What is a vacation loan?

A vacation loan is a short-term loan from lenders such as commercial banks or credit unions. Vacation loans are not payday loans or cash advance loans that have high-interest rates.

How do holiday loans work?

Holiday loans can be used for anything from vacations, as a gift for vacations, to ease stress over the holiday season, and even for student tuition fees.

To consider (negative points/ risks)

  • These loans may have a higher interest rate than a secured loan.
  • Can increase the cost of the overall holiday due to the interest charges.
  • Applying for a few different loans, if not accepted by the first, will have a negative impact on your credit score.


  • Could make the holiday season a lot less stressful by spreading the cost.
  • These loans tend to be lower in APR than credit cards with a fixed interest rate and term.
  • It won’t drain your savings.

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