benefits and risks of fast holiday loans so you can make the right decision.
Even though we provide quick holiday loans at the most competitive interest rates, you will likely find it hard to pay off the debt on time. The most common reason for it is fluctuating financial situation. You can lose your job, or any significant emergencies can crop up.
If you doubt that you may fall behind the due date, just tell us. We will certainly help you in the following ways:
Looking to make a trip? Apply for loans for a holiday.
A holiday loan is always a better option than a credit card. Loans are less expensive and can be used for smaller and larger amounts. On the other hand, credit cards are very expensive and you need to pay their payments or instalments at high interest rates.
A vacation loan works as any other regular loan, so you will have to make payment as immediately as you get money. Repayments cannot be delayed until your trip is over because otherwise, it will increase the cost of debt.
You can pre-pay your loan to save a significant amount on the interest rate. It will also have a good impact on your credit score. However, you need to inform us early, and the initial payments must be made on time with no misses.
It depends on your individual circumstances and affordability to pay back the debt.
Yes, they can improve your credit score if you make payments on time and your lender informs credit reference agencies of your financial discipline. However, missing repayments can incur additional costs on your loan and may lead to legal proceedings against you.
Almost all the costs of your travel can be covered with these holiday loans. Still, you can consider alternatives if you decline these specific loan options. These may include no guarantor loans, instalment loans, short-term loans or everyday loans.
Yes, we do.
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