Is taking a vacation loan really worth it? Is it better to take a holiday loan from your bank, credit institution or even from a tour operator? What are the conditions for obtaining a travel or vacation credit? We answer all of these questions.
Is vacation credit reasonable?
Vacation credit, or travel credit, might seem superfluous if one were not interested in the price of vacation. If we talk about ski holidays, we will go up on average to 900 USD per person and if we talk about holidays abroad, we will rather be around 1000 USD per person per week.
Given the amounts involved, there is no subject concerning the possibility of financing a stay with a vacation credit. It can give rise to two types of financing. For a conventional loan of less than 4000 USD, the vast majority of offers are oriented towards revolving credit. For a loan of more than 4000 $, you will have to turn to a project loan.
To find the best leisure or vacation credit, we compare all the project loan offers from the largest financial organizations and offer a ranking based on the APR rate. In addition, the cheapest organization will provide a policy response immediately to find out if the file is admissible. If the answer is not favorable, simply question the organization offering the second best offer with a single click and so on.
Use of credit to finance vacation
According to a survey carried out by the travel site TripAdvisor and taken up by Le Parisien, only 4% of French people finance all or part of their holidays on credit. On this point, the French are far behind compared to Europeans where the rate is 24%. The use of a holiday credit is even more widespread in the rest of the world with 62% of use for South Americans, 57% for Asians and 42% for North Americans.
The French prefer to devote their requests for credits to more traditional projects (car, work). However, there is an increase in requests for credit to travel around the world, or to go to a continent for a long time.
Find the best vacation credit
Vacation credit is not a category of credit as such as can be car credit or work loan. It is in fact a personal loan or a project loan with the objective of using the financing of all or part of his vacation. Proof of purchase of the trip may be requested to obtain the credit.
To get the best vacation credit, you just need to find the best personal loan. The main credit organizations, offer personal loans Our credit comparator makes it easy to compare the main personal loan offers on the basis of the APR rate.
Note that the average time to receive money on your account after entering the file is 15 to 20 days. This duration may seem long but it is mainly due to the possibility of withdrawal during the 14 days after signing the vacancy credit. There is no immediate credit. The money will be transferred at the end of this period. In conclusion, it is better to anticipate the request in order to be able to benefit from the amount borrowed when booking a vacation.
Applying for a travel credit is not binding until you return a signed contract. Applying for credit online provides a basic answer and a simulation of the financing that could be obtained.
Example of holiday credit
To realize the interest of going through a comparator to get the best rate of holiday credit, nothing like a small example. Take the example of a holiday loan in the form of a 5000 euro credit over 60 months:
- Least expensive rate: 5.50% monthly payment: 95.20 USD cost of credit: 712.00 USD
- Most expensive rate: 14.57% monthly payment: 115.51 USD cost of credit: 1930.60 USD
It is more than double, and even almost triple for exactly the same holiday credit of 5000 USD over 60 months. And don’t think we went to look for an unknown little agency for the most expensive rate. It is probably the best known. So do not take vacation credit lightly and compare before you commit.