In today’s world, work has become a daily grind. Most of us have to put in 18 hours a day with one or two jobs to make ends meet. Such a dreary life is often devoid of joy and fun. Even if on the odd occasion, we have the opportunity to go out and party and enjoy, we are unable to do so because even such fun-filled activities require money which we often do not have.

One of the best ways to temporarily get rid of the monotonous daily life is to zip away to a holiday destination with family or friends, especially during this end of the year festive season. This option is also unattainable if you do not have enough money saved up for the holidays. However, even if you do not have sufficient savings, you can take out a holiday loan (Christmas loan) and give yourself the much needed time out from the daily grind.

With holiday loans, you will have the funds to go to your dream destination and have a great time with your loved ones. The vacation will be a reinvigorating time and you will come back home with lots of enthusiasm, fervor, and energy to deal with all the issues of the daily life.

Types of holiday loans

Holiday loans are a type of short term personal loans. They are broadly categorized into secured holiday loans and unsecured holiday loans.

  • Secured holiday loans are those loans that you can avail of after putting up collateral. This means that the loan will be secured against collateral offered by you. It is one of the easiest ways to get holiday loans. The loan amount that you get is generally higher than the value of the asset or collateral. In case, you fail to repay the holiday loan, the asset will be seized by the lender.
  • Unsecured holiday loans can be taken out without offering collateral or other kinds of security. However, the lack of collateral means that the interest rate charged on such unsecured loans tends to be a lot higher than secured loans. This is because the lender takes on a higher level of risk when lending you the money. They thus have to ensure a higher degree of profit for themselves on the loan.

Qualifications to avail holiday loans

In the US, Holiday loans are available to all, provided they meet the below listed eligibility criteria:

  • You must be 18 years of age or older
  • You must be a citizen of the United States of America.
  • You must have an active and working bank account
  • You must have a stable job and regular income.

Holiday loans can be used by borrowers for anything that they desire to spend it on. You can use it to travel, shop, sight-see, book accommodation, etc. Lenders do not impose any restrictions on what you spend the money on. It may be noted that holiday loans can also be sought over the internet with licensed and regulated online lenders.