Access the cash you need to jet off on your next big adventure:
Holiday Loans for People with Bad Credit Can I Get A Holiday Loan with Bad Credit?
Don’t despair if your current budget doesn’t support the holiday you have been dreaming of. If you have a history of bad credit, or you've been rejected for finance in the past, you can still get a holiday loan. Our holiday finance options cater for a variety of different credit histories and financial situations, so even those with bad credit may even be able to qualify.
When it comes to approval, we don't just assess your credit report. We look at the bigger picture, and take in to consideration both your ability to afford repayments and your personal situation. Because we work with a panel of top UK lenders, there is an increased chance of you being accepted for one of our holiday loans.
You can apply for holiday loans between £1,000 - £10,000 online today, and receive a decision in as little as just 15 minutes!
What Do I Need To Qualify?
In order to get a holiday loan with bad credit you must:
- Be over 18 years of age
- Be a UK citizen
- Have a UK bank account
- Be able to provide evidence of your current income
How Do Holiday Loans for Bad Credit Work? Applying for Holiday Finance With Poor Credit
Online holiday loans for those with poor credit histories may be more difficult to obtain but our application process is quick, easy, and simple.
You can apply simply by completing an online application form and receive a decision within just 15 minutes.
Our loan amounts range from £1,000 to £10,000 and you can choose to spread the cost into a series of low monthly repayments, from 3 – 12 months.
See How Quick And Easy It Is - Watch Our Video
This browser does not support the video element.
1. Apply Online
You can apply for holiday loans for poor credit online, simply by filling in a form with all the relevant details. We work with an extensive panel of the nation's best direct lenders to find you the best deals and lowest APR rates currently on the market.
2. Get A Decision in 15 Minutes
Once you've submitted your application we'll match your requirements with the most suitable direct lender and return to you with a decision within as little as 15 minutes. Of course, there is no such thing as a holiday loan with no credit check - loan providers are legally required to review your credit report, so they will still assess your credit rating. That being said, the direct lenders we work with will also take into consideration other factors, such as your income and your ability to afford repayments, so you may still be able to receive bad credit holiday loans.
Important: Rest assured that all of the bad credit holiday loan providers we work with are fully authorised and regulated by the FCA (Financial Conduct Authority). You can see for yourself whether a lender is regulated by running a quick search on the Financial Services Register.
3. Agree On A Loan Amount
Naturally, the better your credit rating is, the larger the loan amount you will be able to access. However, most applicants are able to access between £1,000 - £10,000.
At this stage, the lender will also advise you on any additional documents which you may need to provide to verify the information in your application.
Expert Advice: If you want to increase your credit score, we suggest cancelling any unused credit cards & paying off any outstanding debts wherever possible. If you would like to find out your credit score, click here.
4. Repay The Loan In Instalments
After you agree on an amount, you will receive the money and pay it back in flexible monthly instalments over a period that is agreed upfront with the lender. You are required to repay the entire amount borrowed, including interest.
|Annual Interest Rate||150% pa (Fixed)|
|Total Amount of Credit||£850|
|Loan Duration||11 Months|
|Total Amount Repayable||£1,609,25|
|Total Charge of Credit||£759.25|
|Monthly Repayment Amount||£146.30|
What Can I Use Holiday Loans for? Uses for Holiday Finance
This type of finance can be used for any kind of travel you like, regardless of season. It is completely up to you how you decide to use it, so there is a fair amount of flexibility you can enjoy.
Think about it…
You could finally have the opportunity to go home for Christmas, go on an extended adventure or gap year, take the plunge and travel the world, or go on your dream summer vacation!
• Christmas Holiday Loans
Driving home for Christmas may be the name of the song, but it’s unpleasant to do in real life, especially if your home is hours away.
What’s worse… Read More »
Plane tickets are expensive at this time of year, so a holiday loan could be the ideal solution. You can get where you need to be quicker, easier, and more affordably.« Show Less
Why Choose Us: We specialise in finding exclusive, low-interest rates on loans for holidays, and we only work with the best direct lenders on the market.
• Summer Holiday Loans
What better time to go away than during the summer?
Nobody wants to be the one stuck back at home in the miserable UK weather while all their friends are sipping cocktails on the beach in various tropical locations.
Well, you don’t have to… Read More »
A bad credit holiday loan can change that and help finance the summer getaway you need in order to relax and recharge your batteries.« Show Less
• Gap Year Loans
After more than a decade of school, a gap year sounds like heaven, right?
However... Read More »
Did You Know? According to the Office for National Statistics, UK residents made 70.8 million overseas visits in 2016, 8% more than the previous year. These trips cost them a whopping £43.8 billion, a whole 12% more than in the previous year. With numbers like that, it's no wonder we need some help in the finance department when it comes to travelling.
Benefits & Drawbacks The Pros & Cons of Holiday Loans for Bad Credit
Still questioning whether a bad credit holiday loan is a good idea?
Of course, with all financing options there are benefits and drawbacks. In order to make the right decision for you, it's important that you consider both sides of the story & weigh up your options:
What Are The Benefits Of Holiday Loans?
• You Can Go On Holiday Even If You Don't Have The Money
Probably the most obvious advantage of a holiday loan for poor credit is that it eliminates the need to tirelessly save. We all need a holiday from time to time, but without a stellar credit score and adequate financial backing, our options are limited.
This is exactly where bad credit holiday loans can help...
Holiday finance makes travel possible in a relatively low-effort way. All you have to do is apply online, and you might be able to score the money for your dream winter getaway or a much-need summer adventure with your best mates in just 15 minutes.
• You Can Repay The Loan In Affordable Instalments
Holiday loans for bad credit allow you to spread the cost of repayments into low monthly instalments over a period of . The amount that you repay is always pre-agreed upfront with the lender, so Depending on the amount you borrow, yourself and the lender will agree on fixed instalments, as well as a repayment period.
What does this mean for you? Read More »
This way you know exactly what to expect every month and what you need to fit into your budget, making it less stressful and easier to repay.« Show Less
The Loan Offers Flexibility
Holiday loans can be used for any kind of travel you want. In other words, the lender cannot dictate or limit you to a set package, destination, season, etc.
So… Read More »
Use your loan to take a dreamy Christmas trip to ski in the Swiss Alps, run away to Paris for a romantic spring weekend with your significant other, or take the summer holiday you’ve always wanted in the Caribbean. Nothing is off-limits, as long as you get the trip you want!« Show Less
• It Is Unsecured
The fact that the holiday loan is unsecured means that you do not need to put an asset up as collateral. Therefore, you won't have to risk losing something of high value to you, such as your home.
• You Can Choose The Time-frame And Instalment Size
The flexibility of holiday loans is also a massive draw for customers. You can choose how much you want to borrow, for how long, and how much you can afford to repay every month. Read More »
For example, you may prefer lower instalments. In this case, your loan will be longer, and the amount of interest will be higher. You may even be interested in minimising interest costs and getting rid of the loan quicker. If so, you can choose larger repayments. It is completely up to you!« Show Less
Why Choose Us: We are a broker, not a lender. In simpler terms, this means that we can search up to 80 different lenders to find you the best deal for your holiday loan.
What Are The Drawbacks Of Holiday Loans?
• You Need A Good Credit Score
because approval for this type of loan is predominantly reliant on your credit score, holiday loans for bad credit can be quite difficult to obtain. It completely depends on whether or not you pass the lending company’s criteria. However, because we are a broker, we work with a panel of different UK lenders so there is an increased chance of you being accepted for one of our loans.
Why is a good credit score so important, you ask? Read More »
If you have a poor credit rating, then you pose a higher risk for the lending company. As a result, the amount you are able to borrow will be limited, and your interest rate will be high. In simpler terms, you may end up repaying much more than you originally borrowed.« Show Less
Expert Advice: There are things you can do to improve your overall credit rating if you're looking to get a better deal. These include: paying your bills on time, reducing credit cards, and paying off outstanding debt. If you would like to find out your credit score, click here.
• You May Incur A High Interest With Bad Credit
As previously mentioned, it is important to note that bad credit is going to attract a high interest rate, which makes the holiday loan more expensive. Read More »
It is also important to remember that this is an unsecured loan, which means that you do not have to put an asset up as collateral in order to receive holiday finance. This means that you are not providing any kind of tangible security for the lending company, which results in a higher interest rate. The interest rate makes up for the lack of security and will allow the lender to recoup some of their losses, should you default on the loan.« Show Less
Top Tip: Keep in mind the fact that different lenders will offer different terms for their holiday loans, so it’s good to browse and keep your options open to ensure you find the best deal.
It is clear that holiday loans could be a popular choice for a lot of people, with so many benefits to enjoy. So, if you're looking to book your next holiday, and the advantages outweigh the disadvantages, then go ahead and apply today!
Why Choose Us: Our online applications are safe and secure. We use 256 bit encryption so your details remain 100% confidential, and we’ll never pass on your details to third parties without your permission.
How To Score The Best Deal Are Holiday Loans for Bad Credit Affordable?
While holiday loans for people with bad credit can be slightly more expensive, we are able to find you an affordable finance option that won't break the bank.
As a well-established and experienced broker, we work with an extensive panel of direct lenders in the UK to give our clients access to exclusive deals and the lowest interest rates currently available on the market. Better still, we don't charge any fees for using our service. Ever.
And when it comes to repaying your loan, we always work with you to decide on a low monthly repayment plan, that is both clear and manageable. You can even choose to spread the cost over a period that suits you best from 3 - 12 months.
If you have poor credit and you're searching for ways to score the best deals, then be sure to follow our top tips below:
1. Make Steps To Improve Your Credit Score
Although holiday loans for bad credit aren't solely assesed according to your credit score, it is the most important aspect of your application. It is the factor that decides the following:
- Whether or not you are accepted
- How much money you can borrow
- How high your interest rate will be
Holiday loans for bad credit can be limited. So if your rating is less than stellar, there are things you can do to pull your credit up and help it along:
- Pay Off Previous Debts
The first step is to pay off all previous loans or debt you may have incurred. Overdue debt pulls your credit score down, but you can improve it if you pay it off.
- Pay Off Your Credit Card Balance
The same goes for the balance on your card – making the minimum repayments doesn't help. Instead, pay off the whole thing, every single time.
- Pay Your Bills On Time
Paying your bills on time can do wonders for your rating. Just make sure to stay on top of all payments, and you will see your credit score go up.
Top Tip: You can set up direct debits to make sure you don’t miss payments and increase your credit score at the same time!
2. Browse Lenders And Offers
Finding the best holiday loans online takes time and effort, so be prepared to browse every lending company in town and every holiday finance option online. Read More »
Just make sure that you do not settle for the first option offered to you. Compare and contrast your options for the most convenient one. « Show Less
3. Check The Lender
Unfortunately, lending money is a lucrative scam, so make sure the deal you are being offered is not too good to be true. Check that your lender is properly registered with the Financial Conduct Authority.
What Are The Alternatives To Bad Credit Holiday Loans? Choosing The Best Option For You
If you're unsure whether applying for a holiday loan with bad credit is the best option for you, you may want to consider some good alternatives and weigh up your options.
There are plenty of alternatives for you to consider if you want to get holiday finance.
You just need to expand your horizons a bit, read up on alternative choices, and see which option is the best to cover your future travel adventure.
• Pay Monthly Holidays
A pay monthly holiday is a financing option that is utilised by those who are looking for a more convenient and affordable way to pay for expenses that accompany travel and holidays. Seeing as it gives customers the permission to book a holiday today, and pay for it at a later date, it comes across as a fairly appealing option. Read More »
• Secured Loans
If you have a poor credit score, but you also have access to valuable assets, such as a vehicle or property, then you may want to opt for secured finance. Read More »
A secured loan is secured, as the name suggests, against your personal asset(s). In other words, if you default on repayments or fail to pay back the loan entirely, the lender is legally allowed to claim your assets as payment for anything outstanding on the loan. So, while this option allows for a higher borrowing limit and a lower interest rate, it can carry far greater risks to your personal property.« Show Less
• Payday Loans
Technically, a payday loan is a lending option which needs to be repaid by pay-day, but it has recently evolved into a loan that can be repaid in instalments over several months. Read More »
A payday loan is a convenient option for those who can afford to repay the money quickly, or if you have bad credit. Whilst it may be a tempting option for those who need money relatively quickly, you can expect the interest rate to be quite high and the loan amounts to be very small. This is due to the lack of security, particularly if you have bad credit.« Show Less
• Personal Loans
A personal loan is also a viable option, but it’s not much different to holiday loans in terms of rates and repayment terms. It’s based on your financial history, just like holiday loans, and it is generally offered under the same conditions. Read More »
The only difference is that they are not tailored to your needs to travel, much like a holiday loan for bad credit is.« Show Less
• Guarantor Loans
If you don’t own property, or don’t want to put it up as collateral, then you may want to consider a guarantor loan. This kind of loan requires someone else to sign with you and assume financial responsibility, should you default on the loan. Read More »
The only problem with this is that it is difficult to find someone willing to take on the financial responsibility in the first place, because of course it’s a risky position to be in. If you are unable to repay the loan, your guarantor is legally liable to cover that expense for you. If you are interested in knowing more about this financing option, Citizens Advice has the available statistics for multiple lenders and how much they offer for guarantor loans.« Show Less
• Credit Cards
A fairl y common option is to put your holiday on a credit card. You’re not spending any tangible money, so you’re still technically going on holiday with no money. It works the same way any other expense on your card would, so you’ll still have to pay off the balance.
And while it seems easy and straight-forward, there are advantages and disadvantages to this choice:
What Are The Advantages Of A Credit Card?
- It Is Quick And Easy
The biggest advantage here is the convenience it offers, as it is quick and easy. You can just put everything on your card and then you're holiday ready!
- You Can Get A 0% Credit Card
A very interesting possibility is getting a 0% credit card, which is essentially, a card that charges no interest. Read More »
However, this feature is only available for an initial period of a few months to a year. If you manage to pay the money back within that time frame, or at least most of it, this may be your most affordable option for holiday financing.« Show Less
- You Don't Need To Take Out A Separate Loan
No one likes to go into debt, especially in several places at the same time. It can affect your credit score, as well as make it difficult to manage your finances in an efficient way. Read More »
Instead, putting your holiday on your card means you only need to repay money from one source, alternatively to several different ones.« Show Less
What Are The Disadvantages Of A Credit Card?
- Interest Rates Are Very High
While the interest rate is a concern for both financing methods, credit cards charge a much higher APR than holiday loans (particularly if you have a poor credit history). Read More »
Unless you have a 0% credit card and you manage to pay the money off within that grace period, you might be stuck with a higher rate for the rest of your repayment period, which can make the loan more expensive.« Show Less
- You May Be Charged Hidden Costs
While putting the holiday expense on your credit card is convenient, you should be mindful of possible fees you may incur as a result of your card use. Read More »
You have to be careful, because a fee will be charged if you do not repay your monthly fee in time. You are also at risk of paying a penalty if you exceed your credit limit. « Show Less
Caution: If you don’t manage to pay the balance off your credit card before the 0% grace period expires, you may very well pay a higher interest rate than you would on a holiday loan.
As you can see, there are numerous alternatives to pick from. So, even if holiday loans for bad credit are not for you, there are still other holiday finance options for you out there.
Just browse the options presented here and compare and contrast advantages and disadvantages. While not every option will be suitable for your needs, you are bound to find something appropriate that will cover your holiday financing needs.