According to a recent study, more than 50% of Canadians don’t feel as though they take enough vacation time. This has, unfortunately, left far too many people feeling burned out and stressed out beyond belief.
Do you fall into this category? If so, you should strongly consider taking out what’s called a vacation loan so that you can get away.
Vacation loans are very easy to apply for and they can help you get your hands on a large sum of money in a hurry. You can be sitting on a beach or setting sail on a cruise ship in no time when you use these loans to your advantage.
But are they worth it? That’s a question that people often ask before taking out vacation loans. Let’s explore the answer to that question as well as other questions that people have about these types of loans.
First, What Is a Vacation Loan?
Vacation loans are basically just personal loans that go by another name. They work in pretty much the same way that personal loans do, which should be a relief for those who are familiar with taking these types of loans out.
Depending on which lender you choose to apply for a vacation loan through, you can usually get approved for anywhere from a few hundred dollars to several thousand dollars, if not more.
Lenders have different processes that they put people through prior to extending loans for vacations to them. You’ll need to find a reputable lender in your area and figure out the process that they use works when it comes to giving out loans to people.
How Can You Apply for One?
As we just mentioned, the application process for vacation loans tends to vary from one lender to the next. But generally speaking, you’ll need to fill out a short application for a lender and provide them with basic information about yourself to be considered for a vacation loan.
This information includes:
- Your personal info
- Your residential info
- Your revenue info
- Your bank info
- Your safety contact info
In total, it should only take five minutes or so to fill out an application for a vacation loan. From there, a lender will often let you know within just a few minutes whether you’ve been approved for a loan or not.
Can Anyone Get Accepted for One?
It’s not too terribly difficult to get approved for vacation loans. But there are some basic requirements that you’ll need to meet to be considered for a loan in the first place.
First and foremost, you’ll need to make a certain amount of money every month. This amount changes from one lender to another, but the amount usually hovers somewhere around $1,200.
You’ll also need to be able to prove that you’ve worked at a job for at least a few months in most cases. Lenders want to know that you’ll have a regular source of income coming in that will allow you to pay back your loan.
And last but not least, you’ll need to be prepared to accept a direct deposit payment from a lender if your loan is approved. This means that you’ll need to have a bank account set up to get the loan you want.
What Can You Use One For?
Vacation loans are, as their name would suggest, designed for those who want to take a vacation but can’t afford to do it. If you just put together travel plans and realized you’re a few hundred dollars short, they’re a great option for you to have.
That being said, most lenders that offer loans for vacations will also offer regular personal loans that can be used for other things. From catching up on credit card payments to performing home improvements, you can use these loans for almost any purpose.
How Soon Will You Have to Pay One Back?
The repayment terms on vacation loans vary from lender to lender. But you won’t need to be too concerned about repaying your loan immediately.
Most lenders will give you at least a few months to repay these loans. You might also have the option of renewing a loan if you run into any issues while paying it back.
It’s a good idea to find out what the repayment terms on a loan will be before accepting it. It’ll ensure you’re prepared to pay the loan back on time.
Are Vacation Loans Worth It?
There are some people who might try to tell you that vacation loans aren’t worth it.
But consider this: If your alternate option is not going on vacation, you could be doing a lot of damage to your health. Regular vacations have been shown to have a positive impact on people’s health.
By routinely going on vacation, you can:
- Bring your stress levels back down to earth
- Reduce the risks of heart disease
- Make yourself a more productive person upon returning to work
- Improve your sleep each and every night
When you look at it from that perspective, you really can’t afford not to at least think about taking loans for vacations out. As long as you have the finances to pay them back later, they’ll allow you to reap the rewards of vacation and make your health a bigger priority in your life overall.
Think About Applying for a Vacation Loan Today
Has it been more than a year or two now since your last vacation? You’re long overdue to go away on a trip.
Stop putting your next vacation off and see how vacation loans can help you get out there and see the world. You’ll be so glad you used these loans once you book a vacation.
We can talk to you more about loans for vacations and help you obtain one if you would like to take a vacation soon. We’ll help you lock in the lowest interest rate and offer you fair repayment terms on a loan.
Get in touch with us today to discover how vacation loans can benefit you and your family in a big way.