Using a Personal Loan for Vacation
Sometimes the right trip comes up on a timeline that doesn't match your savings — a flight sale, a milestone anniversary, or a friend's destination wedding. A personal loan lets you book now and repay over a few months instead of missing the trip. It's one of several reasons Canadians borrow that we cover in detail.
What It Typically Covers
- Flights and accommodation
- Travel insurance
- Activities and excursions
- Spending money for the trip
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Do You Typically Need?
For vacation, borrowers often look at around $2,000 — though the right amount depends on your specific situation.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Things to Consider
- Book flights and accommodation early — prices typically rise closer to the travel date, increasing how much you need to borrow.
- Always get travel insurance, especially if you're financing the trip — an unexpected cancellation shouldn't leave you repaying a loan for a trip you didn't take.
- Set a repayment plan that finishes before you're tempted to book your next trip.
How to Apply for a Vacation Loan
Step 1
Apply in 2 minutes
Tell us you're covering vacation and a bit about your situation. No paperwork.
Step 2
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Step 3
Get funded
Accept an offer and funds typically land within 24 hours.