Borrower’s Guide | Holiday Loans

Holiday Loans | LoanTube | UK

LoanTube’s holiday loans are perfect for those looking to take some well-deserved and well-earned time away from their everyday lives. A holiday can do so much – recharge our batteries, take us to places we’ve never been before, and spend quality time with our nearest and dearest.

If you’re looking for help in finding the best holiday loans to pay for your next week or fortnight away, in this article we’ll tell you how to find the best in cheap holiday loans (including holiday loans for people with bad credit).

Holiday Loans – the UK Marketplace

Britons take close to 45 million holidays abroad every year. According to the Economist, the most popular holidays last either for one week or two weeks. Apart from that, there are 3-4 day long weekend holidays and single-day excursions – “booze cruises” to France are still very much in demand.

Internationally, we love Spain the most with 6.9m holidays taken there every year closely followed by France.

Arguably, though, our first true love is our own country with 71% of us (nearly 34 million adults) “staycationing” every year, according to the Association of British Travel Agents.

Who Uses Holiday Loans?

More of us than you might think.

3% of all unsecured loans taken out in the UK are holiday loans, adding up to a staggering £1,050,000,000 (£1.05 billion) every year.

It’s a really big market for the finance companies and there are dozens of them competing every day to lend people the money they need to take their dream holiday. How do you get the best deal? Through LoanTube and we’ll explain how in a couple of minutes’ time.

Types of Holiday Loans

There are different types of holiday loans available to you. They are:

  • Secured Holiday Loans – this is where you offer something (like the equity available in your home) as security just in case you can’t pay the holiday loan back
  • Unsecured Holiday Loans – holiday loans where you don’t have to offer any form of security to access the money
  • Holiday Cash Loans – in addition to borrowing money for the holiday itself, you can top up the loan with cash to spend when you’re away
  • Bank Holiday Payday Loans – are you and your family or friends want to take a quick trip away over a bank holiday but you’re a bit short of cash? Payday loans and short-term loans may be suitable for you to access that all-important bank holiday spending money
  • Holiday Loans (Bad Credit) – if you have bad credit (where you may have missed a few payments or you have one or more county court judgement), there are specialist bad credit holiday loans lenders
  • Poor Credit Holiday Loans – for people with poor credit (where you may have missed a few payments but you’ve not had any county court judgements made against you), there are holiday loan lenders who are set up to work with you

Holiday Cash Loans – Bad Credit

There are dozens of specialist lenders in the UK who work with people who have bad credit or poor credit. Unlike banks who want to lend a lot of money for your holiday over a long space of time, payday loan and short-term loan providers are there to help you if you want a small amount of money over a shorter period of time.

Holiday Loans – No Credit Check

Many people worry that when they apply for holiday loans or finance of any kind, their credit report will count against them. What’s a credit report? Every time you take out a loan or a credit card or you sign up to a new supplier (for example, gas, electricity, sky television, mobile phones, and so on), the companies you deal with will send monthly reports to a credit reference agency about whether you’re making the payments on time.

If you miss many payments, it may reduce your score. Holiday loan companies can do “soft checks” which leave no trace on your credit report but they have to perform a “full report check” before they lend you any money. They have no choice in this – it’s the law and they have to follow it.

No credit check holiday loans do not exist – noone offers them if they’re licensed by the Government. However, please don’t worry – there are lenders who are ready to work with people who have bad credit or poor credit. For holiday cash loans, bad credit is not always the obstacle you might think.

Holiday Loans – What LoanTube does Differently

Every lender has different rates they’ll charge you. With so many holiday loan providers out there, it can be hard to choose.

LoanTube is like a holiday loans comparison site but, really, we’re much more than that. How? Other sites just present the rates on offer to you – we actually put holiday loans company against other holiday loans company and get them to compete for your business.

Here’s how it works. Fill in the form on our site – it’s straightforward, easy, and won’t take much of your time. Once we have all the information we and our lenders need, a “yes or a no” answer from lenders who are willing to lend you and the quotes/APRs they want to offer you will be displayed on your screen on a real-time basis.

That means you get the best deal at the best rates across a range of lenders on our site. Although we can’t guarantee we’ll find you a lender, you really do have better chances of finding a suitable loan with us because of the reason we work with multiple lenders.

But, before you make an application, we need to let you know about a few things:

  • if you can put some of your own money towards your holiday, please do so. This will reduce the size of your overall loan and your monthly repayments
  • make sure that you are happy with the monthly repayments and that meeting them won’t cause you any hardship
  • if you apply for a loan over a period of 12 months or less, you will be covered by the Financial Conduct Authority’s additional borrower protection rules

LoanTube Holiday Loans – Start your Application

To start your application for a holiday loan through LoanTube, please click here. Remember that our service comes at no charge to you and that you don’t have to accept any of the quotes we provide you with, in case you don’t like them.

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