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Financing your holiday trip with credit – that’s how it works

Sometimes the holiday cannot be postponed despite a tight cash register. A holiday loan is cheaper than using the MRP. Everything you need to know:

Travel on credit: This is important!

The stressful everyday life makes everyone ready for a holiday at some point. Sometimes, however, the money is not enough to spend an extended holiday on the beach or in the mountains in a beautiful hotel with all the trimmings. So a holiday loan is of use.

Sometimes there is also simply a good opportunity that never comes back, for example when a window of opportunity opens between school and education or after graduation, perhaps to travel around the world. Honeymoon after the already expensive wedding cannot be postponed either. There are many reasons for a holiday loan.

The offers are varied and tempting. For everyone interested, there is a list of the cheapest providers. Nevertheless, taking out a holiday loan should be well considered. It is important not to take over and to enjoy the best time of the year despite the borrowed credit.

Amount of credit should be calculated accurately

In general, only as much credit as one can afford should really be borrowed. A holiday loan is a pure consumer loan and should be repaid as quickly as possible.

After deducting the loan rates and all monthly costs such as rent, electricity, telephone and insurance, there is still enough money left to live. The loan must be repaid even if sudden unemployment or illness reduces household income.

With a few months more maturity, credit rates can often be significantly reduced. Conversely, the loan amount can also be controlled over the loan term according to the amount required for the holiday. Overall, however, the holiday loan remains much cheaper than an overdraft of the disposition credit.

Most banks and online credit providers provide a credit calculator on their website to determine credit rates according to the terms offered.

Apply for a holiday loan online

If it is clear where to go on holiday and what the cost is, it is necessary to apply for the holiday loan. This is best done online. The credit decision is made immediately by many providers. It usually takes only a few days to withdraw the loan. Borrowers are best off in this way:

1 Compare credit offers

In any case, it is worth comparing the loan offers with each other and not immediately accessing the first best provider. The conditions differ considerably in some cases. A difference of one percent already has a significant impact on the level of credit rates. Borrowers make the best use of credit comparison portals for this purpose.

2 Set rates with online credit calculator

According to the monthly income,which must be sufficient to pay the rent, all bills and subsistence, even after payment of the loan instalments, the loan rates are determined by means of an online credit calculator. The terms and thus the amount of the loan rates depend on the creditworthiness of the borrower, the duration of the loan and the amount of the loan.

3 Entering personal data

After clicking on the “Apply for credit” buttons, all personal data and the monthly income must be indicated in an application form. Information on the amount of the monthly rent or on existing loans must also be provided. In no case should incorrect information be provided. As a rule, if it is not a loan without Schufa, consent must be given that the lender may obtain Schufa information.

4 Waiting for a provisional loan decision

After entering the required data, a preliminary credit decision is usually made within a few seconds, among other things, by automatic retrieval of the Schufa information.

5 Print credit documents

Many banks require that the loan documents be printed out and sent signed to the bank. It is also common for borrowers to submit their bank statements and a proof of pay along with the loan application. With a few online credit providers, the documents can also be scanned and uploaded.

6 Perform post-ident or video-identification procedures

Together with the signed loan application, the identity and address must also be verified. Traditionally, this is done by the post-identification procedure. The borrower therefore takes all the required documents with him, shows his identity card at a post office and sends the documents to the lender. Some online credit providers offer the video identification procedure instead of the post-identification procedure, which allows the verification of the identity via video chat or by uploading a photo of the identity card.

7 Waiting for the loan to be paid out

After checking all details, bank statements and proof of pay, the final credit decision is made and the money is paid into a previously designated bank account. In the case of one bank, this can happen within a day at other banks, it appears that three or four days may pass before the holiday loan is transferred to the account.

Holiday loan without Schufa?

Loans without Schufa are also possible. However, it should be noted that these are often only allocated very short-term, for example up to 90 days. In addition, very high fees and interest rates are often charged.

Such a loan without Schufa should really only be taken out if the borrower knows well, that he can repay the loan as soon as possible, for example, because he expects an additional cash receipt in a few months from which the loan can be fully repaid.