Best vacation loans of 2023
Where to get help with financing for your next trip
A vacation loan is a type of personal loan that's used to pay for any type of trip, whether you are angling for a tropical beach getaway or you need to travel to see family. Like other personal loans, vacation loans typically come with fixed interest rates, fixed monthly payments and a set repayment schedule that will not change. Once you're approved, you can typically use your vacation loan funds for any type of vacation-related expense you want.
Key insights
- Vacation loans help people pay for travel when they don't quite have the cash they need on hand.
- Because vacation loans are personal loans, they have the same features, including fixed interest rates and monthly payments and a set repayment schedule.
- The best vacation loan companies let you borrow anywhere from $1,000 to $100,000 to fund a trip, and have long repayment terms.
Our top 4 picks for vacation loans
To make our choices for the best vacation loans, we collected 806 data points (26 individual data points for 31 lenders), including customer reviews and overall ratings from ConsumerAffairs readers, for popular lenders. We used these data points to evaluate factors that impact borrowers most, like annual percentage rate (APR), loan maximums, repayment terms and loan fees, before making our final selections.
Our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may affect the order in which the companies appear.
Partner Disclosures
*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 4 years would result in 48 monthly payments of $227.75. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.24%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
- Maximum loan amount: $100,000
- Minimum credit score: 660
- Repayment terms: 24 to 144 months
LightStream is one of the top lenders for personal loans due to its competitive fixed interest rates and flexible repayment terms. These loans come with APRs at the time of publishing that range from 7.99% to 23.99% with autopay, and borrowers can repay their loan over anywhere from two to 12 years. This means borrowers can lock in a competitive rate for the duration of their loan, and they can also select a repayment plan that gets them an affordable monthly payment. LightStream does not charge any origination fees on its vacation loans. Borrowers can access up to $100,000 in funding. The minimum loan amount is $5,000, which may be more than some vacations require.
Like other personal loans, LightStream does not require applicants to prove their reason for borrowing. Individuals can apply for a vacation loan online in minutes and sign loan documents and get funding without ever leaving home.
Read our LightStream review for more insights on this lender.
- What we like
- Fully online loan process
- No origination fees
- Flexible repayment terms up to 144 months
- What to consider
- $5,000 minimum loan amount
- Must opt for autopay to get the lowest advertised rates
- Only good and excellent credit profiles approved
- What reviewers say
- While some customers have complained about not getting approved despite having a high credit score, many reviews are positive. In fact, a number of reviewers claimed the customer service they received was exemplary and that the application process was simple and straightforward. Julie, a reviewer from Cape Coral, Florida, said this about her experience with LightStream: “Lightstream could not be any more user-friendly and customer-driven! They plant a tree for every loan! They offer lots of repayment options and allow you to change payment time and amount whenever you need to make it more convenient.”
- Maximum loan amount: $35,000
- Minimum credit score: 660
- Repayment terms: 36 to 84 months
While Discover is well known for its popular cash-back and travel credit cards, it also offers personal loans for vacations and other purposes. Discover loans come with competitive APRs that start at 6.99% and go up to 24.99% at the time of publishing, and applicants can repay their loan over 36 to 84 months. This is a shorter span of repayment options than some other lenders, yet Discover still lets applicants choose their repayment terms and tailor their monthly payments in the process.
Discover personal loans do not have any origination fees or prepayment penalties, which is a major plus for borrowers trying to keep loan costs down. Loan amounts are also ideal for most vacations, since applicants can borrow anywhere from $2,500 to $35,000.
Read over our Discover review for more information on this lender.
- What we like
- Competitive rates and terms
- Funding as soon as the next business day
- No origination fees
- What to consider
- Repayment terms aren't quite as broad or flexible as some other lenders offer
- Minimum credit score of 660
- What reviewers say
- Discover's personal loans have not been reviewed by ConsumerAffairs readers.
Partner Disclosures
*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 4 years would result in 48 monthly payments of $227.75. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.24%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
- Maximum loan amount: $50,000
- Minimum credit score: 640
- Repayment terms: 36 - 60 months
Best Egg offers vacation loans to borrowers with a minimum credit score of 640, which means its loans are geared toward borrowers with fair credit or better. Loan amounts range from $2,000 to $50,000, so borrowers can get enough cash for a vacation but also finance other goals like debt consolidation.
There are only two repayment term options available, 36 or 60 months, and APRs range from 8.99% to 35.99% at the time of publishing. It's worth noting that Best Egg loans come with an origination fee of 0.99% to 8.99% of the loan amount, which is deducted before applicants receive funding. For example, a borrower who takes out a $10,000 vacation loan with a 5% origination fee would only receive $9,500 in loan funds.
Our Best Egg review can help you learn more about this lender.
- What we like
- Available to applicants with fair credit or better
- Loans available for a variety of purposes, including vacations
- Relatively high loan amounts
- What to consider
- High maximum APR
- Only two repayment term options
- Origination fees on every loan
- What reviewers say
- ConsumerAffairs readers have reported an overall positive experience with Best Egg. Many past borrowers said the loan process was easy and they got a great rate, with one reviewer stating that Best Egg was the “easiest loan application I’ve ever done. Approval and money deposited within 24 to 36 hours. Called back to set up auto pay and again same process! Professionalism and kindness unmatched. Highly recommend this for anyone looking for help or consolidation.”
However, some readers did complain about Best Egg’s origination fees and about difficulty getting approved for a loan.
Partner Disclosures
*Trustpilot TrustScore as of June 2020. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5?year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3?year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories.
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 4 years would result in 48 monthly payments of $227.75. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.24%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
- Maximum loan amount: $50,000
- Minimum credit score: 560
- Repayment terms: 24 to 84 months
Upgrade is another lender with flexible vacation loans, and it extends its financing to borrowers with a broad range of credit profiles. Upgrade reports that it does not consider a specific minimum credit score in its loan approval process, and instead assesses a borrower’s overall credit history and debt-to-income (DTI) ratio. Upgrade offers personal loans ranging from $1,000 to $50,000, with the option to repay over 24 to 84 months.
APRs range from 8.49% to 35.97% at the time of publishing based on creditworthiness, your loan term and other factors. Upgrade charges an origination fee between 1.85% to 8.99% of the loan amount. This lender, like others, lets applicants check their rates before they apply, which helps consumers gauge approval odds ahead of time.
Read our Upgrade review for more information on this lender and its loans.
- What we like
- No specific minimum credit score required
- Check your rate with no impact on your credit score
- Repayment terms up to 84 months
- What to consider
- Origination fees on all loans
- Relatively high maximum APR
- What reviewers say
- While some borrowers did complain about the company's origination fees, many others praise the company for its easy application process and professional customer service. Tammy from Valley Mills, Texas, had this to say about her experience with Upgrade: “Fast convenient service. Easy to navigate website. Customer service was easy to deal with also. Would recommend to anyone looking for fast cash or if needed a larger loan. Terms were laid out in plain sight to understand fully. Thank you, Upgrade.”
How to get a vacation loan
Financial planner Bryan Stiger of Betterment, a financial advisory company, says that taking out a loan for travel is sometimes not a good idea, as the interest you'll pay on the loan can be high, depending on your credit score. “The bliss of a short vacation might not be worth the headache of paying off long-term debt for months to come," Stiger said.
That said, there are situations where a vacation loan could make sense. For example, it could become important to visit family you haven't seen for a while, even if you have to borrow money to finance the trip. A vacation loan could also make sense if you're planning an expensive bucket list vacation you can't quite pay for all at once.
In situations where you decide a vacation loan is warranted, you will want to research different lenders. Consider checking your rate with several of them to see the loan options that are available. As you look over the options with each lender, consider any fees that apply, as well as the interest rate and monthly payment you can qualify for. If a lender allows you to check the approximate rate you might qualify for before you actually apply for the loan, try to make sure it’s only a soft credit check. You don’t want your credit score to decrease just for the sake of research.
Once you're ready to apply for a personal loan, you can do so by providing information such as your full name, address, date of birth and employment information. You'll also need to provide your Social Security number, and you may be asked to upload documentation like government-issued ID and proof of income through a secure portal.
After your vacation loan is approved, you can usually get your funding within one to three business days.
FAQ
What credit score do I need to get a vacation loan?
Most lenders require a credit score in the 600s or better to qualify for a vacation loan, but some might let you borrow money with a minimum credit score of 560. Remember that having a low credit score typically means paying a higher interest rate, which can cause the price tag of your vacation to drastically increase.
Is it a good idea to finance a vacation?
Financing a vacation may not be the best idea if you have other funding options available to you. However, If you don’t have the funding available and you can’t wait to take your trip, then a loan could make sense.
Should you take out a loan, though, you should have a plan in place to repay the money. Make your monthly payments on time in order to stay on track with your loan and avoid damage to your credit score.
Is it easy to get a vacation loan?
Getting a vacation loan is easier when you have a high income and good credit, but you may still be able to qualify regardless. Fortunately, most lenders let you check your rate and gauge your approval odds before you apply.
Bottom line
Before you take out a vacation loan, experts agree you should do your research and think about the reason you're borrowing money. Only borrow from a reputable personal loan company that explicitly lays out the terms of the loan, including your interest rate, fees, APR, repayment term and monthly payment amount.
You can get the best deal on a travel loan by comparing offers from different lenders. Planning a trip can be a lot of fun, but you need to make sure repaying your vacation loan won't leave you in misery.
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